North Reef Capital Management LP
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), North Reef Capital Management LP reported 43 stock positions worth $2.6 billion. Its top holding was Marketaxess (MKTX) at 14.8% of the portfolio, followed by Ameris Bancorp (ABCB, 9.5%) and First Horizon (FHN, 9.0%). Compared with Q1 2026, it opened 4 new positions, sold out of 21, added to 21 and reduced 18. The biggest buy was Marketaxess (MKTX, shares +81%) and the biggest sale an exit from Visa Class A (V).
- Most Recent 13F
- Q2 2026
- Location
- LAGUNA BEACH, CA
- CIK
- 0001867831
- Portfolio Value
- $2.6B (Q2 2026)
- SEC Filing
- 0001214659-26-010377 ↗ filed Aug 14, 2026
Holdings Value
Holdings 43 stocks · $2.6B
| MKTX Marketaxess Holdings Inc. | 14.77% | 3,395,000 | $385.3M | Add +81.1% |
| ABCB Ameris Bancorp | 9.46% | 2,732,243 | $246.6M | Reduce -20.2% |
| FHN First Horizon Corp. | 9.05% | 9,201,256 | $235.9M | Reduce -36.3% |
| KEY Keycorp | 7.29% | 8,250,000 | $190.2M | Reduce -34.8% |
| ALKT Alkami Technology Inc. | 6.41% | 9,225,000 | $167.2M | Add +20.6% |
| SBCF Seacoast Banking Corp. | 6.09% | 4,775,000 | $158.8M | Reduce -18.0% |
| AUB Atlantic Union Bankshares Co. | 5.78% | 3,565,000 | $150.8M | Reduce -16.8% |
| CBC Central Bancompany | 5.36% | 4,600,000 | $139.7M | Add +12.9% |
| ACIW Aci Worldwide Inc. | 5.05% | 2,617,000 | $131.6M | Add +17.4% |
| PIPR Piper Sandler Cos | 3.74% | 1,350,000 | $97.7M | Add +40.0% |
| PNFP Pinnacle Financial Partners | 2.83% | 731,537 | $73.8M | Add +624.8% |
| TRMK Trustmark Corp. | 2.76% | 1,565,551 | $72.0M | Reduce -19.8% |
| NTRS Northern Trust Corp. | 2.30% | 345,000 | $60.0M | Add +15.6% |
| EGBN Eagle Bancorp Inc. | 1.87% | 1,713,535 | $48.6M | Reduce -36.7% |
| AMTB Amerant Bancorp Inc. | 1.82% | 1,855,507 | $47.4M | Add +59.9% |
| FLG Flagstar Bank NA | 1.75% | 3,050,000 | $45.6M | Add +9.3% |
| GPN Global Payments Inc. | 1.61% | 580,000 | $42.1M | Add +480.0% |
| TCBK Trico Bancshares | 1.38% | 667,061 | $35.9M | Add +78.8% |
| MQ Marqeta Inc. | 1.23% | 7,900,000 | $32.1M | Add +6.8% |
| MYFW First Western Financial Inc. | 0.91% | 742,630 | $23.8M | Add +3.6% |
| IIIV I3 Verticals Inc. Class A | 0.88% | 1,075,000 | $23.0M | Add +4.9% |
| WLTH Wealthfront Corp. | 0.84% | 2,444,253 | $21.9M | Reduce -15.3% |
| FRST Primis Financial Corp. | 0.77% | 1,226,283 | $20.1M | Add +8.0% |
| NBHC National Bank Hold Class A | 0.74% | 437,241 | $19.4M | Add +36.5% |
| BANR Banner Corporation | 0.66% | 260,156 | $17.3M | Add +33.1% |
| SCHW Schwab (charles) Corp. | 0.62% | 175,000 | $16.1M | Reduce -50.0% |
| PAY Paymentus Holdings Inc. Class A | 0.56% | 600,000 | $14.5M | Reduce -18.3% |
| FRBT Forbright Inc. Class A | 0.46% | 649,999 | $11.9M | New |
