FJ Capital Management LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), FJ Capital Management LLC reported 126 stock positions worth $888.1 million. Its top holding was Southstate Bank (SSB) at 8.1% of the portfolio, followed by Hometrust Bancshares (HTB, 7.5%) and Nicolet Bankshares (NIC, 5.1%). Compared with Q4 2025, it opened 50 new positions, sold out of 52, added to 32 and reduced 34. The biggest buy was Nicolet Bankshares (NIC, shares +1400%) and the biggest sale an exit from Western Alliance Bancorp (WAL).
- Most Recent 13F
- Q2 2026
- Location
- MCLEAN, VA
- CIK
- 0001599170
- Portfolio Value
- $888.1M (Q1 2026)
- SEC Filing
- 0001420506-26-001153 ↗ filed May 15, 2026
Holdings Value
Holdings 126 stocks · $888.1M
| SSB Southstate Bank Corp. | 8.11% | 778,627 | $72.0M | Reduce -4.2% |
| HTB Hometrust Bancshares Inc. | 7.46% | 1,554,425 | $66.3M | Reduce -8.2% |
| NIC Nicolet Bankshares Inc. | 5.13% | 306,381 | $45.5M | Add +1400.3% |
| SFST Southern First Bancshares | 4.95% | 807,223 | $44.0M | No change |
| EQBK Equity Bancshares Inc. Class A | 4.61% | 921,074 | $40.9M | Reduce -24.9% |
| BCAL California Bancorp | 4.10% | 2,054,534 | $36.4M | Add +61.6% |
| EBC Eastern Bankshares Inc. | 3.84% | 1,741,864 | $34.1M | Add +87.9% |
| RBB RBB Bancorp | 3.64% | 1,511,408 | $32.3M | No change |
| OSBC Old Second Bancorp Inc. | 3.42% | 1,505,102 | $30.3M | Reduce -17.7% |
| FRME First Merchants Corp. | 3.10% | 711,425 | $27.6M | Add +12.3% |
| SBCF Seacoast Banking Corp. | 3.09% | 906,053 | $27.4M | Reduce -33.5% |
| HBNC Horizon Bancorp Inc. | 2.41% | 1,291,208 | $21.4M | Add +19.1% |
| TOWN Towne Bank | 2.12% | 559,772 | $18.8M | Add +206.6% |
| HBAN Huntington Bancshares Inc. | 1.97% | 1,116,816 | $17.5M | New |
| BKU Bankunited Inc. | 1.94% | 380,554 | $17.2M | New |
| CVBF CVB Financial Corp. | 1.86% | 851,426 | $16.5M | Add +209.5% |
| ONB Old National Bancorp | 1.78% | 717,018 | $15.8M | No change |
| SMBC Southern Missouri Bancorp | 1.46% | 202,427 | $12.9M | Reduce -32.7% |
| INDB Independent Bank Corp. | 1.40% | 165,653 | $12.5M | Reduce -28.1% |
| NTRS Northern Trust Corp. | 1.24% | 79,026 | $11.0M | New |
| ABCB Ameris Bancorp | 1.18% | 134,868 | $10.5M | New |
| CBNA Chain Bridge Bancorp Inc. Class A | 1.15% | 293,788 | $10.3M | No change |
| XZO Exzeo Group Inc. | 1.13% | 682,440 | $10.0M | Add +186.9% |
| AVBC Avidia Bancorp Inc. | 1.10% | 497,258 | $9.8M | No change |
| JLL Jones Lang Lasalle Inc. | 1.09% | 31,881 | $9.7M | Add +170.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.04% | 189,376 | $9.2M | New |
| MS Morgan Stanley | 1.04% | 56,089 | $9.2M | Reduce -25.0% |
| WSBC Wesbanco Inc. | 0.95% | 243,843 | $8.4M | Reduce -29.8% |
