North Reef Capital Management LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), North Reef Capital Management LP reported 60 stock positions worth $2.9 billion. Its top holding was First Horizon (FHN) at 11.3% of the portfolio, followed by Marketaxess (MKTX, 10.6%) and Ameris Bancorp (ABCB, 9.2%). Compared with Q4 2025, it opened 17 new positions, sold out of 13, added to 23 and reduced 20. The biggest buy was a new position in Keycorp (KEY) and the biggest sale an exit from Columbia Banking System (COLB).
- Most Recent 13F
- Q2 2026
- Location
- LAGUNA BEACH, CA
- CIK
- 0001867831
- Portfolio Value
- $2.9B (Q1 2026)
- SEC Filing
- 0001214659-26-006407 ↗ filed May 15, 2026
Holdings Value
Holdings 60 stocks · $2.9B
| FHN First Horizon Corp. | 11.32% | 14,453,208 | $329.0M | Add +25.5% |
| MKTX Marketaxess Holdings Inc. | 10.65% | 1,875,000 | $309.3M | Add +16.5% |
| ABCB Ameris Bancorp | 9.19% | 3,423,243 | $267.0M | Add +25.1% |
| KEY Keycorp | 8.73% | 12,650,000 | $253.6M | New |
| SBCF Seacoast Banking Corp. | 6.07% | 5,825,000 | $176.4M | Reduce -0.1% |
| AUB Atlantic Union Bankshares Co. | 5.27% | 4,285,000 | $153.1M | Reduce -6.3% |
| ALKT Alkami Technology Inc. | 4.13% | 7,650,000 | $119.9M | Add +264.3% |
| V Visa Inc. Class A | 3.74% | 360,000 | $108.8M | Add +33.3% |
| CBC Central Bancompany | 3.36% | 4,075,000 | $97.6M | Add +210.9% |
| ACIW Aci Worldwide Inc. | 3.15% | 2,230,000 | $91.5M | Add +13.2% |
| TRMK Trustmark Corp. | 2.83% | 1,952,930 | $82.3M | New |
| PB Prosperity Bancshares Inc. | 2.56% | 1,107,877 | $74.4M | Add +149.0% |
| PIPR Piper Sandler Cos | 2.54% | 964,632 | $73.8M | Add +17.7% |
| EGBN Eagle Bancorp Inc. | 2.32% | 2,706,025 | $67.3M | Reduce -8.0% |
| NTRS Northern Trust Corp. | 1.43% | 298,559 | $41.7M | Reduce -3.9% |
| TW Tradeweb Markets Inc. Class A | 1.36% | 337,071 | $39.7M | Add +6.7% |
| MIAX Miami International Holdings | 1.36% | 1,014,274 | $39.5M | Reduce -19.8% |
| FLG Flagstar Bank NA | 1.26% | 2,790,000 | $36.7M | New |
| FIS Fidelity National Info Serv | 1.25% | 775,000 | $36.4M | New |
| FFWM First Foundation Inc. | 1.20% | 5,911,778 | $34.9M | Reduce -24.3% |
| SCHW Schwab (charles) Corp. | 1.13% | 350,000 | $32.9M | New |
| MQ Marqeta Inc. | 1.04% | 7,400,000 | $30.2M | Add +23.3% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 1.01% | 620,814 | $29.4M | Reduce -48.9% |
| WLTH Wealthfront Corp. | 0.92% | 2,885,257 | $26.7M | Add +135.2% |
| BANC Banc of California Inc. | 0.91% | 1,500,000 | $26.4M | Add +29.7% |
| FBK FB Financial Corp. filed as FB FINL CORP | 0.89% | 500,000 | $26.0M | Reduce -44.0% |
| AMTB Amerant Bancorp Inc. | 0.88% | 1,160,488 | $25.6M | New |
| RJF Raymond James Financial Inc. | 0.79% | 159,162 | $23.0M | New |
| IIIV I3 Verticals Inc. Class A | 0.79% | 1,025,000 | $22.9M | Add +1253.8% |
| PAY Paymentus Holdings Inc. Class A | 0.64% | 734,551 | $18.7M | New |
| TCBK Trico Bancshares | 0.61% | 373,141 | $17.7M | Reduce -23.1% |
| MYFW First Western Financial Inc. | 0.61% | 716,609 | $17.6M | Add +4.5% |
| AXP American Express Co. | 0.52% | 50,000 | $15.1M | New |
