# Next Capital Management LLC: Form 13F holdings

An institutional investment manager in NEW YORK, NY. SEC CIK 1752762.

- Quarter ended: 2026-06-30
- Filed: 2026-08-03
- Reported value: $370.5m
- Positions: 138 (138 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1752762/000143774926025432/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| ISHARES CORE S&P 500    ETF | ETF | $54.3m | 14.6% | 72,466 |  | Added +1,867 |
| [MIDCAP FINL INVESTME (MFIC)](/companies/mfic.md) | COM | $19.1m | 5.2% | 1,899,667 |  | Added +28,015 |
| [BLUE OWL CAP CORP (OBDC)](/companies/obdc.md) | COM | $18.5m | 5.0% | 1,688,690 |  | Added +269,871 |
| ISHARES CORE MSCI EAFE  ETF | ETF | $17.0m | 4.6% | 176,061 |  | Added +16,311 |
| INVESCO QQQ TR | COM | $14.7m | 4.0% | 20,030 |  | Reduced −61 |
| ISHARES CORE MSCI       EMERGING MARKETS ETF | ETF | $13.5m | 3.7% | 163,430 |  | Added +11,909 |
| VANGUARD TOTAL STOCK    MARKET INDEX FUND ETF   SHARES | ETF | $11.4m | 3.1% | 30,917 |  | Reduced −243 |
| [BLACKROCK TCP CAP CORP (TCPC)](/companies/tcpc.md) | COM | $10.5m | 2.8% | 3,130,285 |  | Added +80,738 |
| ISHARES RUSSELL 1000    GROWTH ETF | ETF | $10.5m | 2.8% | 84,480 |  | Added +63,094 |
| [META PLATFORMS INC      CLASS                  A (META)](/companies/meta.md) | COM | $9.7m | 2.6% | 17,281 |  | Added +985 |
| ISHARES S&P 500 GROWTH  ETF | ETF | $9.7m | 2.6% | 70,383 |  | Added +2,504 |
| ISHARES CORE S&P MID-CAPETF | ETF | $7.8m | 2.1% | 101,771 |  | Added +9,597 |
| ISHARES CORE S&P        SMALL-CAP ETF | ETF | $7.8m | 2.1% | 52,491 |  | Added +2,742 |
| [APPLE INC (AAPL)](/companies/aapl.md) | COM | $7.6m | 2.1% | 26,355 |  | Reduced −268 |
| [AMAZON.COM INC (AMZN)](/companies/amzn.md) | COM | $7.2m | 2.0% | 30,407 |  | Reduced −12,243 |
| ISHARES RUSSELL 1000    VALUE ETF | ETF | $6.8m | 1.8% | 27,975 |  | Reduced −90 |
| [GOLUB CAP BDC INC (GBDC)](/companies/gbdc.md) | COM | $6.5m | 1.8% | 505,442 |  | Reduced −61,763 |
| VANGUARD S&P 500 ETF | ETF | $5.9m | 1.6% | 8,537 |  | Added +4 |
| [STATE STREET SPDR S&P   500 ETF TRUST (SPY)](/companies/spy.md) | ETF | $5.0m | 1.3% | 6,632 |  | Reduced −127 |
| ISHARES RUSSELL 1000    ETF | ETF | $4.9m | 1.3% | 11,954 |  | Added +2 |
| [KKR & CO INC (KKR)](/companies/kkr.md) | COM | $4.7m | 1.3% | 51,339 |  | Added +3,568 |
| [NVIDIA CORP (NVDA)](/companies/nvda.md) | COM | $4.5m | 1.2% | 22,614 |  | Added +30 |
| SCHWAB FUNDAMENTAL U.S. LARGE COMPANY ETF | ETF | $4.5m | 1.2% | 144,153 |  | Added +16,145 |
| [BERKSHIRE HATHAWAY      CLASS                  B (BRK-B)](/companies/brk-b.md) | COM | $4.2m | 1.1% | 8,342 |  | Reduced −10 |
| SCHWAB U.S. SMALL-CAP   ETF | ETF | $3.9m | 1.0% | 107,520 |  | Reduced −370 |
| INVESCO NASDAQ 100 ETF | ETF | $3.8m | 1.0% | 12,533 |  | Added +1,385 |
| VANGUARD DIVIDEND       APPRECIATION INDEX FUND ETF SHARES | ETF | $3.5m | 0.9% | 14,624 |  | Added +7 |
