North Reef Capital Management LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), North Reef Capital Management LP reported 40 stock positions worth $2.3 billion. Its top holding was First Horizon (FHN) at 11.8% of the portfolio, followed by Comerica (CMA, 11.0%) and Synovus Financial (SNV, 8.2%). Compared with Q1 2025, it opened 8 new positions, sold out of 14, added to 15 and reduced 17. The biggest buy was Synovus Financial (SNV, shares +49%) and the biggest sale an exit from Global Payments (GPN).
- Most Recent 13F
- Q2 2026
- Location
- LAGUNA BEACH, CA
- CIK
- 0001867831
- Portfolio Value
- $2.3B (Q2 2025)
- SEC Filing
- 0001214659-25-012175 ↗ filed Aug 14, 2025
Holdings Value
Holdings 40 stocks · $2.3B
| FHN First Horizon Corp. | 11.82% | 12,575,000 | $266.6M | Add +1.6% |
| CMA Comerica Inc. | 11.04% | 4,175,000 | $249.0M | Add +1.0% |
| SNV Synovus Financial Corp. | 8.20% | 3,575,000 | $185.0M | Add +49.1% |
| SBCF Seacoast Banking Corp. | 7.04% | 5,750,000 | $158.8M | Add +10.1% |
| TCBI Texas Capital Bancshares Inc. | 6.99% | 1,984,977 | $157.6M | Reduce -6.0% |
| PNFP Pinnacle Financial Partners | 5.70% | 1,165,000 | $128.6M | Reduce -1.7% |
| ABCB Ameris Bancorp | 5.42% | 1,890,018 | $122.3M | Reduce -24.7% |
| WFC Wells Fargo & Co. | 5.24% | 1,475,000 | $118.2M | Reduce -37.9% |
| ACIW Aci Worldwide Inc. | 5.17% | 2,540,000 | $116.6M | Add +0.7% |
| MKTX Marketaxess Holdings Inc. | 4.16% | 420,000 | $93.8M | Add +16.7% |
| AUB Atlantic Union Bankshares Co. | 3.81% | 2,750,000 | $86.0M | Add +61.7% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 3.49% | 840,520 | $78.7M | Add +1.9% |
| PIPR Piper Sandler Cos | 2.83% | 230,000 | $63.9M | Add +109.1% |
| V Visa Inc. Class A | 2.20% | 140,000 | $49.7M | Add +180.0% |
| STEL Stellar Bancorp Inc. | 1.91% | 1,540,000 | $43.1M | Add +7600.0% |
| FFWM First Foundation Inc. | 1.72% | 7,615,000 | $38.8M | Add +35.8% |
| C Citigroup Inc. | 1.70% | 450,000 | $38.3M | New |
| MQ Marqeta Inc. | 1.68% | 6,500,000 | $37.9M | Reduce -24.0% |
| HTH Hilltop Holdings Inc. | 1.59% | 1,185,000 | $36.0M | Reduce -0.4% |
| NTRS Northern Trust Corp. | 1.04% | 185,000 | $23.5M | New |
| AAMI Acadian Asset Management Inc. | 0.75% | 480,000 | $16.9M | Reduce -2.0% |
| TFC Truist Financial Corp. | 0.62% | 325,000 | $14.0M | Reduce -35.0% |
| BMRC Bank of Marin Bancorp filed as BANK MARIN BANCORP | 0.61% | 600,000 | $13.7M | Reduce -5.1% |
| SCHW Schwab (charles) Corp. | 0.61% | 150,000 | $13.7M | Reduce -45.5% |
| FLYW Flywire Corp.-Voting | 0.57% | 1,100,000 | $12.9M | Reduce -8.3% |
| CRMT America's Car-Mart Inc. | 0.56% | 226,045 | $12.7M | Reduce -19.3% |
| MYFW First Western Financial Inc. | 0.55% | 545,722 | $12.3M | Add +43.9% |
| VYX NCR Voyix Corp. | 0.47% | 900,001 | $10.6M | Add +0.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.42% | 200,000 | $9.5M | New |
| NPB Northpointe Bancshares Inc. | 0.37% | 601,344 | $8.2M | Reduce 0.0% |
| EGBN Eagle Bancorp Inc. | 0.35% | 400,000 | $7.8M | Reduce -62.5% |
| GCMG GCM Grosvenor Inc. Class A | 0.27% | 530,196 | $6.1M | Add +44.5% |
| BRBS Blue Ridge Bankshares Inc. | 0.24% | 1,515,107 | $5.4M | New |
| JCAP Jefferson Capital Inc. | 0.20% | 250,000 | $4.6M | New |
| ALKT Alkami Technology Inc. | 0.19% | 139,413 | $4.2M | Reduce 0.0% |
| VBTX Veritex Holdings Inc. | 0.15% | 130,187 | $3.4M | New |
| PYPL PayPal Holdings Inc. | 0.15% | 45,000 | $3.3M | New |
| FOUR SHIFT4 Payments Inc. Class A | 0.11% | 25,000 | $2.5M | Reduce -68.8% |