| JCAP Jefferson Capital Inc. | 0.40% | 530,598 | $10.3M | Reduce -0.3% |
| COSO Coastal South Bancshares Inc. | 0.38% | 370,982 | $10.0M | Add +15.6% |
| PB Prosperity Bancshares Inc. | 0.36% | 130,000 | $9.5M | Reduce -88.3% |
| MIAX Miami International Holdings | 0.36% | 251,354 | $9.3M | Reduce -75.2% |
| FLYW Flywire Corp.-Voting | 0.30% | 450,000 | $7.9M | Reduce -59.1% |
| GCMG GCM Grosvenor Inc. Class A | 0.30% | 630,180 | $7.8M | Add +0.0% |
| SMBK Smartfinancial Inc. | 0.25% | 137,089 | $6.4M | Add +0.0% |
| AAMI Acadian Asset Management Inc. | 0.24% | 86,596 | $6.2M | Reduce -60.7% |
| SFNC Simmons First Natl Corp. Class A | 0.13% | 150,000 | $3.4M | New |
| NEWT Newtekone Inc. | 0.09% | 155,681 | $2.3M | Reduce -21.8% |
| NPB Northpointe Bancshares Inc. | 0.07% | 100,000 | $1.9M | Reduce -57.0% |
| IBOC International Bancshares CRP | 0.07% | 25,000 | $1.9M | New |
| BOTJ Bank of the James Financial | 0.05% | 50,132 | $1.3M | New |
| GEMI Gemini Space Station Inc. Class A | 0.02% | 100,001 | $426K | Add +101.1% |
| UWMC Uwm Holdings Corp. | 0.01% | 100,000 | $229K | Reduce -71.7% |
Portfolio Sells Q1 2026 → Q2 2026
| V Visa Inc. Class A | Sold out | 0.00% | −3.74 |
| FHN First Horizon Corp. | Reduce -36.3% | 9.05% | −2.28 |
| PB Prosperity Bancshares Inc. | Reduce -88.3% | 0.36% | −2.20 |
| KEY Keycorp | Reduce -34.8% | 7.29% | −1.44 |
| TW Tradeweb Markets Inc. Class A | Sold out | 0.00% | −1.36 |
| FIS Fidelity National Info Serv | Sold out | 0.00% | −1.25 |
| FFWM First Foundation Inc. | Sold out | 0.00% | −1.20 |
| QTWO Q2 Holdings Inc. | Sold out | 0.00% | −1.01 |
| MIAX Miami International Holdings | Reduce -75.2% | 0.36% | −1.00 |
| BANC Banc of California Inc. | Sold out | 0.00% | −0.91 |
| FBK FB Financial Corp. | Sold out | 0.00% | −0.89 |
| RJF Raymond James Financial Inc. | Sold out | 0.00% | −0.79 |
| AXP American Express Co. | Sold out | 0.00% | −0.52 |
| SCHW Schwab (charles) Corp. | Reduce -50.0% | 0.62% | −0.51 |
| EGBN Eagle Bancorp Inc. | Reduce -36.7% | 1.87% | −0.45 |
| FIBK First Interstate Bancsys-A | Sold out | 0.00% | −0.37 |
| VYX NCR Voyix Corp. | Sold out | 0.00% | −0.18 |
| AAMI Acadian Asset Management Inc. | Reduce -60.7% | 0.24% | −0.17 |
| SF Stifel Financial Corp. | Sold out | 0.00% | −0.15 |
| FIGR Figure Technology Solut Class A | Sold out | 0.00% | −0.14 |
| FLYW Flywire Corp.-Voting | Reduce -59.1% | 0.30% | −0.14 |
| AVBH Avidbank Holdings Inc. | Sold out | 0.00% | −0.12 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −0.12 |
| CRMT America's Car-Mart Inc. | Sold out | 0.00% | −0.11 |
| KLAR Klarna Group PLC | Sold out | 0.00% | −0.10 |
| PAY Paymentus Holdings Inc. Class A | Reduce -18.3% | 0.56% | −0.09 |
| USCB Uscb Financial Holdings Inc. | Sold out | 0.00% | −0.08 |
| WLTH Wealthfront Corp. | Reduce -15.3% | 0.84% | −0.08 |
