North Ground Capital Diversified Active

CIK: 0002055446 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $201,376 (100.0% shares, 0.0% debt)

Holdings (45)

New Positions (6)

— XAI OCTAGN FLT RAT & ALT INM 3.5%

Value ($000) $7,116 Shares 1,482,418 Est. Cost $4.80 Unrealized —

MRP MILLROSE PPTYS INC 1.9%

Value ($000) $3,799 Shares 127,189 Est. Cost $29.87 Unrealized —

— FS SPECIALTY LENDING FD 1.0%

Value ($000) $1,913 Shares 135,324 Est. Cost $14.14 Unrealized —

ARI APOLLO COML REAL EST FIN INC 0.3%

Value ($000) $581 Shares 60,000 Est. Cost $9.68 Unrealized —

— FS CREDIT OPPORTUNITIES CORP 0.1%

Value ($000) $172 Shares 27,334 Est. Cost $6.30 Unrealized —

ICMB INVESTCORP CR MGMT BDC INC 0.1%

Value ($000) $147 Shares 54,299 Est. Cost $2.83 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	XAI OCTAGN FLT RAT & ALT INM	1,482,418	$7,116	3.5%	$4.80	—	COM	98400T106
MRP	MILLROSE PPTYS INC	127,189	$3,799	1.9%	$29.87	—	COM CL A	601137102
—	FS SPECIALTY LENDING FD	135,324	$1,913	1.0%	$14.14	—	COM SH BEN INT	644323107
ARI	APOLLO COML REAL EST FIN INC	60,000	$581	0.3%	$9.68	—	COM	03762U105
—	FS CREDIT OPPORTUNITIES CORP	27,334	$172	0.1%	$6.30	—	COMMON STOCK	30290Y101
ICMB	INVESTCORP CR MGMT BDC INC	54,299	$147	0.1%	$2.83	0.0%	COM	46090R104

Increased Positions (28)

OXLC OXFORD LANE CAP CORP 7.5%

Value ($000) $15,117 (+123.3%) Shares 1,032,585 (+144.6%) Est. Cost $15.21 Unrealized —

BCSF BAIN CAP SPECIALTY FIN INC 4.3%

Value ($000) $8,715 (+249.5%) Shares 626,514 (+258.0%) Est. Cost $13.56 Unrealized -1.4%

RWAY RUNWAY GROWTH FINANCE CORP 7.0%

Value ($000) $14,012 (+77.9%) Shares 1,569,050 (+102.5%) Est. Cost $9.38 Unrealized -0.7%

CCAP CRESCENT CAP BDC INC 5.8%

Value ($000) $11,736 (+96.9%) Shares 835,312 (+99.8%) Est. Cost $13.91 Unrealized -0.8%

CGBD CARLYLE SECURED LENDING INC 5.7%

Value ($000) $11,394 (+91.4%) Shares 912,220 (+91.6%) Est. Cost $12.49 Unrealized -3.5%

MFIC MIDCAP FINANCIAL INVSTMNT CO 3.7%

Value ($000) $7,451 (+148.6%) Shares 651,326 (+160.5%) Est. Cost $11.78 Unrealized -1.6%

FSK FS KKR CAP CORP 6.6%

Value ($000) $13,266 (+44.5%) Shares 895,746 (+45.6%) Est. Cost $16.59 Unrealized -11.4%

GBDC GOLUB CAP BDC INC 2.2%

Value ($000) $4,425 (+546.5%) Shares 326,106 (+552.2%) Est. Cost $13.61 Unrealized -0.5%

BRSP BRIGHTSPIRE CAPITAL INC 8.5%

Value ($000) $17,105 (+25.0%) Shares 3,054,552 (+21.2%) Est. Cost $5.41 Unrealized —

— TOTAL RETURN SECURITIES FUND 2.0%

Value ($000) $4,112 (+249.5%) Shares 661,145 (+241.6%) Est. Cost $6.23 Unrealized —

