FJ Capital Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), FJ Capital Management LLC reported 111 stock positions worth $966.2 million. Its top holding was Hometrust Bancshares (HTB) at 6.1% of the portfolio, followed by Southstate Bank (SSB, 5.3%) and Equity Bancshares Class A (EQBK, 4.9%). Compared with Q4 2024, it opened 36 new positions, sold out of 36, added to 49 and reduced 20. The biggest buy was Southstate Bank (SSB, shares +286%) and the biggest sale an exit from Simmons First Natl Class A (SFNC).
- Most Recent 13F
- Q2 2026
- Location
- MCLEAN, VA
- CIK
- 0001599170
- Portfolio Value
- $966.2M (Q1 2025)
- SEC Filing
- 0001420506-25-001301 ↗ filed May 15, 2025
Holdings Value
Holdings 111 stocks · $966.2M
| HTB Hometrust Bancshares Inc. | 6.15% | 1,732,877 | $59.4M | Add +6.5% |
| SSB Southstate Bank Corp. | 5.34% | 556,226 | $51.6M | Add +286.3% |
| EQBK Equity Bancshares Inc. Class A | 4.92% | 1,206,571 | $47.5M | Add +7.0% |
| ABCB Ameris Bancorp | 4.68% | 785,288 | $45.2M | Add +311.3% |
| WAL Western Alliance Bancorp | 3.52% | 442,507 | $34.0M | Add +824.8% |
| WBS Webster Financial Corp. | 3.44% | 643,988 | $33.2M | Add +21.9% |
| INDB Independent Bank Corp. | 3.33% | 513,569 | $32.2M | New |
| OSBC Old Second Bancorp Inc. | 3.12% | 1,810,720 | $30.1M | Add +0.8% |
| RBB RBB Bancorp | 3.00% | 1,756,006 | $29.0M | Add +8.6% |
| SFST Southern First Bancshares | 2.75% | 807,223 | $26.6M | No change |
| FIBK First Interstate Bancsys-A | 2.64% | 890,226 | $25.5M | Add +44.8% |
| LNKB Linkbancorp Inc. | 2.62% | 3,728,660 | $25.3M | Add +5.3% |
| HTBK Heritage Commerce Corp. | 2.33% | 2,364,824 | $22.5M | Reduce -22.2% |
| MOFG Midwestone Financial Group I | 2.29% | 747,456 | $22.1M | Add +22.8% |
| QCRH QCR Holdings Inc. | 2.22% | 301,205 | $21.5M | Add +8.0% |
| ZION Zions Bancorp NA | 2.21% | 428,424 | $21.4M | New |
| IBCP Independent Bank Corp. - Mich | 2.18% | 683,156 | $21.0M | Add +1.9% |
| CMA Comerica Inc. | 2.03% | 331,747 | $19.6M | Add +351.7% |
| HBCP Home Bancorp Inc. | 2.01% | 433,971 | $19.4M | Reduce -36.9% |
| SBT Sterling Bancorp Inc. | 2.00% | 4,002,428 | $19.4M | Reduce -6.9% |
| SMBC Southern Missouri Bancorp | 1.90% | 352,105 | $18.3M | Reduce -3.5% |
| FVCB Fvcbankcorp Inc. | 1.79% | 1,637,664 | $17.3M | Add +0.9% |
| ESSA Essa Bancorp Inc. | 1.73% | 884,194 | $16.7M | Reduce -8.6% |
| BCAL California Bancorp | 1.57% | 1,057,925 | $15.2M | Add +300.6% |
| WSBC Wesbanco Inc. | 1.43% | 445,012 | $13.8M | Reduce -5.4% |
| MBIN Merchants Bancorp | 1.21% | 316,190 | $11.7M | New |
| RVSB Riverview Bancorp Inc. | 1.12% | 1,912,970 | $10.8M | Reduce -12.0% |
| FSFG First Savings Financial Grp | 1.05% | 394,472 | $10.2M | No change |
