North Reef Capital Management LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), North Reef Capital Management LP reported 41 stock positions worth $2.2 billion. Its top holding was Comerica (CMA) at 11.2% of the portfolio, followed by First Horizon (FHN, 10.9%) and Pinnacle Financial Partners (PNFP, 10.0%). Compared with Q3 2024, it opened 6 new positions, sold out of 13, added to 18 and reduced 16. The biggest buy was Wells Fargo (WFC, shares +144%) and the biggest sale an exit from Cboe Global Markets (CBOE).
- Most Recent 13F
- Q2 2026
- Location
- LAGUNA BEACH, CA
- CIK
- 0001867831
- Portfolio Value
- $2.2B (Q4 2024)
- SEC Filing
- 0001214659-25-002739 ↗ filed Feb 14, 2025
Holdings Value
Holdings 41 stocks · $2.2B
| CMA Comerica Inc. | 11.24% | 4,050,000 | $250.5M | Add +15.7% |
| FHN First Horizon Corp. | 10.87% | 12,022,000 | $242.1M | Reduce -1.5% |
| PNFP Pinnacle Financial Partners | 9.96% | 1,940,000 | $221.9M | Add +57.1% |
| ABCB Ameris Bancorp | 7.11% | 2,533,000 | $158.5M | Add +8.9% |
| WFC Wells Fargo & Co. | 6.70% | 2,125,000 | $149.3M | Add +144.3% |
| SNV Synovus Financial Corp. | 5.34% | 2,321,000 | $118.9M | Reduce -46.9% |
| SBCF Seacoast Banking Corp. | 5.23% | 4,230,000 | $116.5M | Add +3.7% |
| ACIW Aci Worldwide Inc. | 4.99% | 2,141,000 | $111.1M | Add +18.3% |
| GPN Global Payments Inc. | 4.44% | 881,999 | $98.8M | Add +4.4% |
| AVDX Avidxchange Holdings Inc. | 3.71% | 7,994,000 | $82.7M | Add +2.5% |
| AUB Atlantic Union Bankshares Co. | 3.54% | 2,083,999 | $78.9M | New |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 3.52% | 780,189 | $78.5M | Reduce -22.4% |
| TCBI Texas Capital Bancshares Inc. | 3.26% | 928,439 | $72.6M | Reduce -44.6% |
| MKTX Marketaxess Holdings Inc. | 2.75% | 271,318 | $61.3M | Add +69.6% |
| CME Cme Group Inc. | 1.92% | 184,561 | $42.9M | Reduce -18.0% |
| FLYW Flywire Corp.-Voting | 1.52% | 1,638,914 | $33.8M | Add +23.6% |
| MQ Marqeta Inc. | 1.32% | 7,786,999 | $29.5M | Add +99.7% |
| PB Prosperity Bancshares Inc. | 1.31% | 387,670 | $29.2M | New |
| SCHW Schwab (charles) Corp. | 1.25% | 374,999 | $27.8M | Reduce -37.5% |
| FFWM First Foundation Inc. | 1.22% | 4,386,861 | $27.2M | Add +182.7% |
| PIPR Piper Sandler Cos | 1.15% | 85,348 | $25.6M | Reduce -30.0% |
| EGBN Eagle Bancorp Inc. | 1.13% | 967,593 | $25.2M | Add +251.8% |
| CBSH Commerce Bancshares Inc. | 0.90% | 320,246 | $20.0M | Reduce -4.4% |
| BOH Bank of Hawaii Corp. filed as BANK HAWAII CORP | 0.88% | 275,000 | $19.6M | Reduce -51.3% |
| AAMI Acadian Asset Management Inc. filed as BRIGHTSPHERE INVT GROUP INC | 0.62% | 525,000 | $13.8M | Reduce -51.4% |
| FOUR SHIFT4 Payments Inc. Class A | 0.58% | 124,998 | $13.0M | New |
| WAL Western Alliance Bancorp | 0.56% | 150,000 | $12.5M | New |
| CRMT America's Car-Mart Inc. | 0.52% | 227,000 | $11.6M | Add +7.9% |
| BMRC Bank of Marin Bancorp filed as BANK MARIN BANCORP | 0.50% | 470,956 | $11.2M | Add +45.8% |
| MYFW First Western Financial Inc. | 0.27% | 312,423 | $6.1M | Add +3.0% |
| HTH Hilltop Holdings Inc. | 0.26% | 198,575 | $5.7M | Reduce -62.5% |
| VYX NCR Voyix Corp. | 0.25% | 401,200 | $5.6M | Add +420.6% |
| CPF Central Pacific Financial Co. | 0.25% | 188,558 | $5.5M | Add +264.6% |
| ALKT Alkami Technology Inc. | 0.23% | 139,416 | $5.1M | Reduce -30.3% |
| AMG Affiliated Managers Group | 0.23% | 27,386 | $5.1M | New |
| FSBC Five Star Bancorp | 0.15% | 111,320 | $3.3M | No change |
| MPB Mid Penn Bancorp Inc. | 0.10% | 81,000 | $2.3M | New |
