FJ Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), FJ Capital Management LLC reported 142 stock positions worth $936.6 million. Its top holding was Hometrust Bancshares (HTB) at 7.3% of the portfolio, followed by Southstate Bank (SSB, 5.6%) and Equity Bancshares Class A (EQBK, 5.3%). Compared with Q2 2025, it opened 66 new positions, sold out of 52, added to 45 and reduced 27. The biggest buy was Wesbanco (WSBC, shares +771%) and the biggest sale an exit from Ameris Bancorp (ABCB).
- Most Recent 13F
- Q2 2026
- Location
- MCLEAN, VA
- CIK
- 0001599170
- Portfolio Value
- $936.6M (Q3 2025)
- SEC Filing
- 0001420506-25-003437 ↗ filed Nov 14, 2025
Holdings Value
Holdings 142 stocks · $936.6M
| HTB Hometrust Bancshares Inc. | 7.35% | 1,680,469 | $68.8M | Reduce -3.0% |
| SSB Southstate Bank Corp. | 5.57% | 527,942 | $52.2M | Reduce -24.8% |
| EQBK Equity Bancshares Inc. Class A | 5.31% | 1,222,791 | $49.8M | Add +8.6% |
| WBS Webster Financial Corp. | 3.96% | 624,464 | $37.1M | Reduce -8.2% |
| SBCF Seacoast Banking Corp. | 3.93% | 1,209,996 | $36.8M | Add +4.8% |
| SFST Southern First Bancshares | 3.80% | 807,223 | $35.6M | No change |
| OSBC Old Second Bancorp Inc. | 3.54% | 1,919,934 | $33.2M | Add +4.5% |
| RBB RBB Bancorp | 3.03% | 1,511,408 | $28.4M | Reduce -14.4% |
| INDB Independent Bank Corp. | 2.80% | 378,739 | $26.2M | Reduce -41.7% |
| MOFG Midwestone Financial Group I | 2.41% | 796,883 | $22.5M | Add +4.0% |
| LNKB Linkbancorp Inc. | 2.28% | 2,999,772 | $21.4M | Reduce -19.6% |
| BCAL California Bancorp | 2.26% | 1,271,636 | $21.2M | No change |
| WSBC Wesbanco Inc. | 2.23% | 654,296 | $20.9M | Add +771.4% |
| EBC Eastern Bankshares Inc. | 1.89% | 976,342 | $17.7M | New |
| ONB Old National Bancorp | 1.82% | 777,226 | $17.1M | Add +25.9% |
| IBCP Independent Bank Corp. - Mich | 1.82% | 550,194 | $17.0M | Reduce -17.2% |
| USB US Bancorp | 1.80% | 347,926 | $16.8M | Add +131.0% |
| QCRH QCR Holdings Inc. | 1.78% | 220,147 | $16.7M | Reduce -25.8% |
| SMBC Southern Missouri Bancorp | 1.69% | 300,944 | $15.8M | Add +6.4% |
| WAL Western Alliance Bancorp | 1.62% | 175,389 | $15.2M | Reduce -68.1% |
| ZION Zions Bancorp NA | 1.62% | 268,111 | $15.2M | Reduce -39.4% |
| THG Hanover Insurance Group Inc./ | 1.28% | 65,817 | $12.0M | Add +139.1% |
| FFWM First Foundation Inc. | 1.22% | 2,057,660 | $11.5M | Add +39.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.19% | 216,409 | $11.2M | New |
| FRME First Merchants Corp. | 1.19% | 294,718 | $11.1M | New |
| PB Prosperity Bancshares Inc. | 1.03% | 144,985 | $9.6M | New |
| CBNA Chain Bridge Bancorp Inc. Class A | 1.03% | 293,788 | $9.6M | No change |
