North Reef Capital Management LP
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), North Reef Capital Management LP reported 48 stock positions worth $2.1 billion. Its top holding was Comerica (CMA) at 9.8% of the portfolio, followed by Synovus Financial (SNV, 9.1%) and First Horizon (FHN, 8.8%). Compared with Q2 2024, it opened 10 new positions, sold out of 8, added to 13 and reduced 25. The biggest buy was Comerica (CMA, shares +73%) and the biggest sale an exit from Truist Financial (TFC).
- Most Recent 13F
- Q2 2026
- Location
- LAGUNA BEACH, CA
- CIK
- 0001867831
- Portfolio Value
- $2.1B (Q3 2024)
- SEC Filing
- 0001214659-24-019137 ↗ filed Nov 14, 2024
Holdings Value
Holdings 48 stocks · $2.1B
| CMA Comerica Inc. | 9.78% | 3,500,000 | $209.7M | Add +72.8% |
| SNV Synovus Financial Corp. | 9.06% | 4,367,500 | $194.2M | Add +16.5% |
| FHN First Horizon Corp. | 8.84% | 12,200,000 | $189.5M | Add +6.3% |
| ABCB Ameris Bancorp | 6.77% | 2,325,000 | $145.1M | Reduce -0.0% |
| PNFP Pinnacle Financial Partners | 5.65% | 1,235,000 | $121.0M | Reduce -18.9% |
| TCBI Texas Capital Bancshares Inc. | 5.58% | 1,675,000 | $119.7M | Reduce -20.2% |
| SBCF Seacoast Banking Corp. | 5.07% | 4,080,000 | $108.7M | Reduce -2.9% |
| CBOE Cboe Global Markets Inc. | 4.49% | 470,000 | $96.3M | Reduce -56.1% |
| ACIW Aci Worldwide Inc. | 4.30% | 1,810,000 | $92.1M | Reduce -16.9% |
| GPN Global Payments Inc. | 4.04% | 845,000 | $86.5M | Add +168.3% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 3.74% | 1,005,000 | $80.2M | Reduce -18.3% |
| SASR Sandy Spring Bancorp Inc. | 3.26% | 2,225,000 | $69.8M | Add +6.0% |
| AVDX Avidxchange Holdings Inc. | 2.95% | 7,800,000 | $63.3M | Add +23.8% |
| CME Cme Group Inc. | 2.32% | 225,000 | $49.6M | New |
| WFC Wells Fargo & Co. | 2.29% | 870,000 | $49.1M | Reduce -60.5% |
| MKTX Marketaxess Holdings Inc. | 1.91% | 160,000 | $41.0M | Reduce -23.8% |
| SCHW Schwab (charles) Corp. | 1.81% | 599,999 | $38.9M | Add +207.7% |
| BOH Bank of Hawaii Corp. filed as BANK HAWAII CORP | 1.65% | 564,980 | $35.5M | Add +7.6% |
| PIPR Piper Sandler Cos | 1.61% | 121,910 | $34.6M | Reduce -34.1% |
| FIS Fidelity National Info Serv | 1.50% | 385,000 | $32.2M | Reduce -2.5% |
| AAMI Acadian Asset Management Inc. filed as BRIGHTSPHERE INVT GROUP INC | 1.28% | 1,079,325 | $27.4M | Reduce -3.0% |
| C Citigroup Inc. | 1.17% | 400,000 | $25.0M | New |
| IBOC International Bancshares CRP | 1.11% | 397,744 | $23.8M | Reduce -57.3% |
| FLYW Flywire Corp.-Voting | 1.01% | 1,325,801 | $21.7M | New |
| RNST Renasant Corp. | 0.96% | 634,990 | $20.6M | New |
| CBSH Commerce Bancshares Inc. | 0.93% | 335,131 | $19.9M | Reduce 0.0% |
| MQ Marqeta Inc. | 0.90% | 3,900,000 | $19.2M | Add +28.9% |
| HTH Hilltop Holdings Inc. | 0.80% | 530,000 | $17.0M | Reduce -54.4% |
| BILL Bill Holdings Inc. | 0.71% | 290,000 | $15.3M | Reduce -4.9% |
| CADE Cadence Bank | 0.59% | 400,000 | $12.7M | Reduce -72.6% |
| VBTX Veritex Holdings Inc. | 0.51% | 416,470 | $11.0M | Reduce -67.4% |
| FFWM First Foundation Inc. | 0.45% | 1,551,861 | $9.7M | New |
| CRMT America's Car-Mart Inc. | 0.41% | 210,407 | $8.8M | New |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.34% | 308,045 | $7.3M | Reduce -27.5% |
| BMRC Bank of Marin Bancorp filed as BANK MARIN BANCORP | 0.30% | 322,936 | $6.5M | Add +115.1% |
| ALKT Alkami Technology Inc. | 0.29% | 200,000 | $6.3M | Add +145.1% |
| EGBN Eagle Bancorp Inc. | 0.29% | 275,000 | $6.2M | New |
| MYFW First Western Financial Inc. | 0.28% | 303,421 | $6.1M | Add +1.6% |
| AMTB Amerant Bancorp Inc. | 0.22% | 225,000 | $4.8M | Add +243.3% |
| TOWN Towne Bank | 0.17% | 110,005 | $3.6M | Reduce 0.0% |
| FSBC Five Star Bancorp | 0.15% | 111,320 | $3.3M | Reduce -13.8% |
| RPAY Repay Holdings Corp. | 0.15% | 399,985 | $3.3M | Reduce -42.9% |
