# EDGAR Filing Document

**Accession Number:** 0001752762
**File Stem:** 0001437749-23-000949
**Filing Date:** 2023-1
**Character Count:** 15989
**Document Hash:** 06e0bf1814f681af8b094be389ba4d6d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-23-000949.hdr.sgml**: 20230112

**ACCESSION NUMBER**: 0001437749-23-000949

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230112

**DATE AS OF CHANGE**: 20230112

**EFFECTIVENESS DATE**: 20230112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Next Capital Management LLC
- **CENTRAL INDEX KEY:** 0001752762
- **IRS NUMBER:** 134044755
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19131
- **FILM NUMBER:** 23525928

**BUSINESS ADDRESS:**
- **STREET 1:** ELEVEN TIMES SQUARE
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 2124331111

**MAIL ADDRESS:**
- **STREET 1:** ELEVEN TIMES SQUARE
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** Next Capital Management LLC<br>**Address:** ELEVEN TIMES SQUARE<br>15TH FLOOR<br>NEW YORK, NY 10036

**Form 13F File Number:** 028-19131

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:** Catherine A. Sanford<br>**Title:** Chief Operating Officer<br>**Phone:** 212-433-1106

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

/s/ Catherine A. Sanford  New York, NY  01-12-2023<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:** 125

**Form 13F Information Table Value Total:** $185488

      (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 |
| 1/100 BERKSHIRE HTWY CLA100 SHS=1 WHOLE SH BRK A | COM | 084990175 |  | 937 | 200 | SH |  | SOLE |  | 0 | 0 | 200 |
| ABBVIE INC | COM | 00287Y109 |  | 213 | 1315 | SH |  | SOLE |  | 0 | 0 | 1315 |
| ACTIVISION BLIZZARD | COM | 00507V109 |  | 367 | 4800 | SH |  | SOLE |  | 0 | 0 | 4800 |
| ADS TEC ENERGY PLC     F | FGO | G0085J117 |  | 40 | 12915 | SH |  | SOLE |  | 0 | 0 | 12915 |
| ALPHABET INC.           CLASS                  A | COM | 02079K305 |  | 399 | 4520 | SH |  | SOLE |  | 0 | 0 | 4520 |
| ALPHABET INC.           CLASS                  C | COM | 02079K107 |  | 275 | 3100 | SH |  | SOLE |  | 0 | 0 | 3100 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 209 | 4576 | SH |  | SOLE |  | 0 | 0 | 4576 |
| AMAZON.COM INC | COM | 023135106 |  | 1826 | 21735 | SH |  | SOLE |  | 0 | 0 | 21735 |
| APOLLO GLOBAL MANAGEMENT | COM | 03769M106 |  | 1020 | 15997 | SH |  | SOLE |  | 0 | 0 | 15997 |
| APOLLO SENIOR FLOATING R | CEM | 037636107 |  | 4700 | 380905 | SH |  | SOLE |  | 0 | 0 | 380905 |
| APPLE INC | COM | 037833100 |  | 4537 | 34915 | SH |  | SOLE |  | 0 | 0 | 34915 |
| AVALONBAY CMNTYS INC    REIT | RET | 053484101 |  | 529 | 3275 | SH |  | SOLE |  | 0 | 0 | 3275 |
| BERKSHIRE HATHAWAY      CLASS                  B | COM | 084670702 |  | 3233 | 10466 | SH |  | SOLE |  | 0 | 0 | 10466 |