| MBIN Merchants Bancorp | 1.01% | 297,156 | $9.4M | Add +24.6% |
| JMSB John Marshall Bancorp Inc. | 0.91% | 429,908 | $8.5M | Add +4.0% |
| BUSE First Busey Corp. | 0.90% | 366,020 | $8.5M | Reduce -10.8% |
| STT State Street Corp. | 0.84% | 68,000 | $7.9M | New |
| MHO M/I Homes Inc. | 0.83% | 53,553 | $7.7M | New |
| TOWN Towne Bank | 0.82% | 222,459 | $7.7M | Reduce -26.1% |
| FAF First American Financial | 0.81% | 118,691 | $7.6M | New |
| JLL Jones Lang Lasalle Inc. | 0.81% | 25,312 | $7.6M | Add +13.2% |
| AVBC Avidia Bancorp Inc. | 0.79% | 497,258 | $7.4M | New |
| SCHW Schwab (charles) Corp. | 0.78% | 76,650 | $7.3M | New |
| MCY Mercury General Corp. | 0.76% | 83,592 | $7.1M | Add +119.5% |
| CINF Cincinnati Financial Corp. | 0.75% | 44,671 | $7.1M | Add +97.2% |
| AMT American Tower Corp. | 0.72% | 3,507 | $6.7M | Add +99.5% |
| PFSI Pennymac Financial Services | 0.68% | 51,559 | $6.4M | New |
| TMHC Taylor Morrison Home Corp. | 0.63% | 89,887 | $5.9M | Add +29.2% |
| HWBK Hawthorn Bancshares Inc. | 0.63% | 190,710 | $5.9M | Reduce -13.8% |
| HCI Hci Group Inc. | 0.61% | 29,567 | $5.7M | Add +163.7% |
| WD Walker & Dunlop Inc. | 0.56% | 62,168 | $5.2M | New |
| WELL Welltower Inc. | 0.55% | 28,845 | $5.1M | Add +1.4% |
| BRO Brown & Brown Inc. | 0.48% | 47,837 | $4.5M | Add +33.0% |
| GABC German American Bancorp | 0.47% | 112,580 | $4.4M | Add +1802.7% |
| RGA Reinsurance Group of America | 0.46% | 22,466 | $4.3M | Add +36.3% |
| HBNC Horizon Bancorp Inc. | 0.45% | 264,651 | $4.2M | New |
| AKR Acadia Realty Trust | 0.44% | 205,209 | $4.1M | Add +128.7% |
| TOL Toll Brothers Inc. | 0.43% | 29,258 | $4.0M | New |
| ICE Intercontinental Exchange Inc. | 0.42% | 23,146 | $3.9M | New |
| HTGC Hercules Capital Inc. | 0.41% | 203,991 | $3.9M | Add +35.6% |
| NLY Annaly Capital Management Inc. | 0.40% | 185,233 | $3.7M | Add +250.8% |
| GL Globe Life Inc. | 0.39% | 25,828 | $3.7M | Add +140.2% |
| IVT Inventrust Properties Corp. | 0.38% | 124,373 | $3.6M | New |
| RDN Radian Group Inc. | 0.38% | 98,159 | $3.6M | New |
| LXP LXP Industrial Trust | 0.38% | 394,529 | $3.5M | New |
| ABR Arbor Realty Trust Inc. | 0.35% | 268,673 | $3.3M | New |
| AHR American Healthcare REIT Inc. | 0.35% | 77,881 | $3.3M | Add +23.6% |
| VOYA Voya Financial Inc. | 0.35% | 43,507 | $3.3M | Add +671.4% |
| C Citigroup Inc. | 0.35% | 31,975 | $3.2M | New |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.34% | 95,683 | $3.2M | Add +52.6% |
| UMBF Umb Financial Corp. | 0.34% | 26,549 | $3.1M | New |
| ARI Apollo Commercial Real Estat | 0.32% | 299,904 | $3.0M | Add +81.4% |
| SF Stifel Financial Corp. | 0.31% | 25,978 | $2.9M | New |
| FVCB Fvcbankcorp Inc. | 0.31% | 221,956 | $2.9M | Reduce -64.9% |
