FJ Capital Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), FJ Capital Management LLC reported 111 stock positions worth $861.8 million. Its top holding was Hometrust Bancshares (HTB) at 6.4% of the portfolio, followed by Equity Bancshares Class A (EQBK, 5.5%) and RBB Bancorp (RBB, 3.8%). Compared with Q3 2024, it opened 39 new positions, sold out of 48, added to 29 and reduced 39. The biggest buy was a new position in Webster Financial (WBS) and the biggest sale Independent Bank (IBTX, shares −69%).
- Most Recent 13F
- Q2 2026
- Location
- MCLEAN, VA
- CIK
- 0001599170
- Portfolio Value
- $861.8M (Q4 2024)
- SEC Filing
- 0001420506-25-000612 ↗ filed Feb 14, 2025
Holdings Value
Holdings 111 stocks · $861.8M
| HTB Hometrust Bancshares Inc. | 6.36% | 1,627,586 | $54.8M | Reduce -4.9% |
| EQBK Equity Bancshares Inc. Class A | 5.55% | 1,127,376 | $47.8M | Add +9.8% |
| RBB RBB Bancorp | 3.84% | 1,616,843 | $33.1M | Reduce -6.3% |
| SFST Southern First Bancshares | 3.72% | 807,223 | $32.1M | No change |
| OSBC Old Second Bancorp Inc. | 3.70% | 1,795,612 | $31.9M | Reduce -4.0% |
| HBCP Home Bancorp Inc. | 3.69% | 687,589 | $31.8M | Reduce -12.8% |
| WBS Webster Financial Corp. | 3.39% | 528,385 | $29.2M | New |
| HTBK Heritage Commerce Corp. | 3.31% | 3,040,806 | $28.5M | Reduce -16.4% |
| LNKB Linkbancorp Inc. | 3.07% | 3,539,938 | $26.5M | Add +22.0% |
| SFNC Simmons First Natl Corp. Class A | 2.84% | 1,104,008 | $24.5M | Add +35.1% |
| IBCP Independent Bank Corp. - Mich | 2.71% | 670,484 | $23.4M | Reduce -16.8% |
| QCRH QCR Holdings Inc. | 2.61% | 278,972 | $22.5M | Reduce -16.8% |
| SMBC Southern Missouri Bancorp | 2.43% | 364,700 | $20.9M | Reduce -15.5% |
| COLB Columbia Banking System Inc. | 2.40% | 764,187 | $20.6M | Add +112.9% |
| SBT Sterling Bancorp Inc. | 2.38% | 4,300,157 | $20.5M | Add +0.3% |
| FVCB Fvcbankcorp Inc. | 2.37% | 1,622,888 | $20.4M | Reduce -5.1% |
| FIBK First Interstate Bancsys-A | 2.32% | 614,716 | $20.0M | New |
| ESSA Essa Bancorp Inc. | 2.19% | 967,168 | $18.9M | Add +2.7% |
| BROOKLINE BANCORP INC | 2.18% | 1,591,474 | $18.8M | Reduce -30.6% |
| IBTX Independent Bank Group Inc. | 2.15% | 305,431 | $18.5M | Reduce -69.0% |
| MOFG Midwestone Financial Group I | 2.06% | 608,497 | $17.7M | Add +0.9% |
| WSBC Wesbanco Inc. | 1.78% | 470,557 | $15.3M | Add +34.5% |
| FSBC Five Star Bancorp | 1.69% | 485,040 | $14.6M | Reduce -22.1% |
| SSB Southstate Bank Corp. | 1.66% | 143,984 | $14.3M | Add +32.9% |
| RVSB Riverview Bancorp Inc. | 1.45% | 2,173,569 | $12.5M | No change |
| ABCB Ameris Bancorp | 1.39% | 190,948 | $11.9M | Reduce -52.6% |
| MPB Mid Penn Bancorp Inc. | 1.30% | 389,845 | $11.2M | New |
| FSFG First Savings Financial Grp | 1.22% | 394,472 | $10.5M | No change |
| TOWN Towne Bank | 1.15% | 290,906 | $9.9M | New |
| HWBK Hawthorn Bancshares Inc. | 1.10% | 334,849 | $9.5M | Reduce -33.9% |
