Next Capital Management LLC
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| ISHARES TR | IVV | $54.3M | 72,466 | +0.68pp | 31q | +2.6%+$1.4M | |
| MIDCAP FINANCIAL INVSTMNT CO | MFIC | $19.1M | 1,899,667 | -1.20pp | 8q | +1.5%+$282.4K | |
| BLUE OWL CAPITAL CORPORATION | OBDC | $18.5M | 1,688,690 | +0.20pp | 18q | +19.0%+$3.0M | |
| ISHARES TR | IEFA | $17.0M | 176,061 | +0.21pp | 31q | +10.2%+$1.6M | |
| INVESCO QQQ TR | QQQ | $14.7M | 20,030 | +0.47pp | 31q | HELD | |
| ISHARES INC | IEMG | $13.5M | 163,430 | +0.45pp | 31q | +7.9%+$986.5K | |
| VANGUARD INDEX FDS | VTI | $11.4M | 30,917 | +0.06pp | 31q | -0.8%-$89.9K | |
| BLACKROCK TCP CAPITAL CORP | TCPC | $10.5M | 3,130,285 | -0.49pp | 19q | +2.6%+$271.3K | |
| ISHARES TR | IWF | $10.5M | 84,480 | +0.07pp | 25q | +295.0%+$7.8M | |
| META PLATFORMS INC | META | $9.7M | 17,281 | -0.20pp | 31q | +6.0%+$554.8K | |
| ISHARES TR | IVW | $9.7M | 70,383 | +0.29pp | 31q | +3.7%+$344.4K | |
| ISHARES TR | IJH | $7.8M | 101,771 | +0.23pp | 31q | +10.4%+$740.0K | |
| ISHARES TR | IJR | $7.8M | 52,491 | +0.23pp | 31q | +5.5%+$406.7K | |
| APPLE INC | AAPL | $7.6M | 26,355 | +0.01pp | 18q | -1.0%-$77.5K | |
| AMAZON COM INC | AMZN | $7.2M | 30,407 | -0.73pp | 31q | -28.7%-$2.9M | |
| ISHARES TR | IWD | $6.8M | 27,975 | +0.01pp | 25q | HELD | |
| GOLUB CAP BDC INC | GBDC | $6.5M | 505,442 | -0.42pp | 31q | -10.9%-$795.5K | |
| VANGUARD INDEX FDS | VOO | $5.9M | 8,537 | +0.04pp | 31q | HELD | |
| STATE STR SPDR S&P 500 ETF T | SPY | $5.0M | 6,632 | +0.01pp | 31q | -1.9%-$94.9K | |
| ISHARES TR | IWB | $4.9M | 11,954 | +0.03pp | 8q | HELD | |
| KKR & CO INC | KKR | $4.7M | 51,339 | -0.07pp | 24q | +7.5%+$327.5K | |
| NVIDIA CORPORATION | NVDA | $4.5M | 22,614 | +0.03pp | 10q | HELD | |
| SCHWAB STRATEGIC TR | FNDX | $4.5M | 144,153 | +0.13pp | 11q | +12.6%+$502.1K | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $4.2M | 8,342 | -0.09pp | 31q | HELD | |
| SCHWAB STRATEGIC TR | SCHA | $3.9M | 107,520 | +0.10pp | 31q | HELD | |
| INVESCO EXCH TRADED FD TR II | QQQM | $3.8M | 12,533 | +0.22pp | 14q | +12.4%+$419.6K | |
| VANGUARD SPECIALIZED FUNDS | VIG | $3.5M | 14,624 | -0.02pp | 11q | HELD | |
| SCHWAB STRATEGIC TR | SCHX | $3.3M | 112,073 | flat | 31q | -1.8%-$59.9K | |
| BLACKSTONE INC | BX | $3.0M | 25,197 | +0.02pp | 28q | +12.9%+$338.3K | |
| APOLLO GLOBAL MGMT INC | APO | $2.9M | 24,569 | +0.05pp | 5q | +12.4%+$320.1K | |
| SELECT SECTOR SPDR TR | XLV | $2.9M | 17,990 | -0.03pp | 23q | HELD | |
