FJ Capital Management LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), FJ Capital Management LLC reported 120 stock positions worth $770.4 million. Its top holding was Southern First Bancshares (SFST) at 7.1% of the portfolio, followed by Equity Bancshares Class A (EQBK, 6.1%) and Nicolet Bankshares (NIC, 6.0%). Compared with Q1 2026, it opened 47 new positions, sold out of 53, added to 30 and reduced 27. The biggest buy was a new position in Bank of Hawaii (BOH) and the biggest sale an exit from Eastern Bankshares (EBC).

Most Recent 13F
Q2 2026
Location
MCLEAN, VA
CIK
0001599170
Portfolio Value
$770.4M (Q2 2026)
SEC Filing
0001420506-26-001821 ↗ filed Aug 14, 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 Q1 2026 Q2 2026: $770.4M $770.4M Q2 2026

Holdings 120 stocks · $770.4M
SFST Southern First Bancshares 7.08% 892,223 $54.5M Add +10.5%
EQBK Equity Bancshares Inc. Class A 6.11% 961,492 $47.1M Add +4.4%
NIC Nicolet Bankshares Inc. 5.95% 277,243 $45.9M Reduce -9.5%
SSB Southstate Bank Corp. 5.69% 438,973 $43.9M Reduce -43.6%
BCAL California Bancorp 5.56% 2,054,534 $42.8M No change
HTB Hometrust Bancshares Inc. 5.43% 839,115 $41.9M Reduce -46.0%
TOWN Towne Bank 4.74% 1,008,071 $36.5M Add +80.1%
OSBC Old Second Bancorp Inc. 4.42% 1,460,413 $34.1M Reduce -3.0%
SBCF Seacoast Banking Corp. 4.34% 1,006,363 $33.5M Add +11.1%
FRME First Merchants Corp. 4.03% 711,425 $31.1M No change
CVBF CVB Financial Corp. 3.79% 1,295,322 $29.2M Add +52.1%
BOH Bank of Hawaii Corp. filed as BANK HAWAII CORP 3.31% 312,693 $25.5M New
HBNC Horizon Bancorp Inc. 3.23% 1,246,550 $24.9M Reduce -3.5%
HBAN Huntington Bancshares Inc. 3.14% 1,364,029 $24.2M Add +22.1%
TFC Truist Financial Corp. 2.89% 446,477 $22.2M New
UMBF Umb Financial Corp. 2.36% 127,486 $18.2M Add +191.5%
CBNA Chain Bridge Bancorp Inc. Class A 1.60% 293,788 $12.4M No change
AVBC Avidia Bancorp Inc. 1.35% 497,258 $10.4M No change
LPLA LPL Financial Holdings Inc. 1.10% 29,967 $8.4M New
NLY Annaly Capital Management Inc. 1.07% 376,036 $8.2M Add +127.6%
HWBK Hawthorn Bancshares Inc. 0.97% 190,710 $7.5M No change
IBCP Independent Bank Corp. - Mich 0.95% 203,607 $7.3M No change
WFC Wells Fargo & Co. 0.87% 80,810 $6.7M New
AHR American Healthcare REIT Inc. 0.86% 127,389 $6.6M Add +117.4%
FAF First American Financial 0.82% 91,643 $6.3M New
SYBT Stock Yards Bancorp Inc. 0.81% 81,359 $6.2M Reduce -12.4%
JLL Jones Lang Lasalle Inc. 0.76% 18,851 $5.8M Reduce -40.9%
FCFS Firstcash Holdings Inc. 0.64% 22,683 $4.9M Add +313.1%
SKY Champion Homes Inc. 0.58% 50,348 $4.4M New
MIAX Miami International Holdings 0.58% 119,299 $4.4M New
HYNE Hoyne Bancorp Inc. 0.57% 261,000 $4.4M No change
WELL Welltower Inc. 0.56% 19,095 $4.3M Reduce -0.9%
MKTX Marketaxess Holdings Inc. 0.55% 37,237 $4.2M New
CNO Cno Financial Group Inc. 0.54% 82,078 $4.2M Reduce -37.7%
HTGC Hercules Capital Inc. 0.51% 249,039 $3.9M Reduce -10.3%
CME Cme Group Inc. 0.51% 17,754 $3.9M New
XZO Exzeo Group Inc. 0.49% 223,788 $3.8M Reduce -67.2%
ECPG Encore Capital Group Inc. 0.46% 38,144 $3.6M Reduce -6.3%
RGA Reinsurance Group of America 0.44% 16,077 $3.4M Add +65.4%
