13F HOLDINGS REPORT
Next Capital Management LLC
Quarter ended Q4 2025 · Filed February 11, 2026 · Accession 0001437749-26-003766
Total Value
$312.3M
Positions
136
Other Managers
0
Confidential Omitted
No
Holdings (136)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | ISHARES CORE S&P 500 ETF | 464287200 | 69,834 | $47.8M | 15.31% |
| 2 | MIDCAP FINL INVESTME | 03761U502 | 1,484,349 | $17.0M | 5.44% |
| 3 | BLACKROCK TCP CAP CORP | TCPC | 2,683,539 | $14.7M | 4.70% |
| 4 | INVSC QQQ TRUST SRS 1 ETF | IVZ | 21,424 | $13.2M | 4.21% |
| 5 | ISHARES CORE MSCI EAFE ETF | 46432F842 | 146,055 | $13.1M | 4.18% |
| 6 | META PLATFORMS INC CLASS A | META | 16,611 | $11.0M | 3.51% |
| 7 | AMAZON.COM INC | AMZN | 45,188 | $10.4M | 3.34% |
| 8 | ISHARES RUSSELL 1000 GROWTH ETF | 464287614 | 21,471 | $10.2M | 3.25% |
| 9 | VANGUARD TOTAL STOCK MARKET ETF | 922908769 | 30,174 | $10.1M | 3.24% |
| 10 | iShares Core MSCI Emerging ETF | 46434G103 | 142,425 | $9.6M | 3.07% |
| 11 | ISHARES S&P 500 GROWTH ETF | 464287309 | 65,367 | $8.1M | 2.58% |
| 12 | APPLE INC | AAPL | 28,346 | $7.7M | 2.47% |
| 13 | ISHARES CORE S&P SMALL CAP ETF | 464287804 | 46,975 | $5.6M | 1.81% |
| 14 | ISHARES RUSSELL 1000 VALUE ETF | 464287598 | 25,679 | $5.4M | 1.73% |
| 15 | ISHARES CORE S&P MID CAPETF | 464287507 | 80,757 | $5.3M | 1.71% |
| 16 | VANGUARD S&P 500 ETF | 922908363 | 8,438 | $5.3M | 1.69% |
| 17 | NVIDIA CORP | NVDA | 24,922 | $4.6M | 1.49% |
| 18 | ISHARES RUSSELL 1000 ETF | 464287622 | 11,948 | $4.5M | 1.43% |
| 19 | SPDR S&P 500 ETF | SPY | 6,195 | $4.2M | 1.35% |
| 20 | BERKSHIRE HATHAWAY CLASS CLASS B | BRK-A | 8,289 | $4.2M | 1.33% |
| 21 | SCHWAB US SMALL CAP ETF | 808524607 | 119,142 | $3.4M | 1.09% |
| 22 | GOLUB CAP BDC INC | 38173M102 | 244,213 | $3.3M | 1.06% |
| 23 | SCHWAB FUNDMNTL US LARGECOM ETF | 808524771 | 120,237 | $3.3M | 1.05% |
| 24 | SCHWAB US LARGE CAP ETF | 808524201 | 113,652 | $3.1M | 0.98% |
| 25 | VANGUARD DIVIDEND APPRECIATION ETF | 921908844 | 13,360 | $2.9M | 0.94% |
| 26 | INVESCO NASDAQ 100 ETF | IVZ | 11,175 | $2.8M | 0.90% |
| 27 | STATE STRT HLTH CRE SLT SEC SPDR ETF | 81369Y209 | 17,965 | $2.8M | 0.89% |
| 28 | KKR & CO INC | KKRT | 20,273 | $2.6M | 0.83% |
| 29 | BLUE OWL CAP CORP | OWL | 199,584 | $2.5M | 0.80% |
| 30 | VANGUARD GROWTH ETF | 922908736 | 4,942 | $2.4M | 0.77% |
| 31 | VANGUARD INFORMATION TECHNOLOGY ETF | 92204A702 | 2,773 | $2.1M | 0.67% |