| TRMK Trustmark Corp. | Reduce -19.8% | 2.76% | −0.07 |
| CVBF CVB Financial Corp. | Sold out | 0.00% | −0.07 |
| NPB Northpointe Bancshares Inc. | Reduce -57.0% | 0.07% | −0.06 |
| RBB RBB Bancorp | Sold out | 0.00% | −0.05 |
| UWMC Uwm Holdings Corp. | Reduce -71.7% | 0.01% | −0.04 |
| RNST Renasant Corp. | Sold out | 0.00% | −0.02 |
| NEWT Newtekone Inc. | Reduce -21.8% | 0.09% | +0.01 |
| SBCF Seacoast Banking Corp. | Reduce -18.0% | 6.09% | +0.02 |
| JCAP Jefferson Capital Inc. | Reduce -0.3% | 0.40% | +0.04 |
| ABCB Ameris Bancorp | Reduce -20.2% | 9.46% | +0.27 |
| AUB Atlantic Union Bankshares Co. | Reduce -16.8% | 5.78% | +0.51 |
Portfolio Buys Q1 2026 → Q2 2026
| MKTX Marketaxess Holdings Inc. | Add +81.1% | 14.77% | +4.13 |
| PNFP Pinnacle Financial Partners | Add +624.8% | 2.83% | +2.53 |
| ALKT Alkami Technology Inc. | Add +20.6% | 6.41% | +2.28 |
| CBC Central Bancompany | Add +12.9% | 5.36% | +2.00 |
| ACIW Aci Worldwide Inc. | Add +17.4% | 5.05% | +1.90 |
| GPN Global Payments Inc. | Add +480.0% | 1.61% | +1.38 |
| PIPR Piper Sandler Cos | Add +40.0% | 3.74% | +1.20 |
| AMTB Amerant Bancorp Inc. | Add +59.9% | 1.82% | +0.94 |
| NTRS Northern Trust Corp. | Add +15.6% | 2.30% | +0.87 |
| TCBK Trico Bancshares | Add +78.8% | 1.38% | +0.77 |
| FLG Flagstar Bank NA | Add +9.3% | 1.75% | +0.48 |
| FRBT Forbright Inc. Class A | New | 0.46% | +0.46 |
| NBHC National Bank Hold Class A | Add +36.5% | 0.74% | +0.31 |
| MYFW First Western Financial Inc. | Add +3.6% | 0.91% | +0.31 |
| BANR Banner Corporation | Add +33.1% | 0.66% | +0.25 |
| FRST Primis Financial Corp. | Add +8.0% | 0.77% | +0.25 |
| MQ Marqeta Inc. | Add +6.8% | 1.23% | +0.19 |
| SFNC Simmons First Natl Corp. Class A | New | 0.13% | +0.13 |
| COSO Coastal South Bancshares Inc. | Add +15.6% | 0.38% | +0.11 |
| IIIV I3 Verticals Inc. Class A | Add +4.9% | 0.88% | +0.09 |
| GCMG GCM Grosvenor Inc. Class A | Add +0.0% | 0.30% | +0.08 |
| IBOC International Bancshares CRP | New | 0.07% | +0.07 |
| SMBK Smartfinancial Inc. | Add +0.0% | 0.25% | +0.06 |
| BOTJ Bank of the James Financial | New | 0.05% | +0.05 |
| GEMI Gemini Space Station Inc. Class A | Add +101.1% | 0.02% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 43 | $2.6B | MKTX, ABCB, FHN, KEY, ALKT |
| Q1 2026 | 60 | $2.9B | FHN, MKTX, ABCB, KEY, SBCF |
| Q4 2025 | 56 | $2.5B | MKTX, FHN, ABCB, SBCF, AUB |
| Q3 2025 | 43 | $2.1B | FHN, CADE, CMA, MKTX, SBCF |
| Q2 2025 | 40 | $2.3B | FHN, CMA, SNV, SBCF, TCBI |
| Q1 2025 | 46 | $2.3B | CMA, FHN, GPN, WFC, TCBI |
| Q4 2024 | 41 | $2.2B | CMA, FHN, PNFP, ABCB, WFC |
| Q3 2024 | 48 | $2.1B | CMA, SNV, FHN, ABCB, PNFP |
| Q2 2024 | 46 | $2.2B | CBOE, FHN, SNV, WFC, TCBI |
| Q1 2024 | 44 | $1.9B | CBOE, FHN, PNFP, TCBI, WFC |