| JMSB John Marshall Bancorp Inc. | 0.94% | 412,273 | $8.4M | Reduce -0.2% |
| CFG Citizens Financial Group | 0.85% | 125,939 | $7.6M | New |
| IBCP Independent Bank Corp. - Mich | 0.76% | 203,607 | $6.8M | Reduce -47.1% |
| HWBK Hawthorn Bancshares Inc. | 0.72% | 190,710 | $6.4M | No change |
| SYBT Stock Yards Bancorp Inc. | 0.69% | 92,849 | $6.2M | Add +1362.0% |
| SFBS Servisfirst Bancshares Inc. | 0.66% | 79,906 | $5.8M | New |
| SCHW Schwab (charles) Corp. | 0.65% | 61,883 | $5.8M | New |
| HCI Hci Group Inc. | 0.65% | 37,287 | $5.8M | Add +96.0% |
| VIRT Virtu Financial Inc. Class A | 0.62% | 125,790 | $5.5M | New |
| PLMR Palomar Holdings Inc. | 0.61% | 45,433 | $5.4M | Add +1075.8% |
| AMTB Amerant Bancorp Inc. | 0.61% | 245,913 | $5.4M | New |
| CNO Cno Financial Group Inc. | 0.61% | 131,679 | $5.4M | Add +237.1% |
| USB US Bancorp | 0.57% | 98,115 | $5.1M | Reduce -73.7% |
| UMBF Umb Financial Corp. | 0.56% | 43,740 | $4.9M | Add +64.8% |
| ESNT Essent Group Ltd. | 0.49% | 75,024 | $4.4M | New |
| PHM Pultegroup Inc. | 0.47% | 35,719 | $4.2M | Add +14.9% |
| SKWD Skyward Specialty Insurance | 0.46% | 94,379 | $4.1M | Reduce -34.8% |
| HTGC Hercules Capital Inc. | 0.46% | 277,666 | $4.1M | Add +63.4% |
| OMF Onemain Holdings Inc. | 0.46% | 75,795 | $4.1M | New |
| THG Hanover Insurance Group Inc./ | 0.44% | 22,535 | $3.9M | Reduce -39.8% |
| WELL Welltower Inc. | 0.43% | 19,277 | $3.8M | Reduce -8.1% |
| HYNE Hoyne Bancorp Inc. | 0.43% | 261,000 | $3.8M | No change |
| DLR Digital Realty Trust Inc. | 0.42% | 20,829 | $3.8M | Add +286.4% |
| NDAQ Nasdaq Inc. | 0.41% | 42,372 | $3.6M | New |
| MAIN Main Street Capital Corp. | 0.40% | 67,667 | $3.6M | New |
| NLY Annaly Capital Management Inc. | 0.39% | 165,250 | $3.5M | Add +128.0% |
| EQIX Equinix Inc. | 0.39% | 3,563 | $3.5M | New |
| IVT Inventrust Properties Corp. | 0.38% | 111,953 | $3.4M | Reduce -10.0% |
| EGBN Eagle Bancorp Inc. | 0.36% | 126,895 | $3.2M | New |
| BXMT Blackstone Mortgage Tru Class A | 0.35% | 160,596 | $3.1M | Add +406.9% |
| ECPG Encore Capital Group Inc. | 0.32% | 40,732 | $2.9M | New |
| QCRH QCR Holdings Inc. filed as QCR HLDGS INC | 0.31% | 32,601 | $2.8M | Reduce -75.5% |
| AHR American Healthcare REIT Inc. | 0.31% | 58,592 | $2.8M | Add +15.3% |
| PNC PNC Financial Services Group | 0.29% | 12,467 | $2.6M | New |
| AUB Atlantic Union Bankshares Co. | 0.29% | 72,243 | $2.6M | New |
| FR First Industrial Realty TR | 0.28% | 42,501 | $2.5M | Reduce -8.4% |
| ADC Agree Realty Corp. | 0.27% | 31,696 | $2.4M | Reduce -11.6% |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 0.24% | 116,343 | $2.2M | Add +29.7% |
| MSIF MSC Income Fund Inc. | 0.23% | 171,058 | $2.1M | New |
