Institutional
North Reef Capital Management LP
CIK 0001867831
$2.91B
Reported AUM
60
Positions
Q1 2026
Period
2026-05-15
Filed
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.
Portfolio · Q1 2026
Top holdings
| # | Stock | Issuer | Price | Day % | 1Y Gr. | 5Y Gr. | Value | % of book | Δ shares (QoQ) | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | FHN | FIRST HORIZON CORPORATION | $25.45 | -1.24% | 24.24% | 86.94% | $329.0M | 11.32% | — | HELD |
| 2 | MKTX | MARKETAXESS HLDGS INC | — | — | -20.13% | -63.64% | $309.3M | 10.65% | — | HELD |
| 3 | ABCB | AMERIS BANCORP | $87.57 | -0.30% | 34.22% | 89.46% | $267.0M | 9.19% | — | HELD |
| 4 | KEY | KEYCORP | $22.61 | 1.94% | 33.52% | 40.60% | $253.6M | 8.73% | — | HELD |
| 5 | SBCF | SEACOAST BKG CORP FLA | $34.57 | 1.38% | 27.96% | 22.45% | $176.4M | 6.07% | — | HELD |
| 6 | AUB | ATLANTIC UN BANKSHARES CORP | $42.28 | -0.80% | 41.92% | 37.59% | $153.1M | 5.27% | — | HELD |
| 7 | ALKT | ALKAMI TECHNOLOGY INC | $17.81 | -2.84% | -13.62% | -38.03% | $119.9M | 4.13% | — | HELD |
| 8 | V | VISA INC | $366.27 | -0.67% | 8.37% | 65.12% | $108.8M | 3.74% | — | HELD |
| 9 | CBC | CENTRAL BANCOMPANY | $32.83 | 0.49% | 40.55% | 37.34% | $97.6M | 3.36% | — | HELD |
| 10 | ACIW | ACI WORLDWIDE INC | $57.69 | -4.14% | 41.51% | 78.87% | $91.5M | 3.15% | — | HELD |
| 11 | TRMK | TRUSTMARK CORP | $47.54 | 1.30% | 33.12% | 73.05% | $82.3M | 2.83% | — | HELD |
| 12 | PB | PROSPERITY BANCSHARES INC | $74.82 | 0.79% | 17.72% | 26.73% | $74.4M | 2.56% | — | HELD |
| 13 | PIPR | PIPER SANDLER COMPANIES | $76.18 | 3.20% | 0.34% | 147.74% | $73.8M | 2.54% | — | HELD |
| 14 | EGBN | EAGLE BANCORPORATION INC | $27.49 | -1.43% | 74.24% | -42.02% | $67.3M | 2.32% | — | HELD |
| 15 | NTRS | NORTHERN TR CORP | $182.51 | 2.74% | 46.38% | 78.20% | $41.7M | 1.43% | — | HELD |
| 16 | TW | TRADEWEB MKTS INC | $97.80 | -9.60% | -20.69% | 26.82% | $39.7M | 1.36% | — | HELD |
| 17 | MIAX | MIAMI INTL HLDGS INC | $46.00 | -0.86% | 48.14% | 14.51% | $39.5M | 1.36% | — | HELD |
| 18 | FLG | FLAGSTAR BANK NATIONAL ASSOC | $14.25 | 1.21% | 27.58% | -55.19% | $36.7M | 1.26% | — | HELD |
| 19 | FIS | FIDELITY NATL INFORMATION SV | $46.00 | -1.73% | -39.99% | -59.58% | $36.4M | 1.25% | — | HELD |
| 20 | FFWM | FIRST FNDTN INC | — | — | — | — | $34.9M | 1.20% | — | HELD |
| 21 | SCHW | SCHWAB CHARLES CORP | $104.33 | -0.13% | 9.66% | 51.38% | $32.9M | 1.13% | — | HELD |
| 22 | MQ | MARQETA INC | $17.65 | -3.87% | -20.21% | -84.81% | $30.2M | 1.04% | — | HELD |
| 23 | QTWO | Q2 HLDGS INC | $59.07 | -2.23% | -21.60% | -31.89% | $29.4M | 1.01% | — | HELD |
| 24 | WLTH | WEALTHFRONT CORP | $9.46 | 2.27% | -26.95% | 8.99% | $26.7M | 0.92% | — | HELD |
| 25 | BANC | BANC OF CALIFORNIA INC | $18.84 | 1.34% | 36.46% | 18.09% | $26.4M | 0.91% | — | HELD |
| 26 | FBK | FB FINL CORP | $60.10 | 0.69% | 28.51% | 56.87% | $26.0M | 0.89% | — | HELD |
| 27 | AMTB | AMERANT BANCORP INC | $29.61 | 0.44% | 61.91% | 20.00% | $25.6M | 0.88% | — | HELD |
| 28 | RJF | RAYMOND JAMES FINL INC | $174.97 | 0.47% | 7.55% | 99.25% | $23.0M | 0.79% | — | HELD |
