CIK: 0002055446
Total reported value
$83.0M
Reporting period: 2026-03-31 · Number of holdings: 40
North Ground Capital disclosed 40 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $83.0M and a quarterly turnover rate of 95.9%.
Browse other institutions with under $100M AUMBrowse other institutions starting with "N"
North Ground Capital's disclosed holdings carry a Herfindahl concentration index of 0.052 — mathematically equivalent to about 19 equally-sized positions, well below its 40 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.05), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 13% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim OXLC
-97.6% -$14.9M
Trim FSK
-97.2% -$13.0M
Add GBDC
+46.9% $1.6M
Trim CION
-93.1% -$10.0M
Add MSIF
-10.5% -$1.1M
Add FSCO
+1820.7% $2.5M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BRSP | Brightspire Capital INC | Stock-Other | 10.79% | +2.30% | -47.62% | |
| 2 | RWAY | Runway Growth Finance CORP | Stock-Other | 7.96% | +1.00% | -38.73% | |
| 3 | GBDC | Golub Capital Bdc INC | Stock-Financials | 7.30% | +5.10% | +46.85% | |
| 4 | MSIF | Msc Income Fund INC | Stock-Other | 6.59% | +3.32% | -10.52% | |
| 5 | ACRE | Ares Commercial Real Estate | Stock-Other | 6.48% | +2.80% | -27.83% | |
| 6 | CGBD | Carlyle Secured Lending INC | Stock-Other | 5.11% | -0.55% | -57.52% | |
| 7 | BCSF | Bain Capital Specialty Finan | Stock-Other | 4.99% | +0.66% | -46.69% | |
| 8 | CCAP | Crescent Capital Bdc INC | Stock-Other | 4.96% | -0.87% | -59.43% | |
| 9 | MRP | Millrose Properties | Stock-Real Estate | 4.38% | +2.49% | +2.21% | |
| 10 | NRK | Nuveen Ny Amt-fr Muni INC | Stock-Other | 4.36% | +1.35% | -41.05% | |
| 11 | FSSL | Fs Specialty Lending Fund | Stock-Other | 3.77% | +2.82% | +84.74% | |
| 12 | TCPC | Blackrock Tcp Capital CORP | Stock-Other | 3.70% | +1.56% | +7.88% | |
| 13 | GLO | Clough Global Opportunities | Stock-Other | 3.55% | +0.42% | -52.41% | |
| 14 | FSCO | Fs Credit Opportunities CORP | Stock-Other | 3.23% | +3.14% | +1820.68% | |
| 15 | GLAD | Gladstone Capital CORP | Stock-Other | 2.99% | +2.99% | NEW | |
| 16 | OTF | Blue Owl Technology Finance | Stock-Other | 2.82% | +0.86% | -30.54% | |
| 17 | MXF | Mexico Fund INC | Stock-Other | 1.80% | +0.54% | -43.50% | |
| 18 | NVG | Nuveen Amt-fr Muni Crdt | Stock-Other | 1.68% | -0.24% | -62.83% | |
| 19 | ECAT | Blackrock Esg Cap All Trm Tr | Stock-Other | 1.64% | -0.07% | -55.30% | |
| 20 | IQI | Invesco Quality Muni INC Tr | Stock-Other | 1.51% | +0.33% | -45.29% | |
| 21 | AOMR | Angel Oak Mortgage Reit INC | Stock-Other | 1.35% | +0.28% | -45.35% | |
| 22 | XNQPX | Nuveen Pa Qlty Muni INC | Stock-Other | 1.22% | +0.32% | -44.24% | |
| 23 | XNXJX | Nuveen Nj Qlty Muni INC | Stock-Other | 0.93% | +0.22% | -44.48% | |
| 24 | BXSL | Blackstone Secured Lending F | Stock-Financials | 0.77% | +0.77% | NEW | |
| 25 | BRW | Saba Capital Income & Opport | Stock-Other | 0.77% | +0.20% | -42.11% | |