| VANGUARD WORLD FD | VGT | $2.7M | 22,184 | +0.13pp | 8q | +700.0%+$2.3M | |
| VANGUARD INDEX FDS | VUG | $2.6M | 30,404 | +0.04pp | 15q | +500.0%+$2.2M | |
| ISHARES TR | EEM | $2.5M | 36,459 | +0.04pp | 13q | HELD | |
| MICROSOFT CORP | MSFT | $2.3M | 6,140 | -0.02pp | 31q | +8.6%+$181.7K | |
| ELI LILLY & CO | LLY | $2.1M | 1,768 | +0.08pp | 10q | HELD | |
| ALPHABET INC | GOOG | $2.1M | 5,995 | +0.02pp | 27q | -5.8%-$129.3K | |
| ISHARES TR | IUSV | $2.1M | 19,159 | -0.04pp | 11q | -2.1%-$44.2K | |
| SELECT SECTOR SPDR TR | XLK | $2.0M | 10,700 | +0.21pp | 31q | +27.7%+$442.6K | |
| ALPHABET INC | GOOGL | $2.0M | 5,656 | -0.04pp | 25q | -15.3%-$365.6K | |
| SELECT SECTOR SPDR TR | XLF | $2.0M | 37,600 | +0.03pp | 24q | +9.0%+$165.8K | |
| VANGUARD INDEX FDS | VV | $1.8M | 5,376 | +0.01pp | 31q | HELD | |
| SCHWAB STRATEGIC TR | SCHD | $1.8M | 56,932 | +0.11pp | 15q | +39.1%+$507.7K | |
| SALESFORCE INC | CRM | $1.8M | 11,350 | -0.16pp | 2q | HELD | |
| ISHARES TR | IWP | $1.7M | 11,648 | +0.01pp | 15q | HELD | |
| VANGUARD INDEX FDS | VOT | $1.5M | 5,020 | +0.02pp | 31q | HELD | |
| GOLDMAN SACHS GROUP INC | GS | $1.5M | 1,515 | +0.02pp | 11q | -1.3%-$20.2K | |
| SCHWAB CHARLES CORP | SCHW | $1.5M | 16,323 | -0.08pp | 14q | -3.5%-$55.4K | |
| JOHNSON & JOHNSON | JNJ | $1.4M | 5,530 | -0.03pp | 11q | HELD | |
| MONGODB INC | MDB | $1.4M | 4,068 | +0.04pp | 5q | -7.2%-$106.5K | |
| COCA COLA CO | KO | $1.3M | 16,611 | -0.02pp | 31q | HELD | |
| VANGUARD WHITEHALL FDS | VYM | $1.3M | 8,505 | flat | 11q | +3.8%+$49.3K | |
| ISHARES TR | IWM | $1.3M | 4,448 | +0.02pp | 26q | -2.3%-$30.9K | |
| TPG INC | TPG | $1.3M | 32,076 | +0.03pp | 2q | +23.5%+$247.3K | |
| ISHARES TR | EFA | $1.2M | 12,009 | -0.02pp | 15q | HELD | |
| VANGUARD TAX-MANAGED FDS | VEA | $1.2M | 17,435 | +0.01pp | 31q | +4.1%+$48.9K | |
| KRANESHARES TRUST | KWEB | $1.2M | 49,020 | -0.10pp | 10q | HELD | |
| JPMORGAN CHASE & CO | JPM | $1.1M | 3,380 | +0.01pp | 24q | +2.6%+$28.5K | |
| PARKER-HANNIFIN CORP | PH | $1.0M | 1,035 | -0.01pp | 21q | HELD | |
| SCHWAB STRATEGIC TR | SCHB | $1.0M | 34,620 | +0.02pp | 6q | +4.2%+$40.6K | |
| ISHARES TR | IGV | $937.0K | 10,342 | +0.02pp | 2q | +7.6%+$66.2K | |
| FIRST TR EXCHANGE-TRADED FD | EMLP | $898.8K | 20,663 | -0.02pp | 31q | +4.6%+$39.6K | |
| ECOLAB INC | ECL | $814.9K | 2,925 | -0.02pp | 12q | HELD | |
| VANGUARD INDEX FDS | VTV | $792.6K | 3,637 | +0.01pp | 13q | +5.3%+$40.1K | |
| EXXON MOBIL CORP | XOMXXXX | $784.1K | 5,735 | -0.08pp | 7q | HELD | |
