2026 Q1 Portfolio Activity
In 2026 Q1, North Reef Capital Management LP maintained a portfolio of 74 distinct positions. The most significant new addition was KEYCORP, now representing 8.73% of the total fund value. They heavily accumulated shares in PIPER SANDLER COMPANIES, increasing the position by 1086.8%. Conversely, North Reef Capital Management LP completely exited their position in COLUMBIA BKG SYS INC.
Position History
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Total Positions
74
Quarter
2026 Q1
Top Holding
FHN (11.3%)
Top 10 Concentration
65.6%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 74
North Reef Capital Management LP Full Holdings List — 2026 Q1
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
FHN
FIRST HORIZON C...
|
Financial Services | 11.32% | 11.08% |
#1
1
Prev: #2
|
8.5 |
—
|
2,936,368 | 25.5% |
P
S
|
14,453,208 | $328,955,014 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MKTX
MARKETAXESS HLD...
|
Financial Services | 10.65% | 11.74% |
#2
1
Prev: #1
|
7.5 |
—
|
265,670 | 16.5% |
P
S
|
1,875,000 | $309,337,500 | 2023 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ABCB
AMERIS BANCORP
|
Financial Services | 9.19% | 8.18% |
#3
Prev: #3
|
7.2 |
—
|
686,215 | 25.1% |
P
S
|
3,423,243 | $266,978,722 | 2022 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
KEY
KEYCORP
|
Financial Services | 8.73% | — |
#4
Prev: #—
|
7.5 |
—
|
12,650,000 | — |
NEW
|
12,650,000 | $253,632,500 | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
SBCF
SEACOAST BKG CO...
|
Financial Services | 6.07% | 7.37% |
#5
1
Prev: #4
|
3.4 |
—
|
-7,075 | -0.1% |
P
S
|
5,825,000 | $176,439,250 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
AUB
ATLANTIC UN BAN...
|
Financial Services | 5.27% | 6.50% |
#6
1
Prev: #5
|
2.6 |
—
|
-287,090 | -6.3% |
P
S
|
4,285,000 | $153,145,900 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ALKT
ALKAMI TECHNOLO...
|
Technology | 4.13% | 1.95% |
#7
9
Prev: #16
|
4.7 |
—
|
5,550,000 | 264.3% |
P
S
|
7,650,000 | $119,875,500 | 2022 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
V
VISA INC
|
Financial Services | 3.74% | 3.81% |
#8
1
Prev: #7
|
4.0 |
—
|
90,000 | 33.3% |
P
S
|
360,000 | $108,806,400 | 2023 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CBCY
CENTRAL BANCOMP...
|
Unknown | 3.36% | 1.27% |
#9
13
Prev: #22
|
4.3 |
—
|
2,764,327 | 210.9% |
P
S
|
4,075,000 | $97,596,250 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ACIW
ACI WORLDWIDE I...
|
Technology | 3.15% | 3.79% |
#10
2
Prev: #8
|
3.3 |
—
|
260,000 | 13.2% |
P
S
|
2,230,000 | $91,452,300 | 2022 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
TRMK
TRUSTMARK CORP
|
Financial Services | 2.83% | — |
#11
Prev: #—
|
4.6 |
—
|
1,952,930 | — |
NEW
|
1,952,930 | $82,296,470 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
PB
PROSPERITY BANC...
|
Financial Services | 2.56% | 1.24% |
#12
11
Prev: #23
|
4.0 |
—
|
662,877 | 149.0% |
P
S
|
1,107,877 | $74,427,177 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
PIPER SANDLER C...
|
|
Unknown | 2.54% | — |
#13
Prev: #—
|
4.5 |
—
|
964,632 | — |
NEW
|
964,632 | $73,842,580 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
EGBN
EAGLE BANCORPOR...
|
Financial Services | 2.32% | 2.53% |
#14
1
Prev: #13
|
1.4 |
—
|
-233,975 | -8.0% |
P
S
|
2,706,025 | $67,298,842 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
NTRS
NORTHERN TR COR...
|
Financial Services | 1.43% | 1.71% |
#15
3
Prev: #18
|
1.1 |
—
|
-12,052 | -3.9% |
P
S
|
298,559 | $41,669,880 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
TW
TRADEWEB MKTS I...
