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

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

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%
VRE Veris Residential Inc. 0.05% 24,246 $458K New
CUBE Cubesmart 0.05% 12,089 $443K New
SIGI Selective Insurance Group 0.05% 5,663 $427K New
CDP Copt Defense Properties 0.05% 13,900 $425K New
MKL Markel Group Inc. 0.04% 202 $387K New
UHT Universal Health RLTY Income 0.04% 9,409 $381K No change
GNW Genworth Financial Inc. 0.04% 46,118 $374K New
JHG Janus Henderson Group PLC 0.04% 7,224 $371K Reduce -40.3%
HLNE Hamilton Lane Inc. Class A 0.04% 3,634 $361K New
XHR Xenia Hotels & Resorts Inc. 0.04% 23,462 $348K New
CG The Carlyle Group Inc. 0.04% 7,055 $341K New
BNL Broadstone Net Lease Inc. 0.03% 14,817 $271K No change
BFH Bread Financial Holdings Inc. 0.03% 3,466 $260K Add +27.6%
VOYA Voya Financial Inc. 0.03% 3,501 $239K Reduce -90.1%
VTR Ventas Inc. 0.03% 2,842 $232K Reduce -55.5%
JXN Jackson Financial Inc. Class A 0.03% 2,148 $227K Reduce -21.5%
PYPL PayPal Holdings Inc. 0.03% 4,977 $225K New
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.03% 3,770 $223K Reduce -79.0%
TRV The Travelers Cos Inc. 0.02% 754 $220K New
NTST Netstreit Corp. 0.02% 10,966 $206K Reduce -62.4%
GPN Global Payments Inc. 0.02% 3,046 $205K New
GCMG GCM Grosvenor Inc. Class A 0.02% 17,747 $174K New
SVC Service Pptys TR 0.01% 94,090 $127K New
SHO Sunstone Hotel Investors Inc. 0.01% 13,200 $119K New
BHR Braemar Hotels & Resorts Inc. 0.01% 41,436 $98K New
RPC Ridgepost Capital Inc. Class A 0.01% 11,107 $81K Reduce -97.6%

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

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