MSIF MSC INCOME FUND INC 3.3%

Value ($000) $6,592 (+57.0%) Shares 501,678 (+56.9%) Est. Cost $14.30 Unrealized -7.1%

ACRE ARES COML REAL ESTATE CORP 3.7%

Value ($000) $7,418 (+42.0%) Shares 1,551,806 (+34.0%) Est. Cost $4.58 Unrealized —

— MEXICO FD INC 1.3%

Value ($000) $2,544 (+318.3%) Shares 126,312 (+309.2%) Est. Cost $20.03 Unrealized —

TCPC BLACKROCK TCP CAPITAL CORP 2.1%

Value ($000) $4,310 (+39.0%) Shares 787,946 (+57.6%) Est. Cost $6.66 Unrealized -13.5%

CION CION INVT CORP 5.2%

Value ($000) $10,511 (+10.6%) Shares 1,086,992 (+8.4%) Est. Cost $9.49 Unrealized -2.9%

— CLOUGH GLOBAL OPPORTUNITIES 3.1%

Value ($000) $6,298 (+16.6%) Shares 1,112,636 (+17.4%) Est. Cost $5.44 Unrealized —

— NUVEEN NEW YORK AMT QLT MUNI 3.0%

Value ($000) $6,066 (+10.4%) Shares 601,212 (+11.6%) Est. Cost $10.31 Unrealized —

— NUVEEN AMT FREE MUN CR INC F 1.9%

Value ($000) $3,862 (+14.9%) Shares 305,064 (+11.5%) Est. Cost $12.31 Unrealized —

— SABA CAPITAL INCOME & OPRNT 0.6%

Value ($000) $1,143 (+33.8%) Shares 163,114 (+48.3%) Est. Cost $7.35 Unrealized —

— INVESCO QUALITY MUN INCOME T 1.2%

Value ($000) $2,374 (+12.8%) Shares 238,367 (+11.5%) Est. Cost $9.86 Unrealized —

— DESTRA MULTI-ALTERNATIVE FD 0.3%

Value ($000) $693 (+36.0%) Shares 77,310 (+31.0%) Est. Cost $8.72 Unrealized —

— ABRDN EMERGING MARKETS EX CH 0.5%

Value ($000) $1,067 (+19.2%) Shares 152,370 (+10.4%) Est. Cost $5.32 Unrealized —

— NUVEEN PENNSYLVANIA QLT MUN 0.9%

Value ($000) $1,814 (+10.5%) Shares 152,529 (+11.5%) Est. Cost $11.56 Unrealized —

