# Next Capital Management LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1752762. Source: https://holderbook.com/funds/1752762-next-capital-management-llc/

- Reported value: $370.5M
- Positions: 138
- Weight of the ten largest: 48.4%
- Filed: 2026-08-03

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $54.3M | 72,466 | 14.6% | 31 |
| MIDCAP FINANCIAL INVSTMNT CO | [MFIC](https://holderbook.com/stocks/MFIC/) | $19.1M | 1,899,667 | 5.2% | 8 |
| BLUE OWL CAPITAL CORPORATION | [OBDC](https://holderbook.com/stocks/OBDC/) | $18.5M | 1,688,690 | 5.0% | 18 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $17.0M | 176,061 | 4.6% | 31 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $14.7M | 20,030 | 4.0% | 31 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $13.5M | 163,430 | 3.7% | 31 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $11.4M | 30,917 | 3.1% | 31 |
| BLACKROCK TCP CAPITAL CORP | [TCPC](https://holderbook.com/stocks/TCPC/) | $10.5M | 3,130,285 | 2.8% | 19 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $10.5M | 84,480 | 2.8% | 25 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $9.7M | 17,281 | 2.6% | 31 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $9.7M | 70,383 | 2.6% | 31 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $7.8M | 101,771 | 2.1% | 31 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $7.8M | 52,491 | 2.1% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $7.6M | 26,355 | 2.1% | 18 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $7.2M | 30,407 | 2.0% | 31 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $6.8M | 27,975 | 1.8% | 25 |
| GOLUB CAP BDC INC | [GBDC](https://holderbook.com/stocks/GBDC/) | $6.5M | 505,442 | 1.8% | 31 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $5.9M | 8,537 | 1.6% | 31 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $5.0M | 6,632 | 1.3% | 31 |
| ISHARES TR | [IWB](https://holderbook.com/stocks/IWB/) | $4.9M | 11,954 | 1.3% | 8 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $4.7M | 51,339 | 1.3% | 24 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $4.5M | 22,614 | 1.2% | 10 |
| SCHWAB STRATEGIC TR | [FNDX](https://holderbook.com/stocks/FNDX/) | $4.5M | 144,153 | 1.2% | 11 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $4.2M | 8,342 | 1.1% | 31 |
| SCHWAB STRATEGIC TR | [SCHA](https://holderbook.com/stocks/SCHA/) | $3.9M | 107,520 | 1.0% | 31 |
| INVESCO EXCH TRADED FD TR II | [QQQM](https://holderbook.com/stocks/QQQM/) | $3.8M | 12,533 | 1.0% | 14 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $3.5M | 14,624 | 0.9% | 11 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $3.3M | 112,073 | 0.9% | 31 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $3.0M | 25,197 | 0.8% | 28 |
| APOLLO GLOBAL MGMT INC | [APO](https://holderbook.com/stocks/APO/) | $2.9M | 24,569 | 0.8% | 5 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $2.9M | 17,990 | 0.8% | 23 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $2.7M | 22,184 | 0.7% | 8 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $2.6M | 30,404 | 0.7% | 15 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $2.5M | 36,459 | 0.7% | 13 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $2.3M | 6,140 | 0.6% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $2.1M | 1,768 | 0.6% | 10 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.1M | 5,995 | 0.6% | 27 |
| ISHARES TR | [IUSV](https://holderbook.com/stocks/IUSV/) | $2.1M | 19,159 | 0.6% | 11 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $2.0M | 10,700 | 0.6% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $2.0M | 5,656 | 0.5% | 25 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $2.0M | 37,600 | 0.5% | 24 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $1.8M | 5,376 | 0.5% | 31 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $1.8M | 56,932 | 0.5% | 15 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $1.8M | 11,350 | 0.5% | 2 |
| ISHARES TR | [IWP](https://holderbook.com/stocks/IWP/) | $1.7M | 11,648 | 0.5% | 15 |
| VANGUARD INDEX FDS | [VOT](https://holderbook.com/stocks/VOT/) | $1.5M | 5,020 | 0.4% | 31 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $1.5M | 1,515 | 0.4% | 11 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $1.5M | 16,323 | 0.4% | 14 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $1.4M | 5,530 | 0.4% | 11 |
| MONGODB INC | [MDB](https://holderbook.com/stocks/MDB/) | $1.4M | 4,068 | 0.4% | 5 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $1.3M | 16,611 | 0.4% | 31 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $1.3M | 8,505 | 0.4% | 11 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $1.3M | 4,448 | 0.4% | 26 |
