13F HOLDINGS REPORT
North Reef Capital Management LP
Quarter ended Q3 2025 · Filed November 14, 2025 · Accession 0001214659-25-016568
Total Value
$2.14B
Positions
43
Other Managers
0
Confidential Omitted
No
Holdings (43)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | FIRST HORIZON CORPORATION | FHN-PH | 12,370,000 | $279.7M | 13.08% |
| 2 | CADENCE BANK | 12740C103 | 7,055,000 | $264.8M | 12.39% |
| 3 | COMERICA INC | 200340107 | 3,570,000 | $244.6M | 11.44% |
| 4 | MARKETAXESS HLDGS INC | MKTX | 911,358 | $158.8M | 7.43% |
| 5 | SEACOAST BKG CORP FLA | SE | 4,995,000 | $152.0M | 7.11% |
| 6 | AMERIS BANCORP | ABCB | 1,981,061 | $145.2M | 6.79% |
| 7 | ATLANTIC UN BANKSHARES CORP | 04911A107 | 3,713,604 | $131.1M | 6.13% |
| 8 | Q2 HLDGS INC | QTWO | 1,690,000 | $122.3M | 5.72% |
| 9 | ACI WORLDWIDE INC | ACIW | 1,783,851 | $94.1M | 4.40% |
| 10 | STELLAR BANCORP INC | STEL | 1,829,937 | $55.5M | 2.60% |
| 11 | EAGLE BANCORP INC MD | EGBN | 2,632,918 | $53.2M | 2.49% |
| 12 | PIPER SANDLER COMPANIES | PIPR | 151,707 | $52.6M | 2.46% |
| 13 | TEXAS CAP BANCSHARES INC | 88224Q107 | 555,000 | $46.9M | 2.19% |
| 14 | FIRST FNDTN INC | 32026V104 | 6,900,306 | $38.4M | 1.80% |
| 15 | VISA INC | V | 105,000 | $35.8M | 1.68% |
| 16 | MIAMI INTL HLDGS INC | 59356Q108 | 725,804 | $29.2M | 1.37% |
| 17 | FIRST INTST BANCSYSTEM INC | 32055Y201 | 850,000 | $27.1M | 1.27% |
| 18 | NORTHERN TR CORP | NTRSO | 190,000 | $25.6M | 1.20% |
| 19 | ACADIAN ASSET MANAGEMENT INC | AAMI | 511,452 | $24.6M | 1.15% |
| 20 | MARQETA INC | MQ | 4,650,000 | $24.6M | 1.15% |
| 21 | FIRST WESTN FINL INC | 33751L105 | 617,824 | $14.2M | 0.67% |
| 22 | NCR VOYIX CORPORATION | NCRRP | 840,395 | $10.5M | 0.49% |
| 23 | PRIMIS FINANCIAL CORP | FRST | 974,870 | $10.2M | 0.48% |
| 24 | FLYWIRE CORPORATION | FLYW | 650,000 | $8.8M | 0.41% |
| 25 | FIGURE TECHNOLOGY SOLUTIO | FGRS | 240,000 | $8.7M | 0.41% |
| 26 | SHIFT4 PMTS INC | 82452J109 | 103,056 | $8.0M | 0.37% |
| 27 | AMERICAS CAR-MART INC | 03062T105 | 270,190 | $7.9M | 0.37% |
| 28 | GCM GROSVENOR INC | GCMG | 526,354 | $6.4M | 0.30% |
| 29 | GEMINI SPACE STA INC | GEMI | 245,322 | $5.9M | 0.27% |
| 30 | JEFFERSON CAPITAL INC | JCAP | 295,559 | $5.1M | 0.24% |
| 31 | BULLISH | BLSH | 80,000 | $5.1M | 0.24% |
| 32 | NORTHPOINTE BANCSHARES INC. | NPB | 283,752 | $4.8M | 0.23% |
| 33 | COASTALSOUTH BANCSHARES INC | COSO | 220,619 | $4.8M | 0.23% |
| 34 | SPDR SERIES TRUST | 78464A698 | 75,000 | $4.7M | 0.22% |
| 35 | TRADEWEB MKTS INC | 892672106 | 41,200 | $4.6M | 0.21% |
| 36 | NEWTEKONE INC | NEWTP | 386,924 | $4.4M | 0.21% |
| 37 | AVIDBANK HLDGS INC | AVBH | 141,496 | $3.6M | 0.17% |
| 38 | ALKAMI TECHNOLOGY INC | ALKT | 127,604 | $3.2M | 0.15% |
| 39 | CME GROUP INC | CME | 11,198 | $3.0M | 0.14% |
| 40 | SMARTFINANCIAL INC | SMBK | 84,570 | $3.0M | 0.14% |
| 41 | COLUMBIA BKG SYS INC | 197236102 | 100,000 | $2.6M | 0.12% |
| 42 | MAREX GROUP PLC | MRX | 52,191 | $1.8M | 0.08% |
| 43 | CIVISTA BANCSHARES INC | CIVB | 29,776 | $604,751 | 0.03% |