| AKR Acadia Realty Trust | 0.23% | 106,677 | $2.0M | Reduce -56.9% |
| HOOD Robinhood Markets Inc. Class A | 0.23% | 29,263 | $2.0M | New |
| BEN Franklin Templeton Inc. | 0.23% | 85,724 | $2.0M | New |
| AXS Axis Capital Holdings Ltd. | 0.23% | 19,825 | $2.0M | Add +303.4% |
| RGA Reinsurance Group of America | 0.22% | 9,722 | $2.0M | Reduce -58.4% |
| UNM Unum Group | 0.22% | 26,346 | $1.9M | New |
| TOL Toll Brothers Inc. | 0.18% | 11,874 | $1.6M | New |
| EGP Eastgroup Properties Inc. | 0.17% | 7,930 | $1.5M | Add +65.6% |
| SNDA Sonida Senior Living Inc. | 0.17% | 45,472 | $1.5M | New |
| DAVE Dave Inc. | 0.16% | 8,280 | $1.4M | Add +354.9% |
| GL Globe Life Inc. | 0.16% | 10,347 | $1.4M | Reduce -70.5% |
| BRX Brixmor Property Group Inc. | 0.15% | 46,798 | $1.3M | New |
| MAA Mid-America Apartment Comm | 0.15% | 10,932 | $1.3M | Reduce -1.6% |
| FCFS Firstcash Holdings Inc. | 0.12% | 5,491 | $1.0M | New |
| EFC Ellington Financial Inc. | 0.11% | 81,687 | $968K | New |
| SPNT Siriuspoint Ltd. | 0.11% | 44,143 | $951K | Reduce -37.7% |
| HQY Healthequity Inc. | 0.11% | 11,210 | $937K | Reduce -17.3% |
| TRU Transunion | 0.10% | 12,424 | $860K | New |
| ELS Equity Lifestyle Properties | 0.09% | 13,239 | $826K | New |
| COF Capital One Financial Corp. | 0.09% | 4,276 | $780K | Add +258.7% |
| MA Mastercard Inc. Class A | 0.09% | 1,518 | $758K | Add +42.7% |
| SBRA Sabra Health Care REIT Inc. | 0.08% | 38,225 | $735K | New |
| CURB Curbline Properties Corp. | 0.07% | 24,653 | $636K | Reduce -49.0% |
| PSTL Postal Realty Trust Inc. Class A | 0.07% | 33,921 | $630K | Add +44.5% |
| V Visa Inc. Class A | 0.07% | 2,020 | $611K | Add +2.8% |
| FHI Federated Hermes Inc. | 0.07% | 10,359 | $587K | Add +136.3% |
| SYF Synchrony Financial | 0.07% | 8,591 | $584K | Add +82.5% |
| EFSC Enterprise Financial Service | 0.06% | 10,182 | $551K | New |
| EPRT Essential Properties Realty | 0.06% | 17,665 | $536K | No change |
| NP Neptune Insurance Holdi Class A | 0.06% | 21,769 | $527K | Add +119.4% |
| SPG Simon Property Group Inc. | 0.06% | 2,639 | $492K | New |
| RHP Ryman Hospitality Properties | 0.06% | 5,333 | $492K | New |
| ACIW Aci Worldwide Inc. | 0.06% | 11,949 | $490K | Reduce -33.6% |
Portfolio Sells Q4 2025 → Q1 2026
| WAL Western Alliance Bancorp | Sold out | 0.00% | −4.02 |
| MOFG Midwestone Financial Group I | Sold out | 0.00% | −3.39 |
| WBS Webster Financial Corp. | Sold out | 0.00% | −2.67 |
| SBCF Seacoast Banking Corp. | Reduce -33.5% | 3.09% | −1.63 |
| USB US Bancorp | Reduce -73.7% | 0.57% | −1.63 |
| ZION Zions Bancorp NA | Sold out | 0.00% | −1.55 |
| EQBK Equity Bancshares Inc. Class A | Reduce -24.9% | 4.61% | −1.44 |
| QCRH QCR Holdings Inc. | Reduce -75.5% | 0.31% | −0.91 |
