North Reef Capital Management LP 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
North Reef Capital Management LP disclosed 43 US equity positions worth $2.1bn in its Q3 2025 13F filing. The largest position was FHN at 13.1% of the reported book, followed by BXSEUR and CMA. Against the Q2 2025 filing, it opened 16 new positions, added to 13 and reduced 14 among the top 43 holdings.
What did North Reef Capital Management LP own in Q3 2025? Top 43 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | FHN FIRST HORIZON CORPORATION | Financial Services | 13.1% | $279.7m | 12,370,000 | -2% | reduced |
| 2 | BXSEUR CADENCE BANK | 12.4% | $264.8m | 7,055,000 | – | new | |
| 3 | CMA COMERICA INC | 11.4% | $244.6m | 3,570,000 | -14% | reduced | |
| 4 | MKTX MARKETAXESS HLDGS INC | Financial Services | 7.4% | $158.8m | 911,358 | 117% | added |
| 5 | SBCF SEACOAST BKG CORP FLA | 7.1% | $152.0m | 4,995,000 | -13% | reduced | |
| 6 | ABCB AMERIS BANCORP | Financial Services | 6.8% | $145.2m | 1,981,061 | 5% | added |
| 7 | AUB ATLANTIC UN BANKSHARES CORP | Financial Services | 6.1% | $131.1m | 3,713,604 | 35% | added |
| 8 | QTWO Q2 HLDGS INC | Technology | 5.7% | $122.3m | 1,690,000 | 101% | added |
| 9 | ACIW ACI WORLDWIDE INC | Technology | 4.4% | $94.1m | 1,783,851 | -30% | reduced |
| 10 | STELLAR BANCORP INC | 2.6% | $55.5m | 1,829,937 | 19% | added | |
| 11 | EGBN EAGLE BANCORP INC MD | Financial Services | 2.5% | $53.2m | 2,632,918 | 558% | added |
| 12 | PIPR PIPER SANDLER COMPANIES | Financial Services | 2.5% | $52.6m | 151,707 | -34% | reduced |
| 13 | TCBI TEXAS CAP BANCSHARES INC | Financial Services | 2.2% | $46.9m | 555,000 | -72% | reduced |
| 14 | 2682426D FIRST FNDTN INC | 1.8% | $38.4m | 6,900,306 | -9% | reduced | |
| 15 | V VISA INC | Financial Services | 1.7% | $35.8m | 105,000 | -25% | reduced |
| 16 | MIAX MIAMI INTL HLDGS INC | 1.4% | $29.2m | 725,804 | – | new | |
| 17 | FIBK FIRST INTST BANCSYSTEM INC | Financial Services | 1.3% | $27.1m | 850,000 | – | new |
| 18 | NTRS NORTHERN TR CORP | Financial Services | 1.2% | $25.6m | 190,000 | 3% | added |
| 19 | AAMI ACADIAN ASSET MANAGEMENT INC | Financial Services | 1.2% | $24.6m | 511,452 | 7% | added |
| 20 | MQ MARQETA INC | Technology | 1.1% | $24.6m | 4,650,000 | -28% | reduced |
| 21 | MYFW FIRST WESTN FINL INC | 0.7% | $14.2m | 617,824 | 13% | added | |
| 22 | VYX NCR VOYIX CORPORATION | Technology | 0.5% | $10.5m | 840,395 | -7% | reduced |
| 23 | FRST PRIMIS FINANCIAL CORP | Financial Services | 0.5% | $10.2m | 974,870 | – | new |
| 24 | FLYW FLYWIRE CORPORATION | Technology | 0.4% | $8.8m | 650,000 | -41% | reduced |
| 25 | FIGR FIGURE TECHNOLOGY SOLUTIO | Financial Services | 0.4% | $8.7m | 240,000 | – | new |
| 26 | FOUR SHIFT4 PMTS INC | Technology | 0.4% | $8.0m | 103,056 | 312% | added |
| 27 | CRMT AMERICAS CAR-MART INC | 0.4% | $7.9m | 270,190 | 20% | added | |
| 28 | GCMG GCM GROSVENOR INC | Financial Services | 0.3% | $6.4m | 526,354 | -1% | reduced |
| 29 | GEMINI SPACE STA INC | 0.3% | $5.9m | 245,322 | – | new | |
| 30 | JCAP JEFFERSON CAPITAL INC | 0.2% | $5.1m | 295,559 | 18% | added | |
| 31 | BLSH BULLISH | 0.2% | $5.1m | 80,000 | – | new | |
| 32 | NPB NORTHPOINTE BANCSHARES INC. | 0.2% | $4.8m | 283,752 | -53% | reduced | |
| 33 | COSO COASTALSOUTH BANCSHARES INC | 0.2% | $4.8m | 220,619 | – | new | |
| 34 | KRE SPDR SERIES TRUST | 0.2% | $4.7m | 75,000 | – | new | |
| 35 | TW TRADEWEB MKTS INC | Financial Services | 0.2% | $4.6m | 41,200 | – | new |
| 36 | NEWT NEWTEKONE INC | 0.2% | $4.4m | 386,924 | – | new | |
| 37 | AVBH AVIDBANK HLDGS INC | 0.2% | $3.6m | 141,496 | – | new | |
| 38 | ALKT ALKAMI TECHNOLOGY INC | Technology | 0.1% | $3.2m | 127,604 | -8% | reduced |
| 39 | CME CME GROUP INC | Financial Services | 0.1% | $3.0m | 11,198 | – | new |
| 40 | SMBK SMARTFINANCIAL INC | Financial Services | 0.1% | $3.0m | 84,570 | 83% | added |
| 41 | COLB COLUMBIA BKG SYS INC | Financial Services | 0.1% | $2.6m | 100,000 | – | new |
| 42 | MRX MAREX GROUP PLC | Financial Services | 0.1% | $1.8m | 52,191 | – | new |
| 43 | CIVB CIVISTA BANCSHARES INC | Financial Services | 0.0% | $604.8k | 29,776 | – | new |
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.