13F HOLDINGS REPORT
FJ Capital Management LLC
Quarter ended Q4 2025 · Filed February 13, 2026 · Accession 0001420506-26-000417
Total Value
$905.8M
Positions
128
Other Managers
0
Confidential Omitted
No
Holdings (128)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | SOUTHSTATE BK CORP | 84472E102 | 813,033 | $76.5M | 8.45% |
| 2 | HOMETRUST BANCSHARES INC | HTB | 1,693,553 | $72.7M | 8.03% |
| 3 | EQUITY BANCSHARES INC | EQBK | 1,225,687 | $54.7M | 6.04% |
| 4 | SEACOAST BKG CORP FLA | SE | 1,361,677 | $42.8M | 4.72% |
| 5 | SOUTHERN FIRST BANCSHARES | SFST | 807,223 | $41.6M | 4.59% |
| 6 | WESTERN ALLIANCE BANCORP | WAL-PA | 432,672 | $36.4M | 4.02% |
| 7 | OLD SECOND BANCORP INC ILL | OSBC | 1,829,665 | $35.7M | 3.94% |
| 8 | RBB BANCORP | RBB | 1,511,408 | $31.2M | 3.44% |
| 9 | MIDWESTONE FINL GROUP INC NE | 598511103 | 797,816 | $30.7M | 3.39% |
| 10 | WEBSTER FINL CORP | 947890109 | 384,743 | $24.2M | 2.67% |
| 11 | FIRST MERCHANTS CORP | FRMEP | 633,668 | $23.7M | 2.62% |
| 12 | CALIFORNIA BANCORP | BCAL | 1,271,636 | $23.7M | 2.62% |
| 13 | US BANCORP DEL | USB-PS | 373,433 | $19.9M | 2.20% |
| 14 | HORIZON BANCORP INC | HBNC | 1,083,840 | $18.4M | 2.03% |
| 15 | SOUTHERN MO BANCORP INC | SOMN | 300,944 | $17.8M | 1.96% |
| 16 | EASTERN BANKSHARES INC | EBC | 926,841 | $17.1M | 1.89% |
| 17 | INDEPENDENT BK CORP MASS | 453836108 | 230,533 | $16.8M | 1.86% |
| 18 | OLD NATL BANCORP IND | 680033107 | 717,018 | $16.0M | 1.77% |
| 19 | ZIONS BANCORPORATION N A | 989701107 | 239,124 | $14.0M | 1.55% |
| 20 | MORGAN STANLEY | MS-PQ | 74,759 | $13.3M | 1.47% |
| 21 | INDEPENDENT BK CORP MICH | 453838609 | 385,088 | $12.5M | 1.38% |
| 22 | WESBANCO INC | WSBCO | 347,136 | $11.5M | 1.27% |
| 23 | QCR HOLDINGS INC | QCRH | 132,898 | $11.1M | 1.22% |
| 24 | CHAIN BRIDGE BANCORP INC | CBNA | 293,788 | $10.2M | 1.12% |
| 25 | AVIDIA BANCORP INC | AVBC | 497,258 | $8.4M | 0.92% |
| 26 | JOHN MARSHALL BANCORP INC | JMSB | 412,945 | $8.3M | 0.91% |
| 27 | SKYWARD SPECIALTY INS GROUP | 830940102 | 144,736 | $7.4M | 0.82% |
| 28 | STIFEL FINL CORP | 860630102 | 58,497 | $7.3M | 0.81% |
| 29 | NEWMARK GROUP INC | NMRK | 418,973 | $7.3M | 0.80% |
| 30 | HANOVER INS GROUP INC | 410867105 | 37,427 | $6.8M | 0.76% |
| 31 | HAWTHORN BANCSHARES INC | HWBK | 190,710 | $6.7M | 0.73% |
| 32 | TOWNEBANK PORTSMOUTH VA | 89214P109 | 182,586 | $6.1M | 0.67% |
| 33 | EXZEO GROUP INC | XZO | 237,856 | $5.8M | 0.64% |
| 34 | CINCINNATI FINL CORP | 172062101 | 32,836 | $5.4M | 0.59% |
| 35 | CME GROUP INC | CME | 19,187 | $5.2M | 0.58% |
| 36 | CVB FINL CORP | 126600105 | 275,132 | $5.1M | 0.56% |
| 37 | ACADIA RLTY TR | 004239109 | 247,622 | $5.1M | 0.56% |
| 38 | LINKBANCORP INC | LNKB | 596,930 | $4.9M | 0.54% |
| 39 | GLOBE LIFE INC | GL-PD | 35,065 | $4.9M | 0.54% |
| 40 | REINSURANCE GRP OF AMERICA I | 759351604 | 23,361 | $4.8M | 0.52% |