| SF Stifel Financial Corp. | Sold out | 0.00% | −0.81 |
| NMRK Newmark Group Inc. Class A | Sold out | 0.00% | −0.80 |
| IBCP Independent Bank Corp. - Mich | Reduce -47.1% | 0.76% | −0.62 |
| CINF Cincinnati Financial Corp. | Sold out | 0.00% | −0.59 |
| CME Cme Group Inc. | Sold out | 0.00% | −0.58 |
| HTB Hometrust Bancshares Inc. | Reduce -8.2% | 7.46% | −0.56 |
| LNKB Linkbancorp Inc. | Sold out | 0.00% | −0.54 |
| OSBC Old Second Bancorp Inc. | Reduce -17.7% | 3.42% | −0.52 |
| SMBC Southern Missouri Bancorp | Reduce -32.7% | 1.46% | −0.51 |
| RPC Ridgepost Capital Inc. Class A | Reduce -97.6% | 0.01% | −0.49 |
| TCBK Trico Bancshares | Sold out | 0.00% | −0.48 |
| GABC German American Bancorp | Sold out | 0.00% | −0.47 |
| WLTH Wealthfront Corp. | Sold out | 0.00% | −0.47 |
| INDB Independent Bank Corp. | Reduce -28.1% | 1.40% | −0.46 |
| LXP LXP Industrial Trust | Sold out | 0.00% | −0.46 |
| MS Morgan Stanley | Reduce -25.0% | 1.04% | −0.43 |
| PFSI Pennymac Financial Services | Sold out | 0.00% | −0.42 |
| ETOR Etoro Group Ltd. Class A | Sold out | 0.00% | −0.41 |
| MKTX Marketaxess Holdings Inc. | Sold out | 0.00% | −0.41 |
| GL Globe Life Inc. | Reduce -70.5% | 0.16% | −0.38 |
| AII American Integrity Insurance | Sold out | 0.00% | −0.35 |
| SKWD Skyward Specialty Insurance | Reduce -34.8% | 0.46% | −0.35 |
| MRX Marex UK Holdings Ltd. | Sold out | 0.00% | −0.34 |
| SSB Southstate Bank Corp. | Reduce -4.2% | 8.11% | −0.34 |
| AKR Acadia Realty Trust | Reduce -56.9% | 0.23% | −0.33 |
| SKY Champion Homes Inc. | Sold out | 0.00% | −0.33 |
| WSBC Wesbanco Inc. | Reduce -29.8% | 0.95% | −0.33 |
| FSFG First Savings Financial Grp | Sold out | 0.00% | −0.32 |
| THG Hanover Insurance Group Inc./ | Reduce -39.8% | 0.44% | −0.32 |
| RGA Reinsurance Group of America | Reduce -58.4% | 0.22% | −0.30 |
| EZPW Ezcorp Inc. Class A | Sold out | 0.00% | −0.29 |
| VOYA Voya Financial Inc. | Reduce -90.1% | 0.03% | −0.26 |
| CSWC Capital Southwest Corp. | Sold out | 0.00% | −0.23 |
| MRP Millrose Properties | Sold out | 0.00% | −0.18 |
| ALRS Alerus Financial Corp. | Sold out | 0.00% | −0.17 |
| FBP First Bancorp Puerto Rico | Sold out | 0.00% | −0.15 |
| KINS Kingstone Cos Inc. | Sold out | 0.00% | −0.15 |
| TSLX Sixth Street Specialty Lendi | Sold out | 0.00% | −0.14 |
| BOW Bowhead Specialty Holdings I | Sold out | 0.00% | −0.12 |
| APAM Artisan Partners Asset Ma -A | Sold out | 0.00% | −0.11 |
| ELME Elme Communities | Sold out | 0.00% | −0.10 |
| SKT Tanger Inc. | Sold out | 0.00% | −0.10 |
Portfolio Buys Q4 2025 → Q1 2026
| NIC Nicolet Bankshares Inc. | Add +1400.3% | 5.13% | +4.85 |
| HBAN Huntington Bancshares Inc. | New | 1.97% | +1.97 |
