13F HOLDINGS REPORT
Next Capital Management LLC
Quarter ended Q3 2025 · Filed November 5, 2025 · Accession 0001437749-25-033205
Total Value
$299.6M
Positions
139
Other Managers
0
Confidential Omitted
No
Holdings (139)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | ISHARES CORE S&P 500 ETF | 464287200 | 68,699 | $46.0M | 15.35% |
| 2 | MIDCAP FINL INVESTME | 03761U502 | 1,341,585 | $16.1M | 5.37% |
| 3 | BLACKROCK TCP CAP CORP | TCPC | 2,401,416 | $14.9M | 4.97% |
| 4 | INVSC QQQ TRUST SRS 1 ETF | IVZ | 21,084 | $12.7M | 4.22% |
| 5 | META PLATFORMS INC CLASS A | META | 16,713 | $12.3M | 4.10% |
| 6 | ISHARES CORE MSCI EAFE ETF | 46432F842 | 134,457 | $11.7M | 3.92% |
| 7 | AMAZON.COM INC | AMZN | 46,594 | $10.2M | 3.41% |
| 8 | ISHARES RUSSELL 1000 GROWTH ETF | 464287614 | 19,225 | $9.0M | 3.01% |
| 9 | VANGUARD TOTAL STOCK MARKET ETF | 922908769 | 27,256 | $8.9M | 2.99% |
| 10 | APPLE INC | AAPL | 27,703 | $7.1M | 2.35% |
| 11 | ISHARES CORE MSCI EMERGING ETF | 46434G103 | 106,775 | $7.0M | 2.35% |
| 12 | VANGUARD S&P 500 ETF | 922908363 | 10,037 | $6.2M | 2.05% |
| 13 | ISHARES S&P 500 GROWTH ETF | 464287309 | 50,548 | $6.1M | 2.04% |
| 14 | ISHARES CORE S&P SMALL CAP ETF | 464287804 | 44,138 | $5.2M | 1.75% |
| 15 | NVIDIA CORP | NVDA | 26,443 | $4.9M | 1.65% |
| 16 | ISHARES RUSSELL 1000 VALUE ETF | 464287598 | 23,894 | $4.9M | 1.62% |
| 17 | ISHARES CORE S&P MID CAPETF | 464287507 | 70,191 | $4.6M | 1.53% |
| 18 | ISHARES RUSSELL 1000 ETF | 464287622 | 11,917 | $4.4M | 1.45% |
| 19 | BERKSHIRE HATHAWAY CLASS B | BRK-A | 8,449 | $4.2M | 1.42% |
| 20 | SPDR S&P 500 ETF | SPY | 5,848 | $3.9M | 1.30% |
| 21 | GOLUB CAP BDC INC | 38173M102 | 244,213 | $3.3M | 1.12% |
| 22 | SCHWAB US SMALL CAP ETF | 808524607 | 117,383 | $3.3M | 1.09% |
| 23 | SCHWAB US LARGE CAP ETF | 808524201 | 115,411 | $3.0M | 1.01% |
| 24 | VANGUARD DIVIDEND APPRECIATION ETF | 921908844 | 13,349 | $2.9M | 0.96% |
| 25 | SCHWAB FUNDMNTL US LARGECOM ETF | 808524771 | 105,168 | $2.8M | 0.92% |
| 26 | KKR & CO INC | KKRT | 20,273 | $2.6M | 0.88% |
| 27 | SELECT SECTOR HEALTH CARE SPDR ETF | 81369Y209 | 18,581 | $2.6M | 0.86% |
| 28 | VANGUARD GROWTH ETF | 922908736 | 5,152 | $2.5M | 0.82% |
| 29 | MICROSOFT CORP | MSFT | 4,371 | $2.3M | 0.76% |
| 30 | WALMART INC | WMT | 20,600 | $2.1M | 0.71% |
| 31 | INVESCO NASDAQ 100 ETF | IVZ | 8,338 | $2.1M | 0.69% |
| 32 | KRANESHARES CSI CHINA INTERNET ETF | 500767306 | 49,020 | $2.1M | 0.69% |
