SEC 13F Intelligence

Managers / Q1 2026

North Ground Capital

CIK 0002055446 · 87 ELM STREET, SUITE 103, COHASSET, MA, 02025 · 781.923.0975

Reported Value
$83M
Q1 2026
Positions
40
Filings on Record
6
2025–present window
Filed
May 11, 2026
original filing

Summary

North Ground Capital reported $83M in U.S.-listed holdings across 40 positions for Q1 2026.

Its largest position, BRSP, represents 10.8% of the portfolio.

Compared with Q4 2025, the fund opened 4 new positions and exited 9.

Portfolio Metrics

Turnover
+6.3%
vs prior filed quarter
Top-10 Concentration
+62.9%
share of reported value
Largest Position
+10.8%
Brightspire Capital
New / Exited
4 / 9
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’24: $93MQ4 ’24Q1 ’25: $98MQ1 ’25Q2 ’25: $78MQ2 ’25Q3 ’25: $163MQ3 ’25Q4 ’25: $201MQ4 ’25Q1 ’26: $83MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 48.8%Closed-End Fund: 27.9%REIT: 23.3%
  • Common Stock · 48.8% · $40M
  • Closed-End Fund · 27.9% · $23M
  • REIT · 23.3% · $19M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GLADGLADSTONE CAP CORPNEW+142.9K142.9K+$2M$2M
BXSLBLACKSTONE SECD LENDING FDNEW+27.0K27.0K+$640,601$640,601
ARCCARES CAPITAL CORPNEW+17.8K17.8K+$319,981$319,981
NMFCNEW MTN FIN CORPNEW+25.0K25.0K+$194,000$194,000
FSCOFS CREDIT OPPORTUNITIES CORPADDED+497.7K525.0K+$3M$3M
MFICMIDCAP FINANCIAL INVSTMNT COSOLD OUT−651.3K0−$7M$0
XAI OCTAGN FLT RAT & ALT INMSOLD OUT−1.48M0−$7M$0
NZFNUVEEN MUNICIPAL CREDIT INCSOLD OUT−223.5K0−$3M$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

40 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRSPBRIGHTSPIRE CAPITAL INChistory →COM CL A10.79%$9M1.60M
2RWAYRUNWAY GROWTH FINANCE CORPhistory →COM7.96%$7M961.3K
3GBDCGOLUB CAP BDC INChistory →COM7.30%$6M478.9K
4MSIFMSC INCOME FUND INChistory →COM6.59%$5M448.9K
5ACREARES COML REAL ESTATE CORPhistory →COM6.48%$5M1.12M
6CGBDCARLYLE SECURED LENDING INChistory →COM5.11%$4M387.5K
7BCSFBAIN CAP SPECIALTY FIN INChistory →COM STK4.99%$4M334.0K
8CCAPCRESCENT CAP BDC INChistory →COM4.96%$4M338.9K
9MRPMILLROSE PPTYS INChistory →COM CL A4.38%$4M130.0K
10NRKNUVEEN NY AMT FREEhistory →COM4.36%$4M354.4K
11FSSLFS SPECIALTY LENDING FDhistory →COM SH BEN INT3.77%$3M250.0K
12TCPCBLACKROCK TCP CAPITAL CORPhistory →COM3.70%$3M850.0K
13GLOCLOUGH GLOBAL OPPORTUNITIEShistory →SH BEN INT3.55%$3M529.5K
14FSCOFS CREDIT OPPORTUNITIES CORPhistory →COMMON STOCK3.23%$3M525.0K
15GLADGLADSTONE CAP CORPhistory →COM NEW2.99%$2M142.9K
16OTFBLUE OWL TECHNOLOGY FIN CORPhistory →COMMON STOCK2.82%$2M188.7K
17MXFMEXICO FD INChistory →COM1.80%$1M71.4K
18NVGNUVEEN AMT FREE MUN CR INC Fhistory →COM1.68%$1M113.4K
19ECATBLACKROCK ESG CAP ALLC TERMhistory →SHS BEN INT1.64%$1M100.0K
20IQIINVESCO QUALITY MUN INCOME Thistory →COM1.51%$1M130.4K
21AOMRANGEL OAK MORTGAGE REIT INChistory →COM1.35%$1M136.4K
22XNQPXNUVEEN PA INVT QUALITY MUN Fhistory →COM1.22%$1M85.0K
23XNXJXNUVEEN NEW JERSEYCOM0.93%$770,46062.6K
24BXSLBLACKSTONE SECD LENDING FDCOMMON STOCK0.77%$640,60127.0K
25BRWSABA CAPITAL INCOME & OPRNTSHS NEW0.77%$636,47294.4K
26VPVINVESCO PA VALUE MUN INC TRCOM0.63%$526,12249.8K
27CIONCION INVT CORPCOM0.62%$513,00075.0K
28ACPABRDN INCOME CREDIT STRATEGICOM0.61%$510,000100.0K
29DMADESTRA MULTI-ALTERNATIVE FDCOMMON SHARES0.54%$446,52855.1K
30ARCCARES CAPITAL CORPCOM0.39%$319,98117.8K
31SWZTOTAL RETURN SECURITIES FUNDCOM0.34%$282,21547.6K
32GLVCLOUGH GLOBAL DIVID & INCOMECOM0.34%$280,36547.4K
33XGLQXCLOUGH GLOBAL EQUITY FDCOM0.32%$267,72235.6K
34ARIAPOLLO COML REAL ESTATE FINCOM0.32%$264,00025.0K
35FSKFS KKR CAP CORPCOM0.31%$254,50025.0K
36OXLCOXFORD LANE CAP CORPCOM0.29%$244,50025.0K
37NMFCNEW MTN FIN CORPCOM0.23%$194,00025.0K
38FMNFEDERATED HERMES PREM MUNI ICOM0.22%$186,00717.0K
39HFROHIGHLAND OPPS & INCOME FDHIGHLAND INCOME0.15%$126,08322.1K
40ICMBINVESTCORP CR MGMT BDC INCCOM0.05%$41,12525.4K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$83M40May 11, 202613F-HRchanges · EDGAR ↗
Q4 2025$201M45Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$163M51Oct 29, 202513F-HRchanges · EDGAR ↗
Q2 2025$78M38Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$98M42May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$93M46Feb 14, 202513F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.