| SCHWAB U.S. LARGE-CAP   ETF | ETF | $3.3m | 0.9% | 112,073 |  | Reduced −2,037 |
| [BLACKSTONE INC (BX)](/companies/bx.md) | COM | $3.0m | 0.8% | 25,197 |  | Added +2,875 |
| [APOLLO GLOBAL MGMT INC NCLASS                  A (APO)](/companies/apo.md) | COM | $2.9m | 0.8% | 24,569 |  | Added +2,706 |
| STATE STREET HEALTH CARESELECT SECTOR SPDR ETF | ETF | $2.9m | 0.8% | 17,990 |  | Reduced −11 |
| VANGUARD INFORMATION    TECHNOLOGY INDEX FUND   ETF SHARES | ETF | $2.7m | 0.7% | 22,184 |  | Added +19,411 |
| VANGUARD GROWTH INDEX   FUND ETF SHARES | ETF | $2.6m | 0.7% | 30,404 |  | Added +25,337 |
| ISHARES MSCI EMERGING   MARKETS ETF | ETF | $2.5m | 0.7% | 36,459 |  | Reduced −165 |
| [MICROSOFT CORP (MSFT)](/companies/msft.md) | COM | $2.3m | 0.6% | 6,140 |  | Added +487 |
| [ELI LILLY AND CO (LLY)](/companies/lly.md) | COM | $2.1m | 0.6% | 1,768 |  | Unchanged |
| [ALPHABET INC            CLASS                  C (GOOGL)](/companies/googl.md) | COM | $2.1m | 0.6% | 5,995 |  | Reduced −366 |
| ISHARES CORE S&P U.S.   VALUE ETF | ETF | $2.1m | 0.6% | 19,159 |  | Reduced −401 |
| STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF | ETF | $2.0m | 0.6% | 10,700 |  | Added +2,323 |
| [ALPHABET INC            CLASS                  A (GOOGL)](/companies/googl.md) | COM | $2.0m | 0.5% | 5,656 |  | Reduced −1,023 |
| STATE STREET FINANCIAL  SELECT SECTOR SPDR ETF | ETF | $2.0m | 0.5% | 37,600 |  | Added +3,092 |
| VANGUARD LARGE-CAP INDEXFUND ETF SHARES | ETF | $1.8m | 0.5% | 5,376 |  | Unchanged |
| SCHWAB U.S. DIVIDEND    EQUITY ETF | ETF | $1.8m | 0.5% | 56,932 |  | Added +16,012 |
| [SALESFORCE INC (CRM)](/companies/crm.md) | COM | $1.8m | 0.5% | 11,350 |  | Unchanged |
| ISHARES RUSSELL MID-CAP GROWTH ETF | ETF | $1.7m | 0.5% | 11,648 |  | Added +5 |
| VANGUARD MID-CAP GROWTH INDEX FUND ETF SHARES | ETF | $1.5m | 0.4% | 5,020 |  | Unchanged |
| [GOLDMAN SACHS GROUP INC (GS)](/companies/gs.md) | COM | $1.5m | 0.4% | 1,515 |  | Reduced −20 |
| [CHARLES SCHWAB CORP (SCHW)](/companies/schw.md) | COM | $1.5m | 0.4% | 16,323 |  | Reduced −600 |
| [JOHNSON & JOHNSON (JNJ)](/companies/jnj.md) | COM | $1.4m | 0.4% | 5,530 |  | Unchanged |
| [MONGODB INC             CLASS                  A (MDB)](/companies/mdb.md) | COM | $1.4m | 0.4% | 4,068 |  | Reduced −317 |
| [THE COCA-COLA CO (KO)](/companies/ko.md) | COM | $1.3m | 0.4% | 16,611 |  | Unchanged |
| VANGUARD HIGH DIVIDEND  YIELD INDEX FUND ETF    SHARES | ETF | $1.3m | 0.4% | 8,505 |  | Added +312 |
| ISHARES RUSSELL 2000    ETF | ETF | $1.3m | 0.4% | 4,448 |  | Reduced −103 |
| [TPG INC                 CLASS                  A (TPG)](/companies/tpg.md) | COM | $1.3m | 0.4% | 32,076 |  | Added +6,098 |
| ISHARES MSCI EAFE ETF | ETF | $1.2m | 0.3% | 12,009 |  | Unchanged |
| VANGUARD FTSE DEVELOPED MARKETS INDEX FUND ETF  SHARES | ETF | $1.2m | 0.3% | 17,435 |  | Added +686 |
| KRANESHARES CSI CHINA   INTERNET ETF | ETF | $1.2m | 0.3% | 49,020 |  | Unchanged |
