North Reef Capital Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), North Reef Capital Management LP reported 43 stock positions worth $2.1 billion. Its top holding was First Horizon (FHN) at 13.1% of the portfolio, followed by Cadence Bank (CADE, 12.4%) and Comerica (CMA, 11.4%). Compared with Q2 2025, it opened 16 new positions, sold out of 13, added to 13 and reduced 14. The biggest buy was a new position in Cadence Bank (CADE) and the biggest sale an exit from Synovus Financial (SNV).
- Most Recent 13F
- Q2 2026
- Location
- LAGUNA BEACH, CA
- CIK
- 0001867831
- Portfolio Value
- $2.1B (Q3 2025)
- SEC Filing
- 0001214659-25-016568 ↗ filed Nov 14, 2025
Holdings Value
Holdings 43 stocks · $2.1B
| FHN First Horizon Corp. | 13.08% | 12,370,000 | $279.7M | Reduce -1.6% |
| CADE Cadence Bank | 12.39% | 7,055,000 | $264.8M | New |
| CMA Comerica Inc. | 11.44% | 3,570,000 | $244.6M | Reduce -14.5% |
| MKTX Marketaxess Holdings Inc. | 7.43% | 911,358 | $158.8M | Add +117.0% |
| SBCF Seacoast Banking Corp. | 7.11% | 4,995,000 | $152.0M | Reduce -13.1% |
| ABCB Ameris Bancorp | 6.79% | 1,981,061 | $145.2M | Add +4.8% |
| AUB Atlantic Union Bankshares Co. | 6.13% | 3,713,604 | $131.1M | Add +35.0% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 5.72% | 1,690,000 | $122.3M | Add +101.1% |
| ACIW Aci Worldwide Inc. | 4.40% | 1,783,851 | $94.1M | Reduce -29.8% |
| STEL Stellar Bancorp Inc. | 2.60% | 1,829,937 | $55.5M | Add +18.8% |
| EGBN Eagle Bancorp Inc. | 2.49% | 2,632,918 | $53.2M | Add +558.2% |
| PIPR Piper Sandler Cos | 2.46% | 151,707 | $52.6M | Reduce -34.0% |
| TCBI Texas Capital Bancshares Inc. | 2.19% | 555,000 | $46.9M | Reduce -72.0% |
| FFWM First Foundation Inc. | 1.80% | 6,900,306 | $38.4M | Reduce -9.4% |
| V Visa Inc. Class A | 1.68% | 105,000 | $35.8M | Reduce -25.0% |
| MIAX Miami International Holdings | 1.37% | 725,804 | $29.2M | New |
| FIBK First Interstate Bancsys-A | 1.27% | 850,000 | $27.1M | New |
| NTRS Northern Trust Corp. | 1.20% | 190,000 | $25.6M | Add +2.7% |
| AAMI Acadian Asset Management Inc. | 1.15% | 511,452 | $24.6M | Add +6.5% |
| MQ Marqeta Inc. | 1.15% | 4,650,000 | $24.6M | Reduce -28.5% |
| MYFW First Western Financial Inc. | 0.67% | 617,824 | $14.2M | Add +13.2% |
| VYX NCR Voyix Corp. | 0.49% | 840,395 | $10.5M | Reduce -6.6% |
| FRST Primis Financial Corp. | 0.48% | 974,870 | $10.2M | New |
| FLYW Flywire Corp.-Voting | 0.41% | 650,000 | $8.8M | Reduce -40.9% |
| FIGR Figure Technology Solut Class A | 0.41% | 240,000 | $8.7M | New |
| FOUR SHIFT4 Payments Inc. Class A | 0.37% | 103,056 | $8.0M | Add +312.2% |
| CRMT America's Car-Mart Inc. | 0.37% | 270,190 | $7.9M | Add +19.5% |
| GCMG GCM Grosvenor Inc. Class A | 0.30% | 526,354 | $6.4M | Reduce -0.7% |
| GEMI Gemini Space Station Inc. Class A | 0.27% | 245,322 | $5.9M | New |
| JCAP Jefferson Capital Inc. | 0.24% | 295,559 | $5.1M | Add +18.2% |
| BLSH Bullish | 0.24% | 80,000 | $5.1M | New |
| NPB Northpointe Bancshares Inc. | 0.23% | 283,752 | $4.8M | Reduce -52.8% |
| COSO Coastal South Bancshares Inc. | 0.23% | 220,619 | $4.8M | New |
| KRE SS SPDR S&P Regional Bank | 0.22% | 75,000 | $4.7M | New |
| TW Tradeweb Markets Inc. Class A | 0.21% | 41,200 | $4.6M | New |
| NEWT Newtekone Inc. | 0.21% | 386,924 | $4.4M | New |
| AVBH Avidbank Holdings Inc. | 0.17% | 141,496 | $3.6M | New |
| ALKT Alkami Technology Inc. | 0.15% | 127,604 | $3.2M | Reduce -8.5% |
| CME Cme Group Inc. | 0.14% | 11,198 | $3.0M | New |
| SMBK Smartfinancial Inc. | 0.14% | 84,570 | $3.0M | Add +83.4% |
