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North Reef Capital Management LP

Q3 2025 · Filed 2025-11-14
Market Value
$1.8B
-17.0%
Holdings
53
New Purchases
14
Added To
13
Closed
13
Reduced
13
Top 10 Concentration
79.0%
Turnover
50.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MKTX 8.73% 4.28% +4.45% $159M
AUB 7.20% 3.92% +3.28% $131M
FHN 15.37% 12.16% +3.21% $280M
QTWO 6.73% 3.59% +3.14% $122M
EGBN 2.93% 0.36% +2.57% $53M
ABCB 7.98% 5.58% +2.41% $145M
CMA 13.45% 11.36% +2.09% $245M
MIAX 1.61% 0.00% +1.61% $29M
FIBK 1.49% 0.00% +1.49% $27M
SBCF 8.36% 7.24% +1.11% $152M
STEL 3.05% 1.97% +1.09% $56M
AAMI 1.35% 0.77% +0.58% $25M
FRST 0.56% 0.00% +0.56% $10M
FIGR 0.48% 0.00% +0.48% $9M
FFWM 2.11% 1.77% +0.34% $38M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SNV 0.00% 8.44% -8.44% $0
PNFP 0.00% 5.87% -5.87% $0
WFC 0.00% 5.39% -5.39% $0
TCBI 2.58% 7.19% -4.61% $47M
C 0.00% 1.75% -1.75% $0
HTH 0.00% 1.64% -1.64% $0
TFC 0.00% 0.64% -0.64% $0
BMRC 0.00% 0.63% -0.63% $0
SCHW 0.00% 0.62% -0.62% $0
BAC 0.00% 0.43% -0.43% $0
MQ 1.35% 1.73% -0.38% $25M
V 1.97% 2.27% -0.30% $36M
BRBS 0.00% 0.25% -0.25% $0
VBTX 0.00% 0.15% -0.15% $0
PYPL 0.00% 0.15% -0.15% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 4 $36M 2.0%
Large Cap 8 $557M 30.6%
Mid Cap 19 $971M 53.4%
Small Cap 17 $224M 12.3%
Micro Cap 5 $31M 1.7%

Portfolio Analytics

Avg Market Cap
$37.6B
Median Market Cap
$3.4B
Avg P/E
17.8
Median P/E
13.6
Avg Dividend Yield
0.02%
Avg Beta
0.89
# Stocks
52
# ETFs / Funds
1