| CZWI Citizens Community Bancorp I | 1.03% | 542,904 | $8.8M | Reduce -33.9% |
| SBFG SB Financial Group Inc. filed as SB FINL GROUP INC | 0.90% | 371,571 | $7.8M | Reduce -0.5% |
| HCI Hci Group Inc. | 0.84% | 62,250 | $7.3M | Add +65.7% |
| FCCO First Community Corp. | 0.71% | 255,796 | $6.1M | Reduce -34.3% |
| SFBC Sound Financial Bancorp Inc. | 0.66% | 108,095 | $5.7M | Reduce -9.1% |
| ALRS Alerus Financial Corp. | 0.64% | 288,813 | $5.6M | New |
| JLL Jones Lang Lasalle Inc. | 0.56% | 18,964 | $4.8M | Add +23.7% |
| CCB Coastal Financial Corp. | 0.55% | 55,877 | $4.7M | New |
| FDSB Fifth District Bancorp Inc. | 0.54% | 368,805 | $4.7M | Reduce -33.4% |
| C Citigroup Inc. | 0.53% | 65,104 | $4.6M | New |
| CMA Comerica Inc. | 0.53% | 73,448 | $4.5M | Reduce -74.8% |
| BCAL California Bancorp | 0.51% | 264,097 | $4.4M | Add +85.7% |
| TFSL TFS Financial Corp. | 0.50% | 339,756 | $4.3M | Add +3.4% |
| TMHC Taylor Morrison Home Corp. | 0.48% | 67,561 | $4.1M | Reduce -2.4% |
| WAL Western Alliance Bancorp | 0.46% | 47,847 | $4.0M | Reduce -81.5% |
| FAF First American Financial | 0.46% | 63,977 | $4.0M | New |
| RGA Reinsurance Group of America | 0.45% | 18,278 | $3.9M | Add +85.7% |
| COOP Mr Cooper Group Inc. | 0.45% | 39,945 | $3.8M | Reduce -14.4% |
| TOL Toll Brothers Inc. | 0.43% | 29,094 | $3.7M | New |
| JMSB John Marshall Bancorp Inc. | 0.41% | 174,381 | $3.5M | Add +57.0% |
| THG Hanover Insurance Group Inc./ | 0.40% | 22,377 | $3.5M | Add +307.5% |
| WD Walker & Dunlop Inc. | 0.40% | 35,105 | $3.4M | New |
| SF Stifel Financial Corp. | 0.36% | 29,286 | $3.1M | Reduce -22.3% |
| PBFS Pioneer Bancorp Inc. | 0.35% | 264,299 | $3.0M | Reduce -67.1% |
| EVR Evercore Inc. Class A | 0.35% | 10,928 | $3.0M | New |
| LPLA LPL Financial Holdings Inc. | 0.34% | 8,946 | $2.9M | New |
| IBKR Interactive Brokers Gro Class A | 0.34% | 16,500 | $2.9M | New |
| CBNA Chain Bridge Bancorp Inc. Class A | 0.34% | 115,302 | $2.9M | New |
| ICE Intercontinental Exchange Inc. | 0.33% | 19,366 | $2.9M | New |
| WTW Willis Towers Watson PLC | 0.32% | 8,829 | $2.8M | Reduce -22.6% |
| GSHD Goosehead Insurance Inc. Class A | 0.32% | 25,661 | $2.8M | Reduce -3.2% |
| KMPR Kemper Corp. | 0.32% | 41,136 | $2.7M | Add +20.4% |
| RPC Ridgepost Capital Inc. Class A filed as P10 INC | 0.32% | 215,712 | $2.7M | Add +69.5% |
| ONB Old National Bancorp | 0.31% | 122,190 | $2.7M | Reduce -77.7% |
| ALL Allstate Corp. | 0.30% | 13,220 | $2.5M | Reduce -13.5% |
| WELL Welltower Inc. | 0.28% | 19,341 | $2.4M | Reduce -6.3% |
| FBMS First Bancshares Inc. | 0.27% | 66,331 | $2.3M | Reduce -60.4% |
| PLMR Palomar Holdings Inc. | 0.26% | 21,506 | $2.3M | Reduce -22.6% |
| BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC | 0.25% | 76,988 | $2.2M | New |
| ACGL Arch Capital Group Ltd. | 0.25% | 23,462 | $2.2M | Add +14.8% |