| SBCF Seacoast Banking Corp. | 1.04% | 391,929 | $10.1M | New |
| MPB Mid Penn Bancorp Inc. | 0.93% | 346,838 | $9.0M | Reduce -11.0% |
| BUSE First Busey Corp. | 0.90% | 402,600 | $8.7M | New |
| HWBK Hawthorn Bancshares Inc. | 0.88% | 299,555 | $8.5M | Reduce -10.5% |
| CBNA Chain Bridge Bancorp Inc. Class A | 0.83% | 338,236 | $8.0M | Add +193.3% |
| CZWI Citizens Community Bancorp I | 0.81% | 542,904 | $7.8M | No change |
| SBFG SB Financial Group Inc. filed as SB FINL GROUP INC | 0.80% | 371,571 | $7.7M | No change |
| HCI Hci Group Inc. | 0.75% | 48,870 | $7.3M | Reduce -21.5% |
| WFC Wells Fargo & Co. | 0.74% | 100,097 | $7.2M | New |
| ONB Old National Bancorp | 0.65% | 298,091 | $6.3M | Add +144.0% |
| USB US Bancorp | 0.64% | 146,391 | $6.2M | New |
| WTFC Wintrust Financial Corp. | 0.63% | 54,115 | $6.1M | New |
| CBU Community Financial System I | 0.62% | 105,128 | $6.0M | New |
| SFBC Sound Financial Bancorp Inc. | 0.56% | 108,095 | $5.4M | No change |
| BANC Banc of California Inc. | 0.55% | 373,286 | $5.3M | New |
| JMSB John Marshall Bancorp Inc. | 0.55% | 320,127 | $5.3M | Add +83.6% |
| GL Globe Life Inc. | 0.54% | 39,450 | $5.2M | Add +720.5% |
| RPC Ridgepost Capital Inc. Class A filed as P10 INC | 0.54% | 440,792 | $5.2M | Add +104.3% |
| SCHW Schwab (charles) Corp. | 0.49% | 61,043 | $4.8M | New |
| FAF First American Financial | 0.49% | 71,490 | $4.7M | Add +11.7% |
| TFSL TFS Financial Corp. | 0.46% | 362,562 | $4.5M | Add +6.7% |
| TMHC Taylor Morrison Home Corp. | 0.46% | 74,382 | $4.5M | Add +10.1% |
| FDSB Fifth District Bancorp Inc. | 0.46% | 364,949 | $4.5M | Reduce -1.1% |
| C Citigroup Inc. | 0.45% | 61,545 | $4.4M | Reduce -5.5% |
| CINF Cincinnati Financial Corp. | 0.45% | 29,293 | $4.3M | Add +97.5% |
| WTW Willis Towers Watson PLC | 0.44% | 12,658 | $4.3M | Add +43.4% |
| GSHD Goosehead Insurance Inc. Class A | 0.42% | 34,498 | $4.1M | Add +34.4% |
| ALL Allstate Corp. | 0.42% | 19,567 | $4.1M | Add +48.0% |
| JLL Jones Lang Lasalle Inc. | 0.41% | 16,138 | $4.0M | Reduce -14.9% |
| SKWD Skyward Specialty Insurance | 0.39% | 71,100 | $3.8M | Add +120.9% |
| COOP Mr Cooper Group Inc. | 0.38% | 30,490 | $3.6M | Reduce -23.7% |
| RGA Reinsurance Group of America | 0.36% | 17,639 | $3.5M | Reduce -3.5% |
| UCB United Community Banks | 0.35% | 120,000 | $3.4M | New |
| WELL Welltower Inc. | 0.34% | 21,409 | $3.3M | Add +10.7% |
| PLMR Palomar Holdings Inc. | 0.33% | 23,518 | $3.2M | Add +9.4% |
| LADR Ladder Capital Corp.-REIT | 0.30% | 253,990 | $2.9M | Add +116.0% |
| VIRT Virtu Financial Inc. Class A | 0.27% | 69,107 | $2.6M | New |
| NPB Northpointe Bancshares Inc. | 0.23% | 155,000 | $2.2M | New |