| BlackRock Short Mat Bond ETF | UIE | 46431W507 |  | 343 | 6958 | SH |  | SOLE |  | 0 | 0 | 6958 |
| BLACKROCK TCP CAPITAL CO | COM | 09259E108 |  | 659 | 50858 | SH |  | SOLE |  | 0 | 0 | 50858 |
| BLACKSTONE INC | COM | 09260D107 |  | 1218 | 16415 | SH |  | SOLE |  | 0 | 0 | 16415 |
| BLACKSTONE LONG SHORT CR | CEM | 09257D102 |  | 3110 | 286933 | SH |  | SOLE |  | 0 | 0 | 286933 |
| BLACKSTONE MTG TR       REIT | RET | 09257W100 |  | 282 | 13143 | SH |  | SOLE |  | 0 | 0 | 13143 |
| BLACKSTONE SECD LENDING | COM | 09261X102 |  | 461 | 20635 | SH |  | SOLE |  | 0 | 0 | 20635 |
| BLACKSTONE SENIOR FLOAT | CEM | 09256U105 |  | 151 | 12166 | SH |  | SOLE |  | 0 | 0 | 12166 |
| BLACKSTONE STRATEGIC CRE | CEM | 09257R101 |  | 2651 | 250605 | SH |  | SOLE |  | 0 | 0 | 250605 |
| BROADMARK RLTY CAP INC | COM | 11135B100 |  | 102 | 28597 | SH |  | SOLE |  | 0 | 0 | 28597 |
| BROOKFIELD CORP        FCLASS                  A | FGC | 11271J107 |  | 330 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| BRT APARTMENTS CORP | COM | 055645303 |  | 982 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| C S G SYSTEMS INTL | COM | 126349109 |  | 1048 | 18318 | SH |  | SOLE |  | 0 | 0 | 18318 |
| CBIZ INC | COM | 124805102 |  | 515 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| CELANESE CORP | COM | 150870103 |  | 358 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| CLOROX CO | COM | 189054109 |  | 210 | 1500 | SH |  | SOLE |  | 0 | 0 | 1500 |
| COMCAST CORP NEW        CLASS                  A | COM | 20030N101 |  | 484 | 13838 | SH |  | SOLE |  | 0 | 0 | 13838 |
| CYTODYN INC | COM | 23283M101 |  | 8 | 37500 | SH |  | SOLE |  | 0 | 0 | 37500 |
| DANAHER CORP | COM | 235851102 |  | 592 | 2229 | SH |  | SOLE |  | 0 | 0 | 2229 |
| E2OPEN PARENT HLDGS INC CLASS                  A | COM | 29788T103 |  | 143 | 24295 | SH |  | SOLE |  | 0 | 0 | 24295 |
| EATON VANCE FLOATING RAT | CEM | 278279104 |  | 1034 | 93219 | SH |  | SOLE |  | 0 | 0 | 93219 |
| Ecolab Inc | COM | 278865100 |  | 252 | 1723 | SH |  | SOLE |  | 0 | 0 | 1723 |
| ERMENEGILDO ZEGNA N V  F | FGO | N30577105 |  | 191 | 18275 | SH |  | SOLE |  | 0 | 0 | 18275 |
| FIRST TRUST NORTH       AMERICAN EN ETF IV | UIE | 33738D101 |  | 894 | 33496 | SH |  | SOLE |  | 0 | 0 | 33496 |
| GOLDMAN SACHS GROUP | COM | 38141G104 |  | 217 | 631 | SH |  | SOLE |  | 0 | 0 | 631 |
| GOLUB CAPITAL BDC INC | COM | 38173M102 |  | 11746 | 892570 | SH |  | SOLE |  | 0 | 0 | 892570 |
| GRAYSCALE BITCOIN TR BTC | CEM | 389637109 |  | 161 | 19428 | SH |  | SOLE |  | 0 | 0 | 19428 |
| GRAYSCALE ETHEREUM TR ET | CEM | 389638107 |  | 72 | 15208 | SH |  | SOLE |  | 0 | 0 | 15208 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 240 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| HOME DEPOT INC | COM | 437076102 |  | 606 | 1917 | SH |  | SOLE |  | 0 | 0 | 1917 |