|
Financial Services | 1.36% | 1.37% |
#16
5
Prev: #21
|
2.5 |
—
|
21,032 | 6.7% |
P
S
|
337,071 | $39,659,774 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MIAX
MIAMI INTL HLDG...
|
Financial Services | 1.36% | 2.26% |
#17
3
Prev: #14
|
1.0 |
—
|
-250,726 | -19.8% |
P
S
|
1,014,274 | $39,475,544 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
FLG
FLAGSTAR BANK N...
|
Financial Services | 1.26% | — |
#18
Prev: #—
|
4.0 |
—
|
2,790,000 | — |
NEW
|
2,790,000 | $36,744,300 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
FIS
FIDELITY NATL I...
|
Technology | 1.25% | — |
#19
Prev: #—
|
4.0 |
—
|
775,000 | — |
NEW
|
775,000 | $36,355,250 | 2023 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
FFWM
FIRST FNDTN INC
|
Financial Services | 1.20% | 1.94% |
#20
3
Prev: #17
|
0.5 |
—
|
-1,900,697 | -24.3% |
P
S
|
5,911,778 | $34,879,490 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
SCHW
SCHWAB CHARLES ...
|
Financial Services | 1.13% | — |
#21
Prev: #—
|
4.0 |
—
|
350,000 | — |
NEW
|
350,000 | $32,893,000 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MQ
MARQETA INC
|
Technology | 1.04% | 1.15% |
#22
2
Prev: #24
|
2.9 |
—
|
1,400,000 | 23.3% |
P
S
|
7,400,000 | $30,192,000 | 2023 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
QTWO
Q2 HLDGS INC
|
Technology | 1.01% | 3.53% |
#23
13
Prev: #10
|
0.4 |
—
|
-594,186 | -48.9% |
P
S
|
620,814 | $29,364,502 | 2022 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
WLTH
WEALTHFRONT COR...
|
Technology | 0.92% | 0.67% |
#24
6
Prev: #30
|
3.4 |
—
|
1,658,624 | 135.2% |
P
S
|
2,885,257 | $26,688,627 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
BANC
BANC OF CALIFOR...
|
Financial Services | 0.91% | 0.90% |
#25
1
Prev: #26
|
2.9 |
—
|
343,320 | 29.7% |
P
S
|
1,500,000 | $26,370,000 | 2022 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
FBK
FB FINL CORP
|
Financial Services | 0.89% | 2.00% |
#26
11
Prev: #15
|
0.4 |
—
|
-392,685 | -44.0% |
P
S
|
500,000 | $25,970,000 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
AMTB
AMERANT BANCORP...
|
Financial Services | 0.88% | — |
#27
Prev: #—
|
3.9 |
—
|
1,160,488 | — |
NEW
|
1,160,488 | $25,577,156 | 2024 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
RJF
RAYMOND JAMES F...
|
Financial Services | 0.79% | — |
#28
Prev: #—
|
3.8 |
—
|
159,162 | — |
NEW
|
159,162 | $23,045,066 | 2022 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
IIIV
I3 VERTICALS IN...
|
Technology | 0.79% | 0.08% |
#29
25
Prev: #54
|
3.3 |
—
|
949,289 | 1253.8% |
P
S
|
1,025,000 | $22,919,000 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
PAY
PAYMENTUS HOLDI...
|
Technology | 0.64% | — |
#30
Prev: #—
|
3.8 |
—
|
734,551 | — |
NEW
|
734,551 | $18,657,595 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
TCBK
TRICO BANCSHARE...
|
Financial Services | 0.61% | 0.93% |
#31
6
Prev: #25
|
0.2 |
—
|
-112,282 | -23.1% |
P
S
|
373,141 | $17,739,123 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MYFW
FIRST WESTN FIN...
|
Financial Services | 0.61% | 0.74% |
#32
4
Prev: #28
|
0.7 |
—
|
30,655 | 4.5% |
P
S
|
716,609 | $17,614,249 | 2022 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
AXP
AMERICAN EXPRES...