| [JPMORGAN CHASE & CO (JPM)](/companies/jpm.md) | COM | $1.1m | 0.3% | 3,380 |  | Added +87 |
| [PARKER-HANNIFIN CORP (PH)](/companies/ph.md) | COM | $1.0m | 0.3% | 1,035 |  | Unchanged |
| SCHWAB U.S. BROAD MARKETETF | ETF | $1.0m | 0.3% | 34,620 |  | Added +1,402 |
| ISHARES EXPANDED        TECH-SOFTWARE SECTOR ETF | ETF | $937.0k | 0.3% | 10,342 |  | Added +731 |
| FIRST TRUST NORTH       AMERICAN ENERGY         INFRASTRUCTURE FUND | ETF | $898.8k | 0.2% | 20,663 |  | Added +910 |
| [ECOLAB INC (ECL)](/companies/ecl.md) | COM | $814.9k | 0.2% | 2,925 |  | Unchanged |
| VANGUARD VALUE INDEX    FUND ETF SHARES | ETF | $792.6k | 0.2% | 3,637 |  | Added +184 |
| EXXON MOBIL CORP | COM | $784.1k | 0.2% | 5,735 |  | Unchanged |
| ISHARES MSCI ACWI EX    U.S. ETF | ETF | $758.0k | 0.2% | 9,959 |  | Unchanged |
| INVESCO S&P 500 QUALITY ETF | ETF | $755.9k | 0.2% | 8,390 |  | Reduced −1,138 |
| [AMERICAN ELEC PWR CO INC (AEP)](/companies/aep.md) | COM | $752.0k | 0.2% | 5,497 |  | Reduced −155 |
| ISHARES S&P SMALL-CAP   600 VALUE ETF | ETF | $751.2k | 0.2% | 5,496 |  | Unchanged |
| [SPDR GOLD SHARES (GLD)](/companies/gld.md) | ETF | $729.0k | 0.2% | 1,979 |  | Unchanged |
| ONEOK INC NEW | COM | $685.1k | 0.2% | 7,880 |  | Unchanged |
| [BROOKFIELD CORP        FCLASS                  A (BN)](/companies/bn.md) | COM | $670.8k | 0.2% | 15,750 |  | Unchanged |
| VANGUARD FTSE EMERGING  MARKETS INDEX FUND ETF  SHARES | ETF | $651.8k | 0.2% | 10,919 |  | Added +199 |
| VANECK GOLD MINERS ETF | ETF | $643.0k | 0.2% | 8,522 |  | Unchanged |
| ISHARES MICRO-CAP ETF | ETF | $624.7k | 0.2% | 3,123 |  | Unchanged |
| [PPG INDS INC (PPG)](/companies/ppg.md) | COM | $605.2k | 0.2% | 4,990 |  | Reduced −47 |
| [GE VERNOVA INC (GEV)](/companies/gev.md) | COM | $594.5k | 0.2% | 506 |  | Unchanged |
| [QUALCOMM INC (QCOM)](/companies/qcom.md) | COM | $594.3k | 0.2% | 3,216 |  | Reduced −53 |
| [SABA CAPITAL INCOME & OP (BRW)](/companies/brw.md) | COM | $584.3k | 0.2% | 88,927 |  | Unchanged |
| [ILLUMINA INC (ILMN)](/companies/ilmn.md) | COM | $572.5k | 0.2% | 3,256 |  | Reduced −322 |
| ISHARES RUSSELL MID-CAP VALUE ETF | ETF | $564.1k | 0.2% | 3,427 |  | Reduced −285 |
| ARK GENOMIC REVOLUTION  ETF | ETF | $548.7k | 0.1% | 13,046 |  | Unchanged |
| [ENTERPRISE PRODS PART LP (EPD)](/companies/epd.md) | COM | $527.4k | 0.1% | 14,348 |  | Unchanged |
| [TRIMAS CORP (TRS)](/companies/trs.md) | COM | $517.8k | 0.1% | 11,500 |  | Unchanged |
| iShares Core MSCI Totl Intl STCK ETF | ETF | $473.6k | 0.1% | 4,962 |  | Unchanged |
| [CATERPILLAR INC (CAT)](/companies/cat.md) | COM | $463.2k | 0.1% | 435 |  | Reduced −100 |
| [BROADCOM INC (AVGO)](/companies/avgo.md) | COM | $431.4k | 0.1% | 1,142 |  | New +1,142 |
| [RIVERNORTH/DOUBLELINE ST (OPP)](/companies/opp.md) | COM | $425.4k | 0.1% | 55,109 |  | Unchanged |
| ISHARES RUSSELL 2000    VALUE ETF | ETF | $419.8k | 0.1% | 1,898 |  | Unchanged |