| INOTIV INC | COM | 45783Q100 |  | 99 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| INVESCO S 500 QUALITY ETF | UIE | 46137V241 |  | 202 | 4596 | SH |  | SOLE |  | 0 | 0 | 4596 |
| INVSC QQQ TRUST SRS 1   ETF | UIE | 46090E103 |  | 6933 | 26037 | SH |  | SOLE |  | 0 | 0 | 26037 |
| ISHARES CORE MSCI       EMERGING ETF | UIE | 46434G103 |  | 847 | 18146 | SH |  | SOLE |  | 0 | 0 | 18146 |
| ISHARES CORE MSCI EAFE  ETF | UIE | 46432F842 |  | 2878 | 46694 | SH |  | SOLE |  | 0 | 0 | 46694 |
| ISHARES CORE S 500    ETF | UIE | 464287200 |  | 16683 | 43422 | SH |  | SOLE |  | 0 | 0 | 43422 |
| ISHARES CORE S MID-CAPETF | UIE | 464287507 |  | 1670 | 6906 | SH |  | SOLE |  | 0 | 0 | 6906 |
| ISHARES CORE S SMALL  CAP ETF | UIE | 464287804 |  | 2509 | 26513 | SH |  | SOLE |  | 0 | 0 | 26513 |
| ISHARES HIGH YIELD      CORPORAT BOND ETF | UIE | 46434V407 |  | 6161 | 150673 | SH |  | SOLE |  | 0 | 0 | 150673 |
| ISHARES MICRO CAP ETF | UIE | 464288869 |  | 337 | 3123 | SH |  | SOLE |  | 0 | 0 | 3123 |
| ISHARES MSCI EAFE ETF | UIE | 464287465 |  | 678 | 10322 | SH |  | SOLE |  | 0 | 0 | 10322 |
| ISHARES RUSSELL 1000    ETF | UIE | 464287622 |  | 1321 | 6276 | SH |  | SOLE |  | 0 | 0 | 6276 |
| ISHARES RUSSELL 1000    GROWTH ETF | UIE | 464287614 |  | 3242 | 15132 | SH |  | SOLE |  | 0 | 0 | 15132 |
| ISHARES RUSSELL 1000    VALUE ETF | UIE | 464287598 |  | 2927 | 19300 | SH |  | SOLE |  | 0 | 0 | 19300 |
| ISHARES RUSSELL 2000    ETF | UIE | 464287655 |  | 586 | 3362 | SH |  | SOLE |  | 0 | 0 | 3362 |
| ISHARES RUSSELL MID CAP GROWTH ETF | UIE | 464287481 |  | 1004 | 12011 | SH |  | SOLE |  | 0 | 0 | 12011 |
| ISHARES S 500 GROWTH  ETF | UIE | 464287309 |  | 4562 | 77978 | SH |  | SOLE |  | 0 | 0 | 77978 |
| ISHARES US ENERGY ETF | UIE | 464287796 |  | 256 | 5500 | SH |  | SOLE |  | 0 | 0 | 5500 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 301 | 1705 | SH |  | SOLE |  | 0 | 0 | 1705 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 1928 | 14376 | SH |  | SOLE |  | 0 | 0 | 14376 |
| JPMORGAN ULTRA SHORT    INCOME ETF | UIE | 46641Q837 |  | 1679 | 33499 | SH |  | SOLE |  | 0 | 0 | 33499 |
| JUSHI HLDGS INC        FCLASS                  B | FGC | 48213Y107 |  | 11 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| KKR  CO INC | COM | 48251W104 |  | 812 | 17483 | SH |  | SOLE |  | 0 | 0 | 17483 |
| LILLY ELI  CO | COM | 532457108 |  | 766 | 2095 | SH |  | SOLE |  | 0 | 0 | 2095 |
| MCDONALDS CORP | COM | 580135101 |  | 1011 | 3837 | SH |  | SOLE |  | 0 | 0 | 3837 |
| MERCK  CO. INC. | COM | 58933Y105 |  | 390 | 3512 | SH |  | SOLE |  | 0 | 0 | 3512 |
| META PLATFORMS INC      CLASS                  A | COM | 30303M102 |  | 2075 | 17244 | SH |  | SOLE |  | 0 | 0 | 17244 |