— INVESCO ADVANTAGE MUN INCOME 0.4%

Value ($000) $870 (+16.1%) Shares 95,443 (+11.6%) Est. Cost $8.79 Unrealized —

— INVESCO PA VALUE MUN INC TR 0.5%

Value ($000) $978 (+13.1%) Shares 93,481 (+11.7%) Est. Cost $10.24 Unrealized —

— NUVEEN AMT FREE QLTY MUN INC 0.4%

Value ($000) $888 (+14.0%) Shares 76,342 (+11.6%) Est. Cost $11.36 Unrealized —

— ABRDN INCOME CREDIT STRATEGI 0.9%

Value ($000) $1,781 (+3.7%) Shares 329,148 (+11.2%) Est. Cost $5.91 Unrealized —

— FEDERATED HERMES PREM MUNI I 0.2%

Value ($000) $427 (+12.5%) Shares 38,429 (+11.8%) Est. Cost $10.98 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OXLC	OXFORD LANE CAP CORP	1,032,585 (+144.6%)	$15,117 (+123.3%)	7.5%	$15.21	—	COM	691543847
BCSF	BAIN CAP SPECIALTY FIN INC	626,514 (+258.0%)	$8,715 (+249.5%)	4.3%	$13.56	-1.4%	COM STK	05684B107
RWAY	RUNWAY GROWTH FINANCE CORP	1,569,050 (+102.5%)	$14,012 (+77.9%)	7.0%	$9.38	-0.7%	COM	78163D100
CCAP	CRESCENT CAP BDC INC	835,312 (+99.8%)	$11,736 (+96.9%)	5.8%	$13.91	-0.8%	COM	225655109
CGBD	CARLYLE SECURED LENDING INC	912,220 (+91.6%)	$11,394 (+91.4%)	5.7%	$12.49	-3.5%	COM	872280102
MFIC	MIDCAP FINANCIAL INVSTMNT CO	651,326 (+160.5%)	$7,451 (+148.6%)	3.7%	$11.78	-1.6%	COM NEW	03761U502
FSK	FS KKR CAP CORP	895,746 (+45.6%)	$13,266 (+44.5%)	6.6%	$16.59	-11.4%	COM	302635206
GBDC	GOLUB CAP BDC INC	326,106 (+552.2%)	$4,425 (+546.5%)	2.2%	$13.61	-0.5%	COM	38173M102
BRSP	BRIGHTSPIRE CAPITAL INC	3,054,552 (+21.2%)	$17,105 (+25.0%)	8.5%	$5.41	—	COM CL A	10949T109
—	TOTAL RETURN SECURITIES FUND	661,145 (+241.6%)	$4,112 (+249.5%)	2.0%	$6.23	—	COM	870875101
MSIF	MSC INCOME FUND INC	501,678 (+56.9%)	$6,592 (+57.0%)	3.3%	$14.30	-7.1%	COM	55374X208
ACRE	ARES COML REAL ESTATE CORP	1,551,806 (+34.0%)	$7,418 (+42.0%)	3.7%	$4.58	—	COM	04013V108
—	MEXICO FD INC	126,312 (+309.2%)	$2,544 (+318.3%)	1.3%	$20.03	—	COM	592835102
TCPC	BLACKROCK TCP CAPITAL CORP	787,946 (+57.6%)	$4,310 (+39.0%)	2.1%	$6.66	-13.5%	COM	09259E108
CION	CION INVT CORP	1,086,992 (+8.4%)	$10,511 (+10.6%)	5.2%	$9.49	-2.9%	COM	17259U204
—	CLOUGH GLOBAL OPPORTUNITIES	1,112,636 (+17.4%)	$6,298 (+16.6%)	3.1%	$5.44	—	SH BEN INT	18914E106
—	NUVEEN NEW YORK AMT QLT MUNI	601,212 (+11.6%)	$6,066 (+10.4%)	3.0%	$10.31	—	COM	670656107
—	NUVEEN AMT FREE MUN CR INC F	305,064 (+11.5%)	$3,862 (+14.9%)	1.9%	$12.31	—	COM	67071L106
—	SABA CAPITAL INCOME & OPRNT	163,114 (+48.3%)	$1,143 (+33.8%)	0.6%	$7.35	—	SHS NEW	78518H202
—	INVESCO QUALITY MUN INCOME T	238,367 (+11.5%)	$2,374 (+12.8%)	1.2%	$9.86	—	COM	46133G107
—	DESTRA MULTI-ALTERNATIVE FD	77,310 (+31.0%)	$693 (+36.0%)	0.3%	$8.72	—	COMMON SHARES	25065A502
—	ABRDN EMERGING MARKETS EX CH	152,370 (+10.4%)	$1,067 (+19.2%)	0.5%	$5.32	—	COM	00301W105
—	NUVEEN PENNSYLVANIA QLT MUN	152,529 (+11.5%)	$1,814 (+10.5%)	0.9%	$11.56	—	COM	670972108
—	INVESCO ADVANTAGE MUN INCOME	95,443 (+11.6%)	$870 (+16.1%)	0.4%	$8.79	—	SH BEN INT	46132E103
—	INVESCO PA VALUE MUN INC TR	93,481 (+11.7%)	$978 (+13.1%)	0.5%	$10.24	—	COM	46132K109
—	NUVEEN AMT FREE QLTY MUN INC	76,342 (+11.6%)	$888 (+14.0%)	0.4%	$11.36	—	COM	670657105
—	ABRDN INCOME CREDIT STRATEGI	329,148 (+11.2%)	$1,781 (+3.7%)	0.9%	$5.91	—	COM	003057106
—	FEDERATED HERMES PREM MUNI I	38,429 (+11.8%)	$427 (+12.5%)	0.2%	$10.98	—	COM	31423P108