| 32 | ISHARES CORE S&P US VALUE ETF | 464287663 | 20,381 | $2.1M | 0.67% |
| 33 | ALPHABET INC CLASS CLASS A | GOOG | 6,515 | $2.0M | 0.65% |
| 34 | MICROSOFT CORP | MSFT | 4,212 | $2.0M | 0.65% |
| 35 | ALPHABET INC CLASS CLASS C | GOOG | 6,387 | $2.0M | 0.64% |
| 36 | ISHARES MSCI EMERGING MARKETS ETF | 464287234 | 34,874 | $1.9M | 0.61% |
| 37 | ELI LILLY AND CO | LLY | 1,768 | $1.9M | 0.61% |
| 38 | STE STRT FINCL SLCT SECTOR SPDR ETF | 81369Y605 | 32,904 | $1.8M | 0.58% |
| 39 | MONGODB INC CLASS CLASS A | MDB | 4,212 | $1.8M | 0.57% |
| 40 | KRANESHARES CSI CHINA INTERNET ETF | 500767306 | 49,020 | $1.7M | 0.53% |
| 41 | JPMORGAN ULTRA SHORT INCOME ETF | 46641Q837 | 32,562 | $1.6M | 0.53% |
| 42 | CHARLES SCHWAB CORP | SCHW-PJ | 16,323 | $1.6M | 0.52% |
| 43 | BERKSHIRE HATHAWAY INC DCLASS A | BRK-A | 2 | $1.5M | 0.48% |
| 44 | VANGUARD LARGE CAP ETF | 922908637 | 4,509 | $1.4M | 0.45% |
| 45 | VANGUARD MID CAP GROWTH ETF | 922908538 | 5,020 | $1.4M | 0.45% |
| 46 | TELEFLEX INC | TFX | 10,423 | $1.3M | 0.41% |
| 47 | ISHARES RUSSELL MID CAP GROWTH ETF | 464287481 | 9,242 | $1.3M | 0.41% |
| 48 | GOLDMAN SACHS GROUP INC | GSCE | 1,415 | $1.2M | 0.40% |
| 49 | STATE STRET TEC SELECT SEC SPDR ETF | 81369Y803 | 8,348 | $1.2M | 0.38% |
| 50 | JOHNSON & JOHNSON | JNJ | 5,592 | $1.2M | 0.37% |
| 51 | THE COCA-COLA CO | KO | 16,386 | $1.1M | 0.37% |
| 52 | VANGUARD HIGH DIVIDEND YIELD ETF | 921946406 | 7,778 | $1.1M | 0.36% |
| 53 | SCHWAB US DIVIDEND EQUITY ETF | 808524797 | 40,381 | $1.1M | 0.35% |
| 54 | ISHARES RUSSELL 2000 ETF | 464287655 | 4,441 | $1.1M | 0.35% |
| 55 | VANECK GOLD MINERS ETF | 92189F106 | 11,752 | $1.0M | 0.32% |
| 56 | VANGUARD FTSE DEVELOPED MARKETS ETF | 921943858 | 16,023 | $1.0M | 0.32% |
| 57 | JPMORGAN CHASE & CO | VYLD | 3,071 | $989,598 | 0.32% |
| 58 | ISHARES MSCI EAFE ETF | 464287465 | 10,216 | $981,042 | 0.31% |
| 59 | ECOLAB INC | ECL | 3,655 | $959,511 | 0.31% |
| 60 | PARKER-HANNIFIN CORP | PH | 1,035 | $909,724 | 0.29% |
| 61 | INVESCO S&P 500 QUALITY ETF | IVZ | 11,608 | $871,180 | 0.28% |
| 62 | SCHWAB US BROAD MARKET ETF | 808524102 | 33,125 | $868,864 | 0.28% |
| 63 | ASTERA LABS INC | ALAB | 5,182 | $862,078 | 0.28% |
| 64 | FIRST TRUST NORTH AMERICAN ENERG ETF | 33738D101 | 19,345 | $732,595 | 0.23% |
| 65 | BROOKFIELD CORP FCLASS A | 11271J107 | 15,750 | $722,768 | 0.23% |
| 66 | BLACKSTONE INC | BX | 4,560 | $702,821 | 0.23% |