TOL Toll Brothers Inc. 0.41% 19,047 $3.1M Add +60.4%
ETOR Etoro Group Ltd. Class A 0.37% 73,077 $2.9M New
MAIN Main Street Capital Corp. 0.36% 53,085 $2.8M Reduce -21.6%
FR First Industrial Realty TR 0.35% 44,161 $2.7M Add +3.9%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.34% 11,571 $2.7M New
CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW 0.34% 120,922 $2.6M Add +3.9%
MSIF MSC Income Fund Inc. 0.31% 206,254 $2.4M Add +20.6%
ABCB Ameris Bancorp 0.31% 26,377 $2.4M Reduce -80.4%
UDR Udr Inc. 0.31% 59,259 $2.4M New
IVT Inventrust Properties Corp. 0.31% 66,542 $2.4M Reduce -40.6%
HLI Houlihan Lokey Inc. 0.30% 17,497 $2.3M New
BRX Brixmor Property Group Inc. 0.29% 71,166 $2.2M Add +52.1%
SKWD Skyward Specialty Insurance 0.28% 36,966 $2.2M Reduce -60.8%
TRTX TPG Re Finance Trust Inc. 0.27% 249,738 $2.1M New
FHI Federated Hermes Inc. 0.27% 37,556 $2.1M Add +262.5%
GL Globe Life Inc. 0.27% 11,558 $2.1M Add +11.7%
ALLY Ally Financial Inc. 0.25% 42,195 $1.9M New
EGP Eastgroup Properties Inc. 0.25% 9,402 $1.9M Add +18.6%
DAVE Dave Inc. 0.19% 3,900 $1.5M Reduce -52.9%
RWT Redwood Trust Inc. 0.19% 304,416 $1.4M New
HCI Hci Group Inc. 0.18% 7,787 $1.4M Reduce -79.1%
SYF Synchrony Financial 0.17% 16,838 $1.3M Add +96.0%
XYZ Block Inc. 0.16% 16,318 $1.2M New
BEN Franklin Templeton Inc. 0.14% 33,415 $1.1M Reduce -61.0%
COF Capital One Financial Corp. 0.12% 4,718 $947K Add +10.3%
MA Mastercard Inc. Class A 0.12% 1,810 $930K Add +19.2%
PDM Piedmont Realty Trust Inc. 0.12% 100,262 $917K New
DRH Diamondrock Hospitality Co. 0.11% 69,618 $848K New
THG Hanover Insurance Group Inc./ 0.11% 3,957 $847K Reduce -82.4%
AFRM Affirm Holdings Inc. 0.11% 10,378 $846K New
PSTL Postal Realty Trust Inc. Class A 0.11% 33,921 $836K No change
RKT Rocket Cos Inc. Class A 0.10% 49,765 $784K New
SLDE Slide Insurance Holdings Inc. 0.10% 39,757 $770K New
EG Everest Group Ltd. 0.10% 2,147 $767K New
CHYM Chime Financial Inc. Class A 0.10% 36,618 $750K New
NP Neptune Insurance Holdi Class A 0.09% 22,993 $724K Add +5.6%
V Visa Inc. Class A 0.09% 2,020 $693K No change
AMH American Homes 4 Rent- A 0.09% 20,264 $679K New
SPNT Siriuspoint Ltd. 0.09% 28,197 $677K Reduce -36.1%
EFSC Enterprise Financial Service 0.09% 10,182 $671K No change
AFG American Financial Group Inc. 0.09% 4,782 $669K New
JAN Janus Living Inc. Class-A-1 0.08% 21,522 $619K New
ACIW Aci Worldwide Inc. 0.08% 11,949 $601K No change
ELV Elevance Health Inc. 0.07% 1,433 $554K New
BFH Bread Financial Holdings Inc. 0.07% 5,007 $543K Add +44.5%
XHR Xenia Hotels & Resorts Inc. 0.07% 26,301 $535K Add +12.1%
RPC Ridgepost Capital Inc. Class A 0.07% 66,926 $527K Add +502.6%
RHP Ryman Hospitality Properties 0.07% 4,078 $524K Reduce -23.5%
CPT Camden Property Trust 0.07% 4,539 $520K New
CG The Carlyle Group Inc. 0.07% 12,149 $512K Add +72.2%
CDP Copt Defense Properties 0.07% 13,900 $506K No change
MCY Mercury General Corp. 0.06% 4,682 $499K New
KLAR Klarna Group PLC 0.06% 24,539 $497K New
LXP LXP Industrial Trust 0.06% 9,150 $493K New
RLJ RLJ Lodging Trust 0.06% 41,508 $492K New
