FJ Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), FJ Capital Management LLC reported 128 stock positions worth $905.8 million. Its top holding was Southstate Bank (SSB) at 8.4% of the portfolio, followed by Hometrust Bancshares (HTB, 8.0%) and Equity Bancshares Class A (EQBK, 6.0%). Compared with Q3 2025, it opened 40 new positions, sold out of 54, added to 29 and reduced 40. The biggest buy was Southstate Bank (SSB, shares +54%) and the biggest sale Linkbancorp (LNKB, shares −80%).
- Most Recent 13F
- Q2 2026
- Location
- MCLEAN, VA
- CIK
- 0001599170
- Portfolio Value
- $905.8M (Q4 2025)
- SEC Filing
- 0001420506-26-000417 ↗ filed Feb 13, 2026
Holdings Value
Holdings 128 stocks · $905.8M
| SSB Southstate Bank Corp. | 8.45% | 813,033 | $76.5M | Add +54.0% |
| HTB Hometrust Bancshares Inc. | 8.03% | 1,693,553 | $72.7M | Add +0.8% |
| EQBK Equity Bancshares Inc. Class A | 6.04% | 1,225,687 | $54.7M | Add +0.2% |
| SBCF Seacoast Banking Corp. | 4.72% | 1,361,677 | $42.8M | Add +12.5% |
| SFST Southern First Bancshares | 4.59% | 807,223 | $41.6M | No change |
| WAL Western Alliance Bancorp | 4.02% | 432,672 | $36.4M | Add +146.7% |
| OSBC Old Second Bancorp Inc. | 3.94% | 1,829,665 | $35.7M | Reduce -4.7% |
| RBB RBB Bancorp | 3.44% | 1,511,408 | $31.2M | No change |
| MOFG Midwestone Financial Group I | 3.39% | 797,816 | $30.7M | Add +0.1% |
| WBS Webster Financial Corp. | 2.67% | 384,743 | $24.2M | Reduce -38.4% |
| FRME First Merchants Corp. | 2.62% | 633,668 | $23.7M | Add +115.0% |
| BCAL California Bancorp | 2.62% | 1,271,636 | $23.7M | No change |
| USB US Bancorp | 2.20% | 373,433 | $19.9M | Add +7.3% |
| HBNC Horizon Bancorp Inc. | 2.03% | 1,083,840 | $18.4M | Add +309.5% |
| SMBC Southern Missouri Bancorp | 1.96% | 300,944 | $17.8M | No change |
| EBC Eastern Bankshares Inc. | 1.89% | 926,841 | $17.1M | Reduce -5.1% |
| INDB Independent Bank Corp. | 1.86% | 230,533 | $16.8M | Reduce -39.1% |
| ONB Old National Bancorp | 1.77% | 717,018 | $16.0M | Reduce -7.8% |
| ZION Zions Bancorp NA | 1.55% | 239,124 | $14.0M | Reduce -10.8% |
| MS Morgan Stanley | 1.47% | 74,759 | $13.3M | New |
| IBCP Independent Bank Corp. - Mich | 1.38% | 385,088 | $12.5M | Reduce -30.0% |
| WSBC Wesbanco Inc. | 1.27% | 347,136 | $11.5M | Reduce -47.0% |
| QCRH QCR Holdings Inc. | 1.22% | 132,898 | $11.1M | Reduce -39.6% |
| CBNA Chain Bridge Bancorp Inc. Class A | 1.12% | 293,788 | $10.2M | No change |
| AVBC Avidia Bancorp Inc. | 0.92% | 497,258 | $8.4M | No change |
| JMSB John Marshall Bancorp Inc. | 0.91% | 412,945 | $8.3M | Reduce -4.0% |
| SKWD Skyward Specialty Insurance | 0.82% | 144,736 | $7.4M | Add +468.3% |
| SF Stifel Financial Corp. | 0.81% | 58,497 | $7.3M | Add +125.2% |
