# North Ground Capital

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2055446. Source: https://holderbook.com/funds/2055446-north-ground-capital/

- Reported value: $83.4M
- Positions: 33
- Weight of the ten largest: 67.7%
- Filed: 2026-08-13

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 |
|---|---|---|---|---|---|
| FS SPECIALTY LENDING FD | [FSSL](https://holderbook.com/stocks/FSSL/) | $9.1M | 817,600 | 10.9% | 3 |
| CARLYLE SECURED LENDING INC | [CGBD](https://holderbook.com/stocks/CGBD/) | $6.5M | 616,000 | 7.8% | 4 |
| MSC INCOME FUND INC | [MSIF](https://holderbook.com/stocks/MSIF/) | $6.2M | 537,600 | 7.5% | 4 |
| BRIGHTSPIRE CAPITAL INC | [BRSP](https://holderbook.com/stocks/BRSP/) | $6.0M | 1,092,000 | 7.1% | 7 |
| CRESCENT CAP BDC INC | [CCAP](https://holderbook.com/stocks/CCAP/) | $5.7M | 520,800 | 6.8% | 5 |
| ARES COML REAL ESTATE CORP | [ACRE](https://holderbook.com/stocks/ACRE/) | $5.5M | 1,232,000 | 6.7% | 4 |
| MILLROSE PPTYS INC | [MRP](https://holderbook.com/stocks/MRP/) | $5.4M | 179,200 | 6.5% | 3 |
| CLOUGH GLOBAL OPPORTUNITIES | [GLO](https://holderbook.com/stocks/GLO/) | $4.5M | 728,000 | 5.3% | 7 |
| RUNWAY GROWTH FINANCE CORP | [RWAY](https://holderbook.com/stocks/RWAY/) | $4.1M | 728,000 | 4.9% | 7 |
| NUVEEN NY AMT FREE | [NRK](https://holderbook.com/stocks/NRK/) | $3.5M | 323,680 | 4.2% | 7 |
| MEXICO FD INC | [MXF](https://holderbook.com/stocks/MXF/) | $3.0M | 136,348 | 3.6% | 4 |
| BLUE OWL TECHNOLOGY FIN CORP | [OTF](https://holderbook.com/stocks/OTF/) | $2.9M | 277,467 | 3.4% | 4 |
| BAIN CAP SPECIALTY FIN INC | [BCSF](https://holderbook.com/stocks/BCSF/) | $2.8M | 224,000 | 3.4% | 4 |
| SLR INVESTMENT CORP | [SLRC](https://holderbook.com/stocks/SLRC/) | $2.1M | 168,000 | 2.5% | 1 |
| GLADSTONE CAP CORP | [GLAD](https://holderbook.com/stocks/GLAD/) | $2.0M | 105,280 | 2.5% | 2 |
| TORTOISE ENERGY INFRSTRCTR C | [TYG](https://holderbook.com/stocks/TYG/) | $1.9M | 44,800 | 2.3% | 1 |
| BLACKSTONE MORTGAGE TRUST IN | [BXMT](https://holderbook.com/stocks/BXMT/) | $1.8M | 106,400 | 2.2% | 1 |
| NUVEEN FLOATING RATE INCOME | [JFR](https://holderbook.com/stocks/JFR/) | $1.7M | 222,501 | 2.0% | 1 |
| ANGEL OAK MORTGAGE REIT INC | [AOMR](https://holderbook.com/stocks/AOMR/) | $1.5M | 164,369 | 1.8% | 7 |
| VIRTUS DIVIDEND INTEREST & P | [NFJ](https://holderbook.com/stocks/NFJ/) | $1.4M | 89,387 | 1.6% | 1 |
| INVESCO QUALITY MUN INCOME T | [IQI](https://holderbook.com/stocks/IQI/) | $1.2M | 120,018 | 1.5% | 7 |
| NUVEEN MUN HIGH INCOME OPPOR | [NMZ](https://holderbook.com/stocks/NMZ/) | $947.1K | 89,600 | 1.1% | 1 |
| CLOUGH GLOBAL EQUITY FD | [GLQ](https://holderbook.com/stocks/GLQ/) | $768.0K | 89,094 | 0.9% | 7 |
| CLOUGH GLOBAL DIVID & INCOME | [GLV](https://holderbook.com/stocks/GLV/) | $607.6K | 91,500 | 0.7% | 7 |
| FS CREDIT OPPORTUNITIES CORP | [FSCO](https://holderbook.com/stocks/FSCO/) | $447.1K | 89,600 | 0.5% | 3 |
| BLACKROCK ESG CAP ALLC TERM | [ECAT](https://holderbook.com/stocks/ECAT/) | $440.2K | 28,000 | 0.5% | 7 |
| SABA CAPITAL INCOME & OPRNT | [BRW](https://holderbook.com/stocks/BRW/) | $367.9K | 56,000 | 0.4% | 6 |
| NUVEEN CR STRATEGIES INCOME | [JQC](https://holderbook.com/stocks/JQC/) | $364.0K | 74,901 | 0.4% | 1 |
| DESTRA MULTI-ALTERNATIVE FD | [DMA](https://holderbook.com/stocks/DMA/) | $224.4K | 30,000 | 0.3% | 4 |
| FEDERATED HERMES PREM MUNI I | [FMN](https://holderbook.com/stocks/FMN/) | $181.7K | 15,818 | 0.2% | 7 |
| HIGHLAND OPPS & INCOME FD | [HFRO](https://holderbook.com/stocks/HFRO/) | $176.3K | 24,731 | 0.2% | 7 |
| JAPAN SMALLER CAPITALIZATION | [JOF](https://holderbook.com/stocks/JOF/) | $117.8K | 10,000 | 0.1% | 1 |
| INVESTCORP CR MGMT BDC INC | [ICMB](https://holderbook.com/stocks/ICMB/) | $32.8K | 28,000 | 0.0% | 3 |

## 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 | -2.3% | +14.8% | -17.2% | 98% |
| Q1 2026 | -11.2% | -4.6% | -6.6% | 96% |
| Q4 2025 | -2.3% | +2.4% | -4.7% | 99% |
| Q3 2025 | +2.7% | +7.8% | -5.2% | 100% |
| Q2 2025 | +1.9% | +10.5% | -8.6% | 105% |
| Q1 2025 | -2.8% | -4.6% | +1.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $83.4M | 33 |
| Q1 2026 | $83.0M | 40 |
| Q4 2025 | $201.4M | 45 |
| Q3 2025 | $163.0M | 51 |
| Q2 2025 | $78.4M | 38 |
| Q1 2025 | $98.3M | 42 |
| Q4 2024 | $92.9M | 46 |