| 33 | VANGUARD INFORMATION TECHNOLOGY ETF | 92204A702 | 2,755 | $2.1M | 0.69% |
| 34 | CHARLES SCHWAB US MC ETF | SCHW-PJ | 26,840 | $1.9M | 0.63% |
| 35 | ISHARES MSCI EMERGING MARKETS ETF | 464287234 | 34,507 | $1.8M | 0.62% |
| 36 | SELECT STR FINANCIAL SELECT SPDR ETF | 81369Y605 | 32,532 | $1.8M | 0.58% |
| 37 | ALPHABET INC CLASS C | GOOG | 6,569 | $1.6M | 0.53% |
| 38 | BERKSHIRE HATHAWAY INC DCLASS A | BRK-A | 2 | $1.5M | 0.50% |
| 39 | ALPHABET INC CLASS CLASS A | GOOG | 6,186 | $1.5M | 0.50% |
| 40 | ISHARES CORE S&P US VALUE ETF | 464287663 | 15,002 | $1.5M | 0.50% |
| 41 | VANGUARD MID CAP GROWTH ETF | 922908538 | 5,020 | $1.5M | 0.49% |
| 42 | VANGUARD LARGE CAP ETF | 922908637 | 4,509 | $1.4M | 0.46% |
| 43 | ELI LILLY AND CO | LLY | 1,768 | $1.3M | 0.45% |
| 44 | MONGODB INC CLASS A | MDB | 4,297 | $1.3M | 0.45% |
| 45 | JPMORGAN CHASE & CO | VYLD | 4,205 | $1.3M | 0.44% |
| 46 | ISHARES RUSSELL MID CAP GROWTH ETF | 464287481 | 9,235 | $1.3M | 0.44% |
| 47 | TELEFLEX INC | TFX | 10,423 | $1.3M | 0.43% |
| 48 | PHILIP MORRIS INTL INC | 718172109 | 7,588 | $1.2M | 0.41% |
| 49 | MCDONALDS CORP | MCD | 4,007 | $1.2M | 0.41% |
| 50 | JPMORGAN ULTRA SHORT INCOME ETF | 46641Q837 | 23,682 | $1.2M | 0.40% |
| 51 | NETFLIX INC | NFLX | 997 | $1.2M | 0.40% |
| 52 | TECHNOLOGY SELECT SECTORSPDR ETF | 81369Y803 | 4,027 | $1.1M | 0.38% |
| 53 | GOLDMAN SACHS GROUP INC | GSCE | 1,415 | $1.1M | 0.38% |
| 54 | VANGUARD HIGH DIVIDEND YIELD ETF | 921946406 | 7,778 | $1.1M | 0.37% |
| 55 | SCHWAB US DIVIDEND EQUITY ETF | 808524797 | 39,869 | $1.1M | 0.36% |
| 56 | THE COCA-COLA CO | KO | 16,386 | $1.1M | 0.36% |
| 57 | ISHARES RUSSELL 2000 ETF | 464287655 | 4,440 | $1.1M | 0.36% |
| 58 | JOHNSON & JOHNSON | JNJ | 5,579 | $1.0M | 0.35% |
| 59 | ECOLAB INC | ECL | 3,775 | $1.0M | 0.35% |
| 60 | ASTERA LABS INC | ALAB | 5,182 | $1.0M | 0.34% |
| 61 | VANGUARD FTSE DEVELOPED MARKETS ETF | 921943858 | 16,023 | $960,098 | 0.32% |
| 62 | ISHARES MSCI EAFE ETF | 464287465 | 10,216 | $953,868 | 0.32% |
| 63 | VANECK GOLD MINERS ETF | 92189F106 | 11,752 | $897,853 | 0.30% |
| 64 | INVESCO S&P 500 QUALITY ETF | IVZ | 11,608 | $850,750 | 0.28% |
| 65 | SCHWAB US BROAD MARKET ETF | 808524102 | 33,021 | $848,981 | 0.28% |
| 66 | HOME DEPOT INC | HD | 1,993 | $807,544 | 0.27% |
| 67 | PARKER-HANNIFIN CORP | PH | 1,035 | $784,685 | 0.26% |