| NMRK Newmark Group Inc. Class A | 0.80% | 418,973 | $7.3M | Add +402.5% |
| THG Hanover Insurance Group Inc./ | 0.76% | 37,427 | $6.8M | Reduce -43.1% |
| HWBK Hawthorn Bancshares Inc. | 0.73% | 190,710 | $6.7M | No change |
| TOWN Towne Bank | 0.67% | 182,586 | $6.1M | Reduce -17.9% |
| XZO Exzeo Group Inc. | 0.64% | 237,856 | $5.8M | New |
| CINF Cincinnati Financial Corp. | 0.59% | 32,836 | $5.4M | Reduce -26.5% |
| CME Cme Group Inc. | 0.58% | 19,187 | $5.2M | Add +255.8% |
| CVBF CVB Financial Corp. | 0.56% | 275,132 | $5.1M | New |
| AKR Acadia Realty Trust | 0.56% | 247,622 | $5.1M | Add +20.7% |
| LNKB Linkbancorp Inc. | 0.54% | 596,930 | $4.9M | Reduce -80.1% |
| GL Globe Life Inc. | 0.54% | 35,065 | $4.9M | Add +35.8% |
| RGA Reinsurance Group of America | 0.52% | 23,361 | $4.8M | Add +4.0% |
| RPC Ridgepost Capital Inc. Class A filed as P10 INC | 0.50% | 457,474 | $4.5M | Add +193.6% |
| TCBK Trico Bancshares | 0.48% | 92,492 | $4.4M | New |
| GABC German American Bancorp | 0.47% | 109,019 | $4.3M | Reduce -3.2% |
| WLTH Wealthfront Corp. | 0.47% | 314,187 | $4.3M | New |
| LXP LXP Industrial Trust | 0.46% | 83,499 | $4.1M | Add +5.8% |
| JLL Jones Lang Lasalle Inc. | 0.44% | 11,774 | $4.0M | Reduce -53.5% |
| WELL Welltower Inc. | 0.43% | 20,975 | $3.9M | Reduce -27.3% |
| HYNE Hoyne Bancorp Inc. | 0.42% | 261,000 | $3.8M | New |
| PFSI Pennymac Financial Services | 0.42% | 28,562 | $3.8M | Reduce -44.6% |
| ETOR Etoro Group Ltd. Class A | 0.41% | 104,861 | $3.7M | New |
| MKTX Marketaxess Holdings Inc. | 0.41% | 20,252 | $3.7M | New |
| HCI Hci Group Inc. | 0.40% | 19,019 | $3.6M | Reduce -35.7% |
| PHM Pultegroup Inc. | 0.40% | 31,075 | $3.6M | New |
| IVT Inventrust Properties Corp. | 0.39% | 124,373 | $3.5M | No change |
| HTGC Hercules Capital Inc. | 0.35% | 169,984 | $3.2M | Reduce -16.7% |
| AII American Integrity Insurance | 0.35% | 153,491 | $3.2M | Add +1261.6% |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.34% | 81,199 | $3.1M | Reduce -15.1% |
| UMBF Umb Financial Corp. | 0.34% | 26,549 | $3.1M | No change |
| SKY Champion Homes Inc. | 0.33% | 35,462 | $3.0M | New |
| FSFG First Savings Financial Grp | 0.32% | 91,479 | $2.9M | No change |
| FR First Industrial Realty TR | 0.29% | 46,421 | $2.7M | Add +38.1% |
| VOYA Voya Financial Inc. | 0.29% | 35,315 | $2.6M | Reduce -18.8% |
| EZPW Ezcorp Inc. Class A | 0.29% | 133,526 | $2.6M | New |
| ADC Agree Realty Corp. | 0.29% | 35,873 | $2.6M | Add +29.5% |
| NIC Nicolet Bankshares Inc. | 0.27% | 20,421 | $2.5M | Add +29.6% |
| AHR American Healthcare REIT Inc. | 0.26% | 50,798 | $2.4M | Reduce -34.8% |
| CSWC Capital Southwest Corp. | 0.23% | 92,685 | $2.1M | New |