| FRST Primis Financial Corp. | 0.52% | 1,135,281 | $15.1M | Reduce -5.7% |
| FLYW Flywire Corp.-Voting | 0.44% | 1,100,000 | $12.8M | Add +83.3% |
| NBHC National Bank Hold Class A | 0.43% | 320,352 | $12.5M | New |
| AAMI Acadian Asset Management Inc. | 0.41% | 220,239 | $12.0M | Reduce -50.4% |
| BANR Banner Corporation | 0.41% | 195,449 | $11.9M | New |
| FIBK First Interstate Bancsys-A | 0.37% | 325,157 | $10.9M | Reduce -83.5% |
| JCAP Jefferson Capital Inc. | 0.35% | 532,151 | $10.2M | Add +122.2% |
| PNFP Pinnacle Financial Partners | 0.30% | 100,935 | $8.7M | New |
| COSO Coastal South Bancshares Inc. | 0.27% | 320,982 | $7.9M | Add +21.6% |
| GPN Global Payments Inc. | 0.23% | 100,000 | $6.7M | New |
| GCMG GCM Grosvenor Inc. Class A | 0.21% | 630,179 | $6.2M | Add +4.8% |
| SMBK Smartfinancial Inc. | 0.18% | 137,088 | $5.4M | Add +1.6% |
| VYX NCR Voyix Corp. | 0.18% | 810,732 | $5.1M | Reduce -3.5% |
| SF Stifel Financial Corp. | 0.15% | 57,230 | $4.2M | New |
| FIGR Figure Technology Solut Class A | 0.14% | 119,398 | $4.1M | Reduce -4.5% |
| NPB Northpointe Bancshares Inc. | 0.14% | 232,396 | $4.0M | Reduce -10.2% |
| AVBH Avidbank Holdings Inc. | 0.12% | 123,022 | $3.5M | Reduce -0.5% |
| COF Capital One Financial Corp. | 0.12% | 18,659 | $3.4M | New |
| CRMT America's Car-Mart Inc. | 0.11% | 258,637 | $3.3M | Add +6.8% |
| KLAR Klarna Group PLC | 0.10% | 223,820 | $2.9M | Add +39.9% |
| USCB Uscb Financial Holdings Inc. | 0.08% | 128,093 | $2.4M | Add +3.5% |
| NEWT Newtekone Inc. | 0.07% | 198,954 | $2.2M | Reduce -48.6% |
| CVBF CVB Financial Corp. | 0.07% | 100,000 | $1.9M | Reduce -3.7% |
| RBB RBB Bancorp | 0.05% | 64,150 | $1.4M | New |
| UWMC Uwm Holdings Corp. | 0.04% | 353,429 | $1.3M | New |
| RNST Renasant Corp. | 0.02% | 14,923 | $539K | Reduce -0.5% |
| GEMI Gemini Space Station Inc. Class A | 0.01% | 49,738 | $220K | Reduce -83.4% |
Portfolio Sells Q4 2025 → Q1 2026
| COLB Columbia Banking System Inc. | Sold out | 0.00% | −4.16 |
| STEL Stellar Bancorp Inc. | Sold out | 0.00% | −3.58 |
| QTWO Q2 Holdings Inc. | Reduce -48.9% | 1.01% | −2.52 |
| FIBK First Interstate Bancsys-A | Reduce -83.5% | 0.37% | −2.38 |
| FITB Fifth Third Bancorp | Sold out | 0.00% | −1.60 |
| TFC Truist Financial Corp. | Sold out | 0.00% | −1.52 |
| SBCF Seacoast Banking Corp. | Reduce -0.1% | 6.07% | −1.30 |
| AUB Atlantic Union Bankshares Co. | Reduce -6.3% | 5.27% | −1.22 |
| FBK FB Financial Corp. | Reduce -44.0% | 0.89% | −1.11 |
| MIAX Miami International Holdings | Reduce -19.8% | 1.36% | −0.90 |
| FFWM First Foundation Inc. | Reduce -24.3% | 1.20% | −0.74 |
| EBC Eastern Bankshares Inc. | Sold out | 0.00% | −0.59 |
| AAMI Acadian Asset Management Inc. | Reduce -50.4% | 0.41% | −0.43 |
| FOUR SHIFT4 Payments Inc. Class A | Sold out | 0.00% | −0.40 |
| SSB Southstate Bank Corp. | Sold out | 0.00% | −0.34 |
| TCBK Trico Bancshares | Reduce -23.1% | 0.61% | −0.31 |
| MRX Marex UK Holdings Ltd. | Sold out | 0.00% | −0.29 |
| JHG Janus Henderson Group PLC | Sold out | 0.00% | −0.29 |
| NTRS Northern Trust Corp. | Reduce -3.9% | 1.43% | −0.27 |
| EGBN Eagle Bancorp Inc. | Reduce -8.0% | 2.32% | −0.22 |
