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North Reef Capital Management LP

Q4 2025 · Filed 2026-02-17
Market Value
$2.4B
+31.6%
Holdings
56
+3
New Purchases
16
Added To
24
Closed
4
Reduced
11
Top 10 Concentration
66.1%
Turnover
35.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
COLB 4.32% 0.14% +4.18% $103M
MKTX 12.18% 8.73% +3.45% $292M
FBK 2.08% 0.00% +2.08% $50M
V 3.95% 1.97% +1.98% $95M
ALKT 2.02% 0.17% +1.85% $48M
FITB 1.66% 0.00% +1.66% $40M
TFC 1.57% 0.00% +1.57% $38M
FIBK 2.85% 1.49% +1.36% $68M
CBC 1.32% 0.00% +1.32% $32M
PB 1.28% 0.00% +1.28% $31M
TW 1.42% 0.25% +1.17% $34M
TCBK 0.96% 0.00% +0.96% $23M
BANC 0.93% 0.00% +0.93% $22M
MIAX 2.34% 1.61% +0.74% $56M
WLTH 0.70% 0.00% +0.70% $17M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CMA 0.00% 13.45% -13.45% $0
FHN 11.49% 15.37% -3.88% $275M
QTWO 3.66% 6.73% -3.06% $88M
TCBI 0.13% 2.58% -2.45% $3M
ACIW 3.93% 5.17% -1.24% $94M
SBCF 7.65% 8.36% -0.70% $183M
AAMI 0.87% 1.35% -0.48% $21M
AUB 6.74% 7.20% -0.46% $161M
EGBN 2.63% 2.93% -0.30% $63M
FIGR 0.21% 0.48% -0.27% $5M
KRE 0.00% 0.26% -0.26% $0
NCR 0.36% 0.58% -0.22% $9M
GEMI 0.12% 0.32% -0.20% $3M
CRMT 0.26% 0.43% -0.18% $6M
CME 0.00% 0.17% -0.17% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 1 $95M 4.0%
Large Cap 7 $429M 17.9%
Mid Cap 25 $1.5B 61.0%
Small Cap 19 $379M 15.8%
Micro Cap 4 $32M 1.3%

Portfolio Analytics

Avg Market Cap
$18.6B
Median Market Cap
$2.9B
Avg P/E
18.4
Median P/E
14.4
Avg Dividend Yield
0.02%
Avg Beta
0.84
# Stocks
55
# ETFs / Funds
1

