North Reef Capital Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), North Reef Capital Management LP reported 56 stock positions worth $2.5 billion. Its top holding was Marketaxess (MKTX) at 11.7% of the portfolio, followed by First Horizon (FHN, 11.1%) and Ameris Bancorp (ABCB, 8.2%). Compared with Q3 2025, it opened 18 new positions, sold out of 5, added to 26 and reduced 11. The biggest buy was Marketaxess (MKTX, shares +77%) and the biggest sale an exit from Cadence Bank (CADE).
- Most Recent 13F
- Q2 2026
- Location
- LAGUNA BEACH, CA
- CIK
- 0001867831
- Portfolio Value
- $2.5B (Q4 2025)
- SEC Filing
- 0001214659-26-001902 ↗ filed Feb 17, 2026
Holdings Value
Holdings 56 stocks · $2.5B
| MKTX Marketaxess Holdings Inc. | 11.74% | 1,609,330 | $291.7M | Add +76.6% |
| FHN First Horizon Corp. | 11.08% | 11,516,840 | $275.3M | Reduce -6.9% |
| ABCB Ameris Bancorp | 8.18% | 2,737,028 | $203.3M | Add +38.2% |
| SBCF Seacoast Banking Corp. | 7.37% | 5,832,075 | $183.2M | Add +16.8% |
| AUB Atlantic Union Bankshares Co. | 6.50% | 4,572,090 | $161.4M | Add +23.1% |
| COLB Columbia Banking System Inc. | 4.16% | 3,700,000 | $103.4M | Add +3600.0% |
| V Visa Inc. Class A | 3.81% | 270,000 | $94.7M | Add +157.1% |
| ACIW Aci Worldwide Inc. | 3.79% | 1,970,000 | $94.2M | Add +10.4% |
| STEL Stellar Bancorp Inc. | 3.58% | 2,875,245 | $89.0M | Add +57.1% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 3.53% | 1,215,000 | $87.7M | Reduce -28.1% |
| PIPR Piper Sandler Cos | 2.80% | 204,900 | $69.6M | Add +35.1% |
| FIBK First Interstate Bancsys-A | 2.75% | 1,974,999 | $68.3M | Add +132.3% |
| EGBN Eagle Bancorp Inc. | 2.53% | 2,940,000 | $63.0M | Add +11.7% |
| MIAX Miami International Holdings | 2.26% | 1,265,000 | $56.1M | Add +74.3% |
| FBK FB Financial Corp. filed as FB FINL CORP | 2.00% | 892,685 | $49.8M | New |
| ALKT Alkami Technology Inc. | 1.95% | 2,100,000 | $48.4M | Add +1545.7% |
| FFWM First Foundation Inc. | 1.94% | 7,812,475 | $48.1M | Add +13.2% |
| NTRS Northern Trust Corp. | 1.71% | 310,611 | $42.4M | Add +63.5% |
| FITB Fifth Third Bancorp | 1.60% | 850,000 | $39.8M | New |
| TFC Truist Financial Corp. | 1.52% | 765,774 | $37.7M | New |
| TW Tradeweb Markets Inc. Class A | 1.37% | 316,039 | $34.0M | Add +667.1% |
| CBC Central Bancompany | 1.27% | 1,310,673 | $31.6M | New |
| PB Prosperity Bancshares Inc. | 1.24% | 445,000 | $30.8M | New |
| MQ Marqeta Inc. | 1.15% | 6,000,000 | $28.5M | Add +29.0% |
| TCBK Trico Bancshares | 0.93% | 485,423 | $23.0M | New |
| BANC Banc of California Inc. | 0.90% | 1,156,680 | $22.3M | New |
| AAMI Acadian Asset Management Inc. | 0.84% | 443,922 | $20.9M | Reduce -13.2% |
| MYFW First Western Financial Inc. | 0.74% | 685,954 | $18.4M | Add +11.0% |