| VYX NCR Voyix Corp. | Reduce -3.5% | 0.18% | −0.17 |
| FRST Primis Financial Corp. | Reduce -5.7% | 0.52% | −0.15 |
| TCBI Texas Capital Bancshares Inc. | Sold out | 0.00% | −0.13 |
| BLSH Bullish | Sold out | 0.00% | −0.12 |
| GEMI Gemini Space Station Inc. Class A | Reduce -83.4% | 0.01% | −0.11 |
| NEWT Newtekone Inc. | Reduce -48.6% | 0.07% | −0.10 |
| FFIC Flushing Financial Corp. | Sold out | 0.00% | −0.08 |
| FIGR Figure Technology Solut Class A | Reduce -4.5% | 0.14% | −0.07 |
| BBT Beacon Financial Corp. | Sold out | 0.00% | −0.05 |
| NPB Northpointe Bancshares Inc. | Reduce -10.2% | 0.14% | −0.04 |
| AVBH Avidbank Holdings Inc. | Reduce -0.5% | 0.12% | −0.01 |
| CVBF CVB Financial Corp. | Reduce -3.7% | 0.07% | −0.01 |
| RNST Renasant Corp. | Reduce -0.5% | 0.02% | −0.00 |
Portfolio Buys Q4 2025 → Q1 2026
| KEY Keycorp | New | 8.73% | +8.73 |
| TRMK Trustmark Corp. | New | 2.83% | +2.83 |
| ALKT Alkami Technology Inc. | Add +264.3% | 4.13% | +2.18 |
| CBC Central Bancompany | Add +210.9% | 3.36% | +2.09 |
| PB Prosperity Bancshares Inc. | Add +149.0% | 2.56% | +1.32 |
| FLG Flagstar Bank NA | New | 1.26% | +1.26 |
| FIS Fidelity National Info Serv | New | 1.25% | +1.25 |
| SCHW Schwab (charles) Corp. | New | 1.13% | +1.13 |
| ABCB Ameris Bancorp | Add +25.1% | 9.19% | +1.01 |
| AMTB Amerant Bancorp Inc. | New | 0.88% | +0.88 |
| RJF Raymond James Financial Inc. | New | 0.79% | +0.79 |
| IIIV I3 Verticals Inc. Class A | Add +1253.8% | 0.79% | +0.71 |
| PAY Paymentus Holdings Inc. Class A | New | 0.64% | +0.64 |
| AXP American Express Co. | New | 0.52% | +0.52 |
| NBHC National Bank Hold Class A | New | 0.43% | +0.43 |
| BANR Banner Corporation | New | 0.41% | +0.41 |
| PNFP Pinnacle Financial Partners | New | 0.30% | +0.30 |
| WLTH Wealthfront Corp. | Add +135.2% | 0.92% | +0.25 |
| FHN First Horizon Corp. | Add +25.5% | 11.32% | +0.24 |
| GPN Global Payments Inc. | New | 0.23% | +0.23 |
| SF Stifel Financial Corp. | New | 0.15% | +0.15 |
| JCAP Jefferson Capital Inc. | Add +122.2% | 0.35% | +0.14 |
| COF Capital One Financial Corp. | New | 0.12% | +0.12 |
| FLYW Flywire Corp.-Voting | Add +83.3% | 0.44% | +0.10 |
| RBB RBB Bancorp | New | 0.05% | +0.05 |
| UWMC Uwm Holdings Corp. | New | 0.04% | +0.04 |
| COSO Coastal South Bancshares Inc. | Add +21.6% | 0.27% | +0.02 |
| BANC Banc of California Inc. | Add +29.7% | 0.91% | +0.01 |
| TW Tradeweb Markets Inc. Class A | Add +6.7% | 1.36% | −0.00 |
| USCB Uscb Financial Holdings Inc. | Add +3.5% | 0.08% | −0.01 |
| SMBK Smartfinancial Inc. | Add +1.6% | 0.18% | −0.02 |
| GCMG GCM Grosvenor Inc. Class A | Add +4.8% | 0.21% | −0.06 |
| V Visa Inc. Class A | Add +33.3% | 3.74% | −0.07 |
| KLAR Klarna Group PLC | Add +39.9% | 0.10% | −0.09 |
| MQ Marqeta Inc. | Add +23.3% | 1.04% | −0.11 |
| CRMT America's Car-Mart Inc. | Add +6.8% | 0.11% | −0.13 |
| MYFW First Western Financial Inc. | Add +4.5% | 0.61% | −0.13 |
| PIPR Piper Sandler Cos | Add +17.7% | 2.54% | −0.26 |
| ACIW Aci Worldwide Inc. | Add +13.2% | 3.15% | −0.64 |
| MKTX Marketaxess Holdings Inc. | Add +16.5% | 10.65% | −1.09 |
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 |