FJ Capital Management LLC

Name: FJ Capital Management LLC 13F holdings, Q2 2025
Creator: FJ Capital Management LLC
Published: 2025-08-14

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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
QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC	0.04%	4,236	$396K	Add +5.0%
DLR Digital Realty Trust Inc.	0.04%	2,247	$392K	New
BEN Franklin Templeton Inc.	0.04%	16,375	$391K	New
AMT American Tower Corp.	0.04%	1,758	$389K	Add +0.7%
UNM Unum Group	0.04%	4,799	$388K	New
OWL Blue Owl Capital Inc.	0.04%	20,130	$387K	Reduce -81.1%
FISV Fiserv Inc.	0.04%	2,098	$362K	Add +23.1%
HFBL Home Federal Bancorp Inc.	0.04%	24,866	$338K	No change
UHT Universal Health RLTY Income	0.04%	8,277	$331K	New
CCNE CNB Financial Corp.	0.03%	13,910	$318K	No change
FIS Fidelity National Info Serv	0.03%	3,600	$293K	Add +4.7%
BLK BlackRock Inc.	0.03%	279	$293K	New
SFBC Sound Financial Bancorp Inc.	0.03%	6,199	$285K	Reduce -94.3%
ALL Allstate Corp.	0.03%	1,414	$285K	Reduce -92.8%
DAVE Dave Inc.	0.03%	1,046	$281K	New
TOST Toast Inc. Class A	0.03%	6,214	$275K	New
SLG SL Green Realty Corp.	0.03%	4,329	$268K	New
MSCI MSCI Inc.	0.03%	456	$263K	Reduce -71.0%
UNH Unitedhealth Group Inc.	0.03%	835	$260K	New
STEP Stepstone Group Inc. Class A	0.03%	4,651	$258K	New
EPRT Essential Properties Realty	0.03%	7,520	$240K	New
KKR KKR & Co. Inc.	0.02%	1,761	$234K	Reduce -76.3%
NTST Netstreit Corp.	0.02%	13,747	$233K	New
GABC German American Bancorp	0.02%	5,917	$228K	New
WPC WP Carey Inc.	0.02%	3,476	$217K	New
BNL Broadstone Net Lease Inc.	0.02%	12,754	$205K	Add +8.2%
CG The Carlyle Group Inc.	0.02%	3,946	$203K	New
OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC	0.02%	24,677	$175K	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