| 41 | P10 INC | 69376K106 | 457,474 | $4.5M | 0.50% |
| 42 | TRICO BANCSHARES | TCBK | 92,492 | $4.4M | 0.48% |
| 43 | GERMAN AMERN BANCORP INC | 373865104 | 109,019 | $4.3M | 0.47% |
| 44 | WEALTHFRONT CORP | WLTH | 314,187 | $4.3M | 0.47% |
| 45 | LXP INDUSTRIAL TRUST | LXP-PC | 83,499 | $4.1M | 0.46% |
| 46 | JONES LANG LASALLE INC | JLL | 11,774 | $4.0M | 0.44% |
| 47 | WELLTOWER INC | WELL | 20,975 | $3.9M | 0.43% |
| 48 | HOYNE BANCORP INC | HYNE | 261,000 | $3.8M | 0.42% |
| 49 | PENNYMAC FINL SVCS INC NEW | 70932M107 | 28,562 | $3.8M | 0.42% |
| 50 | ETORO GROUP LTD | ETOR | 104,861 | $3.7M | 0.41% |
| 51 | MARKETAXESS HLDGS INC | MKTX | 20,252 | $3.7M | 0.41% |
| 52 | HCI GROUP INC | HCIIP | 19,019 | $3.6M | 0.40% |
| 53 | PULTE GROUP INC | 745867101 | 31,075 | $3.6M | 0.40% |
| 54 | INVENTRUST PPTYS CORP | 46124J201 | 124,373 | $3.5M | 0.39% |
| 55 | HERCULES CAPITAL INC | HCXY | 169,984 | $3.2M | 0.35% |
| 56 | AMERICAN INTEGRITY INS GROUP | 026948109 | 153,491 | $3.2M | 0.35% |
| 57 | MAREX GROUP PLC | MRX | 81,199 | $3.1M | 0.34% |
| 58 | UMB FINL CORP | 902788108 | 26,549 | $3.1M | 0.34% |
| 59 | CHAMPION HOMES INC | SKY | 35,462 | $3.0M | 0.33% |
| 60 | FIRST SVGS FINL GROUP INC | 33621E109 | 91,479 | $2.9M | 0.32% |
| 61 | FIRST INDL RLTY TR INC | 32054K103 | 46,421 | $2.7M | 0.29% |
| 62 | VOYA FINANCIAL INC | VOYA-PB | 35,315 | $2.6M | 0.29% |
| 63 | EZCORP INC | EZPW | 133,526 | $2.6M | 0.29% |
| 64 | AGREE RLTY CORP | 008492100 | 35,873 | $2.6M | 0.29% |
| 65 | NICOLET BANKSHARES INC | NIC | 20,421 | $2.5M | 0.27% |
| 66 | AMERICAN HEALTHCARE REIT INC | AHR | 50,798 | $2.4M | 0.26% |
| 67 | CAPITAL SOUTHWEST CORP | CSWC | 92,685 | $2.1M | 0.23% |
| 68 | CNO FINL GROUP INC | 12621E103 | 39,063 | $1.7M | 0.18% |
| 69 | CTO RLTY GROWTH INC NEW | 22948Q101 | 89,709 | $1.7M | 0.18% |
| 70 | ANNALY CAPITAL MANAGEMENT IN | NLY-PJ | 72,486 | $1.6M | 0.18% |
| 71 | MILLROSE PPTYS INC | 601137102 | 53,978 | $1.6M | 0.18% |
| 72 | SIRIUSPOINT LTD | SPNT | 70,841 | $1.6M | 0.17% |
| 73 | MID-AMER APT CMNTYS INC | 59522J103 | 11,112 | $1.5M | 0.17% |
| 74 | ALERUS FINL CORP | 01446U103 | 67,134 | $1.5M | 0.17% |
| 75 | FIRST BANCORP P R | 318672706 | 66,625 | $1.4M | 0.15% |
| 76 | KINGSTONE COS INC | 496719105 | 78,256 | $1.3M | 0.15% |
| 77 | SIXTH STREET SPECIALTY LENDI | TSLX | 58,423 | $1.3M | 0.14% |
| 78 | HEALTHEQUITY INC | HQY | 13,556 | $1.2M | 0.14% |
| 79 | EQUITY RESIDENTIAL | EQR | 17,935 | $1.1M | 0.12% |
| 80 | CURBLINE PPTYS CORP | 23128Q101 | 48,374 | $1.1M | 0.12% |
| 81 | BOWHEAD SPECIALTY HLDGS INC | BOW | 39,317 | $1.1M | 0.12% |
| 82 | ARTISAN PARTNERS ASSET MGMT | 04316A108 | 25,129 | $1.0M | 0.11% |
| 83 | ELME COMMUNITIES | ELME | 54,049 | $940,453 | 0.10% |
| 84 | TANGER INC | SKT | 27,829 | $928,654 | 0.10% |
| 85 | DYNEX CAP INC | DX-PC | 63,085 | $883,821 | 0.10% |