| CINF Cincinnati Financial Corp. | 0.25% | 14,829 | $2.1M | New |
| COMP Compass Inc. Class A | 0.24% | 356,423 | $2.1M | New |
| JEF Jefferies Financial Group Inc. | 0.24% | 26,236 | $2.1M | Add +20.1% |
| STRW Strawberry Fields REIT Inc. | 0.24% | 192,737 | $2.0M | New |
| SKWD Skyward Specialty Insurance | 0.19% | 32,182 | $1.6M | Add +15.8% |
| TRTX TPG Re Finance Trust Inc. | 0.17% | 173,812 | $1.5M | Add +295.8% |
| LADR Ladder Capital Corp.-REIT | 0.15% | 117,585 | $1.3M | New |
| DX Dynex Capital Inc. | 0.14% | 93,068 | $1.2M | Add +26.6% |
| AKR Acadia Realty Trust | 0.13% | 47,062 | $1.1M | Reduce -35.6% |
| SHBI Shore Bancshares Inc. | 0.13% | 69,706 | $1.1M | No change |
| HTGC Hercules Capital Inc. | 0.13% | 54,968 | $1.1M | New |
| FR First Industrial Realty TR | 0.13% | 21,741 | $1.1M | Add +5.0% |
| ARCC Ares Capital Corp. | 0.12% | 48,675 | $1.1M | New |
| PECO Phillips Edison & Company Inc. | 0.12% | 28,189 | $1.1M | Reduce -1.0% |
| PFS Provident Financial Services | 0.12% | 52,957 | $999K | New |
| ACIW Aci Worldwide Inc. | 0.12% | 19,141 | $994K | Add +20.9% |
| AHR American Healthcare REIT Inc. | 0.11% | 34,131 | $970K | Add +54.7% |
| JHG Janus Henderson Group PLC | 0.11% | 22,012 | $936K | Add +4.0% |
| CNO Cno Financial Group Inc. | 0.11% | 25,064 | $933K | New |
| BXSL Blackstone Secured Lending F | 0.10% | 27,463 | $887K | New |
| TPG TPG Inc. | 0.08% | 10,435 | $656K | New |
| MSCI MSCI Inc. | 0.07% | 1,045 | $627K | Add +115.5% |
| PB Prosperity Bancshares Inc. | 0.07% | 7,881 | $594K | Reduce -93.2% |
| PRI Primerica Inc. | 0.06% | 1,981 | $538K | New |
| GL Globe Life Inc. | 0.06% | 4,808 | $536K | Reduce -68.5% |
| MAA Mid-America Apartment Comm | 0.06% | 3,088 | $477K | New |
| HLNE Hamilton Lane Inc. Class A | 0.06% | 3,202 | $474K | Reduce -10.4% |
| OWL Blue Owl Capital Inc. | 0.05% | 16,892 | $393K | New |
| HIW Highwoods Properties Inc. | 0.05% | 12,786 | $391K | Add +79.4% |
| DOC Healthpeak Properties Inc. | 0.04% | 17,939 | $364K | New |
Portfolio Sells Q3 2024 → Q4 2024
| IBTX Independent Bank Group Inc. | Reduce -69.0% | 2.15% | −3.81 |
| BANC Banc of California Inc. | Sold out | 0.00% | −3.36 |
| EVBN Evans Bancorp Inc. | Sold out | 0.00% | −2.02 |
| WAL Western Alliance Bancorp | Reduce -81.5% | 0.46% | −1.89 |
| CMA Comerica Inc. | Reduce -74.8% | 0.53% | −1.31 |
| ABCB Ameris Bancorp | Reduce -52.6% | 1.39% | −1.25 |
| HMNF HMN Financial Inc. | Sold out | 0.00% | −1.16 |
| PB Prosperity Bancshares Inc. | Reduce -93.2% | 0.07% | −0.81 |
| ONB Old National Bancorp | Reduce -77.7% | 0.31% | −0.76 |
| EBC Eastern Bankshares Inc. | Sold out | 0.00% | −0.76 |
| PBFS Pioneer Bancorp Inc. | Reduce -67.1% | 0.35% | −0.57 |
| OPOF Old Point Financial Corp. | Sold out | 0.00% | −0.56 |
| HTBK Heritage Commerce Corp. | Reduce -16.4% | 3.31% | −0.45 |
