North Reef Capital Management LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), North Reef Capital Management LP reported 46 stock positions worth $2.3 billion. Its top holding was Comerica (CMA) at 10.6% of the portfolio, followed by First Horizon (FHN, 10.4%) and Global Payments (GPN, 8.5%). Compared with Q4 2024, it opened 14 new positions, sold out of 9, added to 23 and reduced 9. The biggest buy was Global Payments (GPN, shares +128%) and the biggest sale Pinnacle Financial Partners (PNFP, shares −39%).
- Most Recent 13F
- Q2 2026
- Location
- LAGUNA BEACH, CA
- CIK
- 0001867831
- Portfolio Value
- $2.3B (Q1 2025)
- SEC Filing
- 0001214659-25-007829 ↗ filed May 15, 2025
Holdings Value
Holdings 46 stocks · $2.3B
| CMA Comerica Inc. | 10.56% | 4,132,000 | $244.0M | Add +2.0% |
| FHN First Horizon Corp. | 10.40% | 12,375,000 | $240.3M | Add +2.9% |
| GPN Global Payments Inc. | 8.54% | 2,014,700 | $197.3M | Add +128.4% |
| WFC Wells Fargo & Co. | 7.38% | 2,375,000 | $170.5M | Add +11.8% |
| TCBI Texas Capital Bancshares Inc. | 6.83% | 2,112,223 | $157.8M | Add +127.5% |
| ABCB Ameris Bancorp | 6.26% | 2,511,445 | $144.6M | Reduce -0.8% |
| ACIW Aci Worldwide Inc. | 5.97% | 2,522,888 | $138.0M | Add +17.8% |
| SBCF Seacoast Banking Corp. | 5.82% | 5,223,924 | $134.4M | Add +23.5% |
| PNFP Pinnacle Financial Partners | 5.44% | 1,185,000 | $125.7M | Reduce -38.9% |
| SNV Synovus Financial Corp. | 4.85% | 2,397,500 | $112.1M | Add +3.3% |
| MKTX Marketaxess Holdings Inc. | 3.37% | 360,000 | $77.9M | Add +32.7% |
| AVDX Avidxchange Holdings Inc. | 3.18% | 8,675,000 | $73.6M | Add +8.5% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 2.86% | 825,000 | $66.0M | Add +5.7% |
| AUB Atlantic Union Bankshares Co. | 2.29% | 1,700,500 | $53.0M | Reduce -18.4% |
| HTH Hilltop Holdings Inc. | 1.57% | 1,190,000 | $36.2M | Add +499.3% |
| MQ Marqeta Inc. | 1.52% | 8,550,000 | $35.2M | Add +9.8% |
| FFWM First Foundation Inc. | 1.26% | 5,609,000 | $29.1M | Add +27.9% |
| PIPR Piper Sandler Cos | 1.18% | 110,000 | $27.2M | Add +28.9% |
| EGBN Eagle Bancorp Inc. | 0.97% | 1,067,781 | $22.4M | Add +10.3% |
| SCHW Schwab (charles) Corp. | 0.93% | 275,000 | $21.5M | Reduce -26.7% |
| TFC Truist Financial Corp. | 0.89% | 500,001 | $20.6M | New |
| UCB United Community Banks | 0.76% | 625,000 | $17.6M | New |
| V Visa Inc. Class A | 0.76% | 50,000 | $17.5M | New |
| BMRC Bank of Marin Bancorp filed as BANK MARIN BANCORP | 0.60% | 632,000 | $13.9M | Add +34.2% |
| PPBI Pacific Premier Bancorp Inc. | 0.56% | 605,856 | $12.9M | New |
| CRMT America's Car-Mart Inc. | 0.55% | 280,000 | $12.7M | Add +23.4% |
| AAMI Acadian Asset Management Inc. | 0.55% | 489,697 | $12.7M | Reduce -6.7% |
| FLYW Flywire Corp.-Voting | 0.49% | 1,200,000 | $11.4M | Reduce -26.8% |
| KEY Keycorp | 0.42% | 600,000 | $9.6M | New |
| VYX NCR Voyix Corp. | 0.38% | 900,000 | $8.8M | Add +124.3% |
| NPB Northpointe Bancshares Inc. | 0.38% | 601,345 | $8.7M | New |
| AMG Affiliated Managers Group | 0.36% | 50,000 | $8.4M | Add +82.6% |
| CPF Central Pacific Financial Co. | 0.35% | 298,482 | $8.1M | Add +58.3% |
| MYFW First Western Financial Inc. | 0.32% | 379,178 | $7.5M | Add +21.4% |
| FOUR SHIFT4 Payments Inc. Class A | 0.28% | 80,000 | $6.5M | Reduce -36.0% |
| BUSE First Busey Corp. | 0.25% | 269,929 | $5.8M | New |
| GCMG GCM Grosvenor Inc. Class A | 0.21% | 366,880 | $4.9M | New |
| ALKT Alkami Technology Inc. | 0.16% | 139,414 | $3.7M | Reduce 0.0% |
| GNTY Guaranty Bancshares Inc. | 0.10% | 60,100 | $2.4M | New |
| PRTH Priority Technology Holdings | 0.10% | 350,000 | $2.4M | New |
| BILL Bill Holdings Inc. | 0.08% | 42,335 | $1.9M | Add +348.4% |
