FJ Capital Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), FJ Capital Management LLC reported 128 stock positions worth $943.0 million. Its top holding was Hometrust Bancshares (HTB) at 6.9% of the portfolio, followed by Southstate Bank (SSB, 6.9%) and Equity Bancshares Class A (EQBK, 4.9%). Compared with Q1 2025, it opened 44 new positions, sold out of 27, added to 38 and reduced 40. The biggest buy was Seacoast Banking (SBCF, shares +195%) and the biggest sale an exit from First Interstate Bancsys-A (FIBK).
- Most Recent 13F
- Q2 2026
- Location
- MCLEAN, VA
- CIK
- 0001599170
- Portfolio Value
- $943.0M (Q2 2025)
- SEC Filing
- 0001420506-25-002176 ↗ filed Aug 14, 2025
Holdings Value
Holdings 128 stocks · $943.0M
| HTB Hometrust Bancshares Inc. | 6.87% | 1,732,877 | $64.8M | No change |
| SSB Southstate Bank Corp. | 6.85% | 702,355 | $64.6M | Add +26.3% |
| EQBK Equity Bancshares Inc. Class A | 4.87% | 1,126,096 | $45.9M | Reduce -6.7% |
| WAL Western Alliance Bancorp | 4.54% | 549,146 | $42.8M | Add +24.1% |
| INDB Independent Bank Corp. | 4.33% | 649,320 | $40.8M | Add +26.4% |
| ABCB Ameris Bancorp | 4.13% | 602,320 | $39.0M | Reduce -23.3% |
| WBS Webster Financial Corp. | 3.94% | 679,914 | $37.1M | Add +5.6% |
| OSBC Old Second Bancorp Inc. | 3.46% | 1,837,333 | $32.6M | Add +1.5% |
| SBCF Seacoast Banking Corp. | 3.38% | 1,154,434 | $31.9M | Add +194.6% |
| SFST Southern First Bancshares | 3.26% | 807,223 | $30.7M | No change |
| RBB RBB Bancorp | 3.22% | 1,766,083 | $30.4M | Add +0.6% |
| LNKB Linkbancorp Inc. | 2.89% | 3,728,660 | $27.3M | No change |
| HTBK Heritage Commerce Corp. | 2.47% | 2,344,722 | $23.3M | Reduce -0.8% |
| ZION Zions Bancorp NA | 2.44% | 442,549 | $23.0M | Add +3.3% |
| MOFG Midwestone Financial Group I | 2.34% | 766,202 | $22.0M | Add +2.5% |
| IBCP Independent Bank Corp. - Mich | 2.28% | 664,680 | $21.5M | Reduce -2.7% |
| QCRH QCR Holdings Inc. | 2.14% | 296,530 | $20.1M | Reduce -1.6% |
| BCAL California Bancorp | 2.13% | 1,271,636 | $20.0M | Add +20.2% |
| BANC Banc of California Inc. | 2.03% | 1,365,440 | $19.2M | Add +265.8% |
| SMBC Southern Missouri Bancorp | 1.64% | 282,942 | $15.5M | Reduce -19.6% |
| CBU Community Financial System I | 1.63% | 270,197 | $15.4M | Add +157.0% |
| ESSA Essa Bancorp Inc. | 1.41% | 684,979 | $13.3M | Reduce -22.5% |
| ONB Old National Bancorp | 1.40% | 617,226 | $13.2M | Add +107.1% |
| TOWN Towne Bank | 1.09% | 301,231 | $10.3M | New |
| BUSE First Busey Corp. | 1.00% | 410,186 | $9.4M | Add +1.9% |
| MPB Mid Penn Bancorp Inc. | 0.98% | 328,705 | $9.3M | Reduce -5.2% |
| WFC Wells Fargo & Co. | 0.89% | 105,067 | $8.4M | Add +5.0% |
| MS Morgan Stanley | 0.86% | 57,696 | $8.1M | New |