| 26 | VPV | Invesco Pa Val Muni INC | Stock-Other | 0.63% | +0.14% | -46.75% | |
| 27 | CION | Cion Investment CORP | Stock-Other | 0.62% | -4.60% | -93.10% | |
| 28 | ACP | Abrdn Income Credit Strat | Stock-Other | 0.61% | -0.27% | -69.62% | |
| 29 | DMA | Destra Multi-alternative | Stock-Other | 0.54% | +0.20% | -28.78% | |
| 30 | ARCC | Ares Capital CORP | Stock-Financials | 0.39% | +0.39% | NEW | |
| 31 | SWZ | Total Return Securities Fund | Stock-Other | 0.34% | -1.70% | -92.80% | |
| 32 | GLV | Clough Global Dividend & INC | Stock-Other | 0.34% | -0.38% | -80.61% | |
| 33 | XGLQX | Clough Global Equity Fund | Stock-Other | 0.32% | +0.05% | -50.63% | |
| 34 | ARI | Apollo Commercial Real Estat | Stock-Other | 0.32% | +0.03% | -58.33% | |
| 35 | FSK | Fs Kkr Capital CORP | Stock-Financials | 0.31% | -6.28% | -97.21% | |
| 36 | OXLC | Oxford Lane Capital CORP | Stock-Other | 0.29% | -7.22% | -97.58% | |
| 37 | NMFC | New Mountain Finance CORP | Stock-Other | 0.23% | +0.23% | NEW | |
| 38 | FMN | Federated Herm Prem Muni INC | Stock-Other | 0.22% | +0.01% | -55.72% | |
| 39 | HFRO | Highland Opport & Income | Stock-Other | 0.15% | -0.42% | -88.54% | |
| 40 | ICMB | Investcorp Credit Management | Stock-Other | 0.05% | -0.02% | -53.25% |
Performance for Q3 2026
-7.9%
Performance Last 4 Quarters
-4.8%
Based on 60% of reported portfolio value with available pricing
North Ground Capital's most significant position changes for 2026-03-31: Sold out: Midcap Financial Investment (MFIC); Sold out: Xai Octagn Flt Rat & Alt Inm; Sold out: Nuveen Municipal Credit INC (NZF); New buy: Gladstone Capital CORP (GLAD); Sold out: Eagle Point Credit Co (ECC).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GBDC | Golub Capital Bdc INC | +5.1% | +46.85% | Add |
| 2 | MSIF | Msc Income Fund INC | +3.3% | -10.52% | Trim |
| 3 | FSCO | Fs Credit Opportunities CORP | +3.1% | +1820.68% | Add |
| 4 | FSSL | Fs Specialty Lending Fund | +2.8% | +84.74% | Add |
| 5 | ACRE | Ares Commercial Real Estate | +2.8% | -27.83% | Trim |
| 6 | MRP | Millrose Properties | +2.5% | +2.21% | Add |
| 7 | BRSP | Brightspire Capital INC | +2.3% | -47.62% | Trim |
| 8 | TCPC | Blackrock Tcp Capital CORP | +1.6% | +7.88% | Add |
| 9 | NRK | Nuveen Ny Amt-fr Muni INC | +1.4% | -41.05% | Trim |
| 10 | RWAY | Runway Growth Finance CORP | +1% | -38.73% | Trim |
| 11 | OTF | Blue Owl Technology Finance | +0.9% | -30.54% | Trim |
| 12 | BCSF | Bain Capital Specialty Finan | +0.7% | -46.69% | Trim |
| 13 | MXF | Mexico Fund INC | +0.5% | -43.50% | Trim |
| 14 | GLO | Clough Global Opportunities | +0.4% | -52.41% | Trim |
| 15 | IQI | Invesco Quality Muni INC Tr | +0.3% | -45.29% | Trim |
| 16 | XNQPX | Nuveen Pa Qlty Muni INC | +0.3% | -44.24% | Trim |
| 17 | AOMR | Angel Oak Mortgage Reit INC | +0.3% | -45.35% | Trim |
| 18 | XNXJX | Nuveen Nj Qlty Muni INC | +0.2% | -44.48% | Trim |
| 19 | BRW | Saba Capital Income & Opport | +0.2% | -42.11% | Trim |