| FRST Primis Financial Corp. | 0.67% | 1,203,604 | $16.7M | Add +23.5% |
| WLTH Wealthfront Corp. | 0.67% | 1,226,633 | $16.7M | New |
| EBC Eastern Bankshares Inc. | 0.59% | 796,451 | $14.7M | New |
| FOUR SHIFT4 Payments Inc. Class A | 0.40% | 155,929 | $9.8M | Add +51.3% |
| VYX NCR Voyix Corp. | 0.34% | 840,395 | $8.6M | No change |
| FLYW Flywire Corp.-Voting | 0.34% | 600,001 | $8.5M | Reduce -7.7% |
| SSB Southstate Bank Corp. | 0.34% | 90,000 | $8.5M | New |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.29% | 190,000 | $7.3M | Add +264.1% |
| JHG Janus Henderson Group PLC | 0.29% | 150,000 | $7.1M | New |
| GCMG GCM Grosvenor Inc. Class A | 0.27% | 601,355 | $6.8M | Add +14.3% |
| COSO Coastal South Bancshares Inc. | 0.25% | 263,900 | $6.1M | Add +19.6% |
| CRMT America's Car-Mart Inc. | 0.25% | 242,187 | $6.1M | Reduce -10.4% |
| JCAP Jefferson Capital Inc. | 0.22% | 239,473 | $5.3M | Reduce -19.0% |
| FIGR Figure Technology Solut Class A | 0.21% | 125,000 | $5.1M | Reduce -47.9% |
| SMBK Smartfinancial Inc. | 0.20% | 134,871 | $5.0M | Add +59.5% |
| KLAR Klarna Group PLC | 0.19% | 159,996 | $4.6M | New |
| NEWT Newtekone Inc. | 0.18% | 386,923 | $4.4M | Reduce 0.0% |
| NPB Northpointe Bancshares Inc. | 0.17% | 258,752 | $4.3M | Reduce -8.8% |
| AVBH Avidbank Holdings Inc. | 0.13% | 123,671 | $3.3M | Reduce -12.6% |
| TCBI Texas Capital Bancshares Inc. | 0.13% | 34,570 | $3.1M | Reduce -93.8% |
| BLSH Bullish | 0.12% | 81,280 | $3.1M | Add +1.6% |
| GEMI Gemini Space Station Inc. Class A | 0.12% | 300,000 | $3.0M | Add +22.3% |
| USCB Uscb Financial Holdings Inc. | 0.09% | 123,741 | $2.3M | New |
| FFIC Flushing Financial Corp. | 0.08% | 135,000 | $2.0M | New |
| CVBF CVB Financial Corp. | 0.08% | 103,824 | $1.9M | New |
| IIIV I3 Verticals Inc. Class A | 0.08% | 75,711 | $1.9M | New |
| BBT Beacon Financial Corp. | 0.05% | 50,344 | $1.3M | New |
| RNST Renasant Corp. | 0.02% | 15,001 | $528K | New |
Portfolio Sells Q3 2025 → Q4 2025
| CADE Cadence Bank | Sold out | 0.00% | −12.39 |
| CMA Comerica Inc. | Sold out | 0.00% | −11.44 |
| QTWO Q2 Holdings Inc. | Reduce -28.1% | 3.53% | −2.19 |
| TCBI Texas Capital Bancshares Inc. | Reduce -93.8% | 0.13% | −2.07 |
| FHN First Horizon Corp. | Reduce -6.9% | 11.08% | −2.00 |
| AAMI Acadian Asset Management Inc. | Reduce -13.2% | 0.84% | −0.31 |
| KRE SS SPDR S&P Regional Bank | Sold out | 0.00% | −0.22 |
| FIGR Figure Technology Solut Class A | Reduce -47.9% | 0.21% | −0.20 |
| CME Cme Group Inc. | Sold out | 0.00% | −0.14 |
| CRMT America's Car-Mart Inc. | Reduce -10.4% | 0.25% | −0.12 |
| FLYW Flywire Corp.-Voting | Reduce -7.7% | 0.34% | −0.07 |
| NPB Northpointe Bancshares Inc. | Reduce -8.8% | 0.17% | −0.05 |
| AVBH Avidbank Holdings Inc. | Reduce -12.6% | 0.13% | −0.04 |
| NEWT Newtekone Inc. | Reduce 0.0% | 0.18% | −0.03 |
