Q4 2025 · 13F-HR
FJ Capital Management LLCholdings as filed
Filed 2026-02-13 · accession 0001420506-26-000417
$905.8M
Reported value
128
Positions
2025-12-31
Period end
The Brief · FJ Capital Management LLC · Q4 2025
AI · grounded in 13F
FJ Capital Management LLC closed its position in First Fndtn Inc FFWM, reducing exposure by $11.46M. The fund also exited positions in Bank America Corp BAC for $11.16M and Prosperity Bancshares Inc PB for $9.62M. On the buy side, the fund established a new position in Morgan Stanley MS worth $13.27M and increased its stake in Horizon Bancorp Inc HBNC by 309.5%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 84472E102 | SSB | SOUTHSTATE BK CORP | $76.5M | 8.45% | 813,033 | Common | SOLE |
| 437872104 | HTB | HOMETRUST BANCSHARES INC | $72.7M | 8.03% | 1,693,553 | Common | SOLE |
| 29460X109 | EQBK | EQUITY BANCSHARES INC | $54.7M | 6.04% | 1,225,687 | Common | SOLE |
| 811707801 | SBCF | SEACOAST BKG CORP FLA | $42.8M | 4.72% | 1,361,677 | Common | SOLE |
| 842873101 | SFST | SOUTHERN FIRST BANCSHARES | $41.6M | 4.59% | 807,223 | Common | SOLE |
| 957638109 | WAL | WESTERN ALLIANCE BANCORP | $36.4M | 4.02% | 432,672 | Common | SOLE |
| 680277100 | OSBC | OLD SECOND BANCORP INC ILL | $35.7M | 3.94% | 1,829,665 | Common | SOLE |
| 74930B105 | RBB | RBB BANCORP | $31.2M | 3.44% | 1,511,408 | Common | SOLE |
| 598511103 | MOFG | MIDWESTONE FINL GROUP INC NE | $30.7M | 3.39% | 797,816 | Common | SOLE |
| 947890109 | WBS | WEBSTER FINL CORP | $24.2M | 2.67% | 384,743 | Common | SOLE |
| 320817109 | FRME | FIRST MERCHANTS CORP | $23.7M | 2.62% | 633,668 | Common | SOLE |
| 84252A106 | BCAL | CALIFORNIA BANCORP | $23.7M | 2.62% | 1,271,636 | Common | SOLE |
| 902973304 | USB | US BANCORP DEL | $19.9M | 2.20% | 373,433 | Common | SOLE |
| 440407104 | HBNC | HORIZON BANCORP INC | $18.4M | 2.03% | 1,083,840 | Common | SOLE |
| 843380106 | SMBC | SOUTHERN MO BANCORP INC | $17.8M | 1.96% | 300,944 | Common | SOLE |
| 27627N105 | EBC | EASTERN BANKSHARES INC | $17.1M | 1.89% | 926,841 | Common | SOLE |
| 453836108 | INDB | INDEPENDENT BK CORP MASS | $16.8M | 1.86% | 230,533 | Common | SOLE |
| 680033107 | ONB | OLD NATL BANCORP IND | $16.0M | 1.77% | 717,018 | Common | SOLE |
| 989701107 | ZION | ZIONS BANCORPORATION N A | $14.0M | 1.55% | 239,124 | Common | SOLE |
| 617446448 | MS | MORGAN STANLEY | $13.3M | 1.47% | 74,759 | Common | SOLE |
| 453838609 | IBCP | INDEPENDENT BK CORP MICH | $12.5M | 1.38% | 385,088 | Common | SOLE |
| 950810101 | WSBC | WESBANCO INC | $11.5M | 1.27% | 347,136 | Common | SOLE |
| 74727A104 | QCRH | QCR HOLDINGS INC | $11.1M | 1.22% | 132,898 | Common | SOLE |
| 15746L100 | CBNA | CHAIN BRIDGE BANCORP INC | $10.2M | 1.12% | 293,788 | Common | SOLE |
| 05369T100 | AVBC | AVIDIA BANCORP INC | $8.4M | 0.92% | 497,258 | Common | SOLE |
| 47805L101 | JMSB | JOHN MARSHALL BANCORP INC | $8.3M | 0.91% | 412,945 | Common | SOLE |