| ISHARES TR | ACWX | $758.0K | 9,959 | flat | 7q | HELD | |
| INVESCO EXCHANGE TRADED FD T | SPHQ | $755.9K | 8,390 | -0.01pp | 15q | -11.9%-$102.5K | |
| AMERICAN ELEC PWR CO INC | AEP | $752.0K | 5,497 | -0.02pp | 11q | -2.7%-$21.2K | |
| ISHARES TR | IJS | $751.2K | 5,496 | +0.01pp | 6q | HELD | |
| SPDR GOLD TR | GLD | $729.0K | 1,979 | -0.06pp | 2q | HELD | |
| ONEOK INC NEW | OKE | $685.1K | 7,880 | -0.03pp | 23q | HELD | |
| BROOKFIELD CORP | BN | $670.8K | 15,750 | -0.01pp | 7q | HELD | |
| VANGUARD INTL EQUITY INDEX F | VWO | $651.8K | 10,919 | flat | 31q | +1.9%+$11.9K | |
| VANECK ETF TRUST | GDX | $643.0K | 8,522 | -0.06pp | 15q | HELD | |
| ISHARES TR | IWC | $624.7K | 3,123 | +0.02pp | 31q | HELD | |
| PPG INDS INC | PPG | $605.2K | 4,990 | flat | 19q | -0.9%-$5.7K | |
| GE VERNOVA INC | GEV | $594.5K | 506 | +0.03pp | 5q | HELD | |
| QUALCOMM INC | QCOM | $594.3K | 3,216 | +0.03pp | 31q | -1.6%-$9.8K | |
| SABA CAPITAL INCOME & OPRNT | BRW | $584.2K | 88,927 | -0.02pp | 5q | HELD | |
| ILLUMINA INC | ILMN | $572.5K | 3,256 | +0.02pp | 5q | -9.0%-$56.6K | |
| ISHARES TR | IWS | $564.1K | 3,427 | -0.01pp | 5q | -7.7%-$46.9K | |
| ARK ETF TR | ARKG | $548.7K | 13,046 | +0.04pp | 5q | HELD | |
| ENTERPRISE PRODS PARTNERS L | EPD | $527.4K | 14,348 | -0.02pp | 8q | HELD | |
| TRIMAS CORP | TRS | $517.8K | 11,500 | +0.01pp | 19q | HELD | |
| ISHARES TR | IXUS | $473.6K | 4,962 | flat | 4q | HELD | |
| CATERPILLAR INC | CAT | $463.2K | 435 | +0.01pp | 4q | -18.7%-$106.5K | |
| BROADCOM INC | AVGO | $431.4K | 1,142 | - | new | NEW | |
| RIVERNORTH DOUBLELINE STRATE | OPP | $425.4K | 55,109 | -0.01pp | 5q | HELD | |
| ISHARES TR | IWN | $419.8K | 1,898 | flat | 2q | HELD | |
| TORTOISE ENERGY INFRSTRCTR C | TYG | $418.8K | 9,770 | -0.03pp | 5q | HELD | |
| WISDOMTREE TR | DXJ | $407.8K | 2,350 | flat | 2q | HELD | |
| TERAWULF INC | WULF | $402.1K | 16,280 | +0.04pp | 4q | HELD | |
| SPOTIFY TECHNOLOGY S A | SPOT | $394.9K | 860 | -0.03pp | 7q | -5.1%-$21.1K | |
| NETFLIX INC | NFLX | $386.3K | 5,410 | -0.07pp | 15q | -8.9%-$37.8K | |
| VANGUARD INTL EQUITY INDEX F | VT | $379.0K | 2,415 | flat | 11q | -4.9%-$19.5K | |
| SCHWAB STRATEGIC TR | SCHM | $375.5K | 10,184 | +0.01pp | 3q | HELD | |
| INVESCO EXCHANGE TRADED FD T | RSP | $358.7K | 1,686 | flat | 6q | HELD | |
| DBX ETF TR | DBEF | $345.9K | 6,331 | flat | 23q | HELD | |
| WILLIAMS COS INC | WMB | $345.3K | 4,645 | -0.01pp | 9q | HELD | |
| SLR INVESTMENT CORP | SLRC | $340.4K | 27,520 | -0.03pp | 26q | HELD | |