| FSFG First Savings Financial Grp | 0.31% | 91,479 | $2.9M | Reduce -67.7% |
| RYAN Ryan Specialty Holdings Inc. | 0.29% | 47,822 | $2.7M | New |
| HLI Houlihan Lokey Inc. | 0.26% | 11,860 | $2.4M | Reduce -1.8% |
| MAA Mid-America Apartment Comm | 0.24% | 15,874 | $2.2M | Reduce -4.2% |
| SLM SLM Corp. | 0.23% | 79,309 | $2.2M | New |
| BFC Bank First Corp. | 0.23% | 17,662 | $2.1M | New |
| NIC Nicolet Bankshares Inc. | 0.23% | 15,753 | $2.1M | New |
| TSLX Sixth Street Specialty Lendi | 0.22% | 91,827 | $2.1M | New |
| CNO Cno Financial Group Inc. | 0.22% | 52,008 | $2.1M | New |
| ADC Agree Realty Corp. | 0.21% | 27,707 | $2.0M | Reduce -8.0% |
| FR First Industrial Realty TR | 0.18% | 33,615 | $1.7M | New |
| RPC Ridgepost Capital Inc. Class A filed as P10 INC | 0.18% | 155,835 | $1.7M | Reduce -57.4% |
| PECO Phillips Edison & Company Inc. | 0.18% | 47,768 | $1.6M | Reduce -3.4% |
| O Realty Income Corp. | 0.17% | 26,865 | $1.6M | New |
| NMRK Newmark Group Inc. Class A | 0.17% | 83,379 | $1.6M | New |
| AON Aon PLC Class A | 0.16% | 4,176 | $1.5M | New |
| CME Cme Group Inc. | 0.16% | 5,393 | $1.5M | Reduce -30.8% |
| JHG Janus Henderson Group PLC | 0.15% | 32,041 | $1.4M | Add +46.4% |
| EXR Extra Space Storage Inc. | 0.15% | 9,758 | $1.4M | Add +86.8% |
| ARES Ares Management Corp. Class A | 0.14% | 8,293 | $1.3M | Add +20.0% |
| V Visa Inc. Class A | 0.13% | 3,625 | $1.2M | Add +100.7% |
| WPC WP Carey Inc. | 0.13% | 18,255 | $1.2M | Add +425.2% |
| SPNT Siriuspoint Ltd. | 0.13% | 67,270 | $1.2M | New |
| SKWD Skyward Specialty Insurance | 0.13% | 25,467 | $1.2M | Reduce -4.5% |
| HOMB Home Bancshares Inc. | 0.13% | 42,191 | $1.2M | New |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.12% | 17,935 | $1.2M | New |
| HOUS Anywhere Real Estate Inc. | 0.12% | 107,971 | $1.1M | New |
| EPRT Essential Properties Realty | 0.12% | 37,997 | $1.1M | Add +405.3% |
| SYF Synchrony Financial | 0.12% | 15,870 | $1.1M | Reduce -70.8% |
| APAM Artisan Partners Asset Ma -A | 0.12% | 25,129 | $1.1M | Add +43.3% |
| MA Mastercard Inc. Class A | 0.12% | 1,894 | $1.1M | New |
| UCB United Community Banks | 0.11% | 33,214 | $1.0M | Reduce -50.9% |
Portfolio Sells Q2 2025 → Q3 2025
| ABCB Ameris Bancorp | Sold out | 0.00% | −4.13 |
| WAL Western Alliance Bancorp | Reduce -68.1% | 1.62% | −2.92 |
| HTBK Heritage Commerce Corp. | Sold out | 0.00% | −2.47 |
| BANC Banc of California Inc. | Sold out | 0.00% | −2.03 |
| CBU Community Financial System I | Sold out | 0.00% | −1.63 |
| INDB Independent Bank Corp. | Reduce -41.7% | 2.80% | −1.53 |
| ESSA Essa Bancorp Inc. | Sold out | 0.00% | −1.41 |
| SSB Southstate Bank Corp. | Reduce -24.8% | 5.57% | −1.28 |