| OWL Blue Owl Capital Inc. | 0.22% | 106,376 | $2.1M | Add +529.7% |
| FR First Industrial Realty TR | 0.21% | 38,445 | $2.1M | Add +76.8% |
| MAA Mid-America Apartment Comm | 0.21% | 12,294 | $2.1M | Add +298.1% |
| RITM Rithm Capital Corp. | 0.20% | 169,719 | $1.9M | New |
| FCFS Firstcash Holdings Inc. | 0.19% | 15,159 | $1.8M | New |
| HTGC Hercules Capital Inc. | 0.19% | 93,829 | $1.8M | Add +70.7% |
| AHR American Healthcare REIT Inc. | 0.18% | 57,611 | $1.7M | Add +68.8% |
| AKR Acadia Realty Trust | 0.17% | 78,955 | $1.7M | Add +67.8% |
| DHI D.R. Horton Inc. | 0.17% | 12,719 | $1.6M | New |
| JEF Jefferies Financial Group Inc. | 0.17% | 30,148 | $1.6M | Add +14.9% |
| DX Dynex Capital Inc. | 0.16% | 120,988 | $1.6M | Add +30.0% |
| TRTX TPG Re Finance Trust Inc. | 0.16% | 190,510 | $1.6M | Add +9.6% |
| ARCC Ares Capital Corp. | 0.16% | 69,062 | $1.5M | Add +41.9% |
| TOL Toll Brothers Inc. | 0.15% | 13,837 | $1.5M | Reduce -52.4% |
| TRV The Travelers Cos Inc. | 0.14% | 5,104 | $1.3M | New |
| THG Hanover Insurance Group Inc./ | 0.13% | 7,491 | $1.3M | Reduce -66.5% |
| PECO Phillips Edison & Company Inc. | 0.12% | 32,298 | $1.2M | Add +14.6% |
| V Visa Inc. Class A | 0.11% | 2,952 | $1.0M | Add +229.5% |
| JHG Janus Henderson Group PLC | 0.11% | 28,435 | $1.0M | Add +29.2% |
| PSA Public Storage | 0.10% | 3,196 | $957K | New |
| CNO Cno Financial Group Inc. | 0.10% | 22,096 | $920K | Reduce -11.8% |
| CSWC Capital Southwest Corp. | 0.09% | 40,081 | $895K | New |
| MSCI MSCI Inc. | 0.09% | 1,573 | $890K | Add +50.5% |
| ADC Agree Realty Corp. | 0.09% | 11,514 | $889K | Add +270.5% |
| KKR KKR & Co. Inc. | 0.09% | 7,424 | $858K | New |
| TSLX Sixth Street Specialty Lendi | 0.08% | 35,944 | $804K | New |
| FFWM First Foundation Inc. | 0.07% | 138,937 | $721K | New |
| REG Regency Centers Corp. | 0.07% | 9,727 | $717K | New |
| EQH Equitable Holdings Inc. | 0.07% | 13,648 | $711K | New |
| CUZ Cousins Properties Inc. | 0.05% | 16,481 | $486K | Add +80.6% |
| AMT American Tower Corp. | 0.04% | 1,746 | $380K | New |
| CNC Centene Corp. | 0.04% | 6,252 | $380K | New |
| FISV Fiserv Inc. | 0.04% | 1,704 | $376K | Add +3.4% |
| SYF Synchrony Financial | 0.04% | 6,851 | $363K | New |
Portfolio Sells Q4 2024 → Q1 2025
| SFNC Simmons First Natl Corp. Class A | Sold out | 0.00% | −2.84 |
| COLB Columbia Banking System Inc. | Sold out | 0.00% | −2.40 |
| BROOKLINE BANCORP INC | Sold out | 0.00% | −2.18 |
| IBTX Independent Bank Group Inc. | Sold out | 0.00% | −2.15 |
| FSBC Five Star Bancorp | Sold out | 0.00% | −1.69 |
| HBCP Home Bancorp Inc. | Reduce -36.9% | 2.01% | −1.67 |
| TOWN Towne Bank | Sold out | 0.00% | −1.15 |
| HTBK Heritage Commerce Corp. | Reduce -22.2% | 2.33% | −0.98 |
