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North Reef Capital Management LP

Q2 2025 · Filed 2025-08-14
Market Value
$2.2B
-4.0%
Holdings
53
-1
New Purchases
8
Added To
14
Closed
14
Reduced
17
Top 10 Concentration
72.8%
Turnover
41.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SNV 8.44% 4.91% +3.53% $185M
STEL 1.97% 0.02% +1.94% $43M
C 1.75% 0.00% +1.75% $38M
FHN 12.16% 10.52% +1.64% $267M
AUB 3.92% 2.32% +1.61% $86M
V 2.27% 0.77% +1.50% $50M
SBCF 7.24% 5.88% +1.36% $159M
NTRS 1.07% 0.00% +1.07% $23M
MKTX 4.28% 3.41% +0.87% $94M
QTWO 3.59% 2.89% +0.70% $79M
CMA 11.36% 10.68% +0.68% $249M
FFWM 1.77% 1.27% +0.50% $39M
BAC 0.43% 0.00% +0.43% $9M
PNFP 5.87% 5.50% +0.37% $129M
TCBI 7.19% 6.91% +0.28% $158M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GPN 0.00% 8.64% -8.64% $0
AVDX 0.00% 3.22% -3.22% $0
WFC 5.39% 7.46% -2.07% $118M
UCB 0.00% 0.77% -0.77% $0
ABCB 5.58% 6.33% -0.75% $122M
ACIW 5.32% 6.04% -0.72% $117M
EGBN 0.36% 0.98% -0.63% $8M
PPBI 0.00% 0.57% -0.57% $0
KEY 0.00% 0.42% -0.42% $0
AMG 0.00% 0.37% -0.37% $0
CPF 0.00% 0.35% -0.35% $0
SCHW 0.62% 0.94% -0.32% $14M
TFC 0.64% 0.90% -0.26% $14M
BUSE 0.00% 0.26% -0.26% $0
FOUR 0.11% 0.29% -0.17% $2M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 4 $216M 9.8%
Large Cap 8 $570M 26.0%
Mid Cap 20 $1.2B 54.4%
Small Cap 17 $175M 8.0%
Micro Cap 4 $39M 1.8%

Portfolio Analytics

Avg Market Cap
$35.9B
Median Market Cap
$2.9B
Avg P/E
24.1
Median P/E
13.2
Avg Dividend Yield
0.02%
Avg Beta
0.97
# Stocks
53
# ETFs / Funds
0

Top Holdings (53 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 FHN 12.16% 12,575,000 $267M $21.20 $26M +200,000 +1.6%
2 CMA 11.36% 4,175,000 $249M $59.65 $5M +43,000 +1.0%
3 SNV 8.44% 3,575,000 $185M $51.75 $73M +1,177,500 +49.1%
4 SBCF 7.24% 5,750,000 $159M $27.62 $24M +526,076 +10.1%
5 TCBI 7.19% 1,984,977 $158M $79.40 -$176K -127,246 -6.0%
6 PNFP 5.87% 1,165,000 $129M $110.41 $3M -20,000 -1.7%
7 ABCB 5.58% 1,890,018 $122M $64.70 -$22M -621,427 -24.7%
8 WFC 5.39% 1,475,000 $118M $80.12 -$52M -900,000 -37.9%
9 ACIW 5.32% 2,540,000 $117M $45.91 -$21M +17,112 +0.7%
10 MKTX 4.28% 420,000 $94M $223.34 $16M +60,000 +16.7%
11 AUB 3.92% 2,750,000 $86M $31.28 $33M +1,049,500 +61.7%
12 QTWO 3.59% 840,520 $79M $93.59 $13M +15,520 +1.9%
13 V 2.27% 140,000 $50M $355.05 $32M +90,000 +180.0%
14 STEL 1.97% 1,540,000 $43M $27.98 $43M +1,520,000 +7600.0%
15 FFWM 1.77% 7,615,000 $39M $5.10 $10M +2,006,000 +35.8%
16 C 1.75% 450,000 $38M $85.12 +450,000 NEW
17 MQ 1.73% 6,500,000 $38M $5.83 $3M -2,050,000 -24.0%
18 HTH 1.64% 1,185,000 $36M $30.35 -$271K -5,000 -0.4%
19 NTRS 1.07% 185,000 $23M $126.79 +185,000 NEW
20 AAMI 0.77% 480,000 $17M $35.24 $4M -9,697 -2.0%
21 TFC 0.64% 325,000 $14M $42.99 -$7M -175,001 -35.0%
22 BMRC 0.63% 600,000 $14M $22.84 -$244K -32,000 -5.1%
23 SCHW 0.62% 150,000 $14M $91.24 -$8M -125,000 -45.5%
24 FLYW 0.59% 1,100,000 $13M $11.70 $1M -100,000 -8.3%
25 CRMT 0.58% 226,045 $13M $56.04 -$42K -53,955 -19.3%
26 MYFW 0.56% 545,722 $12M $22.56 $5M +166,544 +43.9%
27 NCR 0.48% 900,001 $11M $11.73 $2M +1
28 BAC 0.43% 200,000 $9M $47.32 +200,000 NEW
29 NPB 0.38% 601,344 $8M $13.71 -$439K -1
30 EGBN 0.36% 400,000 $8M $19.48 -$15M -667,781 -62.5%
31 GCMG 0.28% 530,196 $6M $11.56 $1M +163,316 +44.5%
32 BRBS 0.25% 1,515,107 $5M $3.59 +1,515,107 NEW
33 JCAP 0.21% 250,000 $5M $18.45 +250,000 NEW
34 ALKT 0.19% 139,413 $4M $30.14 $542K -1
35 VBTX 0.15% 130,187 $3M $26.10 +130,187 NEW
36 PYPL 0.15% 45,000 $3M $74.32 +45,000 NEW
37 FOUR 0.11% 25,000 $2M $99.11 -$4M -55,000 -68.8%
38 SMBK 0.07% 46,104 $2M $33.78 +46,104 NEW
39 GNTY 0.02% 10,000 $424K $42.44 -$2M -50,100 -83.4%
40 NCNO —% -$1M -50,000 -100.0% SOLD
41 PRTH —% -$2M -350,000 -100.0% SOLD
42 FSUN —% -$1M -40,679 -100.0% SOLD
43 BILL —% -$2M -42,335 -100.0% SOLD
44 UCB —% -$18M -625,000 -100.0% SOLD
45 GPN —% -$197M -2,014,700 -100.0% SOLD
46 BUSE —% -$6M -269,929 -100.0% SOLD
47 KEY —% -$10M -600,000 -100.0% SOLD
48 AMG —% -$8M -50,000 -100.0% SOLD
49 RPAY —% -$2M -280,683 -100.0% SOLD
50 AVDX —% -$74M -8,675,000 -100.0% SOLD
51 CPF —% -$8M -298,482 -100.0% SOLD
52 EBC —% -$2M -100,000 -100.0% SOLD
53 PPBI —% -$13M -605,856 -100.0% SOLD

New Positions

SymbolValue% Port
C $38M 1.75%
NTRS $23M 1.07%
BAC $9M 0.43%
BRBS $5M 0.25%
JCAP $5M 0.21%
VBTX $3M 0.15%
PYPL $3M 0.15%
SMBK $2M 0.07%

Sold Out Positions

SymbolValue% Port
UCB —%
KEY —%
AMG —%
CPF —%
BILL —%
GPN —%
FSUN —%
BUSE —%
EBC —%
NCNO —%
RPAY —%
PRTH —%
AVDX —%
PPBI —%
View SEC EDGAR Filings for North Reef Capital Management LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms