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

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

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
PLMR Palomar Holdings Inc. 0.06% 3,864 $521K New
NTST Netstreit Corp. 0.06% 29,197 $515K New
PGR Progressive Corp. 0.06% 2,204 $502K New
VTR Ventas Inc. 0.05% 6,390 $494K New
SHOP Shopify Inc. Class A 0.05% 3,036 $489K New
WPC WP Carey Inc. 0.05% 7,091 $456K Reduce -61.2%
SYBT Stock Yards Bancorp Inc. 0.05% 6,351 $412K New
DAVE Dave Inc. 0.04% 1,820 $403K No change
SYF Synchrony Financial 0.04% 4,706 $393K Reduce -70.3%
PSTL Postal Realty Trust Inc. Class A 0.04% 23,481 $379K New
FIS Fidelity National Info Serv 0.04% 5,609 $373K No change
UHT Universal Health RLTY Income 0.04% 9,409 $369K No change
BX Blackstone Inc. 0.04% 2,057 $317K New
ARX Accelerant Holdings Class A 0.03% 17,973 $294K New
JXN Jackson Financial Inc. Class A 0.03% 2,737 $292K Reduce -7.1%
NP Neptune Insurance Holdi Class A 0.03% 9,923 $289K New
COF Capital One Financial Corp. 0.03% 1,192 $289K New
BNL Broadstone Net Lease Inc. 0.03% 14,817 $257K No change
ARES Ares Management Corp. Class A 0.03% 1,557 $252K Reduce -81.2%
BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN 0.03% 10,454 $251K New
EXR Extra Space Storage Inc. 0.03% 1,884 $245K Reduce -80.7%
GEN Gen Digital Inc. 0.03% 8,661 $235K No change
FHI Federated Hermes Inc. 0.03% 4,383 $228K Reduce -10.2%
FVCB Fvcbankcorp Inc. 0.02% 16,116 $224K Reduce -92.7%
TPG TPG Inc. 0.02% 3,405 $217K Reduce -66.1%
FOUR SHIFT4 Payments Inc. Class A 0.02% 3,409 $215K No change
BFH Bread Financial Holdings Inc. 0.02% 2,717 $201K New
HPP Hudson Pacific Properties Inc. 0.02% 14,534 $157K 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

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