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

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 Q1 2025 Q2 2025: $943.0M Q2 2025 Q3 2025: $936.6M $936.6M Q3 2025 Q4 2025: $905.8M Q4 2025 Q1 2026: $888.1M Q1 2026 Q2 2026: $770.4M Q2 2026

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%
PLD Prologis Inc. 0.11% 8,693 $996K New
CUZ Cousins Properties Inc. 0.11% 34,262 $992K Add +56.2%
MRP Millrose Properties 0.11% 29,395 $988K Reduce -55.8%
SLF Sun Life Financial Inc. 0.10% 16,324 $980K New
HRTG Heritage Insurance Holdings 0.10% 37,745 $950K New
ACIW Aci Worldwide Inc. 0.09% 15,304 $808K Add +64.5%
HQY Healthequity Inc. 0.08% 8,376 $794K New
BEN Franklin Templeton Inc. 0.08% 31,236 $722K Add +90.8%
CG The Carlyle Group Inc. 0.07% 10,696 $671K Add +171.1%
CUBE Cubesmart 0.07% 15,225 $619K New
GCMG GCM Grosvenor Inc. Class A 0.07% 50,728 $612K New
AMG Affiliated Managers Group 0.07% 2,557 $610K New
KINS Kingstone Cos Inc. 0.06% 41,329 $608K New
CURB Curbline Properties Corp. 0.06% 27,065 $604K New
TPG TPG Inc. 0.06% 10,044 $577K New
BHF Brighthouse Financial Inc. 0.06% 10,158 $539K Reduce -20.1%
ELME Elme Communities 0.05% 30,502 $514K New
NNN NNN REIT Inc. 0.05% 11,568 $492K New
HUM Humana Inc. 0.05% 1,716 $446K New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.05% 1,371 $425K New
FIS Fidelity National Info Serv 0.04% 5,609 $370K Add +55.8%
UHT Universal Health RLTY Income 0.04% 9,409 $369K Add +13.7%
DAVE Dave Inc. 0.04% 1,820 $363K Add +74.0%
HFBL Home Federal Bancorp Inc. 0.04% 24,866 $342K No change
PGRE Paramount Group Inc. 0.03% 46,975 $307K New
JXN Jackson Financial Inc. Class A 0.03% 2,946 $298K New
BNL Broadstone Net Lease Inc. 0.03% 14,817 $265K Add +16.2%
FOUR SHIFT4 Payments Inc. Class A 0.03% 3,409 $264K New
PK Park Hotels & Resorts Inc. 0.03% 23,519 $261K New
ACIC American Coastal Insurance C 0.03% 22,756 $259K New
BRX Brixmor Property Group Inc. 0.03% 9,164 $254K New
FHI Federated Hermes Inc. 0.03% 4,879 $253K New
AII American Integrity Insurance 0.03% 11,273 $252K New
GEN Gen Digital Inc. 0.03% 8,661 $246K New
KRC Kilroy Realty Corp. 0.02% 5,499 $232K New
ADP Automatic Data Processing 0.02% 787 $231K New
UNH Unitedhealth Group Inc. 0.02% 643 $222K Reduce -23.0%
HLNE Hamilton Lane Inc. Class A 0.02% 1,612 $217K New
GPN Global Payments Inc. 0.02% 2,353 $195K New
QNST Quinstreet Inc. 0.01% 8,720 $135K New
SHO Sunstone Hotel Investors Inc. 0.01% 13,116 $123K New
BDN Brandywine Realty Trust 0.01% 27,281 $114K New

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

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