Exited Positions (12)

EIC EAGLE POINT INCOME COMPANY I 3.2%

Value ($000) $6,454 Shares 422,222 Est. Cost $15.29 Unrealized —

JAAA JANUS DETROIT STR TR 3.2%

Value ($000) $6,432 Shares 126,667 Est. Cost $50.78 Unrealized —

— NUVEEN MUN CR OPPORTUNITIES 1.1%

Value ($000) $2,241 Shares 206,380 Est. Cost $10.73 Unrealized —

KBDC KAYNE ANDERSON BDC INC 0.7%

Value ($000) $1,332 Shares 100,000 Est. Cost $14.34 Unrealized -1.2%

— TORTOISE ENERGY INFRA CORP 0.6%

Value ($000) $1,247 Shares 28,932 Est. Cost $42.86 Unrealized —

— INVESCO TR INVT GRADE NEW YO 0.6%

Value ($000) $1,176 Shares 106,729 Est. Cost $10.68 Unrealized —

— ABRDN TOTAL DYNAMIC DIVIDEND 0.4%

Value ($000) $766 Shares 80,974 Est. Cost $8.41 Unrealized —

— CLEARBRIDGE ENERGY MIDSTRM O 0.4%

Value ($000) $739 Shares 16,446 Est. Cost $46.26 Unrealized —

RWT REDWOOD TRUST INC 0.3%

Value ($000) $550 Shares 95,000 Est. Cost $5.79 Unrealized —

XENWX EATON VANCE NEW YORK MUN BD 0.2%

Value ($000) $364 Shares 36,942 Est. Cost $9.78 Unrealized —

XEVMX EATON VANCE CALIF MUN BD FD 0.1%

Value ($000) $167 Shares 17,623 Est. Cost $9.49 Unrealized —

OXSQ OXFORD SQUARE CAP CORP 0.0%

Value ($000) $80 Shares 50,000 Est. Cost $2.20 Unrealized -17.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EIC	EAGLE POINT INCOME COMPANY I	422,222	$6,454	3.2%	$15.29	—	—	269817102
JAAA	JANUS DETROIT STR TR	126,667	$6,432	3.2%	$50.78	—	—	47103U845
—	NUVEEN MUN CR OPPORTUNITIES	206,380	$2,241	1.1%	$10.73	—	—	670663103
KBDC	KAYNE ANDERSON BDC INC	100,000	$1,332	0.7%	$14.34	-1.2%	—	48662X105
—	TORTOISE ENERGY INFRA CORP	28,932	$1,247	0.6%	$42.86	—	—	89147L886
—	INVESCO TR INVT GRADE NEW YO	106,729	$1,176	0.6%	$10.68	—	—	46131T101
—	ABRDN TOTAL DYNAMIC DIVIDEND	80,974	$766	0.4%	$8.41	—	—	00326L100
—	CLEARBRIDGE ENERGY MIDSTRM O	16,446	$739	0.4%	$46.26	—	—	18469P209
RWT	REDWOOD TRUST INC	95,000	$550	0.3%	$5.79	—	—	758075402
XENWX	EATON VANCE NEW YORK MUN BD	36,942	$364	0.2%	$9.78	—	—	27827Y109
XEVMX	EATON VANCE CALIF MUN BD FD	17,623	$167	0.1%	$9.49	—	—	27828A100
OXSQ	OXFORD SQUARE CAP CORP	50,000	$80	0.0%	$2.20	-17.2%	—	69181V107

Decreased Positions (11)

— VIRTUS TOTAL RETURN FD INC 0.7%

Value ($000) $1,400 (-81.9%) Shares 222,186 (-81.4%) Est. Cost $6.27 Unrealized —