| EBC Eastern Bankshares Inc. | Add +87.9% | 3.84% | +1.95 |
| BKU Bankunited Inc. | New | 1.94% | +1.94 |
| BCAL California Bancorp | Add +61.6% | 4.10% | +1.48 |
| TOWN Towne Bank | Add +206.6% | 2.12% | +1.45 |
| CVBF CVB Financial Corp. | Add +209.5% | 1.86% | +1.29 |
| NTRS Northern Trust Corp. | New | 1.24% | +1.24 |
| ABCB Ameris Bancorp | New | 1.18% | +1.18 |
| BAC Bank of America Corp. | New | 1.04% | +1.04 |
| CFG Citizens Financial Group | New | 0.85% | +0.85 |
| SFBS Servisfirst Bancshares Inc. | New | 0.66% | +0.66 |
| JLL Jones Lang Lasalle Inc. | Add +170.8% | 1.09% | +0.66 |
| SCHW Schwab (charles) Corp. | New | 0.65% | +0.65 |
| SYBT Stock Yards Bancorp Inc. | Add +1362.0% | 0.69% | +0.65 |
| VIRT Virtu Financial Inc. Class A | New | 0.62% | +0.62 |
| AMTB Amerant Bancorp Inc. | New | 0.61% | +0.61 |
| PLMR Palomar Holdings Inc. | Add +1075.8% | 0.61% | +0.55 |
| ESNT Essent Group Ltd. | New | 0.49% | +0.49 |
| XZO Exzeo Group Inc. | Add +186.9% | 1.13% | +0.49 |
| FRME First Merchants Corp. | Add +12.3% | 3.10% | +0.48 |
| OMF Onemain Holdings Inc. | New | 0.46% | +0.46 |
| CNO Cno Financial Group Inc. | Add +237.1% | 0.61% | +0.43 |
| NDAQ Nasdaq Inc. | New | 0.41% | +0.41 |
| MAIN Main Street Capital Corp. | New | 0.40% | +0.40 |
| EQIX Equinix Inc. | New | 0.39% | +0.39 |
| HBNC Horizon Bancorp Inc. | Add +19.1% | 2.41% | +0.38 |
| EGBN Eagle Bancorp Inc. | New | 0.36% | +0.36 |
| DLR Digital Realty Trust Inc. | Add +286.4% | 0.42% | +0.33 |
| ECPG Encore Capital Group Inc. | New | 0.32% | +0.32 |
| PNC PNC Financial Services Group | New | 0.29% | +0.29 |
| AUB Atlantic Union Bankshares Co. | New | 0.29% | +0.29 |
| BXMT Blackstone Mortgage Tru Class A | Add +406.9% | 0.35% | +0.28 |
| HCI Hci Group Inc. | Add +96.0% | 0.65% | +0.25 |
| MSIF MSC Income Fund Inc. | New | 0.23% | +0.23 |
| HOOD Robinhood Markets Inc. Class A | New | 0.23% | +0.23 |
| BEN Franklin Templeton Inc. | New | 0.23% | +0.23 |
| UMBF Umb Financial Corp. | Add +64.8% | 0.56% | +0.22 |
| UNM Unum Group | New | 0.22% | +0.22 |
| NLY Annaly Capital Management Inc. | Add +128.0% | 0.39% | +0.21 |
| TOL Toll Brothers Inc. | New | 0.18% | +0.18 |
| AXS Axis Capital Holdings Ltd. | Add +303.4% | 0.23% | +0.17 |
| SNDA Sonida Senior Living Inc. | New | 0.17% | +0.17 |
| BRX Brixmor Property Group Inc. | New | 0.15% | +0.15 |
| DAVE Dave Inc. | Add +354.9% | 0.16% | +0.12 |
| FCFS Firstcash Holdings Inc. | New | 0.12% | +0.12 |
| EFC Ellington Financial Inc. | New | 0.11% | +0.11 |
| HTGC Hercules Capital Inc. | Add +63.4% | 0.46% | +0.11 |
| TRU Transunion | New | 0.10% | +0.10 |
| ELS Equity Lifestyle Properties | New | 0.09% | +0.09 |
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 |