| COLB Columbia Banking System Inc. | 0.12% | 100,000 | $2.6M | New |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.08% | 52,191 | $1.8M | New |
| CIVB Civista Bancshares Inc. | 0.03% | 29,776 | $605K | New |
Portfolio Sells Q2 2025 → Q3 2025
| SNV Synovus Financial Corp. | Sold out | 0.00% | −8.20 |
| PNFP Pinnacle Financial Partners | Sold out | 0.00% | −5.70 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −5.24 |
| TCBI Texas Capital Bancshares Inc. | Reduce -72.0% | 2.19% | −4.79 |
| C Citigroup Inc. | Sold out | 0.00% | −1.70 |
| HTH Hilltop Holdings Inc. | Sold out | 0.00% | −1.59 |
| ACIW Aci Worldwide Inc. | Reduce -29.8% | 4.40% | −0.77 |
| TFC Truist Financial Corp. | Sold out | 0.00% | −0.62 |
| BMRC Bank of Marin Bancorp | Sold out | 0.00% | −0.61 |
| SCHW Schwab (charles) Corp. | Sold out | 0.00% | −0.61 |
| MQ Marqeta Inc. | Reduce -28.5% | 1.15% | −0.53 |
| V Visa Inc. Class A | Reduce -25.0% | 1.68% | −0.53 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.42 |
| PIPR Piper Sandler Cos | Reduce -34.0% | 2.46% | −0.37 |
| BRBS Blue Ridge Bankshares Inc. | Sold out | 0.00% | −0.24 |
| FLYW Flywire Corp.-Voting | Reduce -40.9% | 0.41% | −0.16 |
| VBTX Veritex Holdings Inc. | Sold out | 0.00% | −0.15 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.15 |
| NPB Northpointe Bancshares Inc. | Reduce -52.8% | 0.23% | −0.14 |
| ALKT Alkami Technology Inc. | Reduce -8.5% | 0.15% | −0.04 |
| GNTY Guaranty Bancshares Inc. | Sold out | 0.00% | −0.02 |
| VYX NCR Voyix Corp. | Reduce -6.6% | 0.49% | +0.03 |
| GCMG GCM Grosvenor Inc. Class A | Reduce -0.7% | 0.30% | +0.03 |
| SBCF Seacoast Banking Corp. | Reduce -13.1% | 7.11% | +0.07 |
| FFWM First Foundation Inc. | Reduce -9.4% | 1.80% | +0.08 |
| CMA Comerica Inc. | Reduce -14.5% | 11.44% | +0.40 |
| FHN First Horizon Corp. | Reduce -1.6% | 13.08% | +1.26 |
Portfolio Buys Q2 2025 → Q3 2025
| CADE Cadence Bank | New | 12.39% | +12.39 |
| MKTX Marketaxess Holdings Inc. | Add +117.0% | 7.43% | +3.27 |
| AUB Atlantic Union Bankshares Co. | Add +35.0% | 6.13% | +2.32 |
| QTWO Q2 Holdings Inc. | Add +101.1% | 5.72% | +2.23 |
| EGBN Eagle Bancorp Inc. | Add +558.2% | 2.49% | +2.14 |
| ABCB Ameris Bancorp | Add +4.8% | 6.79% | +1.37 |
| MIAX Miami International Holdings | New | 1.37% | +1.37 |
| FIBK First Interstate Bancsys-A | New | 1.27% | +1.27 |
| STEL Stellar Bancorp Inc. | Add +18.8% | 2.60% | +0.69 |
| FRST Primis Financial Corp. | New | 0.48% | +0.48 |
| FIGR Figure Technology Solut Class A | New | 0.41% | +0.41 |
| AAMI Acadian Asset Management Inc. | Add +6.5% | 1.15% | +0.40 |
| GEMI Gemini Space Station Inc. Class A | New | 0.27% | +0.27 |
| FOUR SHIFT4 Payments Inc. Class A | Add +312.2% | 0.37% | +0.26 |
| BLSH Bullish | New | 0.24% | +0.24 |
| COSO Coastal South Bancshares Inc. | New | 0.23% | +0.23 |
| KRE SS SPDR S&P Regional Bank | New | 0.22% | +0.22 |
| TW Tradeweb Markets Inc. Class A | New | 0.21% | +0.21 |
| NEWT Newtekone Inc. | New | 0.21% | +0.21 |
| AVBH Avidbank Holdings Inc. | New | 0.17% | +0.17 |
| NTRS Northern Trust Corp. | Add +2.7% | 1.20% | +0.16 |
| CME Cme Group Inc. | New | 0.14% | +0.14 |
| COLB Columbia Banking System Inc. | New | 0.12% | +0.12 |
| MYFW First Western Financial Inc. | Add +13.2% | 0.67% | +0.12 |
| MRX Marex UK Holdings Ltd. | New | 0.08% | +0.08 |
| SMBK Smartfinancial Inc. | Add +83.4% | 0.14% | +0.07 |
| JCAP Jefferson Capital Inc. | Add +18.2% | 0.24% | +0.03 |
| CIVB Civista Bancshares Inc. | New | 0.03% | +0.03 |
| CRMT America's Car-Mart Inc. | Add +19.5% | 0.37% | −0.19 |
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 |