North Ground Capital

High-turnover traderSector-focusedMomentum follower

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%.

Personality snowflake

Concentration: 20.75
Portfolio Stability: 95.89
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 80
Sizing Uniformity: 89.5

Recent moves

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

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
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%

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	40	$83.0M	96	1BRSP 2RWAY 3GBDC Top holdings2026-03-31 1.BRSP 2.RWAY 3.GBDC 4.MSIF 5.ACRE 6.CGBD 7.BCSF 8.CCAP 9.MRP 10.NRK
2025-12-31	45	$201.4M	63	1BRSP 2OXLC 3RWAY Top holdings2025-12-31 1.BRSP 2.OXLC 3.RWAY 4.FSK 5.CCAP 6.CGBD 7.CION 8.BCSF 9.MFIC 10.ACRE
2025-09-30	51	$163.0M	100	1BRSP 2CION 3FSK Top holdings2025-09-30 1.BRSP 2.CION 3.FSK 4.RWAY 5.ZTR 6.OXLC 7.EIC 8.JAAA 9.CCAP 10.CGBD
2025-06-30	38	$78.4M	0	1ECAT 2BRSP 3RWAY Top holdings2025-06-30 1.ECAT 2.BRSP 3.RWAY 4.CION 5.MRP 6.CCAP 7.BTX 8.ZTR 9.NRK 10.XAODX
2025-03-31	42	$98.3M	0	1ECAT 2RWAY 3MRP Top holdings2025-03-31 1.ECAT 2.RWAY 3.MRP 4.BRSP 5.BTX 6.CION 7.NRK 8.XAODX 9.ACP 10.GSBD
2024-12-31	46	$92.9M	0	1RWAY 2BCAT 3ECAT Top holdings2024-12-31 1.RWAY 2.BCAT 3.ECAT 4.CION 5.OCSL 6.BSTZ 7.BRSP 8.BMEZ 9.NRK 10.XAODX

Holding changes this quarter

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).

Position changes disclosed by North Ground Capital for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	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

FAQ

What is North Ground Capital and what type of investor is it?

North Ground Capital is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $83.0M, spread across 40 disclosed positions.

What are North Ground Capital's largest equity positions?

Based on the latest 13F filing, North Ground Capital's top holdings by market value are: 1. Brightspire Capital INC (BRSP) — $9.0M (10.8%) 2. Runway Growth Finance CORP (RWAY) — $6.6M (8.0%) 3. Golub Capital Bdc INC (GBDC) — $6.1M (7.3%) 4. Msc Income Fund INC (MSIF) — $5.5M (6.6%) 5. Ares Commercial Real Estate (ACRE) — $5.4M (6.5%)

What changes did North Ground Capital make in its most recent portfolio filing?

In the latest reported quarter, North Ground Capital made 49 notable position adjustments: 4 new positions were initiated, 5 existing holdings were added to, 31 positions were partially reduced, and 9 were completely exited. The largest of these moves: 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)

What sectors does North Ground Capital focus on?

North Ground Capital is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 66.7% • Real Estate: 33.3%