| CNO Cno Financial Group Inc. | 0.18% | 39,063 | $1.7M | Reduce -24.9% |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 0.18% | 89,709 | $1.7M | New |
| NLY Annaly Capital Management Inc. | 0.18% | 72,486 | $1.6M | Reduce -60.9% |
| MRP Millrose Properties | 0.18% | 53,978 | $1.6M | Add +83.6% |
| SPNT Siriuspoint Ltd. | 0.17% | 70,841 | $1.6M | Add +5.3% |
| MAA Mid-America Apartment Comm | 0.17% | 11,112 | $1.5M | Reduce -30.0% |
| ALRS Alerus Financial Corp. | 0.17% | 67,134 | $1.5M | New |
| FBP First Bancorp Puerto Rico | 0.15% | 66,625 | $1.4M | New |
| KINS Kingstone Cos Inc. | 0.15% | 78,256 | $1.3M | Add +89.3% |
| TSLX Sixth Street Specialty Lendi | 0.14% | 58,423 | $1.3M | Reduce -36.4% |
| HQY Healthequity Inc. | 0.14% | 13,556 | $1.2M | Add +61.8% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.12% | 17,935 | $1.1M | No change |
| CURB Curbline Properties Corp. | 0.12% | 48,374 | $1.1M | Add +78.7% |
| BOW Bowhead Specialty Holdings I | 0.12% | 39,317 | $1.1M | New |
| APAM Artisan Partners Asset Ma -A | 0.11% | 25,129 | $1.0M | No change |
| ELME Elme Communities | 0.10% | 54,049 | $940K | Add +77.2% |
| SKT Tanger Inc. | 0.10% | 27,829 | $929K | New |
| DX Dynex Capital Inc. | 0.10% | 63,085 | $884K | New |
| ACIW Aci Worldwide Inc. | 0.10% | 17,999 | $861K | Add +17.6% |
| EGP Eastgroup Properties Inc. | 0.09% | 4,789 | $853K | New |
| DLR Digital Realty Trust Inc. | 0.09% | 5,391 | $834K | New |
| AMG Affiliated Managers Group | 0.08% | 2,557 | $737K | No change |
| LADR Ladder Capital Corp.-REIT | 0.08% | 66,561 | $732K | New |
| PLD Prologis Inc. | 0.08% | 5,722 | $730K | Reduce -34.2% |
| FICO Fair Isaac Corp. | 0.08% | 423 | $715K | New |
| V Visa Inc. Class A | 0.08% | 1,965 | $689K | Reduce -45.8% |
| MA Mastercard Inc. Class A | 0.07% | 1,064 | $607K | Reduce -43.8% |
| BXMT Blackstone Mortgage Tru Class A | 0.07% | 31,685 | $606K | New |
| JHG Janus Henderson Group PLC | 0.06% | 12,090 | $575K | Reduce -62.3% |
| KKR KKR & Co. Inc. | 0.06% | 4,308 | $549K | New |
| AXS Axis Capital Holdings Ltd. | 0.06% | 4,914 | $526K | New |
| EPRT Essential Properties Realty | 0.06% | 17,665 | $524K | Reduce -53.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.06% | 1,041 | $523K | New |
Portfolio Sells Q3 2025 → Q4 2025
| LNKB Linkbancorp Inc. | Reduce -80.1% | 0.54% | −1.74 |
| WBS Webster Financial Corp. | Reduce -38.4% | 2.67% | −1.29 |
| FFWM First Foundation Inc. | Sold out | 0.00% | −1.22 |
| BAC Bank of America Corp. | Sold out | 0.00% | −1.19 |
| PB Prosperity Bancshares Inc. | Sold out | 0.00% | −1.03 |
| MBIN Merchants Bancorp | Sold out | 0.00% | −1.01 |
| WSBC Wesbanco Inc. | Reduce -47.0% | 1.27% | −0.96 |