| 29 | IIIV | I3 VERTICALS INC | $21.02 | -2.00% | -24.93% | -27.29% | $22.9M | 0.79% | — | HELD |
| 30 | PAY | PAYMENTUS HOLDINGS INC | $34.87 | -4.99% | 23.26% | 35.95% | $18.7M | 0.64% | — | HELD |
| 31 | TCBK | TRICO BANCSHARES | $57.94 | 0.05% | — | — | $17.7M | 0.61% | — | HELD |
| 32 | MYFW | FIRST WESTN FINL INC | $31.78 | 1.31% | — | — | $17.6M | 0.61% | — | HELD |
| 33 | AXP | AMERICAN EXPRESS CO | $337.52 | 1.82% | — | — | $15.1M | 0.52% | — | HELD |
| 34 | FRST | PRIMIS FINANCIAL CORP | $15.90 | -0.87% | — | — | $15.1M | 0.52% | — | HELD |
| 35 | FLYW | FLYWIRE CORPORATION | $16.27 | -1.75% | — | — | $12.8M | 0.44% | — | HELD |
| 36 | NBHC | NATIONAL BK HLDGS CORP | $42.58 | 0.02% | — | — | $12.5M | 0.43% | — | HELD |
| 37 | AAMI | ACADIAN ASSET MANAGEMENT INC | $83.95 | 3.86% | — | — | $12.0M | 0.41% | — | HELD |
| 38 | BANR | BANNER CORP | $69.84 | -0.17% | — | — | $11.9M | 0.41% | — | HELD |
| 39 | FIBK | FIRST INTST BANCSYSTEM INC | $38.46 | 1.88% | — | — | $10.9M | 0.37% | — | HELD |
| 40 | JCAP | JEFFERSON CAPITAL INC | $20.06 | -1.47% | — | — | $10.2M | 0.35% | — | HELD |
| 41 | PNFP | PINNACLE FINL PARTNERS INC | $104.84 | 0.10% | — | — | $8.7M | 0.30% | — | HELD |
| 42 | COSO | COASTALSOUTH BANCSHARES INC | $27.08 | -0.95% | — | — | $7.9M | 0.27% | — | HELD |
| 43 | GPN | GLOBAL PMTS INC | $86.84 | -1.62% | — | — | $6.7M | 0.23% | — | HELD |
| 44 | GCMG | GCM GROSVENOR INC | $12.43 | 1.89% | — | — | $6.2M | 0.21% | — | HELD |
| 45 | SMBK | SMARTFINANCIAL INC | $52.65 | -0.59% | — | — | $5.4M | 0.18% | — | HELD |
| 46 | VYX | NCR VOYIX CORPORATION | $8.16 | -5.77% | — | — | $5.1M | 0.18% | — | HELD |
| 47 | SF | STIFEL FINL CORP | $82.63 | 0.87% | — | — | $4.2M | 0.15% | — | HELD |
| 48 | FIGR | FIGURE TECHNOLOGY SOLUTIO | $25.81 | 3.36% | — | — | $4.1M | 0.14% | — | HELD |
| 49 | NPB | NORTHPOINTE BANCSHARES INC. | $17.28 | -0.12% | — | — | $4.0M | 0.14% | — | HELD |
| 50 | AVBH | AVIDBANK HLDGS INC | $32.86 | 0.46% | — | — | $3.5M | 0.12% | — | HELD |
| 51 | COF | CAPITAL ONE FINL CORP | $210.14 | 0.69% | — | — | $3.4M | 0.12% | — | HELD |
| 52 | CRMT | AMERICAS CAR-MART INC | $3.21 | 3.22% | — | — | $3.3M | 0.11% | — | HELD |
| 53 | KLAR | KLARNA GROUP PLC | $19.00 | 2.04% | — | — | $2.9M | 0.10% | — | HELD |
| 54 | USCB | USCB FINANCIAL HOLDINGS INC | $21.84 | -0.82% | — | — | $2.4M | 0.08% | — | HELD |
| 55 | NEWT | NEWTEKONE INC | $14.63 | -0.75% | — | — | $2.2M | 0.07% | — | HELD |
| 56 | CVBF | CVB FINL CORP | $22.67 | -0.70% | — | — | $1.9M | 0.07% | — | HELD |
| 57 | RBB | RBB BANCORP | $26.26 | -0.38% | — | — | $1.4M | 0.05% | — | HELD |
| 58 | UWMC | UWM HOLDINGS CORPORATION | $1.86 | -6.06% | — | — | $1.3M | 0.04% | — | HELD |
| 59 | RNST | RENASANT CORP | $43.34 | -1.12% | — | — | $539K | 0.02% | — | HELD |
| 60 | GEMI | GEMINI SPACE STA INC | $4.11 | 1.11% | — | — | $220K | 0.01% | — | HELD |
Source: SEC EDGAR · accession 0001214659-26-006407. 13F discloses long positions only — shorts, foreign equities, and options are excluded.