| MICROSOFT CORP | COM | 594918104 |  | 628 | 2620 | SH |  | SOLE |  | 0 | 0 | 2620 |
| MONDELEZ INTL           CLASS                  A | COM | 609207105 |  | 244 | 3656 | SH |  | SOLE |  | 0 | 0 | 3656 |
| NETFLIX INC | COM | 64110L106 |  | 245 | 830 | SH |  | SOLE |  | 0 | 0 | 830 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 435 | 798 | SH |  | SOLE |  | 0 | 0 | 798 |
| NUVEEN AMT FREE MNCPL CR | CEM | 67071L106 |  | 131 | 10818 | SH |  | SOLE |  | 0 | 0 | 10818 |
| NUVEEN FLOATG RATE INCM | CEM | 6706EN100 |  | 467 | 59807 | SH |  | SOLE |  | 0 | 0 | 59807 |
| NUVEEN NEW YORK QLTY MNC | CEM | 67066X107 |  | 659 | 61565 | SH |  | SOLE |  | 0 | 0 | 61565 |
| NUVEEN NY AMT FREE QLT M | CEM | 670656107 |  | 920 | 89704 | SH |  | SOLE |  | 0 | 0 | 89704 |
| NUVEEN SENIOR INCOME CF | CEM | 67067Y104 |  | 1892 | 412094 | SH |  | SOLE |  | 0 | 0 | 412094 |
| NUVEEN SHORT DURATION CR | CEM | 67074X107 |  | 2749 | 231794 | SH |  | SOLE |  | 0 | 0 | 231794 |
| ONE LIBERTY PPTYS INC   REIT | RET | 682406103 |  | 800 | 35989 | SH |  | SOLE |  | 0 | 0 | 35989 |
| ONEOK INC | COM | 682680103 |  | 369 | 5620 | SH |  | SOLE |  | 0 | 0 | 5620 |
| OWL ROCK CAPITAL CORP | COM | 69121K104 |  | 20258 | 1750611 | SH |  | SOLE |  | 0 | 0 | 1750611 |
| PARAMOUNT GLOBAL        CLASS                  B | COM | 92556H206 |  | 337 | 19953 | SH |  | SOLE |  | 0 | 0 | 19953 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 291 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| PFIZER INC | COM | 717081103 |  | 436 | 8502 | SH |  | SOLE |  | 0 | 0 | 8502 |
| PHILIP MORRIS INTL | COM | 718172109 |  | 701 | 6924 | SH |  | SOLE |  | 0 | 0 | 6924 |
| PHILLIPS 66 | COM | 718546104 |  | 406 | 3904 | SH |  | SOLE |  | 0 | 0 | 3904 |
| PIMCO Active Bond ETF | UIE | 72201R775 |  | 453 | 4987 | SH |  | SOLE |  | 0 | 0 | 4987 |
| PINTEREST INC           CLASS                  A | COM | 72352L106 |  | 203 | 8370 | SH |  | SOLE |  | 0 | 0 | 8370 |
| PPG INDUSTRIES INC | COM | 693506107 |  | 657 | 5223 | SH |  | SOLE |  | 0 | 0 | 5223 |
| PUT TESLA INC           150        EXP 01/19/24 | OEQ | 88160R951 |  | 472 | 102 | SH |  | SOLE |  | 0 | 0 | 102 |
| QUALCOMM INC | COM | 747525103 |  | 330 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| READY CAP CORP | COM | 75574U101 |  | 126 | 11113 | SH |  | SOLE |  | 0 | 0 | 11113 |
| RIVERNORTH DOUBLLINE STR | CEM | 76882G107 |  | 283 | 32556 | SH |  | SOLE |  | 0 | 0 | 32556 |
| SABA CAPITAL INCOME OPPO | CEM | 78518H202 |  | 1456 | 191327 | SH |  | SOLE |  | 0 | 0 | 191327 |
| SCHWAB US DIVIDEND      EQUITY ETF | UIE | 808524797 |  | 309 | 4091 | SH |  | SOLE |  | 0 | 0 | 4091 |
| SCHWAB US LARGE CAP ETF | UIE | 808524201 |  | 2921 | 64701 | SH |  | SOLE |  | 0 | 0 | 64701 |