| CAPITAL ONE FINL CORP | COF | $334.6K | 1,668 | flat | 3q | HELD | |
| FEDEX CORP | FDX | $325.7K | 1,040 | - | new | NEW | |
| SPDR SERIES TRUST | XME | $318.1K | 2,975 | - | new | NEW | |
| GLOBAL X FDS | AIQ | $318.1K | 4,848 | +0.02pp | 4q | HELD | |
| SPDR SERIES TRUST | XBI | $316.5K | 2,000 | +0.01pp | 4q | HELD | |
| ISHARES TR | IYE | $311.2K | 5,500 | -0.02pp | 26q | HELD | |
| BLACKSTONE PRIVATE CREDIT FUND CLASS I | $301.5K | 12,596 | - | new | NEW | ||
| PHILLIPS 66 | PSX | $293.8K | 1,738 | -0.02pp | 5q | HELD | |
| MAYS J W INC | MAYS | $285.7K | 7,326 | -0.01pp | 8q | HELD | |
| TRAVELERS COMPANIES INC | TRV | $283.9K | 860 | flat | 10q | HELD | |
| ERASCA INC | ERAS | $280.3K | 15,300 | - | new | NEW | |
| AB ACTIVE ETFS INC | ILOW | $273.4K | 6,013 | flat | 4q | HELD | |
| HONEYWELL INTL INC | HON | $273.2K | 1,220 | - | new | NEW | |
| HONEYWELL AEROSPACE INC | HONA | $269.7K | 1,220 | - | new | NEW | |
| ISHARES TR | ITOT | $268.9K | 1,637 | - | new | NEW | |
| NEW MTN FIN CORP | NMFC | $267.7K | 37,340 | flat | 5q | +25.8%+$54.9K | |
| VANECK ETF TRUST | SMH | $264.3K | 403 | - | new | NEW | |
| VANGUARD INDEX FDS | VO | $260.9K | 3,238 | flat | 3q | +300.2%+$195.7K | |
| WEYERHAEUSER CO | WY | $239.4K | 10,000 | - | new | NEW | |
| ERMENEGILDO ZEGNA N V | ZGN | $237.9K | 18,275 | +0.01pp | 7q | HELD | |
| SCHWAB STRATEGIC TR | SCHF | $236.4K | 8,535 | flat | 2q | +4.2%+$9.5K | |
| DELTA AIR LINES INC | DAL | $234.2K | 2,500 | - | new | NEW | |
| ACHIEVE LIFE SCIENCE INC | ACHV | $228.5K | 34,995 | +0.03pp | 4q | HELD | |
| PALO ALTO NETWORKS INC | PANW | $225.1K | 660 | - | new | NEW | |
| VANGUARD INDEX FDS | VB | $223.6K | 738 | - | new | NEW | |
| ALTRIA GROUP INC | MO | $215.8K | 3,000 | -0.02pp | 2q | -18.5%-$49.1K | |
| UNITEDHEALTH GROUP INC | UNH | $215.7K | 519 | - | new | NEW | |
| PHILIP MORRIS INTL INC | PM | $215.5K | 1,191 | -0.11pp | 2q | -64.8%-$396.0K | |
| BOOKING HOLDINGS INC | BKNG | $213.9K | 1,200 | flat | 9q | +2400.0%+$205.3K | |
| AEVA TECHNOLOGIES INC | AEVA | $211.2K | 7,355 | - | new | NEW | |
| WEC ENERGY GROUP INC | WEC | $210.9K | 1,806 | -0.01pp | 2q | HELD | |
| MERCK & CO INC | MRK | $204.4K | 1,591 | -0.01pp | 2q | -8.5%-$19.0K | |
| NUVEEN FLOATING RATE INCOME | JFR | $179.5K | 23,402 | flat | 5q | HELD | |
| SERVE ROBOTICS INC | SERV | $173.9K | 26,425 | -0.02pp | 5q | HELD | |
| WILLAMETTE VALLEY VINEYARDS | WVVI | $137.5K | 54,800 | -0.01pp | 31q | HELD | |
