Q3 2025 · 13F-HR
North Reef Capital Management LPholdings as filed
Filed 2025-11-14 · accession 0001214659-25-016568
$2.14B
Reported value
43
Positions
2025-09-30
Period end
The Brief · North Reef Capital Management LP · Q3 2025
AI · grounded in 13F
North Reef Capital Management LP established a new position in First Horizon Corporation FHN worth $279.7M. The fund also initiated new stakes in Cadence Bank CADE for $264.8M and Comerica Inc CMA for $244.6M. Other new additions include MarketAxess Hldgs Inc MKTX and Seacoast Bkg Corp Fla SBCF.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 320517105 | FHN | FIRST HORIZON CORPORATION | $279.7M | 13.1% | 12,370,000 | Common | SOLE |
| 12740C103 | CADE | CADENCE BANK | $264.8M | 12.4% | 7,055,000 | Common | SOLE |
| 200340107 | CMA | COMERICA INC | $244.6M | 11.4% | 3,570,000 | Common | SOLE |
| 57060D108 | MKTX | MARKETAXESS HLDGS INC | $158.8M | 7.43% | 911,358 | Common | SOLE |
| 811707801 | SBCF | SEACOAST BKG CORP FLA | $152.0M | 7.11% | 4,995,000 | Common | SOLE |
| 03076K108 | ABCB | AMERIS BANCORP | $145.2M | 6.79% | 1,981,061 | Common | SOLE |
| 04911A107 | AUB | ATLANTIC UN BANKSHARES CORP | $131.1M | 6.13% | 3,713,604 | Common | SOLE |
| 74736L109 | QTWO | Q2 HLDGS INC | $122.3M | 5.72% | 1,690,000 | Common | SOLE |
| 004498101 | ACIW | ACI WORLDWIDE INC | $94.1M | 4.40% | 1,783,851 | Common | SOLE |
| 858927106 | STEL | STELLAR BANCORP INC | $55.5M | 2.60% | 1,829,937 | Common | SOLE |
| 268948106 | EGBN | EAGLE BANCORP INC MD | $53.2M | 2.49% | 2,632,918 | Common | SOLE |
| 724078100 | 62C | PIPER SANDLER COMPANIES | $52.6M | 2.46% | 151,707 | Common | SOLE |
| 88224Q107 | TCBI | TEXAS CAP BANCSHARES INC | $46.9M | 2.19% | 555,000 | Common | SOLE |
| 32026V104 | FFWM | FIRST FNDTN INC | $38.4M | 1.80% | 6,900,306 | Common | SOLE |
| 92826C839 | V | VISA INC | $35.8M | 1.68% | 105,000 | Common | SOLE |
| 59356Q108 | MIAX | MIAMI INTL HLDGS INC | $29.2M | 1.37% | 725,804 | Common | SOLE |
| 32055Y201 | FIBK | FIRST INTST BANCSYSTEM INC | $27.1M | 1.27% | 850,000 | Common | SOLE |
| 665859104 | NTRS | NORTHERN TR CORP | $25.6M | 1.20% | 190,000 | Common | SOLE |
| 10948W103 | AAMI | ACADIAN ASSET MANAGEMENT INC | $24.6M | 1.15% | 511,452 | Common | SOLE |
| 57142B104 | MQ | MARQETA INC | $24.6M | 1.15% | 4,650,000 | Common | SOLE |
| 33751L105 | MYFW | FIRST WESTN FINL INC | $14.2M | 0.67% | 617,824 | Common | SOLE |
| 62886E108 | VYX | NCR VOYIX CORPORATION | $10.5M | 0.49% | 840,395 | Common | SOLE |
| 74167B109 | FRST | PRIMIS FINANCIAL CORP | $10.2M | 0.48% | 974,870 | Common | SOLE |
| 302492103 | FLYW | FLYWIRE CORPORATION | $8.8M | 0.41% | 650,000 | Common | SOLE |
| 349381103 | FIGR | FIGURE TECHNOLOGY SOLUTIO | $8.7M | 0.41% | 240,000 | Common | SOLE |
| 82452J109 | FOUR | SHIFT4 PMTS INC | $8.0M | 0.37% | 103,056 | Common | SOLE |
| 03062T105 | CRMT | AMERICAS CAR-MART INC | $7.9M | 0.37% | 270,190 | Common | SOLE |
| 36831E108 | GCMG | GCM GROSVENOR INC | $6.4M | 0.30% | 526,354 | Common | SOLE |
| 36866J105 | GEMI | GEMINI SPACE STA INC | $5.9M | 0.27% | 245,322 | Common | SOLE |
| 47248R103 | JCAP | JEFFERSON CAPITAL INC | $5.1M | 0.24% | 295,559 | Common | SOLE |
| G16910120 | BLSH | BULLISH | $5.1M | 0.24% | 80,000 | Common | SOLE |
| 66661N886 | NPB | NORTHPOINTE BANCSHARES INC. | $4.8M | 0.23% | 283,752 | Common | SOLE |
| 19058X207 | COSO | COASTALSOUTH BANCSHARES INC | $4.8M | 0.23% | 220,619 | Common | SOLE |
| 78464A698 | KRE | SPDR SERIES TRUST | $4.7M | 0.22% | 75,000 | Common | SOLE |
| 892672106 | TW | TRADEWEB MKTS INC | $4.6M | 0.21% | 41,200 | Common | SOLE |
| 652526203 | NEWT | NEWTEKONE INC | $4.4M | 0.21% | 386,924 | Common | SOLE |
| 05368J103 | AVBH | AVIDBANK HLDGS INC | $3.6M | 0.17% | 141,496 | Common | SOLE |
| 01644J108 | ALKT | ALKAMI TECHNOLOGY INC | $3.2M | 0.15% | 127,604 | Common | SOLE |
| 12572Q105 | CME | CME GROUP INC | $3.0M | 0.14% | 11,198 | Common | SOLE |
| 83190L208 | SMBK | SMARTFINANCIAL INC | $3.0M | 0.14% | 84,570 | Common | SOLE |
| 197236102 | COLB | COLUMBIA BKG SYS INC | $2.6M | 0.12% | 100,000 | Common | SOLE |
| G5S37H101 | MRX | MAREX GROUP PLC | $1.8M | 0.08% | 52,191 | Common | SOLE |
| 178867107 | CIVB | CIVISTA BANCSHARES INC | $604,751 | 0.03% | 29,776 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.