| SCHWAB US SMALL CAP ETF | UIE | 808524607 |  | 2144 | 52926 | SH |  | SOLE |  | 0 | 0 | 52926 |
| SELECT SECTOR HEALTH    CARE SPDR ETF | UIE | 81369Y209 |  | 7234 | 53253 | SH |  | SOLE |  | 0 | 0 | 53253 |
| SELECT STR FINANCIAL    SELECT SPDR ETF | UIE | 81369Y605 |  | 7776 | 227370 | SH |  | SOLE |  | 0 | 0 | 227370 |
| SLR INVESTMENT CORP | COM | 83413U100 |  | 383 | 27520 | SH |  | SOLE |  | 0 | 0 | 27520 |
| SPDR Doubleline TTL RTRN TTCL ETF | UIE | 78467V848 |  | 407 | 10155 | SH |  | SOLE |  | 0 | 0 | 10155 |
| SPDR Portfolio Mortgage Backed Bond ETF | UIE | 78464A383 |  | 219 | 10095 | SH |  | SOLE |  | 0 | 0 | 10095 |
| SPDR S 500 ETF | UIE | 78462F103 |  | 756 | 1978 | SH |  | SOLE |  | 0 | 0 | 1978 |
| TECHNOLOGY SELECT SECTORSPDR ETF | UIE | 81369Y803 |  | 532 | 4278 | SH |  | SOLE |  | 0 | 0 | 4278 |
| TELEFLEX INCORPORATE | COM | 879369106 |  | 2325 | 9314 | SH |  | SOLE |  | 0 | 0 | 9314 |
| TESLA INC | COM | 88160R101 |  | 1408 | 11429 | SH |  | SOLE |  | 0 | 0 | 11429 |
| THE COCA-COLA CO | COM | 191216100 |  | 1261 | 19820 | SH |  | SOLE |  | 0 | 0 | 19820 |
| TORTOISE ENERGY INFRASTR | CEM | 89147L886 |  | 348 | 10941 | SH |  | SOLE |  | 0 | 0 | 10941 |
| TRIMAS CORP | COM | 896215209 |  | 319 | 11500 | SH |  | SOLE |  | 0 | 0 | 11500 |
| VANECK GOLD MINERS ETF | UIE | 92189F106 |  | 337 | 11752 | SH |  | SOLE |  | 0 | 0 | 11752 |
| VANGUARD FTSE DEVELOPED MARKETS ETF | UIE | 921943858 |  | 342 | 8156 | SH |  | SOLE |  | 0 | 0 | 8156 |
| VANGUARD FTSE EMERGING  MARKETS ETF | UIE | 922042858 |  | 459 | 11768 | SH |  | SOLE |  | 0 | 0 | 11768 |
| VANGUARD GROWTH ETF | UIE | 922908736 |  | 331 | 1555 | SH |  | SOLE |  | 0 | 0 | 1555 |
| VANGUARD INFORMATION    TECHNOLOGY ETF | UIE | 92204A702 |  | 599 | 1875 | SH |  | SOLE |  | 0 | 0 | 1875 |
| Vanguard Intermediate Term Cor ETF | UIE | 92206C870 |  | 235 | 3031 | SH |  | SOLE |  | 0 | 0 | 3031 |
| VANGUARD LARGE CAP ETF | UIE | 922908637 |  | 772 | 4429 | SH |  | SOLE |  | 0 | 0 | 4429 |
| VANGUARD MID CAP GROWTH ETF | UIE | 922908538 |  | 1354 | 7530 | SH |  | SOLE |  | 0 | 0 | 7530 |
| VANGUARD REAL ESTATE    ETF | UIE | 922908553 |  | 1173 | 14224 | SH |  | SOLE |  | 0 | 0 | 14224 |
| VANGUARD S 500 ETF | UIE | 922908363 |  | 1090 | 3104 | SH |  | SOLE |  | 0 | 0 | 3104 |
| VANGUARD TOTAL STOCK    MARKET ETF | UIE | 922908769 |  | 3616 | 18913 | SH |  | SOLE |  | 0 | 0 | 18913 |
| WALMART INC | COM | 931142103 |  | 903 | 6369 | SH |  | SOLE |  | 0 | 0 | 6369 |
| WILLAMETTE VLY VINEY | COM | 969136100 |  | 328 | 54800 | SH |  | SOLE |  | 0 | 0 | 54800 |
| WILLIAMS COS INC | COM | 969457100 |  | 242 | 7361 | SH |  | SOLE |  | 0 | 0 | 7361 |
| XTRACKERS MSCI EAFE     HEDGED EQUITY ET | UIE | 233051200 |  | 204 | 6331 | SH |  | SOLE |  | 0 | 0 | 6331 |

---