Q1 2026 · 13F-HR
North Reef Capital Management LPholdings as filed
Filed 2026-05-15 · accession 0001214659-26-006407
$2.91B
Reported value
60
Positions
2026-03-31
Period end
The Brief · North Reef Capital Management LP · Q1 2026
AI · grounded in 13F
North Reef Capital Management LP established a new position in KEY valued at $253.6M. The fund also opened new stakes in TRMK for $82.3M and PIPR for $73.8M. These additions offset the closure of positions in COLB and STEL, which reduced the portfolio by $103.4M and $89M respectively.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 320517105 | FHN | FIRST HORIZON CORPORATION | $329.0M | 11.3% | 14,453,208 | Common | SOLE |
| 57060D108 | MKTX | MARKETAXESS HLDGS INC | $309.3M | 10.6% | 1,875,000 | Common | SOLE |
| 03076K108 | ABCB | AMERIS BANCORP | $267.0M | 9.19% | 3,423,243 | Common | SOLE |
| 493267108 | KEY | KEYCORP | $253.6M | 8.73% | 12,650,000 | Common | SOLE |
| 811707801 | SBCF | SEACOAST BKG CORP FLA | $176.4M | 6.07% | 5,825,000 | Common | SOLE |
| 04911A107 | AUB | ATLANTIC UN BANKSHARES CORP | $153.1M | 5.27% | 4,285,000 | Common | SOLE |
| 01644J108 | ALKT | ALKAMI TECHNOLOGY INC | $119.9M | 4.13% | 7,650,000 | Common | SOLE |
| 92826C839 | V | VISA INC | $108.8M | 3.74% | 360,000 | Common | SOLE |
| 152413100 | CBC | CENTRAL BANCOMPANY | $97.6M | 3.36% | 4,075,000 | Common | SOLE |
| 004498101 | ACIW | ACI WORLDWIDE INC | $91.5M | 3.15% | 2,230,000 | Common | SOLE |
| 898402102 | TRMK | TRUSTMARK CORP | $82.3M | 2.83% | 1,952,930 | Common | SOLE |
| 743606105 | PB | PROSPERITY BANCSHARES INC | $74.4M | 2.56% | 1,107,877 | Common | SOLE |
| 724078209 | PIPR | PIPER SANDLER COMPANIES | $73.8M | 2.54% | 964,632 | Common | SOLE |
| 268948106 | EGBN | EAGLE BANCORPORATION INC | $67.3M | 2.32% | 2,706,025 | Common | SOLE |
| 665859104 | NTRS | NORTHERN TR CORP | $41.7M | 1.43% | 298,559 | Common | SOLE |
| 892672106 | TW | TRADEWEB MKTS INC | $39.7M | 1.36% | 337,071 | Common | SOLE |
| 59356Q108 | MIAX | MIAMI INTL HLDGS INC | $39.5M | 1.36% | 1,014,274 | Common | SOLE |
| 649445400 | FLG | FLAGSTAR BANK NATIONAL ASSOC | $36.7M | 1.26% | 2,790,000 | Common | SOLE |
| 31620M106 | FIS | FIDELITY NATL INFORMATION SV | $36.4M | 1.25% | 775,000 | Common | SOLE |
| 32026V104 | FFWM | FIRST FNDTN INC | $34.9M | 1.20% | 5,911,778 | Common | SOLE |
| 808513105 | SCHW | SCHWAB CHARLES CORP | $32.9M | 1.13% | 350,000 | Common | SOLE |
| 57142B104 | MQ | MARQETA INC | $30.2M | 1.04% | 7,400,000 | Common | SOLE |
| 74736L109 | QTWO | Q2 HLDGS INC | $29.4M | 1.01% | 620,814 | Common | SOLE |
| 947002101 | WLTH | WEALTHFRONT CORP | $26.7M | 0.92% | 2,885,257 | Common | SOLE |
| 05990K106 | BANC | BANC OF CALIFORNIA INC | $26.4M | 0.91% | 1,500,000 | Common | SOLE |
| 30257X104 | FBK | FB FINL CORP | $26.0M | 0.89% | 500,000 | Common | SOLE |
| 023576101 | AMTB | AMERANT BANCORP INC | $25.6M | 0.88% | 1,160,488 | Common | SOLE |