Top Holdings (56 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 MKTX 12.18% 1,609,330 $292M $181.25 $133M +697,972 +76.6%
2 FHN 11.49% 11,516,840 $275M $23.90 -$4M -853,160 -6.9%
3 ABCB 8.49% 2,737,028 $203M $74.27 $58M +755,967 +38.2%
4 SBCF 7.65% 5,832,075 $183M $31.42 $31M +837,075 +16.8%
5 AUB 6.74% 4,572,090 $161M $35.30 $30M +858,486 +23.1%
6 COLB 4.32% 3,700,000 $103M $27.95 $101M +3,600,000 +3600.0%
7 V 3.95% 270,000 $95M $350.71 $59M +165,000 +157.1%
8 ACIW 3.93% 1,970,000 $94M $47.81 $52K +186,149 +10.4%
9 STEL 3.71% 2,875,245 $89M $30.94 $33M +1,045,308 +57.1%
10 QTWO 3.66% 1,215,000 $88M $72.16 -$35M -475,000 -28.1%
11 FIBK 2.85% 1,974,999 $68M $34.60 $41M +1,124,999 +132.3%
12 EGBN 2.63% 2,940,000 $63M $21.42 $10M +307,082 +11.7%
13 MIAX 2.34% 1,265,000 $56M $44.38 $27M +539,196 +74.3%
14 FBK 2.08% 892,685 $50M $55.80 +892,685 NEW
15 ALKT 2.02% 2,100,000 $48M $23.07 $45M +1,972,396 +1545.7%
16 FFWM 2.01% 7,812,475 $48M $6.16 $10M +912,169 +13.2%
17 NTRS 1.77% 310,611 $42M $136.59 $17M +120,611 +63.5%
18 FITB 1.66% 850,000 $40M $46.81 +850,000 NEW
19 TFC 1.57% 765,774 $38M $49.21 +765,774 NEW
20 TW 1.42% 316,039 $34M $107.54 $29M +274,839 +667.1%
21 CBC 1.32% 1,310,673 $32M $24.12 +1,310,673 NEW
22 PB 1.28% 445,000 $31M $69.11 +445,000 NEW
23 MQ 1.19% 6,000,000 $28M $4.75 $4M +1,350,000 +29.0%
24 TCBK 0.96% 485,423 $23M $47.37 +485,423 NEW
25 BANC 0.93% 1,156,680 $22M $19.29 +1,156,680 NEW
26 AAMI 0.87% 443,922 $21M $47.00 -$4M -67,530 -13.2%
27 MYFW 0.77% 685,954 $18M $26.81 $4M +68,130 +11.0%
28 FRST 0.70% 1,203,604 $17M $13.91 $6M +228,734 +23.5%
29 WLTH 0.70% 1,226,633 $17M $13.59 +1,226,633 NEW
30 EBC 0.61% 796,451 $15M $18.43 +796,451 NEW
31 FOUR 0.41% 155,929 $10M $62.97 $2M +52,873 +51.3%
32 NCR 0.36% 840,395 $9M $10.20 -$2M
33 FLYW 0.35% 600,001 $8M $14.16 -$305K -49,999 -7.7%
34 JHG 0.30% 150,000 $7M $47.57 +150,000 NEW
35 GCMG 0.28% 601,355 $7M $11.32 $454K +75,001 +14.2%
36 COSO 0.26% 263,900 $6M $23.25 $1M +43,281 +19.6%
37 CRMT 0.26% 242,187 $6M $25.26 -$2M -28,003 -10.4%
38 JCAP 0.22% 239,473 $5M $22.34 $248K -56,086 -19.0%
39 FIGR 0.21% 125,000 $5M $40.84 -$4M -115,000 -47.9%
40 SMBK 0.21% 134,871 $5M $36.99 $2M +50,301 +59.5%
41 NEWTP 0.18% 386,923 $4M $11.35 -$39K -1
42 NPB 0.18% 258,752 $4M $16.78 -$505K -25,000 -8.8%
43 AVBH 0.14% 123,671 $3M $26.56 -$323K -17,825 -12.6%
44 TCBI 0.13% 34,570 $3M $90.54 -$44M -520,430 -93.8%
45 BLSH 0.13% 81,280 $3M $37.87 -$2M +1,280 +1.6%
46 GEMI 0.12% 300,000 $3M $9.92 -$3M +54,678 +22.3%
47 USCB 0.10% 123,741 $2M $18.42 +123,741 NEW
48 FFIC 0.09% 135,000 $2M $15.17 +135,000 NEW
49 CVBF 0.08% 103,824 $2M $18.60 +103,824 NEW
50 IIIV 0.08% 75,711 $2M $25.19 +75,711 NEW
51 BBT 0.06% 50,344 $1M $26.37 +50,344 NEW
52 RNST 0.02% 15,001 $528K $35.22 +15,001 NEW
53 CMA —% -$245M -3,570,000 -100.0% SOLD
54 CIVB —% -$605K -29,776 -100.0% SOLD
55 CME —% -$3M -11,198 -100.0% SOLD
56 KRE —% -$5M -75,000 -100.0% SOLD

New Positions

SymbolValue% Port
FBK $50M 2.08%
FITB $40M 1.66%
TFC $38M 1.57%
CBC $32M 1.32%
PB $31M 1.28%
TCBK $23M 0.96%
BANC $22M 0.93%
WLTH $17M 0.70%
EBC $15M 0.61%
JHG $7M 0.30%
USCB $2M 0.10%
FFIC $2M 0.09%
CVBF $2M 0.08%
IIIV $2M 0.08%
BBT $1M 0.06%

Sold Out Positions

SymbolValue% Port
CME —%
CIVB —%
KRE —%
CMA —%
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