| MBIN Merchants Bancorp | 0.84% | 238,580 | $7.9M | Reduce -24.6% |
| JMSB John Marshall Bancorp Inc. | 0.81% | 413,353 | $7.7M | Add +29.1% |
| CBNA Chain Bridge Bancorp Inc. Class A | 0.80% | 293,788 | $7.6M | Reduce -13.1% |
| FFWM First Foundation Inc. | 0.80% | 1,478,574 | $7.5M | Add +964.2% |
| FVCB Fvcbankcorp Inc. | 0.79% | 632,902 | $7.5M | Reduce -61.4% |
| FSFG First Savings Financial Grp | 0.75% | 282,864 | $7.1M | Reduce -28.3% |
| USB US Bancorp | 0.72% | 150,588 | $6.8M | Add +2.9% |
| HWBK Hawthorn Bancshares Inc. | 0.68% | 221,156 | $6.4M | Reduce -26.2% |
| JLL Jones Lang Lasalle Inc. | 0.61% | 22,352 | $5.7M | Add +38.5% |
| WTFC Wintrust Financial Corp. | 0.59% | 44,920 | $5.6M | Reduce -17.0% |
| CZWI Citizens Community Bancorp I | 0.56% | 383,656 | $5.3M | Reduce -29.3% |
| SBFG SB Financial Group Inc. filed as SB FINL GROUP INC | 0.54% | 265,791 | $5.1M | Reduce -28.5% |
| THG Hanover Insurance Group Inc./ | 0.50% | 27,523 | $4.7M | Add +267.4% |
| WELL Welltower Inc. | 0.46% | 28,454 | $4.4M | Add +32.9% |
| TMHC Taylor Morrison Home Corp. | 0.45% | 69,594 | $4.3M | Reduce -6.4% |
| PHM Pultegroup Inc. | 0.45% | 40,391 | $4.3M | New |
| BRO Brown & Brown Inc. | 0.42% | 35,958 | $4.0M | New |
| RPC Ridgepost Capital Inc. Class A filed as P10 INC | 0.40% | 365,657 | $3.7M | Reduce -17.1% |
| SYF Synchrony Financial | 0.38% | 54,295 | $3.6M | Add +692.5% |
| CINF Cincinnati Financial Corp. | 0.36% | 22,656 | $3.4M | Reduce -22.7% |
| RVSB Riverview Bancorp Inc. | 0.35% | 606,634 | $3.3M | Reduce -68.3% |
| RGA Reinsurance Group of America | 0.35% | 16,488 | $3.3M | Reduce -6.5% |
| FDSB Fifth District Bancorp Inc. | 0.32% | 247,691 | $3.1M | Reduce -32.1% |
| RITM Rithm Capital Corp. | 0.29% | 246,278 | $2.8M | Add +45.1% |
| HTGC Hercules Capital Inc. | 0.29% | 150,435 | $2.7M | Add +60.3% |
| NMIH Nmi Holdings Inc. filed as NMI HLDGS INC | 0.28% | 63,610 | $2.7M | New |
| MCY Mercury General Corp. | 0.27% | 38,074 | $2.6M | New |
| NDAQ Nasdaq Inc. | 0.26% | 27,803 | $2.5M | New |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.26% | 62,696 | $2.5M | New |
| LADR Ladder Capital Corp.-REIT | 0.26% | 228,343 | $2.5M | Reduce -10.1% |
| MAA Mid-America Apartment Comm | 0.26% | 16,574 | $2.5M | Add +34.8% |
| PLMR Palomar Holdings Inc. | 0.26% | 15,810 | $2.4M | Reduce -32.8% |
| WSBC Wesbanco Inc. | 0.25% | 75,085 | $2.4M | Reduce -83.1% |
| AHR American Healthcare REIT Inc. | 0.25% | 62,994 | $2.3M | Add +9.3% |
| GSHD Goosehead Insurance Inc. Class A | 0.24% | 21,705 | $2.3M | Reduce -37.1% |
| ADC Agree Realty Corp. | 0.23% | 30,114 | $2.2M | Add +161.5% |
| HLI Houlihan Lokey Inc. | 0.23% | 12,082 | $2.2M | New |
| CME Cme Group Inc. | 0.23% | 7,795 | $2.1M | New |