| [TORTOISE ENERGY INFRASTR (TYG)](/companies/tyg.md) | COM | $418.8k | 0.1% | 9,770 |  | Unchanged |
| WISDOMTREE JAPAN HEDGED EQUITY FUND | ETF | $407.8k | 0.1% | 2,350 |  | Unchanged |
| [Terawulf Inc Com (WULF)](/companies/wulf.md) | COM | $402.1k | 0.1% | 16,280 |  | Unchanged |
| SPOTIFY TECHNOLOGY S A F | COM | $394.9k | 0.1% | 860 |  | Reduced −46 |
| [NETFLIX INC (NFLX)](/companies/nflx.md) | COM | $386.3k | 0.1% | 5,410 |  | Reduced −529 |
| VANGUARD TOTAL WORLD    STOCK INDEX FUND ETF    SHARES | ETF | $379.0k | 0.1% | 2,415 |  | Reduced −124 |
| SCHWAB U.S. MID-CAP ETF | ETF | $375.5k | 0.1% | 10,184 |  | Added +8 |
| INVESCO S&P 500 EQUAL   WEIGHT ETF | ETF | $358.7k | <0.1% | 1,686 |  | Added +3 |
| XTRACKERS MSCI EAFE     HEDGED EQUITY ETF | ETF | $345.9k | <0.1% | 6,331 |  | Unchanged |
| [WILLIAMS COS INC (WMB)](/companies/wmb.md) | COM | $345.3k | <0.1% | 4,645 |  | Unchanged |
| [SLR INVESTMENT CORP (SLRC)](/companies/slrc.md) | COM | $340.4k | <0.1% | 27,520 |  | Unchanged |
| [CAPITAL ONE FINL CORP (COF)](/companies/cof.md) | COM | $334.6k | <0.1% | 1,668 |  | Unchanged |
| [FEDEX CORP (FDX)](/companies/fdx.md) | COM | $325.7k | <0.1% | 1,040 |  | New +1,040 |
| STATE STREET SPDR S&P   METALS & MINING ETF | ETF | $318.1k | <0.1% | 2,975 |  | New +2,975 |
| GLOBAL X ARTIFICIAL     INTELLIGENCE &          TECHNOLOGY ETF | ETF | $318.1k | <0.1% | 4,848 |  | Unchanged |
| STATE STREET SPDR S&P   BIOTECH ETF | ETF | $316.5k | <0.1% | 2,000 |  | Unchanged |
| ISHARES U.S. ENERGY ETF | ETF | $311.2k | <0.1% | 5,500 |  | Unchanged |
| Blackstone Private | COM | $301.5k | <0.1% | 12,596 |  | New +12,596 |
| [PHILLIPS 66 (PSX)](/companies/psx.md) | COM | $293.8k | <0.1% | 1,738 |  | Unchanged |
| [MAYS J W INC (MAYS)](/companies/mays.md) | COM | $285.7k | <0.1% | 7,326 |  | Unchanged |
| [TRAVELERS COS INC (TRV)](/companies/trv.md) | COM | $283.9k | <0.1% | 860 |  | Unchanged |
| [Erasca Inc Com (ERAS)](/companies/eras.md) | COM | $280.3k | <0.1% | 15,300 |  | New +15,300 |
| Ab Active Etfs Inc (international Low Volatility Equity Etf) | ETF | $273.4k | <0.1% | 6,013 |  | Unchanged |
| [HONEYWELL INTL INC (HON)](/companies/hon.md) | COM | $273.2k | <0.1% | 1,220 |  | New +1,220 |
| [HONEYWELL AEROSPACE INC (HONA)](/companies/hona.md) | COM | $269.7k | <0.1% | 1,220 |  | New +1,220 |
| ISHARES CORE S&P TOTAL  U.S. STOCK MARKET ETF | ETF | $268.9k | <0.1% | 1,637 |  | New +1,637 |
| [NEW MTN FIN CORP (NMFC)](/companies/nmfc.md) | COM | $267.7k | <0.1% | 37,340 |  | Added +7,660 |
| VANECK SEMICONDUCTOR    ETF | ETF | $264.3k | <0.1% | 403 |  | New +403 |
| VANGUARD MID-CAP INDEX  FUND ETF SHARES | ETF | $260.9k | <0.1% | 3,238 |  | Added +2,429 |
| [WEYERHAEUSER CO         REIT (WY)](/companies/wy.md) | COM | $239.4k | <0.1% | 10,000 |  | New +10,000 |
| ERMENEGILDO ZEGNA N V  F | COM | $237.9k | <0.1% | 18,275 |  | Unchanged |