MKL Markel Group Inc. 0.06% 251 $490K Add +24.3%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.06% 3,814 $482K New
TRU Transunion 0.06% 6,113 $441K Reduce -50.8%
AIZ Assurant Inc. 0.05% 1,576 $423K New
UHT Universal Health RLTY Income 0.05% 9,409 $413K No change
GSHD Goosehead Insurance Inc. Class A 0.05% 7,925 $384K New
JHG Janus Henderson Group PLC 0.05% 7,224 $375K No change
FVR Frontview REIT Inc. 0.05% 18,489 $374K New
OSG Octave Specialty Group Inc. 0.05% 57,937 $362K New
CURB Curbline Properties Corp. 0.05% 11,806 $359K Reduce -52.1%
SHO Sunstone Hotel Investors Inc. 0.04% 28,835 $330K Add +118.5%
EPRT Essential Properties Realty 0.04% 10,539 $315K Reduce -40.3%
BNL Broadstone Net Lease Inc. 0.04% 14,817 $306K No change
BOW Bowhead Specialty Holdings I 0.03% 8,405 $252K New
MAC The Macerich Co. 0.03% 9,738 $245K New
CB Chubb Ltd. 0.03% 712 $243K New
MAA Mid-America Apartment Comm 0.03% 1,713 $238K Reduce -84.3%
PFG Principal Financial Group 0.03% 2,181 $235K New
BXP BXP Inc. 0.03% 3,533 $234K New
CUBE Cubesmart 0.03% 5,806 $231K Reduce -52.0%
CNC Centene Corp. 0.03% 3,497 $224K New
PK Park Hotels & Resorts Inc. 0.03% 15,559 $222K New
JXN Jackson Financial Inc. Class A 0.03% 2,148 $220K No change
GEN Gen Digital Inc. 0.03% 8,661 $216K New
SBAC SBA Communications Corp. 0.03% 1,200 $212K New
BHR Braemar Hotels & Resorts Inc. 0.01% 44,916 $97K Add +8.4%

Portfolio Sells Q1 2026 → Q2 2026
EBC Eastern Bankshares Inc. Sold out 0.00% −3.84
RBB RBB Bancorp Sold out 0.00% −3.64
SSB Southstate Bank Corp. Reduce -43.6% 5.69% −2.42
HTB Hometrust Bancshares Inc. Reduce -46.0% 5.43% −2.03
BKU Bankunited Inc. Sold out 0.00% −1.94
ONB Old National Bancorp Sold out 0.00% −1.78
SMBC Southern Missouri Bancorp Sold out 0.00% −1.46
INDB Independent Bank Corp. Sold out 0.00% −1.40
NTRS Northern Trust Corp. Sold out 0.00% −1.24
BAC Bank of America Corp. Sold out 0.00% −1.04
MS Morgan Stanley Sold out 0.00% −1.04
WSBC Wesbanco Inc. Sold out 0.00% −0.95
JMSB John Marshall Bancorp Inc. Sold out 0.00% −0.94
ABCB Ameris Bancorp Reduce -80.4% 0.31% −0.88
CFG Citizens Financial Group Sold out 0.00% −0.85
SFBS Servisfirst Bancshares Inc. Sold out 0.00% −0.66
SCHW Schwab (charles) Corp. Sold out 0.00% −0.65
XZO Exzeo Group Inc. Reduce -67.2% 0.49% −0.64
VIRT Virtu Financial Inc. Class A Sold out 0.00% −0.62
PLMR Palomar Holdings Inc. Sold out 0.00% −0.61
AMTB Amerant Bancorp Inc. Sold out 0.00% −0.61
USB US Bancorp Sold out 0.00% −0.57
ESNT Essent Group Ltd. Sold out 0.00% −0.49
PHM Pultegroup Inc. Sold out 0.00% −0.47
HCI Hci Group Inc. Reduce -79.1% 0.18% −0.47
OMF Onemain Holdings Inc. Sold out 0.00% −0.46
DLR Digital Realty Trust Inc. Sold out 0.00% −0.42
NDAQ Nasdaq Inc. Sold out 0.00% −0.41
EQIX Equinix Inc. Sold out 0.00% −0.39
EGBN Eagle Bancorp Inc. Sold out 0.00% −0.36
BXMT Blackstone Mortgage Tru Class A Sold out 0.00% −0.35
JLL Jones Lang Lasalle Inc. Reduce -40.9% 0.76% −0.33
THG Hanover Insurance Group Inc./ Reduce -82.4% 0.11% −0.33
QCRH QCR Holdings Inc. Sold out 0.00% −0.31
PNC PNC Financial Services Group Sold out 0.00% −0.29
AUB Atlantic Union Bankshares Co. Sold out 0.00% −0.29
