Q4 2025 · 13F-HR
North Reef Capital Management LPholdings as filed
Filed 2026-02-17 · accession 0001214659-26-001902
$2.48B
Reported value
56
Positions
2025-12-31
Period end
The Brief · North Reef Capital Management LP · Q4 2025
AI · grounded in 13F
North Reef Capital Management LP exited its positions in CADE and CMA, reducing exposure by $264.8M and $244.6M respectively. The fund established a new position in FBK valued at $49.8M. Other notable activity includes increasing share counts in COLB by 3600% and ALKT by 1545.7%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 57060D108 | MKTX | MARKETAXESS HLDGS INC | $291.7M | 11.7% | 1,609,330 | Common | SOLE |
| 320517105 | FHN | FIRST HORIZON CORPORATION | $275.3M | 11.1% | 11,516,840 | Common | SOLE |
| 03076K108 | ABCB | AMERIS BANCORP | $203.3M | 8.18% | 2,737,028 | Common | SOLE |
| 811707801 | SBCF | SEACOAST BKG CORP FLA | $183.2M | 7.37% | 5,832,075 | Common | SOLE |
| 04911A107 | AUB | ATLANTIC UN BANKSHARES CORP | $161.4M | 6.50% | 4,572,090 | Common | SOLE |
| 197236102 | COLB | COLUMBIA BKG SYS INC | $103.4M | 4.16% | 3,700,000 | Common | SOLE |
| 92826C839 | V | VISA INC | $94.7M | 3.81% | 270,000 | Common | SOLE |
| 004498101 | ACIW | ACI WORLDWIDE INC | $94.2M | 3.79% | 1,970,000 | Common | SOLE |
| 858927106 | STEL | STELLAR BANCORP INC | $89.0M | 3.58% | 2,875,245 | Common | SOLE |
| 74736L109 | QTWO | Q2 HLDGS INC | $87.7M | 3.53% | 1,215,000 | Common | SOLE |
| 724078100 | 62C | PIPER SANDLER COMPANIES | $69.6M | 2.80% | 204,900 | Common | SOLE |
| 32055Y201 | FIBK | FIRST INTST BANCSYSTEM INC | $68.3M | 2.75% | 1,974,999 | Common | SOLE |
| 268948106 | EGBN | EAGLE BANCORP INC MD | $63.0M | 2.53% | 2,940,000 | Common | SOLE |
| 59356Q108 | MIAX | MIAMI INTL HLDGS INC | $56.1M | 2.26% | 1,265,000 | Common | SOLE |
| 30257X104 | FBK | FB FINL CORP | $49.8M | 2.00% | 892,685 | Common | SOLE |
| 01644J108 | ALKT | ALKAMI TECHNOLOGY INC | $48.4M | 1.95% | 2,100,000 | Common | SOLE |
| 32026V104 | FFWM | FIRST FNDTN INC | $48.1M | 1.94% | 7,812,475 | Common | SOLE |
| 665859104 | NTRS | NORTHERN TR CORP | $42.4M | 1.71% | 310,611 | Common | SOLE |
| 316773100 | FITB | FIFTH THIRD BANCORP | $39.8M | 1.60% | 850,000 | Common | SOLE |
| 89832Q109 | TFC | TRUIST FINL CORP | $37.7M | 1.52% | 765,774 | Common | SOLE |
| 892672106 | TW | TRADEWEB MKTS INC | $34.0M | 1.37% | 316,039 | Common | SOLE |
| 152413100 | CBC | CENTRAL BANCOMPANY | $31.6M | 1.27% | 1,310,673 | Common | SOLE |
| 743606105 | PB | PROSPERITY BANCSHARES INC | $30.8M | 1.24% | 445,000 | Common | SOLE |
| 57142B104 | MQ | MARQETA INC | $28.5M | 1.15% | 6,000,000 | Common | SOLE |
| 896095106 | TCBK | TRICO BANCSHARES | $23.0M | 0.93% | 485,423 | Common | SOLE |