| CIVB Civista Bancshares Inc. | Sold out | 0.00% | −0.03 |
| JCAP Jefferson Capital Inc. | Reduce -19.0% | 0.22% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| MKTX Marketaxess Holdings Inc. | Add +76.6% | 11.74% | +4.31 |
| COLB Columbia Banking System Inc. | Add +3600.0% | 4.16% | +4.04 |
| V Visa Inc. Class A | Add +157.1% | 3.81% | +2.13 |
| FBK FB Financial Corp. | New | 2.00% | +2.00 |
| ALKT Alkami Technology Inc. | Add +1545.7% | 1.95% | +1.80 |
| FITB Fifth Third Bancorp | New | 1.60% | +1.60 |
| TFC Truist Financial Corp. | New | 1.52% | +1.52 |
| FIBK First Interstate Bancsys-A | Add +132.3% | 2.75% | +1.48 |
| ABCB Ameris Bancorp | Add +38.2% | 8.18% | +1.39 |
| CBC Central Bancompany | New | 1.27% | +1.27 |
| PB Prosperity Bancshares Inc. | New | 1.24% | +1.24 |
| TW Tradeweb Markets Inc. Class A | Add +667.1% | 1.37% | +1.15 |
| STEL Stellar Bancorp Inc. | Add +57.1% | 3.58% | +0.98 |
| TCBK Trico Bancshares | New | 0.93% | +0.93 |
| BANC Banc of California Inc. | New | 0.90% | +0.90 |
| MIAX Miami International Holdings | Add +74.3% | 2.26% | +0.89 |
| WLTH Wealthfront Corp. | New | 0.67% | +0.67 |
| EBC Eastern Bankshares Inc. | New | 0.59% | +0.59 |
| NTRS Northern Trust Corp. | Add +63.5% | 1.71% | +0.51 |
| AUB Atlantic Union Bankshares Co. | Add +23.1% | 6.50% | +0.37 |
| SSB Southstate Bank Corp. | New | 0.34% | +0.34 |
| PIPR Piper Sandler Cos | Add +35.1% | 2.80% | +0.34 |
| JHG Janus Henderson Group PLC | New | 0.29% | +0.29 |
| SBCF Seacoast Banking Corp. | Add +16.8% | 7.37% | +0.27 |
| MRX Marex UK Holdings Ltd. | Add +264.1% | 0.29% | +0.21 |
| FRST Primis Financial Corp. | Add +23.5% | 0.67% | +0.19 |
| KLAR Klarna Group PLC | New | 0.19% | +0.19 |
| FFWM First Foundation Inc. | Add +13.2% | 1.94% | +0.14 |
| USCB Uscb Financial Holdings Inc. | New | 0.09% | +0.09 |
| FFIC Flushing Financial Corp. | New | 0.08% | +0.08 |
| CVBF CVB Financial Corp. | New | 0.08% | +0.08 |
| IIIV I3 Verticals Inc. Class A | New | 0.08% | +0.08 |
| MYFW First Western Financial Inc. | Add +11.0% | 0.74% | +0.07 |
| SMBK Smartfinancial Inc. | Add +59.5% | 0.20% | +0.06 |
| BBT Beacon Financial Corp. | New | 0.05% | +0.05 |
| EGBN Eagle Bancorp Inc. | Add +11.7% | 2.53% | +0.04 |
| FOUR SHIFT4 Payments Inc. Class A | Add +51.3% | 0.40% | +0.02 |
| COSO Coastal South Bancshares Inc. | Add +19.6% | 0.25% | +0.02 |
| RNST Renasant Corp. | New | 0.02% | +0.02 |
| MQ Marqeta Inc. | Add +29.0% | 1.15% | −0.00 |
| GCMG GCM Grosvenor Inc. Class A | Add +14.3% | 0.27% | −0.02 |
| BLSH Bullish | Add +1.6% | 0.12% | −0.11 |
| GEMI Gemini Space Station Inc. Class A | Add +22.3% | 0.12% | −0.16 |
| ACIW Aci Worldwide Inc. | Add +10.4% | 3.79% | −0.61 |
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 |