| 754730109 | RJF | RAYMOND JAMES FINL INC | $23.0M | 0.79% | 159,162 | Common | SOLE |
| 46571Y107 | IIIV | I3 VERTICALS INC | $22.9M | 0.79% | 1,025,000 | Common | SOLE |
| 70439P108 | PAY | PAYMENTUS HOLDINGS INC | $18.7M | 0.64% | 734,551 | Common | SOLE |
| 896095106 | TCBK | TRICO BANCSHARES | $17.7M | 0.61% | 373,141 | Common | SOLE |
| 33751L105 | MYFW | FIRST WESTN FINL INC | $17.6M | 0.61% | 716,609 | Common | SOLE |
| 025816109 | AXP | AMERICAN EXPRESS CO | $15.1M | 0.52% | 50,000 | Common | SOLE |
| 74167B109 | FRST | PRIMIS FINANCIAL CORP | $15.1M | 0.52% | 1,135,281 | Common | SOLE |
| 302492103 | FLYW | FLYWIRE CORPORATION | $12.8M | 0.44% | 1,100,000 | Common | SOLE |
| 633707104 | NBHC | NATIONAL BK HLDGS CORP | $12.5M | 0.43% | 320,352 | Common | SOLE |
| 10948W103 | AAMI | ACADIAN ASSET MANAGEMENT INC | $12.0M | 0.41% | 220,239 | Common | SOLE |
| 06652V208 | BANR | BANNER CORP | $11.9M | 0.41% | 195,449 | Common | SOLE |
| 32055Y201 | FIBK | FIRST INTST BANCSYSTEM INC | $10.9M | 0.37% | 325,157 | Common | SOLE |
| 47248R103 | JCAP | JEFFERSON CAPITAL INC | $10.2M | 0.35% | 532,151 | Common | SOLE |
| 72348N109 | PNFP | PINNACLE FINL PARTNERS INC | $8.7M | 0.30% | 100,935 | Common | SOLE |
| 19058X207 | COSO | COASTALSOUTH BANCSHARES INC | $7.9M | 0.27% | 320,982 | Common | SOLE |
| 37940X102 | GPN | GLOBAL PMTS INC | $6.7M | 0.23% | 100,000 | Common | SOLE |
| 36831E108 | GCMG | GCM GROSVENOR INC | $6.2M | 0.21% | 630,179 | Common | SOLE |
| 83190L208 | SMBK | SMARTFINANCIAL INC | $5.4M | 0.18% | 137,088 | Common | SOLE |
| 62886E108 | VYX | NCR VOYIX CORPORATION | $5.1M | 0.18% | 810,732 | Common | SOLE |
| 860630102 | SF | STIFEL FINL CORP | $4.2M | 0.15% | 57,230 | Common | SOLE |
| 349381103 | FIGR | FIGURE TECHNOLOGY SOLUTIO | $4.1M | 0.14% | 119,398 | Common | SOLE |
| 66661N886 | NPB | NORTHPOINTE BANCSHARES INC. | $4.0M | 0.14% | 232,396 | Common | SOLE |
| 05368J103 | AVBH | AVIDBANK HLDGS INC | $3.5M | 0.12% | 123,022 | Common | SOLE |
| 14040H105 | COF | CAPITAL ONE FINL CORP | $3.4M | 0.12% | 18,659 | Common | SOLE |
| 03062T105 | CRMT | AMERICAS CAR-MART INC | $3.3M | 0.11% | 258,637 | Common | SOLE |
| G5279N105 | KLAR | KLARNA GROUP PLC | $2.9M | 0.10% | 223,820 | Common | SOLE |
| 90355N101 | USCB | USCB FINANCIAL HOLDINGS INC | $2.4M | 0.08% | 128,093 | Common | SOLE |
| 652526203 | NEWT | NEWTEKONE INC | $2.2M | 0.07% | 198,954 | Common | SOLE |
| 126600105 | CVBF | CVB FINL CORP | $1.9M | 0.07% | 100,000 | Common | SOLE |
| 74930B105 | RBB | RBB BANCORP | $1.4M | 0.05% | 64,150 | Common | SOLE |
| 91823B109 | UWMC | UWM HOLDINGS CORPORATION | $1.3M | 0.04% | 353,429 | Common | SOLE |
| 75970E107 | RNST | RENASANT CORP | $539,168 | 0.02% | 14,923 | Common | SOLE |
| 36866J105 | GEMI | GEMINI SPACE STA INC | $219,842 | 0.01% | 49,738 | 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.