North Reef Capital Management LP
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), North Reef Capital Management LP reported 44 stock positions worth $1.9 billion. Its top holding was Cboe Global Markets (CBOE) at 8.8% of the portfolio, followed by First Horizon (FHN, 8.4%) and Pinnacle Financial Partners (PNFP, 7.3%). Compared with Q4 2023, it opened 11 new positions, sold out of 3, added to 18 and reduced 14. The biggest buy was Cboe Global Markets (CBOE, shares +93%) and the biggest sale Hilltop (HTH, shares −47%).
- Most Recent 13F
- Q2 2026
- Location
- LAGUNA BEACH, CA
- CIK
- 0001867831
- Portfolio Value
- $1.9B (Q1 2024)
- SEC Filing
- 0001214659-24-009307 ↗ filed May 15, 2024
Holdings Value
Holdings 44 stocks · $1.9B
| CBOE Cboe Global Markets Inc. | 8.76% | 915,000 | $168.1M | Add +92.5% |
| FHN First Horizon Corp. | 8.39% | 10,450,000 | $160.9M | Add +2.8% |
| PNFP Pinnacle Financial Partners | 7.34% | 1,640,000 | $140.8M | No change |
| TCBI Texas Capital Bancshares Inc. | 7.19% | 2,240,000 | $137.9M | Add +20.5% |
| WFC Wells Fargo & Co. | 6.95% | 2,300,000 | $133.3M | Add +74.2% |
| ABCB Ameris Bancorp | 5.86% | 2,325,000 | $112.5M | Add +4.1% |
| SNV Synovus Financial Corp. | 5.64% | 2,700,000 | $108.2M | Reduce -20.8% |
| SBCF Seacoast Banking Corp. | 5.47% | 4,135,000 | $105.0M | Add +0.1% |
| CMA Comerica Inc. | 5.40% | 1,885,000 | $103.7M | Add +35.0% |
| IBOC International Bancshares CRP | 4.16% | 1,420,000 | $79.7M | Add +20.2% |
| ACIW Aci Worldwide Inc. | 4.11% | 2,375,000 | $78.9M | Add +13.5% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 3.78% | 1,379,134 | $72.5M | Reduce -17.7% |
| AVDX Avidxchange Holdings Inc. | 3.77% | 5,500,000 | $72.3M | Add +22.3% |
| TFC Truist Financial Corp. | 3.35% | 1,650,000 | $64.3M | Reduce -17.5% |
| FIS Fidelity National Info Serv | 2.80% | 725,000 | $53.8M | Add +201.4% |
| SASR Sandy Spring Bancorp Inc. | 1.87% | 1,550,000 | $35.9M | Add +172.7% |
| PIPR Piper Sandler Cos | 1.85% | 179,035 | $35.5M | Reduce -31.5% |
| HTH Hilltop Holdings Inc. | 1.51% | 926,572 | $29.0M | Reduce -47.3% |
| FBMS First Bancshares Inc. | 1.42% | 1,050,000 | $27.2M | Reduce -15.3% |
| AAMI Acadian Asset Management Inc. filed as BRIGHTSPHERE INVT GROUP INC | 1.34% | 1,128,247 | $25.8M | Reduce -39.9% |
| BOH Bank of Hawaii Corp. filed as BANK HAWAII CORP | 1.22% | 376,472 | $23.5M | Add +19.4% |
| SF Stifel Financial Corp. | 1.11% | 271,398 | $21.2M | Reduce -4.9% |
| CBSH Commerce Bancshares Inc. | 0.97% | 351,152 | $18.7M | Add +34.3% |
| MKTX Marketaxess Holdings Inc. | 0.91% | 80,000 | $17.5M | New |
| MQ Marqeta Inc. | 0.62% | 2,000,000 | $11.9M | Add +56.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.53% | 175,000 | $10.1M | New |
| PGC Peapack Gladstone Finl Corp. | 0.51% | 398,696 | $9.7M | Add +4.4% |
| NVEI Nuvei Corp.-Subordinate VTG | 0.44% | 265,000 | $8.4M | New |
| COLB Columbia Banking System Inc. | 0.43% | 430,000 | $8.3M | New |
| NTRS Northern Trust Corp. | 0.35% | 75,000 | $6.7M | Reduce -74.8% |
| MYFW First Western Financial Inc. | 0.31% | 401,832 | $5.9M | Reduce -9.4% |
| VCTR Victory Capital Holding - A | 0.29% | 132,308 | $5.6M | Add +0.3% |
| USB US Bancorp | 0.23% | 100,000 | $4.5M | Reduce -71.4% |
| VBTX Veritex Holdings Inc. | 0.21% | 200,000 | $4.1M | New |
| SCHW Schwab (charles) Corp. | 0.19% | 50,000 | $3.6M | New |
| FSBC Five Star Bancorp | 0.18% | 154,453 | $3.5M | New |