| MPB Mid Penn Bancorp Inc. | Sold out | 0.00% | −0.98 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.89 |
| MS Morgan Stanley | Sold out | 0.00% | −0.86 |
| ZION Zions Bancorp NA | Reduce -39.4% | 1.62% | −0.82 |
| LNKB Linkbancorp Inc. | Reduce -19.6% | 2.28% | −0.61 |
| WTFC Wintrust Financial Corp. | Sold out | 0.00% | −0.59 |
| CZWI Citizens Community Bancorp I | Sold out | 0.00% | −0.56 |
| SBFG SB Financial Group Inc. | Sold out | 0.00% | −0.54 |
| FVCB Fvcbankcorp Inc. | Reduce -64.9% | 0.31% | −0.48 |
| IBCP Independent Bank Corp. - Mich | Reduce -17.2% | 1.82% | −0.46 |
| PHM Pultegroup Inc. | Sold out | 0.00% | −0.45 |
| FSFG First Savings Financial Grp | Reduce -67.7% | 0.31% | −0.44 |
| QCRH QCR Holdings Inc. | Reduce -25.8% | 1.78% | −0.36 |
| RVSB Riverview Bancorp Inc. | Sold out | 0.00% | −0.35 |
| FDSB Fifth District Bancorp Inc. | Sold out | 0.00% | −0.32 |
| RITM Rithm Capital Corp. | Sold out | 0.00% | −0.29 |
| NMIH Nmi Holdings Inc. | Sold out | 0.00% | −0.28 |
| TOWN Towne Bank | Reduce -26.1% | 0.82% | −0.27 |
| SYF Synchrony Financial | Reduce -70.8% | 0.12% | −0.26 |
| NDAQ Nasdaq Inc. | Sold out | 0.00% | −0.26 |
| LADR Ladder Capital Corp.-REIT | Sold out | 0.00% | −0.26 |
| PLMR Palomar Holdings Inc. | Sold out | 0.00% | −0.26 |
| GSHD Goosehead Insurance Inc. Class A | Sold out | 0.00% | −0.24 |
| NPB Northpointe Bancshares Inc. | Sold out | 0.00% | −0.23 |
| RPC Ridgepost Capital Inc. Class A | Reduce -57.4% | 0.18% | −0.22 |
| RBB RBB Bancorp | Reduce -14.4% | 3.03% | −0.20 |
| JCAP Jefferson Capital Inc. | Sold out | 0.00% | −0.17 |
| LKFN Lakeland Financial Corp. | Sold out | 0.00% | −0.14 |
| HBCP Home Bancorp Inc. | Sold out | 0.00% | −0.13 |
| EZPW Ezcorp Inc. Class A | Sold out | 0.00% | −0.12 |
| UCB United Community Banks | Reduce -50.9% | 0.11% | −0.10 |
| ALLY Ally Financial Inc. | Sold out | 0.00% | −0.10 |
| MRP Millrose Properties | Reduce -55.8% | 0.11% | −0.10 |
| VNO Vornado Realty Trust | Sold out | 0.00% | −0.10 |
| BUSE First Busey Corp. | Reduce -10.8% | 0.90% | −0.09 |
| AMP Ameriprise Financial Inc. | Sold out | 0.00% | −0.09 |
| CSWC Capital Southwest Corp. | Sold out | 0.00% | −0.08 |
| SMA Smartstop Self Storage REIT | Sold out | 0.00% | −0.08 |
| CME Cme Group Inc. | Reduce -30.8% | 0.16% | −0.07 |
| SBRA Sabra Health Care REIT Inc. | Sold out | 0.00% | −0.07 |
| HIW Highwoods Properties Inc. | Sold out | 0.00% | −0.07 |
| CPT Camden Property Trust | Sold out | 0.00% | −0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| WSBC Wesbanco Inc. | Add +771.4% | 2.23% | +1.98 |
| EBC Eastern Bankshares Inc. | New | 1.89% | +1.89 |
