# EDGAR Filing Document

**Accession Number:** 0002055446
**File Stem:** 0001420506-25-002130
**Filing Date:** 2025-8
**Character Count:** 7893
**Document Hash:** 85c80919ca87bffff43aa9fbf7a0ddc7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-002130.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001420506-25-002130

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** North Ground Capital
- **CENTRAL INDEX KEY:** 0002055446

**ORGANIZATION NAME:**
- **EIN:** 821885470
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-25244
- **FILM NUMBER:** 251216530

**BUSINESS ADDRESS:**
- **STREET 1:** 132 CHIEF JUSTICE CUSHING HIGHWAY
- **CITY:** COHASSET
- **STATE:** MA
- **ZIP:** 02025
- **BUSINESS PHONE:** 914.621.1076

**MAIL ADDRESS:**
- **STREET 1:** 132 CHIEF JUSTICE CUSHING HIGHWAY
- **CITY:** COHASSET
- **STATE:** MA
- **ZIP:** 02025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CF Capital LLC
- **DATE OF NAME CHANGE:** 20250206

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** North Ground Capital<br>**Address:** 132 Chief Justice Cushing Highway<br>Cohasset, MA 02025

**Form 13F File Number:** 028-25244

**CRD Number (if applicable):** 000325287

**SEC File Number (if applicable):** 801-130002

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Mark Merritt<br>**Title:** COO<br>**Phone:** 914.621.1076

**Signature, Place, and Date of Signing:**

Mark Merritt COO  Cohasset, MA  08-12-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 38

