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

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $983.0M Q1 2024 Q2 2024: $956.5M Q2 2024 Q3 2024: $954.3M Q3 2024 Q4 2024: $861.8M $861.8M Q4 2024 Q1 2025: $966.2M Q1 2025 Q2 2025: $943.0M Q2 2025 Q3 2025: $936.6M Q3 2025 Q4 2025: $905.8M Q4 2025 Q1 2026: $888.1M Q1 2026 Q2 2026: $770.4M Q2 2026

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
FISV Fiserv Inc. 0.04% 1,648 $339K New
HFBL Home Federal Bancorp Inc. 0.04% 24,866 $312K Reduce -28.7%
QNST Quinstreet Inc. 0.04% 13,315 $307K Reduce -58.4%
V Visa Inc. Class A 0.03% 896 $283K New
CUZ Cousins Properties Inc. 0.03% 9,127 $280K New
TRU Transunion 0.03% 2,877 $267K New
ABX Abacus Global Management Inc. 0.03% 33,674 $264K New
XYZ Block Inc. 0.03% 2,906 $247K New
CDP Copt Defense Properties 0.03% 7,174 $222K New
ADC Agree Realty Corp. 0.03% 3,108 $219K New
HRTG Heritage Insurance Holdings 0.02% 17,517 $212K 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 120$770.4MSFST, EQBK, NIC, SSB, BCAL
Q1 2026 126$888.1MSSB, HTB, NIC, SFST, EQBK
Q4 2025 128$905.8MSSB, HTB, EQBK, SBCF, SFST
Q3 2025 142$936.6MHTB, SSB, EQBK, WBS, SBCF
Q2 2025 128$943.0MHTB, SSB, EQBK, WAL, INDB
Q1 2025 111$966.2MHTB, SSB, EQBK, ABCB, WAL
Q4 2024 111$861.8MHTB, EQBK, RBB, SFST, OSBC
Q3 2024 120$954.3MHTB, IBTX, EQBK, RBB, HTBK
Q2 2024 109$956.5MHTBK, HTB, IBTX, BANC, WAL
Q1 2024 98$983.0MIBTX, HTB, FBMS, IBCP, WAL