| ESNT Essent Group Ltd. | Sold out | 0.00% | −0.42 |
| MHO M/I Homes Inc. | Sold out | 0.00% | −0.39 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.35 |
| RBB RBB Bancorp | Reduce -6.3% | 3.84% | −0.32 |
| ENVA Enova International Inc. | Sold out | 0.00% | −0.31 |
| BRO Brown & Brown Inc. | Sold out | 0.00% | −0.30 |
| FBMS First Bancshares Inc. | Reduce -60.4% | 0.27% | −0.29 |
| FNF Fidelity National Financial | Sold out | 0.00% | −0.28 |
| PWP Perella Weinberg Partners | Sold out | 0.00% | −0.27 |
| FSBC Five Star Bancorp | Reduce -22.1% | 1.69% | −0.25 |
| FOR Forestar Group Inc. | Sold out | 0.00% | −0.25 |
| BROOKLINE BANCORP INC | Reduce -30.6% | 2.18% | −0.24 |
| HWBK Hawthorn Bancshares Inc. | Reduce -33.9% | 1.10% | −0.23 |
| MYFW First Western Financial Inc. | Sold out | 0.00% | −0.22 |
| PGR Progressive Corp. | Sold out | 0.00% | −0.21 |
| CZWI Citizens Community Bancorp I | Reduce -33.9% | 1.03% | −0.19 |
| NLY Annaly Capital Management Inc. | Sold out | 0.00% | −0.19 |
| FCCO First Community Corp. | Reduce -34.3% | 0.71% | −0.16 |
| BCML Baycom Corp. | Sold out | 0.00% | −0.16 |
| ARES Ares Management Corp. Class A | Sold out | 0.00% | −0.16 |
| GBDC Golub Capital BDC Inc. | Sold out | 0.00% | −0.15 |
| RKT Rocket Cos Inc. Class A | Sold out | 0.00% | −0.14 |
| VICI Vici Properties Inc. | Sold out | 0.00% | −0.14 |
| MFIC Midcap Financial Investment | Sold out | 0.00% | −0.13 |
| SMBC Southern Missouri Bancorp | Reduce -15.5% | 2.43% | −0.13 |
| MAIN Main Street Capital Corp. | Sold out | 0.00% | −0.11 |
| SLF Sun Life Financial Inc. | Sold out | 0.00% | −0.11 |
| GL Globe Life Inc. | Reduce -68.5% | 0.06% | −0.11 |
| VOYA Voya Financial Inc. | Sold out | 0.00% | −0.11 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.11 |
| SPGI S&P Global Inc. | Sold out | 0.00% | −0.11 |
| IBCP Independent Bank Corp. - Mich | Reduce -16.8% | 2.71% | −0.10 |
| EFX Equifax Inc. | Sold out | 0.00% | −0.10 |
| AMP Ameriprise Financial Inc. | Sold out | 0.00% | −0.10 |
| STEP Stepstone Group Inc. Class A | Sold out | 0.00% | −0.10 |
| O Realty Income Corp. | Sold out | 0.00% | −0.09 |
| BXMT Blackstone Mortgage Tru Class A | Sold out | 0.00% | −0.08 |
Portfolio Buys Q3 2024 → Q4 2024
| WBS Webster Financial Corp. | New | 3.39% | +3.39 |
| FIBK First Interstate Bancsys-A | New | 2.32% | +2.32 |
| COLB Columbia Banking System Inc. | Add +112.9% | 2.40% | +1.41 |
| MPB Mid Penn Bancorp Inc. | New | 1.30% | +1.30 |
| TOWN Towne Bank | New | 1.15% | +1.15 |
| EQBK Equity Bancshares Inc. Class A | Add +9.8% | 5.55% | +1.15 |
| LNKB Linkbancorp Inc. | Add +22.0% | 3.07% | +1.12 |
| SFNC Simmons First Natl Corp. Class A | Add +35.1% | 2.84% | +1.00 |
| WSBC Wesbanco Inc. | Add +34.5% | 1.78% | +0.69 |
| ALRS Alerus Financial Corp. | New | 0.64% | +0.64 |
| SSB Southstate Bank Corp. | Add +32.9% | 1.66% | +0.56 |