ECC EAGLE POINT CREDIT COMPANY I 1.1%

Value ($000) $2,249 (-54.8%) Shares 390,468 (-38.3%) Est. Cost $7.85 Unrealized —

AOMR ANGEL OAK MORTGAGE REIT INC 1.1%

Value ($000) $2,149 (-41.0%) Shares 249,628 (-35.8%) Est. Cost $9.36 Unrealized —

— BLACKROCK ESG CAP ALLC TERM 1.7%

Value ($000) $3,441 (-26.4%) Shares 223,714 (-21.5%) Est. Cost $15.98 Unrealized —

OTF BLUE OWL TECHNOLOGY FIN CORP 2.0%

Value ($000) $3,950 (-23.8%) Shares 271,645 (-27.6%) Est. Cost $14.19 Unrealized -3.7%

— CLOUGH GLOBAL EQUITY FD 0.3%

Value ($000) $552 (-69.0%) Shares 72,019 (-69.2%) Est. Cost $6.61 Unrealized —

— WESTERN ASST INFLTN LKD INM 0.0%

Value ($000) $90 (-89.3%) Shares 10,892 (-89.1%) Est. Cost $8.02 Unrealized —

— NUVEEN NEW JERSEY QULT MUN F 0.7%

Value ($000) $1,426 (-32.8%) Shares 112,826 (-34.0%) Est. Cost $12.26 Unrealized —

— NUVEEN MUNICIPAL CREDIT INC 1.4%

Value ($000) $2,812 (-12.7%) Shares 223,536 (-12.9%) Est. Cost $12.33 Unrealized —

— CLOUGH GLOBAL DIVID & INCOME 0.7%

Value ($000) $1,458 (-21.7%) Shares 244,254 (-22.0%) Est. Cost $5.44 Unrealized —

— HIGHLAND OPPS & INCOME FD 0.6%

Value ($000) $1,152 (-7.9%) Shares 192,701 (-2.2%) Est. Cost $5.19 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	VIRTUS TOTAL RETURN FD INC	222,186 (-81.4%)	$1,400 (-81.9%)	0.7%	$6.27	—	COM	92835W107
ECC	EAGLE POINT CREDIT COMPANY I	390,468 (-38.3%)	$2,249 (-54.8%)	1.1%	$7.85	—	COM	269808101
AOMR	ANGEL OAK MORTGAGE REIT INC	249,628 (-35.8%)	$2,149 (-41.0%)	1.1%	$9.36	—	COM	03464Y108
—	BLACKROCK ESG CAP ALLC TERM	223,714 (-21.5%)	$3,441 (-26.4%)	1.7%	$15.98	—	SHS BEN INT	09262F100
OTF	BLUE OWL TECHNOLOGY FIN CORP	271,645 (-27.6%)	$3,950 (-23.8%)	2.0%	$14.19	-3.7%	COMMON STOCK	095924106
—	CLOUGH GLOBAL EQUITY FD	72,019 (-69.2%)	$552 (-69.0%)	0.3%	$6.61	—	COM	18914C100
—	WESTERN ASST INFLTN LKD INM	10,892 (-89.1%)	$90 (-89.3%)	0.0%	$8.02	—	COM SH BEN INT	95766Q106
—	NUVEEN NEW JERSEY QULT MUN F	112,826 (-34.0%)	$1,426 (-32.8%)	0.7%	$12.26	—	COM	67069Y102
—	NUVEEN MUNICIPAL CREDIT INC	223,536 (-12.9%)	$2,812 (-12.7%)	1.4%	$12.33	—	COM SH BEN INT	67070X101
—	CLOUGH GLOBAL DIVID & INCOME	244,254 (-22.0%)	$1,458 (-21.7%)	0.7%	$5.44	—	COM	18913Y103
—	HIGHLAND OPPS & INCOME FD	192,701 (-2.2%)	$1,152 (-7.9%)	0.6%	$5.19	—	HIGHLAND INCOME	43010E404