| NPB Northpointe Bancshares Inc. | 0.23% | 155,000 | $2.1M | No change |
| UCB United Community Banks | 0.21% | 67,695 | $2.0M | Reduce -43.6% |
| MRP Millrose Properties | 0.20% | 66,444 | $1.9M | New |
| PECO Phillips Edison & Company Inc. | 0.18% | 49,464 | $1.7M | Add +53.1% |
| HCI Hci Group Inc. | 0.18% | 11,211 | $1.7M | Reduce -77.1% |
| AKR Acadia Realty Trust | 0.18% | 89,739 | $1.7M | Add +13.7% |
| ARI Apollo Commercial Real Estat | 0.17% | 165,317 | $1.6M | New |
| JCAP Jefferson Capital Inc. | 0.17% | 86,387 | $1.6M | New |
| SKWD Skyward Specialty Insurance | 0.16% | 26,678 | $1.5M | Reduce -62.5% |
| LKFN Lakeland Financial Corp. | 0.14% | 21,793 | $1.3M | New |
| GL Globe Life Inc. | 0.14% | 10,751 | $1.3M | Reduce -72.8% |
| HBCP Home Bancorp Inc. | 0.13% | 24,269 | $1.3M | Reduce -94.4% |
| ARES Ares Management Corp. Class A | 0.13% | 6,911 | $1.2M | New |
| EZPW Ezcorp Inc. Class A | 0.12% | 83,575 | $1.2M | New |
| NLY Annaly Capital Management Inc. | 0.11% | 52,796 | $994K | New |
| ALLY Ally Financial Inc. | 0.10% | 23,885 | $930K | New |
| VNO Vornado Realty Trust | 0.10% | 23,492 | $898K | Add +216.6% |
| JHG Janus Henderson Group PLC | 0.09% | 21,887 | $850K | Reduce -23.0% |
| AMP Ameriprise Financial Inc. | 0.09% | 1,508 | $805K | New |
| APAM Artisan Partners Asset Ma -A | 0.08% | 17,540 | $778K | New |
| CSWC Capital Southwest Corp. | 0.08% | 35,067 | $773K | Reduce -12.5% |
| EXR Extra Space Storage Inc. | 0.08% | 5,225 | $770K | New |
| SMA Smartstop Self Storage REIT | 0.08% | 20,922 | $758K | New |
| BHF Brighthouse Financial Inc. | 0.07% | 12,719 | $684K | New |
| CUZ Cousins Properties Inc. | 0.07% | 21,941 | $659K | Add +33.1% |
| SBRA Sabra Health Care REIT Inc. | 0.07% | 35,284 | $651K | New |
| V Visa Inc. Class A | 0.07% | 1,806 | $641K | Reduce -38.8% |
| HIW Highwoods Properties Inc. | 0.07% | 19,833 | $617K | Add +182.3% |
| CPT Camden Property Trust | 0.07% | 5,438 | $613K | Add +86.9% |
| TRV The Travelers Cos Inc. | 0.06% | 2,199 | $588K | Reduce -56.9% |
| RWT Redwood Trust Inc. | 0.06% | 92,924 | $549K | New |
| CCAP Crescent Capital BDC Inc. | 0.06% | 37,640 | $531K | New |
| ACIW Aci Worldwide Inc. | 0.05% | 9,306 | $427K | New |
| VOYA Voya Financial Inc. | 0.04% | 5,640 | $400K | New |
Portfolio Sells Q1 2025 → Q2 2025
| FIBK First Interstate Bancsys-A | Sold out | 0.00% | −2.64 |
| CMA Comerica Inc. | Sold out | 0.00% | −2.03 |
| SBT Sterling Bancorp Inc. | Sold out | 0.00% | −2.00 |
| HBCP Home Bancorp Inc. | Reduce -94.4% | 0.13% | −1.88 |
| WSBC Wesbanco Inc. | Reduce -83.1% | 0.25% | −1.17 |
| FVCB Fvcbankcorp Inc. | Reduce -61.4% | 0.79% | −1.00 |
| RVSB Riverview Bancorp Inc. | Reduce -68.3% | 0.35% | −0.76 |
| HCI Hci Group Inc. | Reduce -77.1% | 0.18% | −0.57 |