| BAC Bank of America Corp. | New | 1.19% | +1.19 |
| FRME First Merchants Corp. | New | 1.19% | +1.19 |
| USB US Bancorp | Add +131.0% | 1.80% | +1.07 |
| PB Prosperity Bancshares Inc. | New | 1.03% | +1.03 |
| STT State Street Corp. | New | 0.84% | +0.84 |
| MHO M/I Homes Inc. | New | 0.83% | +0.83 |
| FAF First American Financial | New | 0.81% | +0.81 |
| AVBC Avidia Bancorp Inc. | New | 0.79% | +0.79 |
| SCHW Schwab (charles) Corp. | New | 0.78% | +0.78 |
| THG Hanover Insurance Group Inc./ | Add +139.1% | 1.28% | +0.78 |
| PFSI Pennymac Financial Services | New | 0.68% | +0.68 |
| AMT American Tower Corp. | Add +99.5% | 0.72% | +0.68 |
| WD Walker & Dunlop Inc. | New | 0.56% | +0.56 |
| SBCF Seacoast Banking Corp. | Add +4.8% | 3.93% | +0.55 |
| MCY Mercury General Corp. | Add +119.5% | 0.76% | +0.48 |
| HBNC Horizon Bancorp Inc. | New | 0.45% | +0.45 |
| GABC German American Bancorp | Add +1802.7% | 0.47% | +0.45 |
| EQBK Equity Bancshares Inc. Class A | Add +8.6% | 5.31% | +0.44 |
| TOL Toll Brothers Inc. | New | 0.43% | +0.43 |
| HCI Hci Group Inc. | Add +163.7% | 0.61% | +0.42 |
| ONB Old National Bancorp | Add +25.9% | 1.82% | +0.42 |
| FFWM First Foundation Inc. | Add +39.2% | 1.22% | +0.42 |
| ICE Intercontinental Exchange Inc. | New | 0.42% | +0.42 |
| CINF Cincinnati Financial Corp. | Add +97.2% | 0.75% | +0.40 |
| IVT Inventrust Properties Corp. | New | 0.38% | +0.38 |
| RDN Radian Group Inc. | New | 0.38% | +0.38 |
| LXP LXP Industrial Trust | New | 0.38% | +0.38 |
| ABR Arbor Realty Trust Inc. | New | 0.35% | +0.35 |
| C Citigroup Inc. | New | 0.35% | +0.35 |
| UMBF Umb Financial Corp. | New | 0.34% | +0.34 |
| SF Stifel Financial Corp. | New | 0.31% | +0.31 |
| VOYA Voya Financial Inc. | Add +671.4% | 0.35% | +0.30 |
| NLY Annaly Capital Management Inc. | Add +250.8% | 0.40% | +0.29 |
| RYAN Ryan Specialty Holdings Inc. | New | 0.29% | +0.29 |
| AKR Acadia Realty Trust | Add +128.7% | 0.44% | +0.26 |
| GL Globe Life Inc. | Add +140.2% | 0.39% | +0.25 |
| SLM SLM Corp. | New | 0.23% | +0.23 |
| BFC Bank First Corp. | New | 0.23% | +0.23 |
| NIC Nicolet Bankshares Inc. | New | 0.23% | +0.23 |
| TSLX Sixth Street Specialty Lendi | New | 0.22% | +0.22 |
| CNO Cno Financial Group Inc. | New | 0.22% | +0.22 |
| JLL Jones Lang Lasalle Inc. | Add +13.2% | 0.81% | +0.20 |
| FR First Industrial Realty TR | New | 0.18% | +0.18 |
| TMHC Taylor Morrison Home Corp. | Add +29.2% | 0.63% | +0.18 |
| O Realty Income Corp. | New | 0.17% | +0.17 |
| MBIN Merchants Bancorp | Add +24.6% | 1.01% | +0.17 |
| NMRK Newmark Group Inc. Class A | New | 0.17% | +0.17 |
| AON Aon PLC Class A | New | 0.16% | +0.16 |
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 |