| RPAY Repay Holdings Corp. | 0.10% | 280,684 | $2.1M | Reduce -29.8% |
| IIIV I3 Verticals Inc. Class A | 0.05% | 46,069 | $1.1M | Reduce -4.7% |
| BILL Bill Holdings Inc. | 0.04% | 9,442 | $800K | Reduce -96.7% |
| FCFS Firstcash Holdings Inc. | 0.03% | 5,650 | $585K | Reduce -43.5% |
Portfolio Sells Q3 2024 → Q4 2024
| CBOE Cboe Global Markets Inc. | Sold out | 0.00% | −4.49 |
| SNV Synovus Financial Corp. | Reduce -46.9% | 5.34% | −3.72 |
| SASR Sandy Spring Bancorp Inc. | Sold out | 0.00% | −3.26 |
| TCBI Texas Capital Bancshares Inc. | Reduce -44.6% | 3.26% | −2.33 |
| FIS Fidelity National Info Serv | Sold out | 0.00% | −1.50 |
| C Citigroup Inc. | Sold out | 0.00% | −1.17 |
| IBOC International Bancshares CRP | Sold out | 0.00% | −1.11 |
| RNST Renasant Corp. | Sold out | 0.00% | −0.96 |
| BOH Bank of Hawaii Corp. | Reduce -51.3% | 0.88% | −0.78 |
| BILL Bill Holdings Inc. | Reduce -96.7% | 0.04% | −0.68 |
| AAMI Acadian Asset Management Inc. | Reduce -51.4% | 0.62% | −0.66 |
| CADE Cadence Bank | Sold out | 0.00% | −0.59 |
| SCHW Schwab (charles) Corp. | Reduce -37.5% | 1.25% | −0.57 |
| HTH Hilltop Holdings Inc. | Reduce -62.5% | 0.26% | −0.54 |
| VBTX Veritex Holdings Inc. | Sold out | 0.00% | −0.51 |
| PIPR Piper Sandler Cos | Reduce -30.0% | 1.15% | −0.47 |
| CME Cme Group Inc. | Reduce -18.0% | 1.92% | −0.39 |
| MRX Marex UK Holdings Ltd. | Sold out | 0.00% | −0.34 |
| AMTB Amerant Bancorp Inc. | Sold out | 0.00% | −0.22 |
| QTWO Q2 Holdings Inc. | Reduce -22.4% | 3.52% | −0.22 |
| TOWN Towne Bank | Sold out | 0.00% | −0.17 |
| ALKT Alkami Technology Inc. | Reduce -30.3% | 0.23% | −0.06 |
| RPAY Repay Holdings Corp. | Reduce -29.8% | 0.10% | −0.06 |
| GCMG GCM Grosvenor Inc. Class A | Sold out | 0.00% | −0.05 |
| CBSH Commerce Bancshares Inc. | Reduce -4.4% | 0.90% | −0.03 |
| MOFG Midwestone Financial Group I | Sold out | 0.00% | −0.03 |
| FCFS Firstcash Holdings Inc. | Reduce -43.5% | 0.03% | −0.03 |
| IIIV I3 Verticals Inc. Class A | Reduce -4.7% | 0.05% | −0.00 |
| FHN First Horizon Corp. | Reduce -1.5% | 10.87% | +2.03 |
Portfolio Buys Q3 2024 → Q4 2024
| WFC Wells Fargo & Co. | Add +144.3% | 6.70% | +4.41 |
| PNFP Pinnacle Financial Partners | Add +57.1% | 9.96% | +4.32 |
| AUB Atlantic Union Bankshares Co. | New | 3.54% | +3.54 |
| CMA Comerica Inc. | Add +15.7% | 11.24% | +1.46 |
| PB Prosperity Bancshares Inc. | New | 1.31% | +1.31 |
| EGBN Eagle Bancorp Inc. | Add +251.8% | 1.13% | +0.84 |
| MKTX Marketaxess Holdings Inc. | Add +69.6% | 2.75% | +0.84 |
| FFWM First Foundation Inc. | Add +182.7% | 1.22% | +0.77 |
| AVDX Avidxchange Holdings Inc. | Add +2.5% | 3.71% | +0.76 |
| ACIW Aci Worldwide Inc. | Add +18.3% | 4.99% | +0.69 |
| FOUR SHIFT4 Payments Inc. Class A | New | 0.58% | +0.58 |
| WAL Western Alliance Bancorp | New | 0.56% | +0.56 |
| FLYW Flywire Corp.-Voting | Add +23.6% | 1.52% | +0.50 |
| MQ Marqeta Inc. | Add +99.7% | 1.32% | +0.43 |
| GPN Global Payments Inc. | Add +4.4% | 4.44% | +0.40 |
| ABCB Ameris Bancorp | Add +8.9% | 7.11% | +0.35 |
| AMG Affiliated Managers Group | New | 0.23% | +0.23 |
| VYX NCR Voyix Corp. | Add +420.6% | 0.25% | +0.20 |
| BMRC Bank of Marin Bancorp | Add +45.8% | 0.50% | +0.20 |
| CPF Central Pacific Financial Co. | Add +264.6% | 0.25% | +0.17 |
| SBCF Seacoast Banking Corp. | Add +3.7% | 5.23% | +0.15 |
| CRMT America's Car-Mart Inc. | Add +7.9% | 0.52% | +0.11 |
| MPB Mid Penn Bancorp Inc. | New | 0.10% | +0.10 |
| MYFW First Western Financial Inc. | Add +3.0% | 0.27% | −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 |