| ABCB Ameris Bancorp | Reduce -23.3% | 4.13% | −0.55 |
| SFBC Sound Financial Bancorp Inc. | Reduce -94.3% | 0.03% | −0.53 |
| SCHW Schwab (charles) Corp. | Sold out | 0.00% | −0.49 |
| FAF First American Financial | Sold out | 0.00% | −0.49 |
| TFSL TFS Financial Corp. | Sold out | 0.00% | −0.46 |
| C Citigroup Inc. | Sold out | 0.00% | −0.45 |
| WTW Willis Towers Watson PLC | Sold out | 0.00% | −0.44 |
| GL Globe Life Inc. | Reduce -72.8% | 0.14% | −0.40 |
| ALL Allstate Corp. | Reduce -92.8% | 0.03% | −0.39 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.38 |
| MBIN Merchants Bancorp | Reduce -24.6% | 0.84% | −0.37 |
| ESSA Essa Bancorp Inc. | Reduce -22.5% | 1.41% | −0.32 |
| FSFG First Savings Financial Grp | Reduce -28.3% | 0.75% | −0.30 |
| VIRT Virtu Financial Inc. Class A | Sold out | 0.00% | −0.27 |
| SBFG SB Financial Group Inc. | Reduce -28.5% | 0.54% | −0.26 |
| SMBC Southern Missouri Bancorp | Reduce -19.6% | 1.64% | −0.25 |
| CZWI Citizens Community Bancorp I | Reduce -29.3% | 0.56% | −0.25 |
| SKWD Skyward Specialty Insurance | Reduce -62.5% | 0.16% | −0.23 |
| FR First Industrial Realty TR | Sold out | 0.00% | −0.21 |
| HWBK Hawthorn Bancshares Inc. | Reduce -26.2% | 0.68% | −0.19 |
| FCFS Firstcash Holdings Inc. | Sold out | 0.00% | −0.19 |
| OWL Blue Owl Capital Inc. | Reduce -81.1% | 0.04% | −0.18 |
| GSHD Goosehead Insurance Inc. Class A | Reduce -37.1% | 0.24% | −0.18 |
| DHI D.R. Horton Inc. | Sold out | 0.00% | −0.17 |
| JEF Jefferies Financial Group Inc. | Sold out | 0.00% | −0.17 |
| DX Dynex Capital Inc. | Sold out | 0.00% | −0.16 |
| TRTX TPG Re Finance Trust Inc. | Sold out | 0.00% | −0.16 |
| ARCC Ares Capital Corp. | Sold out | 0.00% | −0.16 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.15 |
| RPC Ridgepost Capital Inc. Class A | Reduce -17.1% | 0.40% | −0.14 |
| FDSB Fifth District Bancorp Inc. | Reduce -32.1% | 0.32% | −0.14 |
| UCB United Community Banks | Reduce -43.6% | 0.21% | −0.14 |
| PSA Public Storage | Sold out | 0.00% | −0.10 |
| CNO Cno Financial Group Inc. | Sold out | 0.00% | −0.10 |
| CINF Cincinnati Financial Corp. | Reduce -22.7% | 0.36% | −0.09 |
| QCRH QCR Holdings Inc. | Reduce -1.6% | 2.14% | −0.09 |
| TSLX Sixth Street Specialty Lendi | Sold out | 0.00% | −0.08 |
| TRV The Travelers Cos Inc. | Reduce -56.9% | 0.06% | −0.08 |
| PLMR Palomar Holdings Inc. | Reduce -32.8% | 0.26% | −0.08 |
| REG Regency Centers Corp. | Sold out | 0.00% | −0.07 |
| EQH Equitable Holdings Inc. | Sold out | 0.00% | −0.07 |
| MSCI MSCI Inc. | Reduce -71.0% | 0.03% | −0.06 |
Portfolio Buys Q1 2025 → Q2 2025
| SBCF Seacoast Banking Corp. | Add +194.6% | 3.38% | +2.34 |
| SSB Southstate Bank Corp. | Add +26.3% | 6.85% | +1.51 |