| CPF Central Pacific Financial Co. | 0.07% | 51,715 | $1.5M | New |
| FCFS Firstcash Holdings Inc. | 0.05% | 9,996 | $1.1M | Reduce -75.0% |
| GCMG GCM Grosvenor Inc. Class A | 0.05% | 100,000 | $1.1M | Reduce -37.3% |
| VYX NCR Voyix Corp. | 0.05% | 77,068 | $1.0M | New |
| IIIV I3 Verticals Inc. Class A | 0.05% | 48,363 | $1.0M | Reduce -3.3% |
| MOFG Midwestone Financial Group I | 0.03% | 24,746 | $706K | New |
Portfolio Sells Q2 2024 → Q3 2024
| TFC Truist Financial Corp. | Sold out | 0.00% | −4.14 |
| CBOE Cboe Global Markets Inc. | Reduce -56.1% | 4.49% | −3.94 |
| WFC Wells Fargo & Co. | Reduce -60.5% | 2.29% | −3.76 |
| FBMS First Bancshares Inc. | Sold out | 0.00% | −1.63 |
| IBOC International Bancshares CRP | Reduce -57.3% | 1.11% | −1.36 |
| CADE Cadence Bank | Reduce -72.6% | 0.59% | −1.32 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.97 |
| HTH Hilltop Holdings Inc. | Reduce -54.4% | 0.80% | −0.89 |
| SF Stifel Financial Corp. | Sold out | 0.00% | −0.86 |
| VBTX Veritex Holdings Inc. | Reduce -67.4% | 0.51% | −0.74 |
| CFB Crossfirst Bankshares Inc. | Sold out | 0.00% | −0.55 |
| LOB Live Oak Bancshares Inc. | Sold out | 0.00% | −0.49 |
| TCBI Texas Capital Bancshares Inc. | Reduce -20.2% | 5.58% | −0.36 |
| PIPR Piper Sandler Cos | Reduce -34.1% | 1.61% | −0.36 |
| BNY Bank of New York Mellon Corp. | Sold out | 0.00% | −0.31 |
| RPAY Repay Holdings Corp. | Reduce -42.9% | 0.15% | −0.19 |
| FCFS Firstcash Holdings Inc. | Reduce -75.0% | 0.05% | −0.14 |
| MRX Marex UK Holdings Ltd. | Reduce -27.5% | 0.34% | −0.05 |
| MKTX Marketaxess Holdings Inc. | Reduce -23.8% | 1.91% | −0.04 |
| GABC German American Bancorp | Sold out | 0.00% | −0.03 |
| BILL Bill Holdings Inc. | Reduce -4.9% | 0.71% | −0.03 |
| GCMG GCM Grosvenor Inc. Class A | Reduce -37.3% | 0.05% | −0.02 |
| PNFP Pinnacle Financial Partners | Reduce -18.9% | 5.65% | −0.00 |
| IIIV I3 Verticals Inc. Class A | Reduce -3.3% | 0.05% | −0.00 |
| FSBC Five Star Bancorp | Reduce -13.8% | 0.15% | +0.01 |
| TOWN Towne Bank | Reduce 0.0% | 0.17% | +0.03 |
| CBSH Commerce Bancshares Inc. | Reduce 0.0% | 0.93% | +0.06 |
| FIS Fidelity National Info Serv | Reduce -2.5% | 1.50% | +0.13 |
| AAMI Acadian Asset Management Inc. | Reduce -3.0% | 1.28% | +0.14 |
| QTWO Q2 Holdings Inc. | Reduce -18.3% | 3.74% | +0.30 |
| ACIW Aci Worldwide Inc. | Reduce -16.9% | 4.30% | +0.30 |
| SBCF Seacoast Banking Corp. | Reduce -2.9% | 5.07% | +0.47 |
| ABCB Ameris Bancorp | Reduce -0.0% | 6.77% | +1.34 |
Portfolio Buys Q2 2024 → Q3 2024
| CMA Comerica Inc. | Add +72.8% | 9.78% | +5.00 |
| GPN Global Payments Inc. | Add +168.3% | 4.04% | +2.63 |
| CME Cme Group Inc. | New | 2.32% | +2.32 |
| SNV Synovus Financial Corp. | Add +16.5% | 9.06% | +2.08 |
| C Citigroup Inc. | New | 1.17% | +1.17 |
| SCHW Schwab (charles) Corp. | Add +207.7% | 1.81% | +1.15 |
| FLYW Flywire Corp.-Voting | New | 1.01% | +1.01 |
| RNST Renasant Corp. | New | 0.96% | +0.96 |
| SASR Sandy Spring Bancorp Inc. | Add +6.0% | 3.26% | +0.89 |
| FHN First Horizon Corp. | Add +6.3% | 8.84% | +0.46 |
| FFWM First Foundation Inc. | New | 0.45% | +0.45 |
| CRMT America's Car-Mart Inc. | New | 0.41% | +0.41 |
| EGBN Eagle Bancorp Inc. | New | 0.29% | +0.29 |
| BOH Bank of Hawaii Corp. | Add +7.6% | 1.65% | +0.26 |
| BMRC Bank of Marin Bancorp | Add +115.1% | 0.30% | +0.19 |
| ALKT Alkami Technology Inc. | Add +145.1% | 0.29% | +0.19 |
| AMTB Amerant Bancorp Inc. | Add +243.3% | 0.22% | +0.16 |
| MQ Marqeta Inc. | Add +28.9% | 0.90% | +0.13 |
| CPF Central Pacific Financial Co. | New | 0.07% | +0.07 |
| VYX NCR Voyix Corp. | New | 0.05% | +0.05 |
| MYFW First Western Financial Inc. | Add +1.6% | 0.28% | +0.05 |
| MOFG Midwestone Financial Group I | New | 0.03% | +0.03 |
| AVDX Avidxchange Holdings Inc. | Add +23.8% | 2.95% | −0.57 |
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 |