| 830940102 | SKWD | SKYWARD SPECIALTY INS GROUP | $7.4M | 0.82% | 144,736 | Common | SOLE |
| 860630102 | SF | STIFEL FINL CORP | $7.3M | 0.81% | 58,497 | Common | SOLE |
| 65158N102 | NMRK | NEWMARK GROUP INC | $7.3M | 0.80% | 418,973 | Common | SOLE |
| 410867105 | THG | HANOVER INS GROUP INC | $6.8M | 0.76% | 37,427 | Common | SOLE |
| 420476103 | HWBK | HAWTHORN BANCSHARES INC | $6.7M | 0.73% | 190,710 | Common | SOLE |
| 89214P109 | TOWN | TOWNEBANK PORTSMOUTH VA | $6.1M | 0.67% | 182,586 | Common | SOLE |
| 30234F101 | XZO | EXZEO GROUP INC | $5.8M | 0.64% | 237,856 | Common | SOLE |
| 172062101 | CINF | CINCINNATI FINL CORP | $5.4M | 0.59% | 32,836 | Common | SOLE |
| 12572Q105 | CME | CME GROUP INC | $5.2M | 0.58% | 19,187 | Common | SOLE |
| 126600105 | CVBF | CVB FINL CORP | $5.1M | 0.56% | 275,132 | Common | SOLE |
| 004239109 | AKR | ACADIA RLTY TR | $5.1M | 0.56% | 247,622 | Common | SOLE |
| 53578P105 | LNKB | LINKBANCORP INC | $4.9M | 0.54% | 596,930 | Common | SOLE |
| 37959E102 | GL | GLOBE LIFE INC | $4.9M | 0.54% | 35,065 | Common | SOLE |
| 759351604 | RGA | REINSURANCE GRP OF AMERICA I | $4.8M | 0.52% | 23,361 | Common | SOLE |
| 69376K106 | RPC | P10 INC | $4.5M | 0.50% | 457,474 | Common | SOLE |
| 896095106 | TCBK | TRICO BANCSHARES | $4.4M | 0.48% | 92,492 | Common | SOLE |
| 373865104 | GABC | GERMAN AMERN BANCORP INC | $4.3M | 0.47% | 109,019 | Common | SOLE |
| 947002101 | WLTH | WEALTHFRONT CORP | $4.3M | 0.47% | 314,187 | Common | SOLE |
| 529043408 | LXP | LXP INDUSTRIAL TRUST | $4.1M | 0.46% | 83,499 | Common | SOLE |
| 48020Q107 | JLL | JONES LANG LASALLE INC | $4.0M | 0.44% | 11,774 | Common | SOLE |
| 95040Q104 | WELL | WELLTOWER INC | $3.9M | 0.43% | 20,975 | Common | SOLE |
| 44326H107 | HYNE | HOYNE BANCORP INC | $3.8M | 0.42% | 261,000 | Common | SOLE |
| 70932M107 | PFSI | PENNYMAC FINL SVCS INC NEW | $3.8M | 0.42% | 28,562 | Common | SOLE |
| G32089107 | ETOR | ETORO GROUP LTD | $3.7M | 0.41% | 104,861 | Common | SOLE |
| 57060D108 | MKTX | MARKETAXESS HLDGS INC | $3.7M | 0.41% | 20,252 | Common | SOLE |
| 40416E103 | HCI | HCI GROUP INC | $3.6M | 0.40% | 19,019 | Common | SOLE |
| 745867101 | PHM | PULTE GROUP INC | $3.6M | 0.40% | 31,075 | Common | SOLE |
| 46124J201 | IVT | INVENTRUST PPTYS CORP | $3.5M | 0.39% | 124,373 | Common | SOLE |
| 427096508 | HTGC | HERCULES CAPITAL INC | $3.2M | 0.35% | 169,984 | Common | SOLE |
| 026948109 | AII | AMERICAN INTEGRITY INS GROUP | $3.2M | 0.35% | 153,491 | Common | SOLE |
| G5S37H101 | MRX | MAREX GROUP PLC | $3.1M | 0.34% | 81,199 | Common | SOLE |
| 902788108 | UMBF | UMB FINL CORP | $3.1M | 0.34% | 26,549 | Common | SOLE |
| 830830105 | SKY | CHAMPION HOMES INC | $3.0M | 0.33% | 35,462 | Common | SOLE |
| 33621E109 | FSFG | FIRST SVGS FINL GROUP INC | $2.9M | 0.32% | 91,479 | Common | SOLE |