| BANC Banc of California Inc. | Add +265.8% | 2.03% | +1.49 |
| TOWN Towne Bank | New | 1.09% | +1.09 |
| WAL Western Alliance Bancorp | Add +24.1% | 4.54% | +1.02 |
| CBU Community Financial System I | Add +157.0% | 1.63% | +1.01 |
| INDB Independent Bank Corp. | Add +26.4% | 4.33% | +1.00 |
| MS Morgan Stanley | New | 0.86% | +0.86 |
| ONB Old National Bancorp | Add +107.1% | 1.40% | +0.74 |
| FFWM First Foundation Inc. | Add +964.2% | 0.80% | +0.72 |
| BCAL California Bancorp | Add +20.2% | 2.13% | +0.56 |
| WBS Webster Financial Corp. | Add +5.6% | 3.94% | +0.50 |
| PHM Pultegroup Inc. | New | 0.45% | +0.45 |
| BRO Brown & Brown Inc. | New | 0.42% | +0.42 |
| THG Hanover Insurance Group Inc./ | Add +267.4% | 0.50% | +0.36 |
| SYF Synchrony Financial | Add +692.5% | 0.38% | +0.35 |
| OSBC Old Second Bancorp Inc. | Add +1.5% | 3.46% | +0.34 |
| NMIH Nmi Holdings Inc. | New | 0.28% | +0.28 |
| MCY Mercury General Corp. | New | 0.27% | +0.27 |
| JMSB John Marshall Bancorp Inc. | Add +29.1% | 0.81% | +0.26 |
| NDAQ Nasdaq Inc. | New | 0.26% | +0.26 |
| MRX Marex UK Holdings Ltd. | New | 0.26% | +0.26 |
| HLI Houlihan Lokey Inc. | New | 0.23% | +0.23 |
| CME Cme Group Inc. | New | 0.23% | +0.23 |
| ZION Zions Bancorp NA | Add +3.3% | 2.44% | +0.23 |
| RBB RBB Bancorp | Add +0.6% | 3.22% | +0.22 |
| MRP Millrose Properties | New | 0.20% | +0.20 |
| JLL Jones Lang Lasalle Inc. | Add +38.5% | 0.61% | +0.19 |
| ARI Apollo Commercial Real Estat | New | 0.17% | +0.17 |
| JCAP Jefferson Capital Inc. | New | 0.17% | +0.17 |
| WFC Wells Fargo & Co. | Add +5.0% | 0.89% | +0.15 |
| LKFN Lakeland Financial Corp. | New | 0.14% | +0.14 |
| ADC Agree Realty Corp. | Add +161.5% | 0.23% | +0.14 |
| ARES Ares Management Corp. Class A | New | 0.13% | +0.13 |
| WELL Welltower Inc. | Add +32.9% | 0.46% | +0.12 |
| EZPW Ezcorp Inc. Class A | New | 0.12% | +0.12 |
| NLY Annaly Capital Management Inc. | New | 0.11% | +0.11 |
| HTGC Hercules Capital Inc. | Add +60.3% | 0.29% | +0.11 |
| ALLY Ally Financial Inc. | New | 0.10% | +0.10 |
| BUSE First Busey Corp. | Add +1.9% | 1.00% | +0.10 |
| RITM Rithm Capital Corp. | Add +45.1% | 0.29% | +0.09 |
| AMP Ameriprise Financial Inc. | New | 0.09% | +0.09 |
| USB US Bancorp | Add +2.9% | 0.72% | +0.08 |
| APAM Artisan Partners Asset Ma -A | New | 0.08% | +0.08 |
| EXR Extra Space Storage Inc. | New | 0.08% | +0.08 |
| SMA Smartstop Self Storage REIT | New | 0.08% | +0.08 |
| BHF Brighthouse Financial Inc. | New | 0.07% | +0.07 |
| SBRA Sabra Health Care REIT Inc. | New | 0.07% | +0.07 |
| VNO Vornado Realty Trust | Add +216.6% | 0.10% | +0.07 |
| AHR American Healthcare REIT Inc. | Add +9.3% | 0.25% | +0.06 |
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 |