| FCCO First Community Corp. | Sold out | 0.00% | −0.71 |
| ALRS Alerus Financial Corp. | Sold out | 0.00% | −0.64 |
| CCB Coastal Financial Corp. | Sold out | 0.00% | −0.55 |
| SMBC Southern Missouri Bancorp | Reduce -3.5% | 1.90% | −0.53 |
| ESSA Essa Bancorp Inc. | Reduce -8.6% | 1.73% | −0.46 |
| WD Walker & Dunlop Inc. | Sold out | 0.00% | −0.40 |
| MPB Mid Penn Bancorp Inc. | Reduce -11.0% | 0.93% | −0.37 |
| SBT Sterling Bancorp Inc. | Reduce -6.9% | 2.00% | −0.37 |
| SF Stifel Financial Corp. | Sold out | 0.00% | −0.36 |
| PBFS Pioneer Bancorp Inc. | Sold out | 0.00% | −0.35 |
| EVR Evercore Inc. Class A | Sold out | 0.00% | −0.35 |
| WSBC Wesbanco Inc. | Reduce -5.4% | 1.43% | −0.35 |
| LPLA LPL Financial Holdings Inc. | Sold out | 0.00% | −0.34 |
| IBKR Interactive Brokers Gro Class A | Sold out | 0.00% | −0.34 |
| ICE Intercontinental Exchange Inc. | Sold out | 0.00% | −0.33 |
| RVSB Riverview Bancorp Inc. | Reduce -12.0% | 1.12% | −0.33 |
| KMPR Kemper Corp. | Sold out | 0.00% | −0.32 |
| TOL Toll Brothers Inc. | Reduce -52.4% | 0.15% | −0.27 |
| FBMS First Bancshares Inc. | Sold out | 0.00% | −0.27 |
| THG Hanover Insurance Group Inc./ | Reduce -66.5% | 0.13% | −0.27 |
| BBT Beacon Financial Corp. | Sold out | 0.00% | −0.25 |
| ACGL Arch Capital Group Ltd. | Sold out | 0.00% | −0.25 |
| COMP Compass Inc. Class A | Sold out | 0.00% | −0.24 |
| STRW Strawberry Fields REIT Inc. | Sold out | 0.00% | −0.24 |
| HWBK Hawthorn Bancshares Inc. | Reduce -10.5% | 0.88% | −0.23 |
| JLL Jones Lang Lasalle Inc. | Reduce -14.9% | 0.41% | −0.14 |
| SHBI Shore Bancshares Inc. | Sold out | 0.00% | −0.13 |
| PFS Provident Financial Services | Sold out | 0.00% | −0.12 |
| ACIW Aci Worldwide Inc. | Sold out | 0.00% | −0.12 |
| BXSL Blackstone Secured Lending F | Sold out | 0.00% | −0.10 |
| RGA Reinsurance Group of America | Reduce -3.5% | 0.36% | −0.09 |
| HCI Hci Group Inc. | Reduce -21.5% | 0.75% | −0.09 |
| C Citigroup Inc. | Reduce -5.5% | 0.45% | −0.08 |
| FDSB Fifth District Bancorp Inc. | Reduce -1.1% | 0.46% | −0.08 |
| TPG TPG Inc. | Sold out | 0.00% | −0.08 |
| PB Prosperity Bancshares Inc. | Sold out | 0.00% | −0.07 |
| COOP Mr Cooper Group Inc. | Reduce -23.7% | 0.38% | −0.07 |
| PRI Primerica Inc. | Sold out | 0.00% | −0.06 |
| HLNE Hamilton Lane Inc. Class A | Sold out | 0.00% | −0.06 |
| QNST Quinstreet Inc. | Sold out | 0.00% | −0.04 |
| TRU Transunion | Sold out | 0.00% | −0.03 |
| ABX Abacus Global Management Inc. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| SSB Southstate Bank Corp. | Add +286.3% | 5.34% | +3.68 |
| INDB Independent Bank Corp. | New | 3.33% | +3.33 |
| ABCB Ameris Bancorp | Add +311.3% | 4.68% | +3.29 |