| 32054K103 | FR | FIRST INDL RLTY TR INC | $2.7M | 0.29% | 46,421 | Common | SOLE |
| 929089100 | VOYA | VOYA FINANCIAL INC | $2.6M | 0.29% | 35,315 | Common | SOLE |
| 302301106 | EZPW | EZCORP INC | $2.6M | 0.29% | 133,526 | Common | SOLE |
| 008492100 | ADC | AGREE RLTY CORP | $2.6M | 0.29% | 35,873 | Common | SOLE |
| 65406E102 | NIC | NICOLET BANKSHARES INC | $2.5M | 0.27% | 20,421 | Common | SOLE |
| 398182303 | AHR | AMERICAN HEALTHCARE REIT INC | $2.4M | 0.26% | 50,798 | Common | SOLE |
| 140501107 | CSWC | CAPITAL SOUTHWEST CORP | $2.1M | 0.23% | 92,685 | Common | SOLE |
| 12621E103 | CNO | CNO FINL GROUP INC | $1.7M | 0.18% | 39,063 | Common | SOLE |
| 22948Q101 | CTO | CTO RLTY GROWTH INC NEW | $1.7M | 0.18% | 89,709 | Common | SOLE |
| 035710839 | NLY | ANNALY CAPITAL MANAGEMENT IN | $1.6M | 0.18% | 72,486 | Common | SOLE |
| 601137102 | MRP | MILLROSE PPTYS INC | $1.6M | 0.18% | 53,978 | Common | SOLE |
| G8192H106 | SPNT | SIRIUSPOINT LTD | $1.6M | 0.17% | 70,841 | Common | SOLE |
| 59522J103 | MAA | MID-AMER APT CMNTYS INC | $1.5M | 0.17% | 11,112 | Common | SOLE |
| 01446U103 | ALRS | ALERUS FINL CORP | $1.5M | 0.17% | 67,134 | Common | SOLE |
| 318672706 | FBP | FIRST BANCORP P R | $1.4M | 0.15% | 66,625 | Common | SOLE |
| 496719105 | KINS | KINGSTONE COS INC | $1.3M | 0.15% | 78,256 | Common | SOLE |
| 83012A109 | TSLX | SIXTH STREET SPECIALTY LENDI | $1.3M | 0.14% | 58,423 | Common | SOLE |
| 42226A107 | HQY | HEALTHEQUITY INC | $1.2M | 0.14% | 13,556 | Common | SOLE |
| 29476L107 | EQR | EQUITY RESIDENTIAL | $1.1M | 0.12% | 17,935 | Common | SOLE |
| 23128Q101 | CURB | CURBLINE PPTYS CORP | $1.1M | 0.12% | 48,374 | Common | SOLE |
| 10240L102 | BOW | BOWHEAD SPECIALTY HLDGS INC | $1.1M | 0.12% | 39,317 | Common | SOLE |
| 04316A108 | APAM | ARTISAN PARTNERS ASSET MGMT | $1.0M | 0.11% | 25,129 | Common | SOLE |
| 939653101 | ELME | ELME COMMUNITIES | $940,453 | 0.10% | 54,049 | Common | SOLE |
| 875465106 | SKT | TANGER INC | $928,654 | 0.10% | 27,829 | Common | SOLE |
| 26817Q886 | DX | DYNEX CAP INC | $883,821 | 0.10% | 63,085 | Common | SOLE |
| 004498101 | ACIW | ACI WORLDWIDE INC | $860,532 | 0.10% | 17,999 | Common | SOLE |
| 277276101 | EGP | EASTGROUP PPTYS INC | $853,112 | 0.09% | 4,789 | Common | SOLE |
| 253868103 | DLR | DIGITAL RLTY TR INC | $834,042 | 0.09% | 5,391 | Common | SOLE |
| 008252108 | AMG | AFFILIATED MANAGERS GROUP IN | $737,132 | 0.08% | 2,557 | Common | SOLE |
| 505743104 | LADR | LADDER CAP CORP | $731,505 | 0.08% | 66,561 | Common | SOLE |
| 74340W103 | PLD | PROLOGIS INC. | $730,471 | 0.08% | 5,722 | Common | SOLE |
| 303250104 | FICO | FAIR ISAAC CORP | $715,132 | 0.08% | 423 | Common | SOLE |
| 92826C839 | V | VISA INC | $689,145 | 0.08% | 1,965 | Common | SOLE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $607,416 | 0.07% | 1,064 | Common | SOLE |
| 09257W100 | BXMT | BLACKSTONE MTG TR INC | $606,134 | 0.07% | 31,685 | Common | SOLE |
