North Reef Capital Management LP
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), North Reef Capital Management LP reported 46 stock positions worth $2.2 billion. Its top holding was Cboe Global Markets (CBOE) at 8.4% of the portfolio, followed by First Horizon (FHN, 8.4%) and Synovus Financial (SNV, 7.0%). Compared with Q1 2024, it opened 13 new positions, sold out of 11, added to 18 and reduced 15. The biggest buy was a new position in Cadence Bank (CADE) and the biggest sale Pinnacle Financial Partners (PNFP, shares −7%).
- Most Recent 13F
- Q2 2026
- Location
- LAGUNA BEACH, CA
- CIK
- 0001867831
- Portfolio Value
- $2.2B (Q2 2024)
- SEC Filing
- 0001214659-24-014682 ↗ filed Aug 14, 2024
Holdings Value
Holdings 46 stocks · $2.2B
| CBOE Cboe Global Markets Inc. | 8.43% | 1,070,000 | $182.0M | Add +16.9% |
| FHN First Horizon Corp. | 8.38% | 11,475,000 | $181.0M | Add +9.8% |
| SNV Synovus Financial Corp. | 6.98% | 3,750,000 | $150.7M | Add +38.9% |
| WFC Wells Fargo & Co. | 6.05% | 2,200,000 | $130.7M | Reduce -4.3% |
| TCBI Texas Capital Bancshares Inc. | 5.95% | 2,100,000 | $128.4M | Reduce -6.3% |
| PNFP Pinnacle Financial Partners | 5.65% | 1,523,766 | $122.0M | Reduce -7.1% |
| ABCB Ameris Bancorp | 5.42% | 2,325,780 | $117.1M | Add +0.0% |
| CMA Comerica Inc. | 4.79% | 2,025,000 | $103.4M | Add +7.4% |
| SBCF Seacoast Banking Corp. | 4.60% | 4,201,567 | $99.3M | Add +1.6% |
| TFC Truist Financial Corp. | 4.14% | 2,300,000 | $89.4M | Add +39.4% |
| ACIW Aci Worldwide Inc. | 3.99% | 2,178,275 | $86.2M | Reduce -8.3% |
| AVDX Avidxchange Holdings Inc. | 3.52% | 6,300,000 | $76.0M | Add +14.6% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 3.44% | 1,230,000 | $74.2M | Reduce -10.8% |
| IBOC International Bancshares CRP | 2.47% | 931,890 | $53.3M | Reduce -34.4% |
| SASR Sandy Spring Bancorp Inc. | 2.37% | 2,100,000 | $51.2M | Add +35.5% |
| PIPR Piper Sandler Cos | 1.97% | 185,000 | $42.6M | Add +3.3% |
| MKTX Marketaxess Holdings Inc. | 1.95% | 210,000 | $42.1M | Add +162.5% |
| CADE Cadence Bank | 1.91% | 1,460,000 | $41.3M | New |
| HTH Hilltop Holdings Inc. | 1.68% | 1,162,883 | $36.4M | Add +25.5% |
| FBMS First Bancshares Inc. | 1.63% | 1,358,528 | $35.3M | Add +29.4% |
| GPN Global Payments Inc. | 1.41% | 315,000 | $30.5M | New |
| BOH Bank of Hawaii Corp. filed as BANK HAWAII CORP | 1.39% | 525,000 | $30.0M | Add +39.5% |
| FIS Fidelity National Info Serv | 1.38% | 395,000 | $29.8M | Reduce -45.5% |
| VBTX Veritex Holdings Inc. | 1.25% | 1,277,184 | $26.9M | Add +538.6% |
| AAMI Acadian Asset Management Inc. filed as BRIGHTSPHERE INVT GROUP INC | 1.14% | 1,112,475 | $24.7M | Reduce -1.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.97% | 525,000 | $20.9M | New |
| CBSH Commerce Bancshares Inc. | 0.87% | 335,138 | $18.7M | Reduce -4.6% |
| SF Stifel Financial Corp. | 0.86% | 220,012 | $18.5M | Reduce -18.9% |
| MQ Marqeta Inc. | 0.77% | 3,025,000 | $16.6M | Add +51.3% |
| BILL Bill Holdings Inc. | 0.74% | 305,000 | $16.0M | New |
| SCHW Schwab (charles) Corp. | 0.67% | 195,000 | $14.4M | Add +290.0% |
| CFB Crossfirst Bankshares Inc. | 0.55% | 849,760 | $11.9M | New |
| LOB Live Oak Bancshares Inc. | 0.49% | 300,012 | $10.5M | New |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.39% | 425,000 | $8.5M | New |
| RPAY Repay Holdings Corp. | 0.34% | 700,000 | $7.4M | New |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.31% | 110,000 | $6.6M | Reduce -37.1% |
| MYFW First Western Financial Inc. | 0.23% | 298,530 | $5.1M | Reduce -25.7% |
| FCFS Firstcash Holdings Inc. | 0.19% | 40,000 | $4.2M | New |
| FSBC Five Star Bancorp | 0.14% | 129,060 | $3.1M | Reduce -16.4% |
| TOWN Towne Bank | 0.14% | 110,007 | $3.0M | New |
| BMRC Bank of Marin Bancorp filed as BANK MARIN BANCORP | 0.11% | 150,148 | $2.4M | Reduce -0.2% |