| 67 | CSG SYS INTL INC | 126349109 | 9,000 | $690,210 | 0.22% |
| 68 | ISHARES MSCI ACWI EX US ETF | 464288240 | 9,959 | $668,548 | 0.21% |
| 69 | EXXON MOBIL CORP | XOM | 5,545 | $667,285 | 0.21% |
| 70 | VANECK BDC INCOME ETF | 92189F411 | 46,000 | $652,280 | 0.21% |
| 71 | SABA CAPITAL INCOME OPPO | 78518H202 | 88,927 | $623,378 | 0.20% |
| 72 | NETFLIX INC | NFLX | 6,525 | $611,784 | 0.20% |
| 73 | AMERICAN ELEC PWR CO INC | 025537101 | 5,075 | $585,198 | 0.19% |
| 74 | ONEOK INC NEW | OKE | 7,880 | $579,180 | 0.19% |
| 75 | VANGUARD VALUE ETF | 922908744 | 3,031 | $578,880 | 0.19% |
| 76 | QUALCOMM INC | QCOM | 3,245 | $555,057 | 0.18% |
| 77 | CAPITAL ONE FINL CORP | 14040H105 | 2,256 | $540,341 | 0.17% |
| 78 | VANGUARD FTSE EMERGING MARKETS ETF | 922042858 | 9,948 | $534,782 | 0.17% |
| 79 | PPG INDS INC | 693506107 | 5,129 | $525,517 | 0.17% |
| 80 | SPOTIFY TECHNOLOGY S A F | SPOT | 860 | $499,411 | 0.16% |
| 81 | ISHARES MICRO CAP ETF | 464288869 | 3,123 | $492,497 | 0.16% |
| 82 | Rayonier Advanced Ma | RYN | 82,245 | $484,423 | 0.16% |
| 83 | ILLUMINA INC | ILMN | 3,578 | $469,290 | 0.15% |
| 84 | ENTERPRISE PRODS PART LP | 293792107 | 13,993 | $448,616 | 0.14% |
| 85 | RIVERNORTH DOUBLLINE STR | OPP-PC | 55,109 | $438,117 | 0.14% |
| 86 | SLR INVESTMENT CORP | SLRC | 27,520 | $425,459 | 0.14% |
| 87 | iShares Core MSCI Totl Intl STCK ETF | 46432F834 | 4,962 | $419,984 | 0.13% |
| 88 | TRIMAS CORP | TRS | 11,500 | $407,675 | 0.13% |
| 89 | TORTOISE ENERGY INFRASTR | TYG | 9,770 | $399,593 | 0.13% |
| 90 | HONEYWELL INTL INC | 438516106 | 1,992 | $388,619 | 0.12% |
| 91 | ARK GENOMIC REVOLUTION ETF | 00214Q302 | 13,046 | $377,943 | 0.12% |
| 92 | ISHARES S&P SMALL CAP 600 ETF | 464287879 | 3,230 | $367,316 | 0.12% |
| 93 | GE VERNOVA INC | GEV | 511 | $333,974 | 0.11% |
| 94 | VANGUARD TOTAL WORLD STOCK ETF | 922042742 | 2,364 | $333,510 | 0.11% |
| 95 | COMCAST CORP NEW TRADES WITH DUE BILLS | CCZ | 10,928 | $326,638 | 0.10% |
| 96 | INVSC S P 500 EQUAL WEIGHT ETF | IVZ | 1,705 | $326,563 | 0.10% |
| 97 | ISHARES RUSSELL MID CAP VALUE ETF | 464287473 | 2,246 | $316,798 | 0.10% |
| 98 | CATERPILLAR INC | CAT | 535 | $306,485 | 0.10% |
| 99 | CHARLES SCHWAB US MC ETF | 808524508 | 10,169 | $305,767 | 0.10% |
| 100 | XTRACKERS MSCI EAFE HDGDEQY ETF | 233051200 | 6,331 | $304,584 | 0.10% |
| 101 | ISHARES SILVER TRUST ETF | SLV | 4,585 | $295,366 | 0.09% |