| G4474Y214 | JHG | JANUS HENDERSON GROUP PLC | $575,121 | 0.06% | 12,090 | Common | SOLE |
| 48251W104 | KKR | KKR & CO INC | $549,184 | 0.06% | 4,308 | Common | SOLE |
| G0692U109 | AXS | AXIS CAP HLDGS LTD | $526,240 | 0.06% | 4,914 | Common | SOLE |
| 29670E107 | EPRT | ESSENTIAL PPTYS RLTY TR INC | $523,944 | 0.06% | 17,665 | Common | SOLE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $523,259 | 0.06% | 1,041 | Common | SOLE |
| 69753M105 | PLMR | PALOMAR HLDGS INC | $520,713 | 0.06% | 3,864 | Common | SOLE |
| 64119V303 | NTST | NETSTREIT CORP | $515,035 | 0.06% | 29,197 | Common | SOLE |
| 743315103 | PGR | PROGRESSIVE CORP | $501,895 | 0.06% | 2,204 | Common | SOLE |
| 92276F100 | VTR | VENTAS INC | $494,458 | 0.05% | 6,390 | Common | SOLE |
| 82509L107 | SHOP | SHOPIFY INC | $488,705 | 0.05% | 3,036 | Common | SOLE |
| 92936U109 | WPC | WP CAREY INC | $456,377 | 0.05% | 7,091 | Common | SOLE |
| 861025104 | SYBT | STOCK YDS BANCORP INC | $412,497 | 0.05% | 6,351 | Common | SOLE |
| 23834J201 | DAVE | DAVE INC | $402,966 | 0.04% | 1,820 | Common | SOLE |
| 87165B103 | SYF | SYNCHRONY FINANCIAL | $392,622 | 0.04% | 4,706 | Common | SOLE |
| 73757R102 | PSTL | POSTAL REALTY TRUST INC | $378,983 | 0.04% | 23,481 | Common | SOLE |
| 31620M106 | FIS | FIDELITY NATL INFORMATION SV | $372,774 | 0.04% | 5,609 | Common | SOLE |
| 91359E105 | UHT | UNIVERSAL HEALTH RLTY INCOME | $368,927 | 0.04% | 9,409 | Common | SOLE |
| 09260D107 | BX | BLACKSTONE INC | $317,066 | 0.04% | 2,057 | Common | SOLE |
| G00894108 | ARX | ACCELERANT HOLDINGS | $293,859 | 0.03% | 17,973 | Common | SOLE |
| 46817M107 | JXN | JACKSON FINANCIAL INC | $291,901 | 0.03% | 2,737 | Common | SOLE |
| 64073B103 | NP | NEPTUNE INS HLDGS INC | $289,355 | 0.03% | 9,923 | Common | SOLE |
| 14040H105 | COF | CAPITAL ONE FINL CORP | $288,893 | 0.03% | 1,192 | Common | SOLE |
| 11135E203 | BNL | BROADSTONE NET LEASE INC | $257,371 | 0.03% | 14,817 | Common | SOLE |
| 03990B101 | ARES | ARES MANAGEMENT CORPORATION | $251,658 | 0.03% | 1,557 | Common | SOLE |
| 05589G102 | BWIN | THE BALDWIN INSURANCE GRP IN | $251,210 | 0.03% | 10,454 | Common | SOLE |
| 30225T102 | EXR | EXTRA SPACE STORAGE INC | $245,334 | 0.03% | 1,884 | Common | SOLE |
| 668771108 | GEN | GEN DIGITAL INC | $235,493 | 0.03% | 8,661 | Common | SOLE |
| 314211103 | FHI | FEDERATED HERMES INC | $228,223 | 0.03% | 4,383 | Common | SOLE |
| 36120Q101 | FVCB | FVCBANKCORP INC | $224,174 | 0.02% | 16,116 | Common | SOLE |
| 872657101 | TPG | TPG INC | $217,375 | 0.02% | 3,405 | Common | SOLE |
| 82452J109 | FOUR | SHIFT4 PMTS INC | $214,665 | 0.02% | 3,409 | Common | SOLE |
| 018581108 | BFH | BREAD FINANCIAL HOLDINGS INC | $201,140 | 0.02% | 2,717 | Common | SOLE |
| 444097406 | HPP | HUDSON PAC PPTYS INC | $157,403 | 0.02% | 14,534 | 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.