| CCB Coastal Financial Corp. | New | 0.55% | +0.55 |
| C Citigroup Inc. | New | 0.53% | +0.53 |
| FAF First American Financial | New | 0.46% | +0.46 |
| TOL Toll Brothers Inc. | New | 0.43% | +0.43 |
| HCI Hci Group Inc. | Add +65.7% | 0.84% | +0.42 |
| WD Walker & Dunlop Inc. | New | 0.40% | +0.40 |
| EVR Evercore Inc. Class A | New | 0.35% | +0.35 |
| LPLA LPL Financial Holdings Inc. | New | 0.34% | +0.34 |
| IBKR Interactive Brokers Gro Class A | New | 0.34% | +0.34 |
| CBNA Chain Bridge Bancorp Inc. Class A | New | 0.34% | +0.34 |
| ICE Intercontinental Exchange Inc. | New | 0.33% | +0.33 |
| SBT Sterling Bancorp Inc. | Add +0.3% | 2.38% | +0.33 |
| THG Hanover Insurance Group Inc./ | Add +307.5% | 0.40% | +0.32 |
| ESSA Essa Bancorp Inc. | Add +2.7% | 2.19% | +0.29 |
| BCAL California Bancorp | Add +85.7% | 0.51% | +0.29 |
| BBT Beacon Financial Corp. | New | 0.25% | +0.25 |
| MOFG Midwestone Financial Group I | Add +0.9% | 2.06% | +0.25 |
| CINF Cincinnati Financial Corp. | New | 0.25% | +0.25 |
| COMP Compass Inc. Class A | New | 0.24% | +0.24 |
| STRW Strawberry Fields REIT Inc. | New | 0.24% | +0.24 |
| RGA Reinsurance Group of America | Add +85.7% | 0.45% | +0.23 |
| JMSB John Marshall Bancorp Inc. | Add +57.0% | 0.41% | +0.18 |
| RPC Ridgepost Capital Inc. Class A | Add +69.5% | 0.32% | +0.17 |
| LADR Ladder Capital Corp.-REIT | New | 0.15% | +0.15 |
| TRTX TPG Re Finance Trust Inc. | Add +295.8% | 0.17% | +0.13 |
| HTGC Hercules Capital Inc. | New | 0.13% | +0.13 |
| ARCC Ares Capital Corp. | New | 0.12% | +0.12 |
| JLL Jones Lang Lasalle Inc. | Add +23.7% | 0.56% | +0.12 |
| PFS Provident Financial Services | New | 0.12% | +0.12 |
| CNO Cno Financial Group Inc. | New | 0.11% | +0.11 |
| BXSL Blackstone Secured Lending F | New | 0.10% | +0.10 |
| JEF Jefferies Financial Group Inc. | Add +20.1% | 0.24% | +0.10 |
| KMPR Kemper Corp. | Add +20.4% | 0.32% | +0.10 |
| TPG TPG Inc. | New | 0.08% | +0.08 |
| SKWD Skyward Specialty Insurance | Add +15.8% | 0.19% | +0.07 |
| PRI Primerica Inc. | New | 0.06% | +0.06 |
| MAA Mid-America Apartment Comm | New | 0.06% | +0.06 |
| TFSL TFS Financial Corp. | Add +3.4% | 0.50% | +0.05 |
| AHR American Healthcare REIT Inc. | Add +54.7% | 0.11% | +0.05 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 120 | $770.4M | SFST, EQBK, NIC, SSB, BCAL |
| Q1 2026 | 126 | $888.1M | SSB, HTB, NIC, SFST, EQBK |
| Q4 2025 | 128 | $905.8M | SSB, HTB, EQBK, SBCF, SFST |
| Q3 2025 | 142 | $936.6M | HTB, SSB, EQBK, WBS, SBCF |
| Q2 2025 | 128 | $943.0M | HTB, SSB, EQBK, WAL, INDB |
| Q1 2025 | 111 | $966.2M | HTB, SSB, EQBK, ABCB, WAL |
| Q4 2024 | 111 | $861.8M | HTB, EQBK, RBB, SFST, OSBC |
| Q3 2024 | 120 | $954.3M | HTB, IBTX, EQBK, RBB, HTBK |
| Q2 2024 | 109 | $956.5M | HTBK, HTB, IBTX, BANC, WAL |
| Q1 2024 | 98 | $983.0M | IBTX, HTB, FBMS, IBCP, WAL |