ADC Agree Realty Corp. Sold out 0.00% −0.27
AKR Acadia Realty Trust Sold out 0.00% −0.23
HOOD Robinhood Markets Inc. Class A Sold out 0.00% −0.23
AXS Axis Capital Holdings Ltd. Sold out 0.00% −0.23
UNM Unum Group Sold out 0.00% −0.22
SKWD Skyward Specialty Insurance Reduce -60.8% 0.28% −0.18
SNDA Sonida Senior Living Inc. Sold out 0.00% −0.17
MAA Mid-America Apartment Comm Reduce -84.3% 0.03% −0.12
EFC Ellington Financial Inc. Sold out 0.00% −0.11
HQY Healthequity Inc. Sold out 0.00% −0.11
ELS Equity Lifestyle Properties Sold out 0.00% −0.09
BEN Franklin Templeton Inc. Reduce -61.0% 0.14% −0.08
SBRA Sabra Health Care REIT Inc. Sold out 0.00% −0.08
IVT Inventrust Properties Corp. Reduce -40.6% 0.31% −0.08

Portfolio Buys Q1 2026 → Q2 2026
BOH Bank of Hawaii Corp. New 3.31% +3.31
TFC Truist Financial Corp. New 2.89% +2.89
TOWN Towne Bank Add +80.1% 4.74% +2.62
SFST Southern First Bancshares Add +10.5% 7.08% +2.12
CVBF CVB Financial Corp. Add +52.1% 3.79% +1.93
UMBF Umb Financial Corp. Add +191.5% 2.36% +1.81
EQBK Equity Bancshares Inc. Class A Add +4.4% 6.11% +1.51
SBCF Seacoast Banking Corp. Add +11.1% 4.34% +1.25
HBAN Huntington Bancshares Inc. Add +22.1% 3.14% +1.17
LPLA LPL Financial Holdings Inc. New 1.10% +1.10
WFC Wells Fargo & Co. New 0.87% +0.87
FAF First American Financial New 0.82% +0.82
NLY Annaly Capital Management Inc. Add +127.6% 1.07% +0.67
SKY Champion Homes Inc. New 0.58% +0.58
MIAX Miami International Holdings New 0.58% +0.58
AHR American Healthcare REIT Inc. Add +117.4% 0.86% +0.55
MKTX Marketaxess Holdings Inc. New 0.55% +0.55
FCFS Firstcash Holdings Inc. Add +313.1% 0.64% +0.52
CME Cme Group Inc. New 0.51% +0.51
ETOR Etoro Group Ltd. Class A New 0.37% +0.37
AJG Arthur J Gallagher & Co. New 0.34% +0.34
UDR Udr Inc. New 0.31% +0.31
HLI Houlihan Lokey Inc. New 0.30% +0.30
TRTX TPG Re Finance Trust Inc. New 0.27% +0.27
ALLY Ally Financial Inc. New 0.25% +0.25
TOL Toll Brothers Inc. Add +60.4% 0.41% +0.22
RGA Reinsurance Group of America Add +65.4% 0.44% +0.22
FHI Federated Hermes Inc. Add +262.5% 0.27% +0.20
RWT Redwood Trust Inc. New 0.19% +0.19
XYZ Block Inc. New 0.16% +0.16
BRX Brixmor Property Group Inc. Add +52.1% 0.29% +0.14
PDM Piedmont Realty Trust Inc. New 0.12% +0.12
DRH Diamondrock Hospitality Co. New 0.11% +0.11
AFRM Affirm Holdings Inc. New 0.11% +0.11
GL Globe Life Inc. Add +11.7% 0.27% +0.11
RKT Rocket Cos Inc. Class A New 0.10% +0.10
SYF Synchrony Financial Add +96.0% 0.17% +0.10
SLDE Slide Insurance Holdings Inc. New 0.10% +0.10
EG Everest Group Ltd. New 0.10% +0.10
CHYM Chime Financial Inc. Class A New 0.10% +0.10
CTO Cto Realty Growth Inc. Add +3.9% 0.34% +0.10
AMH American Homes 4 Rent- A New 0.09% +0.09
AFG American Financial Group Inc. New 0.09% +0.09
EGP Eastgroup Properties Inc. Add +18.6% 0.25% +0.08
JAN Janus Living Inc. Class-A-1 New 0.08% +0.08
MSIF MSC Income Fund Inc. Add +20.6% 0.31% +0.08
FR First Industrial Realty TR Add +3.9% 0.35% +0.07
ELV Elevance Health Inc. New 0.07% +0.07
CPT Camden Property Trust New 0.07% +0.07
MCY Mercury General Corp. 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