| ALKT Alkami Technology Inc. | 0.11% | 81,606 | $2.3M | New |
| GCMG GCM Grosvenor Inc. Class A | 0.07% | 159,461 | $1.6M | Reduce -0.3% |
| AMTB Amerant Bancorp Inc. | 0.07% | 65,541 | $1.5M | Add +72.6% |
| IIIV I3 Verticals Inc. Class A | 0.05% | 50,000 | $1.1M | New |
| GABC German American Bancorp | 0.03% | 19,998 | $707K | New |
Portfolio Sells Q1 2024 → Q2 2024
| PNFP Pinnacle Financial Partners | Reduce -7.1% | 5.65% | −1.69 |
| IBOC International Bancshares CRP | Reduce -34.4% | 2.47% | −1.69 |
| FIS Fidelity National Info Serv | Reduce -45.5% | 1.38% | −1.42 |
| TCBI Texas Capital Bancshares Inc. | Reduce -6.3% | 5.95% | −1.24 |
| WFC Wells Fargo & Co. | Reduce -4.3% | 6.05% | −0.90 |
| PGC Peapack Gladstone Finl Corp. | Sold out | 0.00% | −0.51 |
| NVEI Nuvei Corp.-Subordinate VTG | Sold out | 0.00% | −0.44 |
| COLB Columbia Banking System Inc. | Sold out | 0.00% | −0.43 |
| NTRS Northern Trust Corp. | Sold out | 0.00% | −0.35 |
| QTWO Q2 Holdings Inc. | Reduce -10.8% | 3.44% | −0.34 |
| VCTR Victory Capital Holding - A | Sold out | 0.00% | −0.29 |
| SF Stifel Financial Corp. | Reduce -18.9% | 0.86% | −0.25 |
| USB US Bancorp | Sold out | 0.00% | −0.23 |
| BNY Bank of New York Mellon Corp. | Reduce -37.1% | 0.31% | −0.22 |
| AAMI Acadian Asset Management Inc. | Reduce -1.4% | 1.14% | −0.20 |
| ACIW Aci Worldwide Inc. | Reduce -8.3% | 3.99% | −0.12 |
| CBSH Commerce Bancshares Inc. | Reduce -4.6% | 0.87% | −0.11 |
| FOUR SHIFT4 Payments Inc. Class A | Sold out | 0.00% | −0.09 |
| MYFW First Western Financial Inc. | Reduce -25.7% | 0.23% | −0.07 |
| CFR Cullen/Frost Bankers Inc. | Sold out | 0.00% | −0.06 |
| MLNK Meridianlink Inc. | Sold out | 0.00% | −0.05 |
| FSBC Five Star Bancorp | Reduce -16.4% | 0.14% | −0.04 |
| FFIC Flushing Financial Corp. | Sold out | 0.00% | −0.04 |
| CPF Central Pacific Financial Co. | Sold out | 0.00% | −0.03 |
| BMRC Bank of Marin Bancorp | Reduce -0.2% | 0.11% | −0.02 |
| GCMG GCM Grosvenor Inc. Class A | Reduce -0.3% | 0.07% | −0.01 |
Portfolio Buys Q1 2024 → Q2 2024
| CADE Cadence Bank | New | 1.91% | +1.91 |
| GPN Global Payments Inc. | New | 1.41% | +1.41 |
| SNV Synovus Financial Corp. | Add +38.9% | 6.98% | +1.34 |
| MKTX Marketaxess Holdings Inc. | Add +162.5% | 1.95% | +1.04 |
| VBTX Veritex Holdings Inc. | Add +538.6% | 1.25% | +1.03 |
| BAC Bank of America Corp. | New | 0.97% | +0.97 |
| TFC Truist Financial Corp. | Add +39.4% | 4.14% | +0.79 |
| BILL Bill Holdings Inc. | New | 0.74% | +0.74 |
| CFB Crossfirst Bankshares Inc. | New | 0.55% | +0.55 |
| SASR Sandy Spring Bancorp Inc. | Add +35.5% | 2.37% | +0.50 |
| LOB Live Oak Bancshares Inc. | New | 0.49% | +0.49 |
| SCHW Schwab (charles) Corp. | Add +290.0% | 0.67% | +0.48 |
| MRX Marex UK Holdings Ltd. | New | 0.39% | +0.39 |
| RPAY Repay Holdings Corp. | New | 0.34% | +0.34 |
| FBMS First Bancshares Inc. | Add +29.4% | 1.63% | +0.21 |
| FCFS Firstcash Holdings Inc. | New | 0.19% | +0.19 |
| HTH Hilltop Holdings Inc. | Add +25.5% | 1.68% | +0.17 |
| BOH Bank of Hawaii Corp. | Add +39.5% | 1.39% | +0.17 |
| MQ Marqeta Inc. | Add +51.3% | 0.77% | +0.15 |
| TOWN Towne Bank | New | 0.14% | +0.14 |
| PIPR Piper Sandler Cos | Add +3.3% | 1.97% | +0.12 |
| ALKT Alkami Technology Inc. | New | 0.11% | +0.11 |
| IIIV I3 Verticals Inc. Class A | New | 0.05% | +0.05 |
| GABC German American Bancorp | New | 0.03% | +0.03 |
| AMTB Amerant Bancorp Inc. | Add +72.6% | 0.07% | +0.02 |
| FHN First Horizon Corp. | Add +9.8% | 8.38% | −0.01 |
| AVDX Avidxchange Holdings Inc. | Add +14.6% | 3.52% | −0.25 |
| CBOE Cboe Global Markets Inc. | Add +16.9% | 8.43% | −0.33 |
| ABCB Ameris Bancorp | Add +0.0% | 5.42% | −0.44 |
| CMA Comerica Inc. | Add +7.4% | 4.79% | −0.62 |
| SBCF Seacoast Banking Corp. | Add +1.6% | 4.60% | −0.87 |
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 |