| SCHWAB INTERNATIONAL    EQUITY ETF | ETF | $236.4k | <0.1% | 8,535 |  | Added +344 |
| [DELTA AIR LINES INC DEL (DAL)](/companies/dal.md) | COM | $234.2k | <0.1% | 2,500 |  | New +2,500 |
| [Achieve Life (ACHV)](/companies/achv.md) | COM | $228.5k | <0.1% | 34,995 |  | Unchanged |
| [PALO ALTO NETWORKS INC (PANW)](/companies/panw.md) | COM | $225.1k | <0.1% | 660 |  | New +660 |
| VANGUARD SMALL-CAP INDEXFUND ETF SHARES | ETF | $223.6k | <0.1% | 738 |  | New +738 |
| [ALTRIA GROUP INC (MO)](/companies/mo.md) | COM | $215.8k | <0.1% | 3,000 |  | Reduced −683 |
| [UNITEDHEALTH GROUP INC (UNH)](/companies/unh.md) | COM | $215.7k | <0.1% | 519 |  | New +519 |
| [PHILIP MORRIS INTL INC (PM)](/companies/pm.md) | COM | $215.5k | <0.1% | 1,191 |  | Reduced −2,189 |
| [BOOKING HLDGS INC (BKNG)](/companies/bkng.md) | COM | $213.9k | <0.1% | 1,200 |  | Added +1,152 |
| [Aeva Technologies (AEVA)](/companies/aeva.md) | COM | $211.2k | <0.1% | 7,355 |  | New +7,355 |
| [WEC ENERGY GROUP INC (WEC)](/companies/wec.md) | COM | $210.9k | <0.1% | 1,806 |  | Unchanged |
| [MERCK & CO. INC. (MRK)](/companies/mrk.md) | COM | $204.4k | <0.1% | 1,591 |  | Reduced −148 |
| [NUVEEN FLOATING RATE INC (JFR)](/companies/jfr.md) | COM | $179.5k | <0.1% | 23,402 |  | Unchanged |
| [SERVE ROBOTICS INC (SERV)](/companies/serv.md) | COM | $173.9k | <0.1% | 26,425 |  | Unchanged |
| [WILLAMETTE VY VINEYARD I (WVVI)](/companies/wvvi.md) | COM | $137.5k | <0.1% | 54,800 |  | Unchanged |
| ACV AUCTIONS INC        CLASS                  A | COM | $108.2k | <0.1% | 15,047 |  | Reduced −1,659 |
| [CARIBOU BIOSCIENCES INC (CRBU)](/companies/crbu.md) | COM | $35.2k | <0.1% | 20,000 |  | Unchanged |
| [CYTODYN INC (CYDY)](/companies/cydy.md) | COM | $6.0k | <0.1% | 25,000 |  | Unchanged |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| AMRIZE LTD             F | COM | $0 | 0.0% | 0 |  | Sold out −3,750 |
| [ASTERA LABS INC (ALAB)](/companies/alab.md) | COM | $0 | 0.0% | 0 |  | Sold out −5,182 |
| [BLUE OWL CAP INC        CLASS                  A (OWL)](/companies/owl.md) | COM | $0 | 0.0% | 0 |  | Sold out −29,006 |
| [CORNING INC (GLW)](/companies/glw.md) | COM | $0 | 0.0% | 0 |  | Sold out −2,000 |
| [HOME DEPOT INC (HD)](/companies/hd.md) | COM | $0 | 0.0% | 0 |  | Sold out −675 |
| HONEYWELL INTL INC | COM | $0 | 0.0% | 0 |  | Sold out −2,602 |
| JPMORGAN ULTRA-SHORT    INCOME ETF | UIE | $0 | 0.0% | 0 |  | Sold out −21,598 |
| [MASTERCARD INC          CLASS            CLASS A (MA)](/companies/ma.md) | COM | $0 | 0.0% | 0 |  | Sold out −411 |
| [MGM RESORTS INTL (MGM)](/companies/mgm.md) | COM | $0 | 0.0% | 0 |  | Sold out −5,780 |
| [Rayonier Advanced Ma (RYAM)](/companies/ryam.md) | COM | $0 | 0.0% | 0 |  | Sold out −51,422 |
| [VIRTUS STONE HARBOR EMER (EDF)](/companies/edf.md) | COM | $0 | 0.0% | 0 |  | Sold out −10,000 |

Source: SEC EDGAR, Form 13F-HR, accession 0001437749-26-025432. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.