| 68 | BLACKSTONE INC | BX | 4,539 | $775,546 | 0.26% |
| 69 | FIRST TRUST NORTH AMERICAN ENERG ETF | 33738D101 | 19,345 | $740,720 | 0.25% |
| 70 | BROOKFIELD CORP FCLASS A | 11271J107 | 10,500 | $720,090 | 0.24% |
| 71 | SABA CAPITAL INCOME OPPO | 78518H202 | 88,927 | $690,963 | 0.23% |
| 72 | EXXON MOBIL CORP | XOM | 5,744 | $647,636 | 0.22% |
| 73 | ISHARES MSCI ACWI EX US ETF | 464288240 | 9,959 | $647,435 | 0.22% |
| 74 | SPOTIFY TECHNOLOGY S A F | SPOT | 860 | $600,280 | 0.20% |
| 75 | CSG SYS INTL INC | 126349109 | 9,000 | $579,420 | 0.19% |
| 76 | ONEOK INC NEW | OKE | 7,880 | $575,004 | 0.19% |
| 77 | AMERICAN ELEC PWR CO INC | 025537101 | 5,075 | $570,938 | 0.19% |
| 78 | VANGUARD VALUE ETF | 922908744 | 3,031 | $565,731 | 0.19% |
| 79 | PPG INDS INC | 693506107 | 5,204 | $546,992 | 0.18% |
| 80 | VANGUARD FTSE EMERGING MARKETS ETF | 922042858 | 9,941 | $538,622 | 0.18% |
| 81 | QUALCOMM INC | QCOM | 3,216 | $535,014 | 0.18% |
| 82 | BLUE OWL CAP CORP | OWL | 39,363 | $502,666 | 0.17% |
| 83 | Rayonier Advanced Ma | RYN | 66,245 | $478,289 | 0.16% |
| 84 | RIVERNORTH DOUBLLINE STR | OPP-PC | 55,109 | $470,080 | 0.16% |
| 85 | ISHARES MICRO CAP ETF | 464288869 | 3,123 | $465,608 | 0.16% |
| 86 | TRIMAS CORP | TRS | 11,500 | $444,360 | 0.15% |
| 87 | ENTERPRISE PRODS PART LP | 293792107 | 13,993 | $437,561 | 0.15% |
| 88 | TORTOISE ENERGY INFRASTR | TYG | 9,770 | $420,989 | 0.14% |
| 89 | SLR INVESTMENT CORP | SLRC | 27,520 | $420,781 | 0.14% |
| 90 | HONEYWELL INTL INC | 438516106 | 1,992 | $419,316 | 0.14% |
| 91 | iShares Core MSCI Totl Intl STCK ETF | 46432F834 | 4,962 | $409,762 | 0.14% |
| 92 | ARK GENOMIC REVOLUTION ETF | 00214Q302 | 13,046 | $362,287 | 0.12% |
| 93 | ABBVIE INC | ABBV | 1,564 | $362,121 | 0.12% |
| 94 | ISHARES S&P SMALL CAP 600 ETF | 464287879 | 3,230 | $357,206 | 0.12% |
| 95 | COMCAST CORP NEW CLASS A | CCZ | 11,178 | $351,213 | 0.12% |
| 96 | DIREXN DLY ARSPC DFNS BL3X SHRS ETF | 25460E661 | 5,000 | $343,750 | 0.11% |
| 97 | ILLUMINA INC | ILMN | 3,578 | $339,803 | 0.11% |
| 98 | ALTRIA GROUP INC | MO | 5,076 | $335,321 | 0.11% |
| 99 | VANGUARD TOTAL WORLD STOCK ETF | 922042742 | 2,364 | $325,747 | 0.11% |
| 100 | ISHARES RUSSELL MID CAP VALUE ETF | 464287473 | 2,246 | $313,699 | 0.10% |
| 101 | GE VERNOVA INC | GEV | 506 | $311,139 | 0.10% |
| 102 | PALANTIR TECHNOLOGIES INCLASS A | PLTR | 1,682 | $306,830 | 0.10% |
| 103 | INVSC S P 500 EQUAL WEIGHT ETF | IVZ | 1,614 | $306,232 | 0.10% |