| 86 | ACI WORLDWIDE INC | ACIW | 17,999 | $860,532 | 0.10% |
| 87 | EASTGROUP PPTYS INC | 277276101 | 4,789 | $853,112 | 0.09% |
| 88 | DIGITAL RLTY TR INC | 253868103 | 5,391 | $834,042 | 0.09% |
| 89 | AFFILIATED MANAGERS GROUP IN | MGRE | 2,557 | $737,132 | 0.08% |
| 90 | LADDER CAP CORP | LADR | 66,561 | $731,505 | 0.08% |
| 91 | PROLOGIS INC. | PLDGP | 5,722 | $730,471 | 0.08% |
| 92 | FAIR ISAAC CORP | FICO | 423 | $715,132 | 0.08% |
| 93 | VISA INC | V | 1,965 | $689,145 | 0.08% |
| 94 | MASTERCARD INCORPORATED | MA | 1,064 | $607,416 | 0.07% |
| 95 | BLACKSTONE MTG TR INC | BX | 31,685 | $606,134 | 0.07% |
| 96 | JANUS HENDERSON GROUP PLC | JHG | 12,090 | $575,121 | 0.06% |
| 97 | KKR & CO INC | KKRT | 4,308 | $549,184 | 0.06% |
| 98 | AXIS CAP HLDGS LTD | G0692U109 | 4,914 | $526,240 | 0.06% |
| 99 | ESSENTIAL PPTYS RLTY TR INC | 29670E107 | 17,665 | $523,944 | 0.06% |
| 100 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 1,041 | $523,259 | 0.06% |
| 101 | PALOMAR HLDGS INC | PLMR | 3,864 | $520,713 | 0.06% |
| 102 | NETSTREIT CORP | NTST | 29,197 | $515,035 | 0.06% |
| 103 | PROGRESSIVE CORP | 743315103 | 2,204 | $501,895 | 0.06% |
| 104 | VENTAS INC | VTR | 6,390 | $494,458 | 0.05% |
| 105 | SHOPIFY INC | SHOP | 3,036 | $488,705 | 0.05% |
| 106 | WP CAREY INC | 92936U109 | 7,091 | $456,377 | 0.05% |
| 107 | STOCK YDS BANCORP INC | 861025104 | 6,351 | $412,497 | 0.05% |
| 108 | DAVE INC | 23834J201 | 1,820 | $402,966 | 0.04% |
| 109 | SYNCHRONY FINANCIAL | SYF-PB | 4,706 | $392,622 | 0.04% |
| 110 | POSTAL REALTY TRUST INC | PSTL | 23,481 | $378,983 | 0.04% |
| 111 | FIDELITY NATL INFORMATION SV | 31620M106 | 5,609 | $372,774 | 0.04% |
| 112 | UNIVERSAL HEALTH RLTY INCOME | 91359E105 | 9,409 | $368,927 | 0.04% |
| 113 | BLACKSTONE INC | BX | 2,057 | $317,066 | 0.04% |
| 114 | ACCELERANT HOLDINGS | ARX | 17,973 | $293,859 | 0.03% |
| 115 | JACKSON FINANCIAL INC | JXN-PA | 2,737 | $291,901 | 0.03% |
| 116 | NEPTUNE INS HLDGS INC | 64073B103 | 9,923 | $289,355 | 0.03% |
| 117 | CAPITAL ONE FINL CORP | 14040H105 | 1,192 | $288,893 | 0.03% |
| 118 | BROADSTONE NET LEASE INC | BNL | 14,817 | $257,371 | 0.03% |
| 119 | ARES MANAGEMENT CORPORATION | ARES-PB | 1,557 | $251,658 | 0.03% |
| 120 | THE BALDWIN INSURANCE GRP IN | 05589G102 | 10,454 | $251,210 | 0.03% |
| 121 | EXTRA SPACE STORAGE INC | EXR | 1,884 | $245,334 | 0.03% |
| 122 | GEN DIGITAL INC | GENVR | 8,661 | $235,493 | 0.03% |
| 123 | FEDERATED HERMES INC | FHI | 4,383 | $228,223 | 0.03% |
| 124 | FVCBANKCORP INC | FVCB | 16,116 | $224,174 | 0.02% |
| 125 | TPG INC | TPGXL | 3,405 | $217,375 | 0.02% |
| 126 | SHIFT4 PMTS INC | 82452J109 | 3,409 | $214,665 | 0.02% |
| 127 | BREAD FINANCIAL HOLDINGS INC | BFH-PA | 2,717 | $201,140 | 0.02% |
| 128 | HUDSON PAC PPTYS INC | 444097406 | 14,534 | $157,403 | 0.02% |