| WAL Western Alliance Bancorp | Add +824.8% | 3.52% | +3.06 |
| ZION Zions Bancorp NA | New | 2.21% | +2.21 |
| CMA Comerica Inc. | Add +351.7% | 2.03% | +1.50 |
| MBIN Merchants Bancorp | New | 1.21% | +1.21 |
| BCAL California Bancorp | Add +300.6% | 1.57% | +1.06 |
| SBCF Seacoast Banking Corp. | New | 1.04% | +1.04 |
| BUSE First Busey Corp. | New | 0.90% | +0.90 |
| WFC Wells Fargo & Co. | New | 0.74% | +0.74 |
| USB US Bancorp | New | 0.64% | +0.64 |
| WTFC Wintrust Financial Corp. | New | 0.63% | +0.63 |
| CBU Community Financial System I | New | 0.62% | +0.62 |
| BANC Banc of California Inc. | New | 0.55% | +0.55 |
| CBNA Chain Bridge Bancorp Inc. Class A | Add +193.3% | 0.83% | +0.50 |
| SCHW Schwab (charles) Corp. | New | 0.49% | +0.49 |
| GL Globe Life Inc. | Add +720.5% | 0.54% | +0.48 |
| UCB United Community Banks | New | 0.35% | +0.35 |
| ONB Old National Bancorp | Add +144.0% | 0.65% | +0.35 |
| FIBK First Interstate Bancsys-A | Add +44.8% | 2.64% | +0.32 |
| VIRT Virtu Financial Inc. Class A | New | 0.27% | +0.27 |
| MOFG Midwestone Financial Group I | Add +22.8% | 2.29% | +0.23 |
| NPB Northpointe Bancshares Inc. | New | 0.23% | +0.23 |
| RPC Ridgepost Capital Inc. Class A | Add +104.3% | 0.54% | +0.22 |
| RITM Rithm Capital Corp. | New | 0.20% | +0.20 |
| SKWD Skyward Specialty Insurance | Add +120.9% | 0.39% | +0.20 |
| CINF Cincinnati Financial Corp. | Add +97.5% | 0.45% | +0.20 |
| FCFS Firstcash Holdings Inc. | New | 0.19% | +0.19 |
| OWL Blue Owl Capital Inc. | Add +529.7% | 0.22% | +0.17 |
| DHI D.R. Horton Inc. | New | 0.17% | +0.17 |
| MAA Mid-America Apartment Comm | Add +298.1% | 0.21% | +0.16 |
| LADR Ladder Capital Corp.-REIT | Add +116.0% | 0.30% | +0.15 |
| JMSB John Marshall Bancorp Inc. | Add +83.6% | 0.55% | +0.14 |
| TRV The Travelers Cos Inc. | New | 0.14% | +0.14 |
| ALL Allstate Corp. | Add +48.0% | 0.42% | +0.12 |
| WTW Willis Towers Watson PLC | Add +43.4% | 0.44% | +0.12 |
| GSHD Goosehead Insurance Inc. Class A | Add +34.4% | 0.42% | +0.10 |
| PSA Public Storage | New | 0.10% | +0.10 |
| CSWC Capital Southwest Corp. | New | 0.09% | +0.09 |
| KKR KKR & Co. Inc. | New | 0.09% | +0.09 |
| FR First Industrial Realty TR | Add +76.8% | 0.21% | +0.09 |
| TSLX Sixth Street Specialty Lendi | New | 0.08% | +0.08 |
| FFWM First Foundation Inc. | New | 0.07% | +0.07 |
| REG Regency Centers Corp. | New | 0.07% | +0.07 |
| V Visa Inc. Class A | Add +229.5% | 0.11% | +0.07 |
| EQH Equitable Holdings Inc. | New | 0.07% | +0.07 |
| PLMR Palomar Holdings Inc. | Add +9.4% | 0.33% | +0.07 |
| AHR American Healthcare REIT Inc. | Add +68.8% | 0.18% | +0.07 |
| ADC Agree Realty Corp. | Add +270.5% | 0.09% | +0.07 |
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 |