|
Financial Services | 0.52% | — |
#33
Prev: #—
|
3.7 |
—
|
50,000 | — |
NEW
|
50,000 | $15,124,000 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
FRST
PRIMIS FINANCIA...
|
Financial Services | 0.52% | 0.67% |
#34
5
Prev: #29
|
0.7 |
—
|
-68,323 | -5.7% |
P
S
|
1,135,281 | $15,076,532 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
FLYW
FLYWIRE CORPORA...
|
Technology | 0.44% | 0.34% |
#35
1
Prev: #34
|
3.2 |
—
|
499,999 | 83.3% |
P
S
|
1,100,000 | $12,804,000 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
NBHC
NATIONAL BK HLD...
|
Financial Services | 0.43% | — |
#36
Prev: #—
|
3.7 |
—
|
320,352 | — |
NEW
|
320,352 | $12,544,984 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
AAMI
ACADIAN ASSET M...
|
Financial Services | 0.41% | 0.84% |
#37
10
Prev: #27
|
0.2 |
—
|
-223,683 | -50.4% |
P
S
|
220,239 | $11,985,406 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
BANR
BANNER CORP
|
Financial Services | 0.41% | — |
#38
Prev: #—
|
3.7 |
—
|
195,449 | — |
NEW
|
195,449 | $11,859,845 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
FIBK
FIRST INTST BAN...
|
Financial Services | 0.37% | 2.75% |
#39
27
Prev: #12
|
0.1 |
—
|
-1,649,842 | -83.5% |
P
S
|
325,157 | $10,860,244 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
JCAP
JEFFERSON CAPIT...
|
Financial Services | 0.35% | 0.22% |
#40
1
Prev: #41
|
3.1 |
—
|
292,678 | 122.2% |
P
S
|
532,151 | $10,233,264 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
PNFP
PINNACLE FINL P...
|
Financial Services | 0.30% | — |
#41
Prev: #—
|
3.6 |
—
|
100,935 | — |
NEW
|
100,935 | $8,694,541 | 2022 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
COSO
COASTALSOUTH BA...
|
Financial Services | 0.27% | 0.25% |
#42
3
Prev: #39
|
2.6 |
—
|
57,082 | 21.6% |
P
S
|
320,982 | $7,892,947 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
GPN
GLOBAL PMTS INC
|
Industrials | 0.23% | — |
#43
Prev: #—
|
3.6 |
—
|
100,000 | — |
NEW
|
100,000 | $6,730,000 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
GCMG
GCM GROSVENOR I...
|
Financial Services | 0.21% | 0.27% |
#44
6
Prev: #38
|
0.6 |
—
|
28,824 | 4.8% |
P
S
|
630,179 | $6,175,754 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
SMBK
SMARTFINANCIAL ...
|
Financial Services | 0.18% | 0.20% |
#45
2
Prev: #43
|
0.6 |
—
|
2,217 | 1.6% |
P
S
|
137,088 | $5,357,399 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
VYX
NCR VOYIX CORPO...
|
Technology | 0.18% | 0.34% |
#46
13
Prev: #33
|
0.6 |
—
|
-29,663 | -3.5% |
P
S
|
810,732 | $5,131,934 | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
SF
STIFEL FINL COR...
|
Financial Services | 0.15% | — |
#47
Prev: #—
|
3.6 |
—
|
57,230 | — |
NEW
|
57,230 | $4,230,442 | 2022 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
FIGR
FIGURE TECHNOLO...
|
Financial Services | 0.14% | 0.21% |
#48
6
Prev: #42
|
0.6 |
—
|
-5,602 | -4.5% |
P
S
|
119,398 | $4,053,562 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
NPB
NORTHPOINTE BAN...
|
Financial Services | 0.14% | 0.17% |
#49
3
Prev: #46
|
0.6 |
—
|
-26,356 | -10.2% |
P
S
|
232,396 | $4,011,155 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
AVBH
AVIDBANK HLDGS ...
|
Financial Services | 0.12% | 0.13% |
#50
3
Prev: #47
|
0.5 |
—
|
-649 | -0.5% |
P
S
|
123,022 | $3,506,127 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 |
Showing 1-50 of 74 holdings