North Reef Capital Management LP 13F holdings, Q2 2025
Holdings as of June 30, 2025 · filings on SEC EDGAR · latest filing →
North Reef Capital Management LP disclosed 40 US equity positions worth $2.3bn in its Q2 2025 13F filing. The largest position was FHN at 11.8% of the reported book, followed by CMA and SYU1. Against the Q1 2025 filing, it opened 8 new positions, added to 14 and reduced 14 among the top 40 holdings.
What did North Reef Capital Management LP own in Q2 2025? Top 40 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q1 2025 |
|---|---|---|---|---|---|---|---|
| 1 | FHN FIRST HORIZON CORPORATION | Financial Services | 11.8% | $266.6m | 12,575,000 | 2% | added |
| 2 | CMA COMERICA INC | 11.0% | $249.0m | 4,175,000 | 1% | added | |
| 3 | SYU1 SYNOVUS FINL CORP | 8.2% | $185.0m | 3,575,000 | 49% | added | |
| 4 | SBCF SEACOAST BKG CORP FLA | 7.0% | $158.8m | 5,750,000 | 10% | added | |
| 5 | TCBI TEXAS CAP BANCSHARES INC | Financial Services | 7.0% | $157.6m | 1,984,977 | -6% | reduced |
| 6 | PINNACLE FINL PARTNERS INC | 5.7% | $128.6m | 1,165,000 | -2% | reduced | |
| 7 | ABCB AMERIS BANCORP | Financial Services | 5.4% | $122.3m | 1,890,018 | -25% | reduced |
| 8 | WFC WELLS FARGO CO NEW | Financial Services | 5.2% | $118.2m | 1,475,000 | -38% | reduced |
| 9 | ACIW ACI WORLDWIDE INC | Technology | 5.2% | $116.6m | 2,540,000 | 1% | added |
| 10 | MKTX MARKETAXESS HLDGS INC | Financial Services | 4.2% | $93.8m | 420,000 | 17% | added |
| 11 | AUB ATLANTIC UN BANKSHARES CORP | Financial Services | 3.8% | $86.0m | 2,750,000 | 62% | added |
| 12 | QTWO Q2 HLDGS INC | Technology | 3.5% | $78.7m | 840,520 | 2% | added |
| 13 | PIPR PIPER SANDLER COMPANIES | Financial Services | 2.8% | $63.9m | 230,000 | 109% | added |
| 14 | V VISA INC | Financial Services | 2.2% | $49.7m | 140,000 | 180% | added |
| 15 | STELLAR BANCORP INC | 1.9% | $43.1m | 1,540,000 | 7600% | added | |
| 16 | 2682426D FIRST FNDTN INC | 1.7% | $38.8m | 7,615,000 | 36% | added | |
| 17 | C CITIGROUP INC | Financial Services | 1.7% | $38.3m | 450,000 | – | new |
| 18 | MQ MARQETA INC | Technology | 1.7% | $37.9m | 6,500,000 | -24% | reduced |
| 19 | HTH HILLTOP HOLDINGS INC | Financial Services | 1.6% | $36.0m | 1,185,000 | -0% | held |
| 20 | NTRS NORTHERN TR CORP | Financial Services | 1.0% | $23.5m | 185,000 | – | new |
| 21 | AAMI ACADIAN ASSET MANAGEMENT INC | Financial Services | 0.7% | $16.9m | 480,000 | -2% | reduced |
| 22 | TFC TRUIST FINL CORP | Financial Services | 0.6% | $14.0m | 325,000 | -35% | reduced |
| 23 | BMRC BANK MARIN BANCORP | Financial Services | 0.6% | $13.7m | 600,000 | -5% | reduced |
| 24 | SCHW SCHWAB CHARLES CORP | Financial Services | 0.6% | $13.7m | 150,000 | -45% | reduced |
| 25 | FLYW FLYWIRE CORPORATION | Technology | 0.6% | $12.9m | 1,100,000 | -8% | reduced |
| 26 | CRMT AMERICAS CAR-MART INC | 0.6% | $12.7m | 226,045 | -19% | reduced | |
| 27 | MYFW FIRST WESTN FINL INC | 0.5% | $12.3m | 545,722 | 44% | added | |
| 28 | VYX NCR VOYIX CORPORATION | Technology | 0.5% | $10.6m | 900,001 | 0% | held |
| 29 | BAC BANK AMERICA CORP | Financial Services | 0.4% | $9.5m | 200,000 | – | new |
| 30 | NPB NORTHPOINTE BANCSHARES INC. | 0.4% | $8.2m | 601,344 | -0% | held | |
| 31 | EGBN EAGLE BANCORP INC MD | Financial Services | 0.3% | $7.8m | 400,000 | -63% | reduced |
| 32 | GCMG GCM GROSVENOR INC | Financial Services | 0.3% | $6.1m | 530,196 | 45% | added |
| 33 | BRBS BLUE RIDGE BANKSHARES INC VA | 0.2% | $5.4m | 1,515,107 | – | new | |
| 34 | JCAP JEFFERSON CAPITAL INC | 0.2% | $4.6m | 250,000 | – | new | |
| 35 | ALKT ALKAMI TECHNOLOGY INC | Technology | 0.2% | $4.2m | 139,413 | -0% | held |
| 36 | VBTX VERITEX HLDGS INC | 0.2% | $3.4m | 130,187 | – | new | |
| 37 | PYPL PAYPAL HLDGS INC | Financial Services | 0.1% | $3.3m | 45,000 | – | new |
| 38 | FOUR SHIFT4 PMTS INC | Technology | 0.1% | $2.5m | 25,000 | -69% | reduced |
| 39 | SMBK SMARTFINANCIAL INC | Financial Services | 0.1% | $1.6m | 46,104 | – | new |
| 40 | GNTYUSD GUARANTY BANCSHARES INC TEX | 0.0% | $424.4k | 10,000 | -83% | reduced |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.