| BMRC Bank of Marin Bancorp filed as BANK MARIN BANCORP | 0.13% | 150,495 | $2.5M | Add +27.4% |
| FOUR SHIFT4 Payments Inc. Class A | 0.09% | 25,000 | $1.7M | Reduce -80.9% |
| GCMG GCM Grosvenor Inc. Class A | 0.08% | 160,000 | $1.5M | Reduce -40.8% |
| CFR Cullen/Frost Bankers Inc. | 0.06% | 10,000 | $1.1M | New |
| MLNK Meridianlink Inc. | 0.05% | 54,997 | $1.0M | New |
| AMTB Amerant Bancorp Inc. | 0.05% | 37,972 | $884K | New |
| FFIC Flushing Financial Corp. | 0.04% | 59,427 | $749K | New |
| CPF Central Pacific Financial Co. | 0.03% | 30,000 | $593K | Reduce -40.1% |
Portfolio Sells Q4 2023 → Q1 2024
| HTH Hilltop Holdings Inc. | Reduce -47.3% | 1.51% | −2.09 |
| SNV Synovus Financial Corp. | Reduce -20.8% | 5.64% | −1.84 |
| C Citigroup Inc. | Sold out | 0.00% | −1.41 |
| NTRS Northern Trust Corp. | Reduce -74.8% | 0.35% | −1.12 |
| TFC Truist Financial Corp. | Reduce -17.5% | 3.35% | −0.95 |
| PIPR Piper Sandler Cos | Reduce -31.5% | 1.85% | −0.81 |
| AAMI Acadian Asset Management Inc. | Reduce -39.9% | 1.34% | −0.75 |
| FBMS First Bancshares Inc. | Reduce -15.3% | 1.42% | −0.70 |
| USB US Bancorp | Reduce -71.4% | 0.23% | −0.65 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -80.9% | 0.09% | −0.48 |
| QTWO Q2 Holdings Inc. | Reduce -17.7% | 3.78% | −0.46 |
| WTFC Wintrust Financial Corp. | Sold out | 0.00% | −0.38 |
| MYFW First Western Financial Inc. | Reduce -9.4% | 0.31% | −0.21 |
| GCMG GCM Grosvenor Inc. Class A | Reduce -40.8% | 0.08% | −0.06 |
| SF Stifel Financial Corp. | Reduce -4.9% | 1.11% | −0.04 |
| CCNE CNB Financial Corp. | Sold out | 0.00% | −0.04 |
| CPF Central Pacific Financial Co. | Reduce -40.1% | 0.03% | −0.03 |
Portfolio Buys Q4 2023 → Q1 2024
| CBOE Cboe Global Markets Inc. | Add +92.5% | 8.76% | +3.82 |
| WFC Wells Fargo & Co. | Add +74.2% | 6.95% | +3.16 |
| FIS Fidelity National Info Serv | Add +201.4% | 2.80% | +1.96 |
| SASR Sandy Spring Bancorp Inc. | Add +172.7% | 1.87% | +0.97 |
| MKTX Marketaxess Holdings Inc. | New | 0.91% | +0.91 |
| CMA Comerica Inc. | Add +35.0% | 5.40% | +0.86 |
| BNY Bank of New York Mellon Corp. | New | 0.53% | +0.53 |
| AVDX Avidxchange Holdings Inc. | Add +22.3% | 3.77% | +0.52 |
| NVEI Nuvei Corp.-Subordinate VTG | New | 0.44% | +0.44 |
| COLB Columbia Banking System Inc. | New | 0.43% | +0.43 |
| IBOC International Bancshares CRP | Add +20.2% | 4.16% | +0.42 |
| ACIW Aci Worldwide Inc. | Add +13.5% | 4.11% | +0.38 |
| VBTX Veritex Holdings Inc. | New | 0.21% | +0.21 |
| TCBI Texas Capital Bancshares Inc. | Add +20.5% | 7.19% | +0.19 |
| SCHW Schwab (charles) Corp. | New | 0.19% | +0.19 |
| FSBC Five Star Bancorp | New | 0.18% | +0.18 |
| CBSH Commerce Bancshares Inc. | Add +34.3% | 0.97% | +0.16 |
| MQ Marqeta Inc. | Add +56.1% | 0.62% | +0.10 |
| CFR Cullen/Frost Bankers Inc. | New | 0.06% | +0.06 |
| MLNK Meridianlink Inc. | New | 0.05% | +0.05 |
| AMTB Amerant Bancorp Inc. | New | 0.05% | +0.05 |
| FFIC Flushing Financial Corp. | New | 0.04% | +0.04 |
| VCTR Victory Capital Holding - A | Add +0.3% | 0.29% | +0.03 |
| FHN First Horizon Corp. | Add +2.8% | 8.39% | +0.01 |
| BMRC Bank of Marin Bancorp | Add +27.4% | 0.13% | −0.02 |
| BOH Bank of Hawaii Corp. | Add +19.4% | 1.22% | −0.11 |
| PGC Peapack Gladstone Finl Corp. | Add +4.4% | 0.51% | −0.16 |
| ABCB Ameris Bancorp | Add +4.1% | 5.86% | −1.04 |
| SBCF Seacoast Banking Corp. | Add +0.1% | 5.47% | −1.37 |
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 |