| INDB Independent Bank Corp. | Reduce -39.1% | 1.86% | −0.94 |
| BUSE First Busey Corp. | Sold out | 0.00% | −0.90 |
| STT State Street Corp. | Sold out | 0.00% | −0.84 |
| MHO M/I Homes Inc. | Sold out | 0.00% | −0.83 |
| FAF First American Financial | Sold out | 0.00% | −0.81 |
| SCHW Schwab (charles) Corp. | Sold out | 0.00% | −0.78 |
| MCY Mercury General Corp. | Sold out | 0.00% | −0.76 |
| AMT American Tower Corp. | Sold out | 0.00% | −0.72 |
| TMHC Taylor Morrison Home Corp. | Sold out | 0.00% | −0.63 |
| QCRH QCR Holdings Inc. | Reduce -39.6% | 1.22% | −0.56 |
| WD Walker & Dunlop Inc. | Sold out | 0.00% | −0.56 |
| THG Hanover Insurance Group Inc./ | Reduce -43.1% | 0.76% | −0.52 |
| BRO Brown & Brown Inc. | Sold out | 0.00% | −0.48 |
| IBCP Independent Bank Corp. - Mich | Reduce -30.0% | 1.38% | −0.44 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.43 |
| ICE Intercontinental Exchange Inc. | Sold out | 0.00% | −0.42 |
| RDN Radian Group Inc. | Sold out | 0.00% | −0.38 |
| JLL Jones Lang Lasalle Inc. | Reduce -53.5% | 0.44% | −0.37 |
| ABR Arbor Realty Trust Inc. | Sold out | 0.00% | −0.35 |
| C Citigroup Inc. | Sold out | 0.00% | −0.35 |
| ARI Apollo Commercial Real Estat | Sold out | 0.00% | −0.32 |
| RYAN Ryan Specialty Holdings Inc. | Sold out | 0.00% | −0.29 |
| FVCB Fvcbankcorp Inc. | Reduce -92.7% | 0.02% | −0.28 |
| PFSI Pennymac Financial Services | Reduce -44.6% | 0.42% | −0.27 |
| HLI Houlihan Lokey Inc. | Sold out | 0.00% | −0.26 |
| SLM SLM Corp. | Sold out | 0.00% | −0.23 |
| BFC Bank First Corp. | Sold out | 0.00% | −0.23 |
| NLY Annaly Capital Management Inc. | Reduce -60.9% | 0.18% | −0.22 |
| HCI Hci Group Inc. | Reduce -35.7% | 0.40% | −0.20 |
| PECO Phillips Edison & Company Inc. | Sold out | 0.00% | −0.18 |
| O Realty Income Corp. | Sold out | 0.00% | −0.17 |
| CINF Cincinnati Financial Corp. | Reduce -26.5% | 0.59% | −0.16 |
| AON Aon PLC Class A | Sold out | 0.00% | −0.16 |
| TOWN Towne Bank | Reduce -17.9% | 0.67% | −0.15 |
| HOMB Home Bancshares Inc. | Sold out | 0.00% | −0.13 |
| HOUS Anywhere Real Estate Inc. | Sold out | 0.00% | −0.12 |
| EXR Extra Space Storage Inc. | Reduce -80.7% | 0.03% | −0.12 |
| WELL Welltower Inc. | Reduce -27.3% | 0.43% | −0.12 |
| ARES Ares Management Corp. Class A | Reduce -81.2% | 0.03% | −0.11 |
| UCB United Community Banks | Sold out | 0.00% | −0.11 |
| CUZ Cousins Properties Inc. | Sold out | 0.00% | −0.11 |
| SLF Sun Life Financial Inc. | Sold out | 0.00% | −0.10 |
| HRTG Heritage Insurance Holdings | Sold out | 0.00% | −0.10 |
Portfolio Buys Q3 2025 → Q4 2025
| SSB Southstate Bank Corp. | Add +54.0% | 8.45% | +2.87 |
| WAL Western Alliance Bancorp | Add +146.7% | 4.02% | +2.39 |
| HBNC Horizon Bancorp Inc. | Add +309.5% | 2.03% | +1.58 |