| 102 | MAYS J W INC | MAYS | 7,326 | $292,600 | 0.09% |
| 103 | TRAVELERS COS INC | TRV | 1,005 | $291,378 | 0.09% |
| 104 | PALANTIR TECHNOLOGIES INCLASS CLASS A | PLTR | 1,578 | $280,490 | 0.09% |
| 105 | WILLIAMS COS INC | 969457100 | 4,645 | $279,211 | 0.09% |
| 106 | LENNOX INTL INC | 526107107 | 563 | $273,382 | 0.09% |
| 107 | NEW MTN FIN CORP | 647551100 | 29,680 | $273,353 | 0.09% |
| 108 | Vanguard Total International BND ETF | 92203J407 | 5,519 | $266,678 | 0.09% |
| 109 | ISHARES US ENERGY ETF | 464287796 | 5,500 | $261,415 | 0.08% |
| 110 | BOOKING HLDGS INC | BKNG | 48 | $257,056 | 0.08% |
| 111 | Ab Active Etfs Inc (international Low Volatility Equity Etf) | 00039J822 | 6,013 | $256,094 | 0.08% |
| 112 | APOLLO GLOBAL MGMT INC NCLASS CLASS A | 03769M106 | 1,759 | $254,633 | 0.08% |
| 113 | GLOBAL X FUND GLB X ART INTL TGY ETF | 37954Y632 | 4,848 | $246,569 | 0.08% |
| 114 | STATE STREET SPDR S&P BIOTCH ETF | 78464A870 | 2,000 | $243,860 | 0.08% |
| 115 | VANGUARD MID CAP ETF | 922908629 | 808 | $234,446 | 0.08% |
| 116 | NUVEEN FLOATING RATE INC | 67072T108 | 29,858 | $233,792 | 0.07% |
| 117 | CBIZ INC | CBZ | 4,500 | $227,025 | 0.07% |
| 118 | BECTON DICKINSON & CO | BDX | 1,164 | $225,897 | 0.07% |
| 119 | PHILLIPS 66 | PSX | 1,738 | $224,272 | 0.07% |
| 120 | ISHARES MSCI INDIA INDEXETF | 46429B598 | 4,000 | $216,200 | 0.07% |
| 121 | VISA INC CLASS CLASS A | V | 603 | $211,631 | 0.07% |
| 122 | MGM RESORTS INTL | MGM | 5,750 | $209,818 | 0.07% |
| 123 | ISHARES CORE DIVIDEND ETF | 46435U861 | 3,854 | $204,862 | 0.07% |
| 124 | ABBVIE INC | ABBV | 889 | $203,229 | 0.07% |
| 125 | AMRIZE LTD F | AMRZ | 3,750 | $202,800 | 0.06% |
| 126 | ERMENEGILDO ZEGNA N V F | ZGN | 18,275 | $187,319 | 0.06% |
| 127 | SERVE ROBOTICS INC | SERV | 16,425 | $170,492 | 0.05% |
| 128 | WILLAMETTE VY VINEYARD I | 969136100 | 54,800 | $167,140 | 0.05% |
| 129 | ACV AUCTIONS INC CLASS A | ACVA | 16,706 | $133,982 | 0.04% |
| 130 | WISE PLC ORDF | G97229101 | 11,116 | $133,451 | 0.04% |
| 131 | Terawulf Inc Com | WULF | 10,525 | $120,932 | 0.04% |
| 132 | Achieve Life | ACHV | 16,130 | $80,166 | 0.03% |
| 133 | VIRTUS STONE HARBOR EMG | 86164T107 | 10,000 | $49,700 | 0.02% |
| 134 | CARIBOU BIOSCIENCES INC | CRBU | 20,000 | $31,800 | 0.01% |
| 135 | DOCGO INC | DCGO | 15,000 | $13,167 | 0.00% |
| 136 | CYTODYN INC | CYDY | 32,500 | $9,100 | 0.00% |