North Reef Capital Management LP

All Holdings — 2025 Q4

Portfolio Concentration Analytics: 7.6
Risk-based ENB:
Total Positions
61
Quarter
2025 Q4
Top Holding
MKTX (11.7%)
Top 10 Concentration
63.7%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-25 of 61
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
MKTX
MARKETAXESS HLD...
Financial Services 11.74% 7.43% #1 3
Prev: #4
6.9 697,972 76.6%
P
S
1,609,330 $291,691,062 2023 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
FHN
FIRST HORIZON C...
Financial Services 11.08% 13.08% #2 1
Prev: #1
4.5 -853,160 -6.9%
P
S
11,516,840 $275,252,476 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ABCB
AMERIS BANCORP
Financial Services 8.18% 6.79% #3 3
Prev: #6
5.4 755,967 38.2%
P
S
2,737,028 $203,279,070 2022 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
SBCF
SEACOAST BKG CO...
Financial Services 7.37% 7.11% #4 1
Prev: #5
5.0 837,075 16.8%
P
S
5,832,075 $183,243,796 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
AUB
ATLANTIC UN BAN...
Financial Services 6.50% 6.13% #5 2
Prev: #7
4.7 858,486 23.1%
P
S
4,572,090 $161,394,777 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
COLB
COLUMBIA BKG SY...
Financial Services 4.16% 0.12% #6 35
Prev: #41
4.0 3,600,000 3600.0%
P
S
3,700,000 $103,415,000 2023 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
V
VISA INC
Financial Services 3.81% 1.68% #7 8
Prev: #15
3.8 165,000 157.1%
P
S
270,000 $94,691,700 2023 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
ACIW
ACI WORLDWIDE I...
Technology 3.79% 4.40% #8 1
Prev: #9
3.5 186,149 10.4%
P
S
1,970,000 $94,185,700 2022 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
STEL
STELLAR BANCORP...
Financial Services 3.58% 2.60% #9 1
Prev: #10
3.6 1,045,308 57.1%
P
S
2,875,245 $88,960,080 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
QTWO
Q2 HLDGS INC
Technology 3.53% 5.72% #10 2
Prev: #8
1.5 -475,000 -28.1%
P
S
1,215,000 $87,674,400 2022 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
PIPR
PIPER SANDLER C...
Financial Services 2.80% 2.46% #11 1
Prev: #12
3.2 53,193 35.1%
P
S
204,900 $69,606,579 2023 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
FIBK
FIRST INTST BAN...
Financial Services 2.75% 1.27% #12 5
Prev: #17
3.4 1,124,999 132.4%
P
S
1,974,999 $68,334,965 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
EGBN
EAGLE BANCORP I...
Financial Services 2.53% 2.49% #13 2
Prev: #11
3.0 307,082 11.7%
P
S
2,940,000 $62,974,800 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
MIAX
MIAMI INTL HLDG...
Financial Services 2.26% 1.37% #14 2
Prev: #16
3.1 539,196 74.3%
P
S
1,265,000 $56,140,700 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
FBK
FB FINL CORP
Financial Services 2.00% #15
Prev: #—
2.8 892,685 no change
NEW
892,685 $49,811,823 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ALKT
ALKAMI TECHNOLO...
Technology 1.95% 0.15% #16 22
Prev: #38
3.1 1,972,396 1545.7%
P
S
2,100,000 $48,447,000 2022 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
FFWM
FIRST FNDTN INC
Financial Services 1.94% 1.80% #17 3
Prev: #14
2.8 912,169 13.2%
P
S
7,812,475 $48,124,846 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
NTRS
NORTHERN TR COR...
Financial Services 1.71% 1.20% #18
Prev: #18
2.9 120,611 63.5%
P
S
310,611 $42,426,356 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
FITB
FIFTH THIRD BAN...
Financial Services 1.60% #19
Prev: #—
2.6 850,000 no change
NEW
850,000 $39,788,500 2023 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
TFC
TRUIST FINL COR...
Financial Services 1.52% #20
Prev: #—
2.6 765,774 no change
NEW
765,774 $37,683,739 2023 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
TW
TRADEWEB MKTS I...
Financial Services 1.37% 0.21% #21 14
Prev: #35
2.8 274,839 667.1%
P
S
316,039 $33,986,834 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CBCY
CENTRAL BANCOMP...
Financial Services 1.27% #22
Prev: #—
2.5 1,310,673 no change
NEW
1,310,673 $31,613,433 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
PB
PROSPERITY BANC...
Financial Services 1.24% #23
Prev: #—
2.5 445,000 no change
NEW
445,000 $30,753,950 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
MQ
MARQETA INC
Technology 1.15% 1.15% #24 4
Prev: #20
2.5 1,350,000 29.0%
P
S
6,000,000 $28,500,000 2023 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
TCBK
TRICO BANCSHARE...
Financial Services 0.93% #25
Prev: #—
2.4 485,423 no change
NEW
485,423 $22,994,488 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CADE
CADENCE BANK
Financial Services 0.00% 12.39%
Sold All 😨
(Was: #2)
0.3 -7,055,000 -100.0%
CLOSED
$— 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CMA
COMERICA INC
Financial Services 0.00% 11.44%
Sold All 😨
(Was: #3)
0.3 -3,570,000 -100.0%
CLOSED
$— 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
KRE
SPDR SERIES TRU...
Unknown 0.00% 0.22%
Sold All 😨
(Was: #34)
0.3 -75,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CME
CME GROUP INC
Financial Services 0.00% 0.14%
Sold All 😨
(Was: #39)
0.3 -11,198 -100.0%
CLOSED
$— 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CIVB
CIVISTA BANCSHA...
Financial Services 0.00% 0.03%
Sold All 😨
(Was: #43)
0.3 -29,776 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-25 of 61 holdings

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