| MS Morgan Stanley | New | 1.47% | +1.47 |
| FRME First Merchants Corp. | Add +115.0% | 2.62% | +1.44 |
| MOFG Midwestone Financial Group I | Add +0.1% | 3.39% | +0.98 |
| SBCF Seacoast Banking Corp. | Add +12.5% | 4.72% | +0.79 |
| EQBK Equity Bancshares Inc. Class A | Add +0.2% | 6.04% | +0.73 |
| SKWD Skyward Specialty Insurance | Add +468.3% | 0.82% | +0.69 |
| HTB Hometrust Bancshares Inc. | Add +0.8% | 8.03% | +0.68 |
| XZO Exzeo Group Inc. | New | 0.64% | +0.64 |
| NMRK Newmark Group Inc. Class A | Add +402.5% | 0.80% | +0.64 |
| CVBF CVB Financial Corp. | New | 0.56% | +0.56 |
| SF Stifel Financial Corp. | Add +125.2% | 0.81% | +0.49 |
| TCBK Trico Bancshares | New | 0.48% | +0.48 |
| WLTH Wealthfront Corp. | New | 0.47% | +0.47 |
| CME Cme Group Inc. | Add +255.8% | 0.58% | +0.42 |
| HYNE Hoyne Bancorp Inc. | New | 0.42% | +0.42 |
| ETOR Etoro Group Ltd. Class A | New | 0.41% | +0.41 |
| MKTX Marketaxess Holdings Inc. | New | 0.41% | +0.41 |
| USB US Bancorp | Add +7.3% | 2.20% | +0.40 |
| PHM Pultegroup Inc. | New | 0.40% | +0.40 |
| SKY Champion Homes Inc. | New | 0.33% | +0.33 |
| AII American Integrity Insurance | Add +1261.6% | 0.35% | +0.33 |
| RPC Ridgepost Capital Inc. Class A | Add +193.6% | 0.50% | +0.31 |
| EZPW Ezcorp Inc. Class A | New | 0.29% | +0.29 |
| CSWC Capital Southwest Corp. | New | 0.23% | +0.23 |
| CTO Cto Realty Growth Inc. | New | 0.18% | +0.18 |
| ALRS Alerus Financial Corp. | New | 0.17% | +0.17 |
| FBP First Bancorp Puerto Rico | New | 0.15% | +0.15 |
| GL Globe Life Inc. | Add +35.8% | 0.54% | +0.15 |
| BOW Bowhead Specialty Holdings I | New | 0.12% | +0.12 |
| AKR Acadia Realty Trust | Add +20.7% | 0.56% | +0.12 |
| FR First Industrial Realty TR | Add +38.1% | 0.29% | +0.11 |
| SKT Tanger Inc. | New | 0.10% | +0.10 |
| DX Dynex Capital Inc. | New | 0.10% | +0.10 |
| EGP Eastgroup Properties Inc. | New | 0.09% | +0.09 |
| DLR Digital Realty Trust Inc. | New | 0.09% | +0.09 |
| LADR Ladder Capital Corp.-REIT | New | 0.08% | +0.08 |
| KINS Kingstone Cos Inc. | Add +89.3% | 0.15% | +0.08 |
| LXP LXP Industrial Trust | Add +5.8% | 0.46% | +0.08 |
| FICO Fair Isaac Corp. | New | 0.08% | +0.08 |
| ADC Agree Realty Corp. | Add +29.5% | 0.29% | +0.08 |
| MRP Millrose Properties | Add +83.6% | 0.18% | +0.07 |
| BXMT Blackstone Mortgage Tru Class A | New | 0.07% | +0.07 |
| RGA Reinsurance Group of America | Add +4.0% | 0.52% | +0.06 |
| KKR KKR & Co. Inc. | New | 0.06% | +0.06 |
| CURB Curbline Properties Corp. | Add +78.7% | 0.12% | +0.06 |
| AXS Axis Capital Holdings Ltd. | New | 0.06% | +0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.06% | +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 |