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North Reef Capital Management LP — 13F Holdings & Portfolio

CIK 1867831 · latest 13F-HR filed 2026-05-15

Backtest portfolio

North Reef Capital Management LP manages $2.91B in 13F-reported U.S. long-equity assets across 60 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are FHN (11.32%), MKTX (10.65%), ABCB (9.19%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 18 new positions, exited 14, added to 18, and trimmed 17.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM

$2.91B

Long-equity book

Holdings

60

Distinct positions

Period

2026-03-31

Filed 2026-05-15

Q/Q Activity

+18 / −14 / ↑18 / ↓17

vs 2025-12-31

Firm Profile & Key People
Name Title / Status Ownership Type

Top Adds (vs prior quarter)

  • ALKAMI TECHNOLOGY INC$71.4M +147.4%
  • CENTRAL BANCOMPANY$66.0M +208.7%
  • AMERIS BANCORP$63.7M +31.3%
  • FIRST HORIZON CORPORATION$53.7M +19.5%
  • PROSPERITY BANCSHARES INC$43.7M +142.0%
Show all 18 →

Top Trims

  • Q2 HLDGS INC-$58.3M -66.5%
  • FIRST INTST BANCSYSTEM INC-$57.5M -84.1%
  • FB FINL CORP-$23.8M -47.9%
  • MIAMI INTL HLDGS INC-$16.7M -29.7%
  • FIRST FNDTN INC-$13.2M -27.5%
Show all 17 →

New Positions

  • KEYCORP$253.6M
  • TRUSTMARK CORP$82.3M
  • PIPER SANDLER COMPANIES$73.8M
  • FLAGSTAR BANK NATIONAL ASSOC$36.7M
  • FIDELITY NATL INFORMATION SV$36.4M
Show all 18 →

Exited Positions

  • COLUMBIA BKG SYS INC$103.4M
  • STELLAR BANCORP INC$89.0M
  • PIPER SANDLER COMPANIES$69.6M
  • FIFTH THIRD BANCORP$39.8M
  • TRUIST FINL CORP$37.7M
Show all 14 →
All Holdings