| 20 | DMA | Destra Multi-alternative | +0.2% | -28.78% | Trim |
| 21 | VPV | Invesco Pa Val Muni INC | +0.1% | -46.75% | Trim |
| 22 | XGLQX | Clough Global Equity Fund | +0.1% | -50.63% | Trim |
| 23 | ARI | Apollo Commercial Real Estat | 0% | -58.33% | Trim |
| 24 | FMN | Federated Herm Prem Muni INC | 0% | -55.72% | Trim |
| 25 | ICMB | Investcorp Credit Management | 0% | -53.25% | Trim |
| 26 | ECAT | Blackrock Esg Cap All Trm Tr | -0.1% | -55.30% | Trim |
| 27 | NVG | Nuveen Amt-fr Muni Crdt | -0.2% | -62.83% | Trim |
| 28 | ACP | Abrdn Income Credit Strat | -0.3% | -69.62% | Trim |
| 29 | GLV | Clough Global Dividend & INC | -0.4% | -80.61% | Trim |
| 30 | HFRO | Highland Opport & Income | -0.4% | -88.54% | Trim |
| 31 | CGBD | Carlyle Secured Lending INC | -0.6% | -57.52% | Trim |
| 32 | CCAP | Crescent Capital Bdc INC | -0.9% | -59.43% | Trim |
| 33 | SWZ | Total Return Securities Fund | -1.7% | -92.80% | Trim |
| 34 | CION | Cion Investment CORP | -4.6% | -93.10% | Trim |
| 35 | FSK | Fs Kkr Capital CORP | -6.3% | -97.21% | Trim |
| 36 | OXLC | Oxford Lane Capital CORP | -7.2% | -97.58% | Trim |
| 37 | MFIC | Midcap Financial Investment | — | EXIT | Sold out |
| 38 | ✓ | Xai Octagn Flt Rat & Alt Inm | — | EXIT | Sold out |
| 39 | NZF | Nuveen Municipal Credit INC | — | EXIT | Sold out |
| 40 | GLAD | Gladstone Capital CORP | — | NEW | New buy |
| 41 | ECC | Eagle Point Credit Co | — | EXIT | Sold out |
| 42 | ZTR | Virtus Total Return Fund INC | — | EXIT | Sold out |
| 43 | AEF | Abrdn Emerging Markets Ex Ch | — | EXIT | Sold out |
| 44 | XNEAX | Nuveen Amt-fr Qlty Muni INC | — | EXIT | Sold out |
| 45 | VKI | Invesco Adv Muni INC Tr Ii | — | EXIT | Sold out |
| 46 | BXSL | Blackstone Secured Lending F | — | NEW | New buy |
| 47 | ARCC | Ares Capital CORP | — | NEW | New buy |
| 48 | NMFC | New Mountain Finance CORP | — | NEW | New buy |
| 49 | XWIAX | Western Asset Infl-link Sec | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-11 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-29 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
Institutions with a similar AUM
CIK 0001469336
Total reported value
$83.0M
32 stks
2026-03-31
AUM within 0.0% of this institution
CIK 0001909816
Total reported value
$82.9M
30 stks
2024-09-30
Stale — no recent filing
AUM within 0.1% of this institution
CIK 0001590784
Total reported value
$82.8M
61 stks
2017-12-31
Stale — no recent filing
AUM within 0.2% of this institution
Institutions with overlapping top holdings
CIK 0001053994
Total reported value
$172.4M
75 stks
2026-06-30
1 of the top 5 holdings overlap, including Msc Income Fund INC
CIK 0001326196
Total reported value
$1.7B
231 stks
2015-12-31
Stale — no recent filing
1 of the top 5 holdings overlap, including Golub Capital Bdc INC
CIK 0001587375
Total reported value
$25.4M
113 stks
2019-09-30
Stale — no recent filing
1 of the top 5 holdings overlap, including Golub Capital Bdc INC