| SMBK Smartfinancial Inc. | 0.07% | 46,104 | $1.6M | New |
| GNTY Guaranty Bancshares Inc. | 0.02% | 10,000 | $424K | Reduce -83.4% |
Portfolio Sells Q1 2025 → Q2 2025
| GPN Global Payments Inc. | Sold out | 0.00% | −8.54 |
| AVDX Avidxchange Holdings Inc. | Sold out | 0.00% | −3.18 |
| WFC Wells Fargo & Co. | Reduce -37.9% | 5.24% | −2.14 |
| ABCB Ameris Bancorp | Reduce -24.7% | 5.42% | −0.84 |
| UCB United Community Banks | Sold out | 0.00% | −0.76 |
| EGBN Eagle Bancorp Inc. | Reduce -62.5% | 0.35% | −0.62 |
| PPBI Pacific Premier Bancorp Inc. | Sold out | 0.00% | −0.56 |
| KEY Keycorp | Sold out | 0.00% | −0.42 |
| AMG Affiliated Managers Group | Sold out | 0.00% | −0.36 |
| CPF Central Pacific Financial Co. | Sold out | 0.00% | −0.35 |
| SCHW Schwab (charles) Corp. | Reduce -45.5% | 0.61% | −0.32 |
| TFC Truist Financial Corp. | Reduce -35.0% | 0.62% | −0.27 |
| BUSE First Busey Corp. | Sold out | 0.00% | −0.25 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -68.8% | 0.11% | −0.17 |
| PRTH Priority Technology Holdings | Sold out | 0.00% | −0.10 |
| GNTY Guaranty Bancshares Inc. | Reduce -83.4% | 0.02% | −0.09 |
| BILL Bill Holdings Inc. | Sold out | 0.00% | −0.08 |
| EBC Eastern Bankshares Inc. | Sold out | 0.00% | −0.07 |
| RPAY Repay Holdings Corp. | Sold out | 0.00% | −0.07 |
| FSUN Firstsun Capital Bancorp | Sold out | 0.00% | −0.06 |
| NCNO Ncino Inc. | Sold out | 0.00% | −0.06 |
| NPB Northpointe Bancshares Inc. | Reduce 0.0% | 0.37% | −0.01 |
| BMRC Bank of Marin Bancorp | Reduce -5.1% | 0.61% | +0.00 |
| CRMT America's Car-Mart Inc. | Reduce -19.3% | 0.56% | +0.01 |
| HTH Hilltop Holdings Inc. | Reduce -0.4% | 1.59% | +0.03 |
| ALKT Alkami Technology Inc. | Reduce 0.0% | 0.19% | +0.03 |
| FLYW Flywire Corp.-Voting | Reduce -8.3% | 0.57% | +0.08 |
| MQ Marqeta Inc. | Reduce -24.0% | 1.68% | +0.16 |
| TCBI Texas Capital Bancshares Inc. | Reduce -6.0% | 6.99% | +0.16 |
| AAMI Acadian Asset Management Inc. | Reduce -2.0% | 0.75% | +0.20 |
| PNFP Pinnacle Financial Partners | Reduce -1.7% | 5.70% | +0.26 |
Portfolio Buys Q1 2025 → Q2 2025
| SNV Synovus Financial Corp. | Add +49.1% | 8.20% | +3.35 |
| STEL Stellar Bancorp Inc. | Add +7600.0% | 1.91% | +1.89 |
| C Citigroup Inc. | New | 1.70% | +1.70 |
| PIPR Piper Sandler Cos | Add +109.1% | 2.83% | +1.65 |
| AUB Atlantic Union Bankshares Co. | Add +61.7% | 3.81% | +1.52 |
| V Visa Inc. Class A | Add +180.0% | 2.20% | +1.45 |
| FHN First Horizon Corp. | Add +1.6% | 11.82% | +1.42 |
| SBCF Seacoast Banking Corp. | Add +10.1% | 7.04% | +1.22 |
| NTRS Northern Trust Corp. | New | 1.04% | +1.04 |
| MKTX Marketaxess Holdings Inc. | Add +16.7% | 4.16% | +0.79 |
| QTWO Q2 Holdings Inc. | Add +1.9% | 3.49% | +0.63 |
| CMA Comerica Inc. | Add +1.0% | 11.04% | +0.48 |
| FFWM First Foundation Inc. | Add +35.8% | 1.72% | +0.46 |
| BAC Bank of America Corp. | New | 0.42% | +0.42 |
| BRBS Blue Ridge Bankshares Inc. | New | 0.24% | +0.24 |
| MYFW First Western Financial Inc. | Add +43.9% | 0.55% | +0.22 |
| JCAP Jefferson Capital Inc. | New | 0.20% | +0.20 |
| VBTX Veritex Holdings Inc. | New | 0.15% | +0.15 |
| PYPL PayPal Holdings Inc. | New | 0.15% | +0.15 |
| VYX NCR Voyix Corp. | Add +0.0% | 0.47% | +0.09 |
| SMBK Smartfinancial Inc. | New | 0.07% | +0.07 |
| GCMG GCM Grosvenor Inc. Class A | Add +44.5% | 0.27% | +0.06 |
| ACIW Aci Worldwide Inc. | Add +0.7% | 5.17% | −0.80 |
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 |