Top Holdings (53 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 FHN 15.37% 12,370,000 $280M $22.61 $13M -205,000 -1.6%
2 CMA 13.45% 3,570,000 $245M $68.52 -$4M -605,000 -14.5%
3 MKTX 8.73% 911,358 $159M $174.25 $65M +491,358 +117.0%
4 SBCF 8.36% 4,995,000 $152M $30.43 -$7M -755,000 -13.1%
5 ABCB 7.98% 1,981,061 $145M $73.31 $23M +91,043 +4.8%
6 AUB 7.20% 3,713,604 $131M $35.29 $45M +963,604 +35.0%
7 QTWO 6.73% 1,690,000 $122M $72.39 $44M +849,480 +101.1%
8 ACIW 5.17% 1,783,851 $94M $52.77 -$22M -756,149 -29.8%
9 STEL 3.05% 1,829,937 $56M $30.34 $12M +289,937 +18.8%
10 EGBN 2.93% 2,632,918 $53M $20.22 $45M +2,232,918 +558.2%
11 TCBI 2.58% 555,000 $47M $84.53 -$111M -1,429,977 -72.0%
12 FFWM 2.11% 6,900,306 $38M $5.57 -$402K -714,694 -9.4%
13 V 1.97% 105,000 $36M $341.38 -$14M -35,000 -25.0%
14 MIAX 1.61% 725,804 $29M $40.26 +725,804 NEW
15 FIBK 1.49% 850,000 $27M $31.87 +850,000 NEW
16 NTRS 1.41% 190,000 $26M $134.60 $2M +5,000 +2.7%
17 AAMI 1.35% 511,452 $25M $48.16 $8M +31,452 +6.5%
18 MQ 1.35% 4,650,000 $25M $5.28 -$13M -1,850,000 -28.5%
19 MYFW 0.78% 617,824 $14M $23.03 $2M +72,102 +13.2%
20 NCR 0.58% 840,395 $11M $12.55 -$10K -59,606 -6.6%
21 FRST 0.56% 974,870 $10M $10.51 +974,870 NEW
22 FLYW 0.48% 650,000 $9M $13.54 -$4M -450,000 -40.9%
23 FIGR 0.48% 240,000 $9M $36.37 +240,000 NEW
24 FOUR 0.44% 103,056 $8M $77.40 $5M +78,056 +312.2%
25 CRMT 0.43% 270,190 $8M $29.21 -$5M +44,145 +19.5%
26 GCMG 0.35% 526,354 $6M $12.07 $224K -3,842 -0.7%
27 GEMI 0.32% 245,322 $6M $23.96 +245,322 NEW
28 JCAP 0.28% 295,559 $5M $17.26 $489K +45,559 +18.2%
29 BLSH 0.28% 80,000 $5M $63.61 +80,000 NEW
30 NPB 0.27% 283,752 $5M $17.08 -$3M -317,592 -52.8%
31 COSO 0.26% 220,619 $5M $21.81 +220,619 NEW
32 KRE 0.26% 75,000 $5M $63.30 +75,000 NEW
33 TW 0.25% 41,200 $5M $110.98 +41,200 NEW
34 NEWTP 0.24% 386,924 $4M $11.45 +386,924 NEW
35 AVBH 0.20% 141,496 $4M $25.50 +141,496 NEW
36 ALKT 0.17% 127,604 $3M $24.84 -$1M -11,809 -8.5%
37 CME 0.17% 11,198 $3M $270.19 +11,198 NEW
38 SMBK 0.17% 84,570 $3M $35.73 $1M +38,466 +83.4%
39 COLB 0.14% 100,000 $3M $25.74 +100,000 NEW
40 CIVB 0.03% 29,776 $605K $20.31 +29,776 NEW
41 PNFP —% -$129M -1,165,000 -100.0% SOLD
42 C —% -$38M -450,000 -100.0% SOLD
43 HTH —% -$36M -1,185,000 -100.0% SOLD
44 BMRC —% -$14M -600,000 -100.0% SOLD
45 SCHW —% -$14M -150,000 -100.0% SOLD
46 SNV —% -$185M -3,575,000 -100.0% SOLD
47 PYPL —% -$3M -45,000 -100.0% SOLD
48 BRBS —% -$5M -1,515,107 -100.0% SOLD
49 VBTX —% -$3M -130,187 -100.0% SOLD
50 WFC —% -$118M -1,475,000 -100.0% SOLD
51 TFC —% -$14M -325,000 -100.0% SOLD
52 BAC —% -$9M -200,000 -100.0% SOLD
53 GNTY —% -$424K -10,000 -100.0% SOLD

New Positions

SymbolValue% Port
MIAX $29M 1.61%
FIBK $27M 1.49%
FRST $10M 0.56%
FIGR $9M 0.48%
GEMI $6M 0.32%
BLSH $5M 0.28%
COSO $5M 0.26%
KRE $5M 0.26%
TW $5M 0.25%
NEWTP $4M 0.24%
AVBH $4M 0.20%
CME $3M 0.17%
COLB $3M 0.14%
CIVB $605K 0.03%

Sold Out Positions

SymbolValue% Port
BAC —%
SCHW —%
TFC —%
PNFP —%
HTH —%
C —%
BRBS —%
BMRC —%
PYPL —%
WFC —%
VBTX —%
GNTY —%
SNV —%
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