| ACV AUCTIONS INC | ACVA | $108.2K | 15,047 | +0.01pp | 5q | -9.9%-$11.9K | |
| CARIBOU BIOSCIENCES INC | CRBU | $35.2K | 20,000 | flat | 5q | HELD | |
| CYTODYN INC | CYDY | $6.0K | 25,000 | flat | 8q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Funds & ETFs | $76.6M | 20.7% |
| Software & IT Services | $19.3M | 5.2% |
| Capital Markets | $15.7M | 4.2% |
| Computer Hardware | $7.9M | 2.1% |
| Retail & Consumer | $7.5M | 2.0% |
| Semiconductors & Electronics | $6.1M | 1.7% |
| Other sectors | $22.0M | 5.9% |
| Not classified | $215.4M | 58.2% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $370.5M | 138 | 15 | 35 | 27 | 11 | 48.4% | 34 |
| Q1 2026 | $330.2M | 134 | 15 | 53 | 21 | 17 | 48.2% | 37 |
| Q4 2025 | $312.3M | 136 | 9 | 35 | 22 | 12 | 50.3% | 42 |
| Q3 2025 | $299.6M | 139 | 12 | 29 | 26 | 10 | 49.7% | 36 |
| Q2 2025 | $270.6M | 137 | 24 | 57 | 13 | 5 | 47.1% | 36 |
| Q1 2025 | $208.5M | 118 | 10 | 26 | 40 | 32 | 48.3% | 36 |
| Q4 2024 | $247.1M | 140 | 16 | 47 | 28 | 12 | 47.0% | 42 |
| Q3 2024 | $245.1M | 136 | 15 | 27 | 50 | 15 | 46.7% | 38 |
| Q2 2024 | $239.0M | 136 | 7 | 39 | 42 | 16 | 46.4% | 51 |
| Q1 2024 | $247.7M | 145 | 26 | 49 | 22 | 6 | 44.2% | 44 |
| Q4 2023 | $234.9M | 125 | 16 | 26 | 24 | 6 | 48.3% | 19 |
| Q3 2023 | $223.2M | 115 | 9 | 31 | 22 | 11 | 52.3% | 18 |
| Q2 2023 | $216.0M | 117 | 3 | 25 | 26 | 13 | 50.0% | 27 |
| Q1 2023 | $207.2M | 127 | 9 | 21 | 16 | 7 | 49.5% | 28 |
| Q4 2022 | $185.5K | 125 | 21 | 36 | 25 | 8 | 48.8% | 12 |
| Q3 2022 | $132.3M | 112 | 6 | 40 | 9 | 10 | 44.1% | 14 |
| Q2 2022 | $137.6M | 116 | 13 | 37 | 7 | 14 | 42.0% | 20 |
| Q1 2022 | $148.1M | 117 | 17 | 27 | 15 | 9 | 44.0% | 32 |
| Q4 2021 | $148.0M | 109 | 16 | 19 | 22 | 10 | 46.6% | 14 |
| Q3 2021 | $137.7M | 103 | 9 | 18 | 25 | 14 | 43.9% | 19 |
| Q2 2021 | $157.0M | 108 | 9 | 29 | 17 | 17 | 43.9% | 111 |
| Q1 2021 | $153.7M | 116 | 12 | 28 | 23 | 7 | 39.1% | 30 |
| Q4 2020 | $142.2M | 111 | 22 | 22 | 30 | 9 | 41.4% | 27 |
| Q3 2020 | $150.2M | 98 | 8 | 12 | 23 | 3 | 48.5% | 36 |
| Q2 2020 | $141.7M | 93 | 9 | 22 | 22 | 25 | 50.7% | 31 |
| Q1 2020 | $124.6M | 109 | 33 | 24 | 19 | 16 | 51.3% | 24 |
| Q4 2019 | $139.8M | 92 | 7 | 21 | 34 | 169 | 47.3% | 43 |
| Q3 2019 | $149.2M | 254 | 30 | 25 | 90 | 618 | 45.9% | 43 |
| Q2 2019 | $149.2M | 842 | 617 | 110 | 22 | 26 | 44.9% | 33 |
| Q1 2019 | $118.3M | 251 | 47 | 25 | 43 | 27 | 44.1% | 36 |
| Q4 2018 | $114.0M | 231 | 0 | 0 | 0 | 0 | 49.5% | 43 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.