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 FIRST HORIZON CORPORATION FHN 320517105 $329.0M 11.32% 14,453,208 SH
2 MARKETAXESS HLDGS INC MKTX 57060D108 $309.3M 10.65% 1,875,000 SH
3 AMERIS BANCORP ABCB 03076K108 $267.0M 9.19% 3,423,243 SH
4 KEYCORP KEY 493267108 $253.6M 8.73% 12,650,000 SH
5 SEACOAST BKG CORP FLA SBCF 811707801 $176.4M 6.07% 5,825,000 SH
6 ATLANTIC UN BANKSHARES CORP AUB 04911A107 $153.1M 5.27% 4,285,000 SH
7 ALKAMI TECHNOLOGY INC ALKT 01644J108 $119.9M 4.13% 7,650,000 SH
8 VISA INC V 92826C839 $108.8M 3.74% 360,000 SH
9 CENTRAL BANCOMPANY CBC 152413100 $97.6M 3.36% 4,075,000 SH
10 ACI WORLDWIDE INC ACIW 004498101 $91.5M 3.15% 2,230,000 SH
11 TRUSTMARK CORP TRMK 898402102 $82.3M 2.83% 1,952,930 SH
12 PROSPERITY BANCSHARES INC PB 743606105 $74.4M 2.56% 1,107,877 SH
13 PIPER SANDLER COMPANIES PIPR 724078209 $73.8M 2.54% 964,632 SH
14 EAGLE BANCORPORATION INC EGBN 268948106 $67.3M 2.32% 2,706,025 SH
15 NORTHERN TR CORP NTRS 665859104 $41.7M 1.43% 298,559 SH
16 TRADEWEB MKTS INC TW 892672106 $39.7M 1.36% 337,071 SH
17 MIAMI INTL HLDGS INC MIAX 59356Q108 $39.5M 1.36% 1,014,274 SH
18 FLAGSTAR BANK NATIONAL ASSOC FLG 649445400 $36.7M 1.26% 2,790,000 SH
19 FIDELITY NATL INFORMATION SV FIS 31620M106 $36.4M 1.25% 775,000 SH
20 FIRST FNDTN INC FHELF 32026V104 $34.9M 1.20% 5,911,778 SH
21 SCHWAB CHARLES CORP SCHW 808513105 $32.9M 1.13% 350,000 SH
22 MARQETA INC MQ 57142B104 $30.2M 1.04% 7,400,000 SH
23 Q2 HLDGS INC QTWO 74736L109 $29.4M 1.01% 620,814 SH
24 WEALTHFRONT CORP WLTH 947002101 $26.7M 0.92% 2,885,257 SH
25 BANC OF CALIFORNIA INC BANC 05990K106 $26.4M 0.91% 1,500,000 SH
26 FB FINL CORP FBK 30257X104 $26.0M 0.89% 500,000 SH
27 AMERANT BANCORP INC AMTB 023576101 $25.6M 0.88% 1,160,488 SH
28 RAYMOND JAMES FINL INC RJF 754730109 $23.0M 0.79% 159,162 SH
29 I3 VERTICALS INC IIIV 46571Y107 $22.9M 0.79% 1,025,000 SH
30 PAYMENTUS HOLDINGS INC PAY 70439P108 $18.7M 0.64% 734,551 SH
31 TRICO BANCSHARES TCBK 896095106 $17.7M 0.61% 373,141 SH
32 FIRST WESTN FINL INC MYFW 33751L105 $17.6M 0.61% 716,609 SH
33 AMERICAN EXPRESS CO AXP 025816109 $15.1M 0.52% 50,000 SH
34 PRIMIS FINANCIAL CORP FRST 74167B109 $15.1M 0.52% 1,135,281 SH
35 FLYWIRE CORPORATION FLYW 302492103 $12.8M 0.44% 1,100,000 SH
36 NATIONAL BK HLDGS CORP NBHC 633707104 $12.5M 0.43% 320,352 SH
37 ACADIAN ASSET MANAGEMENT INC AAMI 10948W103 $12.0M 0.41% 220,239 SH
38 BANNER CORP BANR 06652V208 $11.9M 0.41% 195,449 SH
39 FIRST INTST BANCSYSTEM INC FIBK 32055Y201 $10.9M 0.37% 325,157 SH
40 JEFFERSON CAPITAL INC JCAP 47248R103 $10.2M 0.35% 532,151 SH
41 PINNACLE FINL PARTNERS INC PNFP 72348N109 $8.7M 0.30% 100,935 SH
42 COASTALSOUTH BANCSHARES INC COSO 19058X207 $7.9M 0.27% 320,982 SH
43 GLOBAL PMTS INC GPN 37940X102 $6.7M 0.23% 100,000 SH
44 GCM GROSVENOR INC GCMG 36831E108 $6.2M 0.21% 630,179 SH
45 SMARTFINANCIAL INC SMBK 83190L208 $5.4M 0.18% 137,088 SH
46 NCR VOYIX CORPORATION VYX 62886E108 $5.1M 0.18% 810,732 SH
47 STIFEL FINL CORP SF 860630102 $4.2M 0.15% 57,230 SH
48 FIGURE TECHNOLOGY SOLUTIO FIGR 349381103 $4.1M 0.14% 119,398 SH
49 NORTHPOINTE BANCSHARES INC. NPB 66661N886 $4.0M 0.14% 232,396 SH
50 AVIDBANK HLDGS INC AVBH 05368J103 $3.5M 0.12% 123,022 SH
Filing History
Period Filed AUM Holdings Accession
2026-03-31 2026-05-15 $2.91B 60 0001214659-26-006407
2025-12-31 2026-02-17 $2.48B 56 0001214659-26-001902
2025-09-30 2025-11-14 $2.14B 43 0001214659-25-016568