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

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 Q4 2024 Q1 2025: $966.2M $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 · $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
CPT Camden Property Trust 0.04% 2,910 $356K New
GLPI Gaming and Leisure Propertie 0.04% 6,948 $354K New
HFBL Home Federal Bancorp Inc. 0.03% 24,866 $325K No change
QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC 0.03% 4,035 $323K New
CCNE CNB Financial Corp. 0.03% 13,910 $309K New
DOC Healthpeak Properties Inc. 0.03% 15,237 $308K Reduce -15.1%
VNO Vornado Realty Trust 0.03% 7,421 $275K New
FIS Fidelity National Info Serv 0.03% 3,437 $257K New
FDS Factset Research Systems Inc. 0.03% 531 $241K New
HIW Highwoods Properties Inc. 0.02% 7,025 $208K Reduce -45.1%
BNL Broadstone Net Lease Inc. 0.02% 11,789 $201K 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

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