**Form 13F Information Table Value Total:** $78361452

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABRDN EMERGING MARKETS EX CH | COM | 00301W105 |  | 1694634 | 285052 | SH |  | SOLE |  | 285052 | 0 | 0 |
| ABRDN INCOME CREDIT STRATEGI | COM | 003057106 |  | 2663951 | 452668 | SH |  | SOLE |  | 452668 | 0 | 0 |
| ABRDN TOTAL DYNAMIC DIVIDEND | COM SH BEN INT | 00326L100 |  | 2743669 | 311250 | SH |  | SOLE |  | 311250 | 0 | 0 |
| ANGEL OAK MORTGAGE REIT INC | COM | 03464Y108 |  | 1882000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| BLACKROCK ESG CAP ALLC TERM | SHS BEN INT | 09262F100 |  | 7831161 | 487619 | SH |  | SOLE |  | 487619 | 0 | 0 |
| BLACKROCK TECH AND PRIVATE E | SHS BEN INT | 09260Q108 |  | 4143686 | 566000 | SH |  | SOLE |  | 566000 | 0 | 0 |
| BRIGHTSPIRE CAPITAL INC | COM CL A | 10949T109 |  | 6687765 | 1323000 | SH |  | SOLE |  | 1323000 | 0 | 0 |
| CION INVT CORP | COM | 17259U204 |  | 4805000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| CLEARBRIDGE ENERGY MIDSTRM O | COM | 18469P209 |  | 653262 | 13724 | SH |  | SOLE |  | 13724 | 0 | 0 |
| CLOUGH GLOBAL DIVID  INCOME | COM | 18913Y103 |  | 1639059 | 290099 | SH |  | SOLE |  | 290099 | 0 | 0 |
| CLOUGH GLOBAL EQUITY FD | COM | 18914C100 |  | 1433817 | 201946 | SH |  | SOLE |  | 201946 | 0 | 0 |
| CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 |  | 2346426 | 432928 | SH |  | SOLE |  | 432928 | 0 | 0 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 4394430 | 311000 | SH |  | SOLE |  | 311000 | 0 | 0 |
| EATON VANCE NEW YORK MUN BD | COM | 27827Y109 |  | 84996 | 9159 | SH |  | SOLE |  | 9159 | 0 | 0 |
| FEDERATED HERMES PREM MUNI I | COM | 31423P108 |  | 210735 | 19890 | SH |  | SOLE |  | 19890 | 0 | 0 |
| FS KKR CAP CORP | COM | 302635206 |  | 332320 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 1033560 | 198000 | SH |  | SOLE |  | 198000 | 0 | 0 |
| INVESCO ADVANTAGE MUN INCOME | SH BEN INT | 46132E103 |  | 418966 | 50296 | SH |  | SOLE |  | 50296 | 0 | 0 |
| INVESCO PA VALUE MUN INC TR | COM | 46132K109 |  | 499016 | 49802 | SH |  | SOLE |  | 49802 | 0 | 0 |
| INVESCO QUALITY MUN INCOME T | COM | 46133G107 |  | 1241759 | 132525 | SH |  | SOLE |  | 132525 | 0 | 0 |
| INVESCO SR INCOME TR | COM | 46131H107 |  | 479536 | 126360 | SH |  | SOLE |  | 126360 | 0 | 0 |
| INVESCO TR INVT GRADE NEW YO | COM | 46131T101 |  | 639934 | 61473 | SH |  | SOLE |  | 61473 | 0 | 0 |
| MILLROSE PPTYS INC | COM CL A | 601137102 |  | 4764881 | 166750 | SH |  | SOLE |  | 166750 | 0 | 0 |
| NUVEEN AMT FREE MUN CR INC F | COM | 67071L106 |  | 1919317 | 160949 | SH |  | SOLE |  | 160949 | 0 | 0 |
| NUVEEN AMT FREE QLTY MUN INC | COM | 670657105 |  | 450952 | 41296 | SH |  | SOLE |  | 41296 | 0 | 0 |
| NUVEEN FLOATING RATE INCOME | COM | 67072T108 |  | 509980 | 60460 | SH |  | SOLE |  | 60460 | 0 | 0 |
| NUVEEN MUN CR OPPORTUNITIES | COM | 670663103 |  | 1204942 | 111414 | SH |  | SOLE |  | 111414 | 0 | 0 |
| NUVEEN MUNICIPAL CREDIT INC | COM SH BEN INT | 67070X101 |  | 1817249 | 152326 | SH |  | SOLE |  | 152326 | 0 | 0 |
| NUVEEN NEW JERSEY QULT MUN F | COM | 67069Y102 |  | 1141731 | 100593 | SH |  | SOLE |  | 100593 | 0 | 0 |
| NUVEEN NEW YORK AMT QLT MUNI | COM | 670656107 |  | 3156061 | 320575 | SH |  | SOLE |  | 320575 | 0 | 0 |
| NUVEEN PENNSYLVANIA QLT MUN | COM | 670972108 |  | 918144 | 81904 | SH |  | SOLE |  | 81904 | 0 | 0 |
| RUNWAY GROWTH FINANCE CORP | COM | 78163D100 |  | 5616555 | 521500 | SH |  | SOLE |  | 521500 | 0 | 0 |
| SABA CAPITAL INCOME  OPRNT | SHS NEW | 78518H202 |  | 1451212 | 179828 | SH |  | SOLE |  | 179828 | 0 | 0 |
| TORTOISE ENERGY INFRA CORP | COM | 89147L886 |  | 1073998 | 24571 | SH |  | SOLE |  | 24571 | 0 | 0 |
| TOTAL RETURN SECURITIES FUND | COM | 870875101 |  | 948367 | 150058 | SH |  | SOLE |  | 150058 | 0 | 0 |
| VIRTUS TOTAL RETURN FD INC | COM | 92835W107 |  | 3356505 | 540500 | SH |  | SOLE |  | 540500 | 0 | 0 |
| WESTERN ASSET HIGH INCOM FD | COM | 95766J102 |  | 386714 | 89829 | SH |  | SOLE |  | 89829 | 0 | 0 |
| WESTERN ASST INFLTN LKD INM | COM SH BEN INT | 95766Q106 |  | 1785162 | 212770 | SH |  | SOLE |  | 212770 | 0 | 0 |

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