| TPG INC | [TPG](https://holderbook.com/stocks/TPG/) | $1.3M | 32,076 | 0.4% | 2 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $1.2M | 12,009 | 0.3% | 15 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $1.2M | 17,435 | 0.3% | 31 |
| KRANESHARES TRUST | [KWEB](https://holderbook.com/stocks/KWEB/) | $1.2M | 49,020 | 0.3% | 10 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $1.1M | 3,380 | 0.3% | 24 |
| PARKER-HANNIFIN CORP | [PH](https://holderbook.com/stocks/PH/) | $1.0M | 1,035 | 0.3% | 21 |
| SCHWAB STRATEGIC TR | [SCHB](https://holderbook.com/stocks/SCHB/) | $1.0M | 34,620 | 0.3% | 6 |
| ISHARES TR | [IGV](https://holderbook.com/stocks/IGV/) | $937.0K | 10,342 | 0.3% | 2 |
| FIRST TR EXCHANGE-TRADED FD | [EMLP](https://holderbook.com/stocks/EMLP/) | $898.8K | 20,663 | 0.2% | 31 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $814.9K | 2,925 | 0.2% | 12 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $792.6K | 3,637 | 0.2% | 13 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $784.1K | 5,735 | 0.2% | 7 |
| ISHARES TR | [ACWX](https://holderbook.com/stocks/ACWX/) | $758.0K | 9,959 | 0.2% | 7 |
| INVESCO EXCHANGE TRADED FD T | [SPHQ](https://holderbook.com/stocks/SPHQ/) | $755.9K | 8,390 | 0.2% | 15 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $752.0K | 5,497 | 0.2% | 11 |
| ISHARES TR | [IJS](https://holderbook.com/stocks/IJS/) | $751.2K | 5,496 | 0.2% | 6 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $729.0K | 1,979 | 0.2% | 2 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $685.1K | 7,880 | 0.2% | 23 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $670.8K | 15,750 | 0.2% | 7 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $651.8K | 10,919 | 0.2% | 31 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $643.0K | 8,522 | 0.2% | 15 |
| ISHARES TR | [IWC](https://holderbook.com/stocks/IWC/) | $624.7K | 3,123 | 0.2% | 31 |
| PPG INDS INC | [PPG](https://holderbook.com/stocks/PPG/) | $605.2K | 4,990 | 0.2% | 19 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $594.5K | 506 | 0.2% | 5 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $594.3K | 3,216 | 0.2% | 31 |
| SABA CAPITAL INCOME & OPRNT | [BRW](https://holderbook.com/stocks/BRW/) | $584.2K | 88,927 | 0.2% | 5 |
| ILLUMINA INC | [ILMN](https://holderbook.com/stocks/ILMN/) | $572.5K | 3,256 | 0.2% | 5 |
| ISHARES TR | [IWS](https://holderbook.com/stocks/IWS/) | $564.1K | 3,427 | 0.2% | 5 |
| ARK ETF TR | [ARKG](https://holderbook.com/stocks/ARKG/) | $548.7K | 13,046 | 0.1% | 5 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $527.4K | 14,348 | 0.1% | 8 |
| TRIMAS CORP | [TRS](https://holderbook.com/stocks/TRS/) | $517.8K | 11,500 | 0.1% | 19 |
| ISHARES TR | [IXUS](https://holderbook.com/stocks/IXUS/) | $473.6K | 4,962 | 0.1% | 4 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $463.2K | 435 | 0.1% | 4 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $431.4K | 1,142 | 0.1% | 1 |
| RIVERNORTH DOUBLELINE STRATE | [OPP](https://holderbook.com/stocks/OPP/) | $425.4K | 55,109 | 0.1% | 5 |
| ISHARES TR | [IWN](https://holderbook.com/stocks/IWN/) | $419.8K | 1,898 | 0.1% | 2 |
| TORTOISE ENERGY INFRSTRCTR C | [TYG](https://holderbook.com/stocks/TYG/) | $418.8K | 9,770 | 0.1% | 5 |
| WISDOMTREE TR | [DXJ](https://holderbook.com/stocks/DXJ/) | $407.8K | 2,350 | 0.1% | 2 |
| TERAWULF INC | [WULF](https://holderbook.com/stocks/WULF/) | $402.1K | 16,280 | 0.1% | 4 |
| SPOTIFY TECHNOLOGY S A | [SPOT](https://holderbook.com/stocks/SPOT/) | $394.9K | 860 | 0.1% | 7 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $386.3K | 5,410 | 0.1% | 15 |
| VANGUARD INTL EQUITY INDEX F | [VT](https://holderbook.com/stocks/VT/) | $379.0K | 2,415 | 0.1% | 11 |
| SCHWAB STRATEGIC TR | [SCHM](https://holderbook.com/stocks/SCHM/) | $375.5K | 10,184 | 0.1% | 3 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $358.7K | 1,686 | 0.1% | 6 |
| DBX ETF TR | [DBEF](https://holderbook.com/stocks/DBEF/) | $345.9K | 6,331 | 0.1% | 23 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $345.3K | 4,645 | 0.1% | 9 |
| SLR INVESTMENT CORP | [SLRC](https://holderbook.com/stocks/SLRC/) | $340.4K | 27,520 | 0.1% | 26 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +10.6% | +14.8% | -4.2% | 100% |
| Q1 2026 | -5.7% | -4.6% | -1.1% | 100% |
| Q4 2025 | +0.8% | +2.4% | -1.6% | 100% |
| Q3 2025 | +5.8% | +7.8% | -2.0% | 100% |
| Q2 2025 | +9.0% | +10.5% | -1.4% | 100% |
| Q1 2025 | -3.9% | -4.6% | +0.7% | 98% |
| Q4 2024 | +1.7% | +2.1% | -0.4% | 100% |
| Q3 2024 | +5.3% | +5.4% | -0.1% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $370.5M | 138 |
| Q1 2026 | $330.2M | 134 |
| Q4 2025 | $312.3M | 136 |
| Q3 2025 | $299.6M | 139 |
| Q2 2025 | $270.6M | 137 |
| Q1 2025 | $208.5M | 118 |
| Q4 2024 | $247.1M | 140 |
| Q3 2024 | $245.1M | 136 |
| Q2 2024 | $239.0M | 136 |
| Q1 2024 | $247.7M | 145 |
| Q4 2023 | $234.9M | 125 |
| Q3 2023 | $223.2M | 115 |