| 104 | LENNOX INTL INC | 526107107 | 563 | $298,030 | 0.10% |
| 105 | WILLIAMS COS INC | 969457100 | 4,645 | $294,261 | 0.10% |
| 106 | XTRACKERS MSCI EAFE HDGDEQY ETF | 233051200 | 6,331 | $293,885 | 0.10% |
| 107 | PROCTER & GAMBLE CO | 742718109 | 1,852 | $284,560 | 0.09% |
| 108 | TRAVELERS COS INC | TRV | 1,004 | $280,337 | 0.09% |
| 109 | MAYS J W INC | MAYS | 7,326 | $278,388 | 0.09% |
| 110 | BOOKING HLDGS INC | BKNG | 51 | $275,363 | 0.09% |
| 111 | ISHARES US ENERGY ETF | 464287796 | 5,500 | $261,360 | 0.09% |
| 112 | AB INTERNATIONAL LOW VOLATILITY EQUITY ETF | 00039J822 | 6,013 | $255,673 | 0.09% |
| 113 | CATERPILLAR INC | CAT | 535 | $255,275 | 0.09% |
| 114 | NEW MTN FIN CORP | 647551100 | 26,150 | $252,086 | 0.08% |
| 115 | NUVEEN FLOATING RATE INC | 67072T108 | 29,789 | $243,674 | 0.08% |
| 116 | BECTON DICKINSON & CO | BDX | 1,290 | $241,449 | 0.08% |
| 117 | CBIZ INC | CBZ | 4,500 | $238,320 | 0.08% |
| 118 | PHILLIPS 66 | PSX | 1,738 | $236,403 | 0.08% |
| 119 | GLOBAL X FUND GLB X ART INTL TGY ETF | 37954Y632 | 4,700 | $232,133 | 0.08% |
| 120 | MONDELEZ INTL INC CLASS A | 609207105 | 3,656 | $228,390 | 0.08% |
| 121 | APOLLO GLOBAL MGMT INC N | 03769M106 | 1,707 | $227,492 | 0.08% |
| 122 | VISA INC CLASS A | V | 665 | $227,166 | 0.08% |
| 123 | ISHARES MSCI INDIA INDEXETF | 46429B598 | 4,000 | $208,240 | 0.07% |
| 124 | WEC ENERGY GROUP INC | WEC | 1,806 | $206,950 | 0.07% |
| 125 | SPDR S&P BIOTECH ETF | 78464A870 | 2,000 | $200,400 | 0.07% |
| 126 | WILLAMETTE VY VINEYARD I | 969136100 | 54,800 | $199,472 | 0.07% |
| 127 | SERVE ROBOTICS INC | SERV | 16,425 | $191,023 | 0.06% |
| 128 | ERMENEGILDO ZEGNA N V F | ZGN | 18,275 | $172,699 | 0.06% |
| 129 | ACV AUCTIONS INC CLASS A | ACVA | 16,706 | $165,556 | 0.06% |
| 130 | WISE PLC ORDF | G97229101 | 11,116 | $155,915 | 0.05% |
| 131 | CRITICAL METALS CORP. F | CRTMF | 19,982 | $124,288 | 0.04% |
| 132 | Terawulf Inc Com | WULF | 10,525 | $120,196 | 0.04% |
| 133 | Achieve Life | ACHV | 16,130 | $50,810 | 0.02% |
| 134 | VIRTUS STONE HARBOR EMG | 86164T107 | 10,000 | $50,500 | 0.02% |
| 135 | CARIBOU BIOSCIENCES INC | CRBU | 20,000 | $46,600 | 0.02% |
| 136 | DOCGO INC | DCGO | 15,000 | $20,400 | 0.01% |
| 137 | BEYOND MEAT INC | BYND | 10,043 | $18,981 | 0.01% |
| 138 | TALGA GROUP LTD ORDF | Q8833K103 | 50,000 | $14,555 | 0.00% |
| 139 | CYTODYN INC | CYDY | 32,500 | $8,450 | 0.00% |