| EBC Eastern Bankshares Inc. | 0.07% | 100,000 | $1.6M | New |
| RPAY Repay Holdings Corp. | 0.07% | 280,683 | $1.6M | Reduce 0.0% |
| FSUN Firstsun Capital Bancorp | 0.06% | 40,679 | $1.5M | New |
| NCNO Ncino Inc. | 0.06% | 50,000 | $1.4M | New |
| STEL Stellar Bancorp Inc. | 0.02% | 20,000 | $553K | New |
Portfolio Sells Q4 2024 → Q1 2025
| PNFP Pinnacle Financial Partners | Reduce -38.9% | 5.44% | −4.52 |
| CME Cme Group Inc. | Sold out | 0.00% | −1.92 |
| PB Prosperity Bancshares Inc. | Sold out | 0.00% | −1.31 |
| AUB Atlantic Union Bankshares Co. | Reduce -18.4% | 2.29% | −1.25 |
| FLYW Flywire Corp.-Voting | Reduce -26.8% | 0.49% | −1.02 |
| CBSH Commerce Bancshares Inc. | Sold out | 0.00% | −0.90 |
| BOH Bank of Hawaii Corp. | Sold out | 0.00% | −0.88 |
| ABCB Ameris Bancorp | Reduce -0.8% | 6.26% | −0.86 |
| WAL Western Alliance Bancorp | Sold out | 0.00% | −0.56 |
| SCHW Schwab (charles) Corp. | Reduce -26.7% | 0.93% | −0.31 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -36.0% | 0.28% | −0.30 |
| FSBC Five Star Bancorp | Sold out | 0.00% | −0.15 |
| MPB Mid Penn Bancorp Inc. | Sold out | 0.00% | −0.10 |
| AAMI Acadian Asset Management Inc. | Reduce -6.7% | 0.55% | −0.07 |
| ALKT Alkami Technology Inc. | Reduce 0.0% | 0.16% | −0.07 |
| IIIV I3 Verticals Inc. Class A | Sold out | 0.00% | −0.05 |
| RPAY Repay Holdings Corp. | Reduce 0.0% | 0.07% | −0.03 |
| FCFS Firstcash Holdings Inc. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| GPN Global Payments Inc. | Add +128.4% | 8.54% | +4.10 |
| TCBI Texas Capital Bancshares Inc. | Add +127.5% | 6.83% | +3.57 |
| HTH Hilltop Holdings Inc. | Add +499.3% | 1.57% | +1.31 |
| ACIW Aci Worldwide Inc. | Add +17.8% | 5.97% | +0.98 |
| TFC Truist Financial Corp. | New | 0.89% | +0.89 |
| UCB United Community Banks | New | 0.76% | +0.76 |
| V Visa Inc. Class A | New | 0.76% | +0.76 |
| WFC Wells Fargo & Co. | Add +11.8% | 7.38% | +0.68 |
| MKTX Marketaxess Holdings Inc. | Add +32.7% | 3.37% | +0.62 |
| SBCF Seacoast Banking Corp. | Add +23.5% | 5.82% | +0.59 |
| PPBI Pacific Premier Bancorp Inc. | New | 0.56% | +0.56 |
| KEY Keycorp | New | 0.42% | +0.42 |
| NPB Northpointe Bancshares Inc. | New | 0.38% | +0.38 |
| BUSE First Busey Corp. | New | 0.25% | +0.25 |
| GCMG GCM Grosvenor Inc. Class A | New | 0.21% | +0.21 |
| MQ Marqeta Inc. | Add +9.8% | 1.52% | +0.20 |
| AMG Affiliated Managers Group | Add +82.6% | 0.36% | +0.14 |
| VYX NCR Voyix Corp. | Add +124.3% | 0.38% | +0.13 |
| GNTY Guaranty Bancshares Inc. | New | 0.10% | +0.10 |
| CPF Central Pacific Financial Co. | Add +58.3% | 0.35% | +0.10 |
| PRTH Priority Technology Holdings | New | 0.10% | +0.10 |
| BMRC Bank of Marin Bancorp | Add +34.2% | 0.60% | +0.10 |
| EBC Eastern Bankshares Inc. | New | 0.07% | +0.07 |
| FSUN Firstsun Capital Bancorp | New | 0.06% | +0.06 |
| NCNO Ncino Inc. | New | 0.06% | +0.06 |
| BILL Bill Holdings Inc. | Add +348.4% | 0.08% | +0.05 |
| MYFW First Western Financial Inc. | Add +21.4% | 0.32% | +0.05 |
| FFWM First Foundation Inc. | Add +27.9% | 1.26% | +0.04 |
| PIPR Piper Sandler Cos | Add +28.9% | 1.18% | +0.03 |
| CRMT America's Car-Mart Inc. | Add +23.4% | 0.55% | +0.03 |
| STEL Stellar Bancorp Inc. | New | 0.02% | +0.02 |
| EGBN Eagle Bancorp Inc. | Add +10.3% | 0.97% | −0.16 |
| FHN First Horizon Corp. | Add +2.9% | 10.40% | −0.47 |
| SNV Synovus Financial Corp. | Add +3.3% | 4.85% | −0.49 |
| AVDX Avidxchange Holdings Inc. | Add +8.5% | 3.18% | −0.53 |
| QTWO Q2 Holdings Inc. | Add +5.7% | 2.86% | −0.67 |
| CMA Comerica Inc. | Add +2.0% | 10.56% | −0.69 |
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 |