| 05990K106 | BANC | BANC OF CALIFORNIA INC | $22.3M | 0.90% | 1,156,680 | Common | SOLE |
| 10948W103 | AAMI | ACADIAN ASSET MANAGEMENT INC | $20.9M | 0.84% | 443,922 | Common | SOLE |
| 33751L105 | MYFW | FIRST WESTN FINL INC | $18.4M | 0.74% | 685,954 | Common | SOLE |
| 74167B109 | FRST | PRIMIS FINANCIAL CORP | $16.7M | 0.67% | 1,203,604 | Common | SOLE |
| 947002101 | WLTH | WEALTHFRONT CORP | $16.7M | 0.67% | 1,226,633 | Common | SOLE |
| 27627N105 | EBC | EASTERN BANKSHARES INC | $14.7M | 0.59% | 796,451 | Common | SOLE |
| 82452J109 | FOUR | SHIFT4 PMTS INC | $9.8M | 0.40% | 155,929 | Common | SOLE |
| 62886E108 | VYX | NCR VOYIX CORPORATION | $8.6M | 0.34% | 840,395 | Common | SOLE |
| 302492103 | FLYW | FLYWIRE CORPORATION | $8.5M | 0.34% | 600,001 | Common | SOLE |
| 84472E102 | SSB | SOUTHSTATE BK CORP | $8.5M | 0.34% | 90,000 | Common | SOLE |
| G5S37H101 | MRX | MAREX GROUP PLC | $7.3M | 0.29% | 190,000 | Common | SOLE |
| G4474Y214 | JHG | JANUS HENDERSON GROUP PLC | $7.1M | 0.29% | 150,000 | Common | SOLE |
| 36831E108 | GCMG | GCM GROSVENOR INC | $6.8M | 0.27% | 601,355 | Common | SOLE |
| 19058X207 | COSO | COASTALSOUTH BANCSHARES INC | $6.1M | 0.25% | 263,900 | Common | SOLE |
| 03062T105 | CRMT | AMERICAS CAR-MART INC | $6.1M | 0.25% | 242,187 | Common | SOLE |
| 47248R103 | JCAP | JEFFERSON CAPITAL INC | $5.3M | 0.22% | 239,473 | Common | SOLE |
| 349381103 | FIGR | FIGURE TECHNOLOGY SOLUTIO | $5.1M | 0.21% | 125,000 | Common | SOLE |
| 83190L208 | SMBK | SMARTFINANCIAL INC | $5.0M | 0.20% | 134,871 | Common | SOLE |
| G5279N105 | KLAR | KLARNA GROUP PLC | $4.6M | 0.19% | 159,996 | Common | SOLE |
| 652526203 | NEWT | NEWTEKONE INC | $4.4M | 0.18% | 386,923 | Common | SOLE |
| 66661N886 | NPB | NORTHPOINTE BANCSHARES INC. | $4.3M | 0.17% | 258,752 | Common | SOLE |
| 05368J103 | AVBH | AVIDBANK HLDGS INC | $3.3M | 0.13% | 123,671 | Common | SOLE |
| 88224Q107 | TCBI | TEXAS CAP BANCSHARES INC | $3.1M | 0.13% | 34,570 | Common | SOLE |
| G16910120 | BLSH | BULLISH | $3.1M | 0.12% | 81,280 | Common | SOLE |
| 36866J105 | GEMI | GEMINI SPACE STA INC | $3.0M | 0.12% | 300,000 | Common | SOLE |
| 90355N101 | USCB | USCB FINANCIAL HOLDINGS INC | $2.3M | 0.09% | 123,741 | Common | SOLE |
| 343873105 | FFIC | FLUSHING FINL CORP | $2.0M | 0.08% | 135,000 | Common | SOLE |
| 126600105 | CVBF | CVB FINL CORP | $1.9M | 0.08% | 103,824 | Common | SOLE |
| 46571Y107 | IIIV | I3 VERTICALS INC | $1.9M | 0.08% | 75,711 | Common | SOLE |
| 084680107 | BBT | BEACON FINANCIAL CORP. | $1.3M | 0.05% | 50,344 | Common | SOLE |
| 75970E107 | RNST | RENASANT CORP | $528,335 | 0.02% | 15,001 | 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.