North Reef Capital Management LP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
North Reef Capital Management LP disclosed 56 US equity positions worth $2.5bn in its Q4 2025 13F filing. The largest position was MKTX at 11.7% of the reported book, followed by FHN and ABCB. Against the Q3 2025 filing, it opened 12 new positions, added to 26 and reduced 10 among the top 50 holdings.
What did North Reef Capital Management LP own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | MKTX MARKETAXESS HLDGS INC | Financial Services | 11.7% | $291.7m | 1,609,330 | 77% | added |
| 2 | FHN FIRST HORIZON CORPORATION | Financial Services | 11.1% | $275.3m | 11,516,840 | -7% | reduced |
| 3 | ABCB AMERIS BANCORP | Financial Services | 8.2% | $203.3m | 2,737,028 | 38% | added |
| 4 | SBCF SEACOAST BKG CORP FLA | 7.4% | $183.2m | 5,832,075 | 17% | added | |
| 5 | AUB ATLANTIC UN BANKSHARES CORP | Financial Services | 6.5% | $161.4m | 4,572,090 | 23% | added |
| 6 | COLB COLUMBIA BKG SYS INC | Financial Services | 4.2% | $103.4m | 3,700,000 | 3600% | added |
| 7 | V VISA INC | Financial Services | 3.8% | $94.7m | 270,000 | 157% | added |
| 8 | ACIW ACI WORLDWIDE INC | Technology | 3.8% | $94.2m | 1,970,000 | 10% | added |
| 9 | STELLAR BANCORP INC | 3.6% | $89.0m | 2,875,245 | 57% | added | |
| 10 | QTWO Q2 HLDGS INC | Technology | 3.5% | $87.7m | 1,215,000 | -28% | reduced |
| 11 | PIPR PIPER SANDLER COMPANIES | Financial Services | 2.8% | $69.6m | 204,900 | 35% | added |
| 12 | FIBK FIRST INTST BANCSYSTEM INC | Financial Services | 2.8% | $68.3m | 1,974,999 | 132% | added |
| 13 | EGBN EAGLE BANCORP INC MD | Financial Services | 2.5% | $63.0m | 2,940,000 | 12% | added |
| 14 | MIAX MIAMI INTL HLDGS INC | 2.3% | $56.1m | 1,265,000 | 74% | added | |
| 15 | FBK FB FINL CORP | 2.0% | $49.8m | 892,685 | – | new | |
| 16 | ALKT ALKAMI TECHNOLOGY INC | Technology | 1.9% | $48.4m | 2,100,000 | 1546% | added |
| 17 | 2682426D FIRST FNDTN INC | 1.9% | $48.1m | 7,812,475 | 13% | added | |
| 18 | NTRS NORTHERN TR CORP | Financial Services | 1.7% | $42.4m | 310,611 | 63% | added |
| 19 | FITB FIFTH THIRD BANCORP | Financial Services | 1.6% | $39.8m | 850,000 | – | new |
| 20 | TFC TRUIST FINL CORP | Financial Services | 1.5% | $37.7m | 765,774 | – | new |
| 21 | TW TRADEWEB MKTS INC | Financial Services | 1.4% | $34.0m | 316,039 | 667% | added |
| 22 | CBC CENTRAL BANCOMPANY | 1.3% | $31.6m | 1,310,673 | – | new | |
| 23 | PB PROSPERITY BANCSHARES INC | Financial Services | 1.2% | $30.8m | 445,000 | – | new |
| 24 | MQ MARQETA INC | Technology | 1.1% | $28.5m | 6,000,000 | 29% | added |
| 25 | TCBK TRICO BANCSHARES | Financial Services | 0.9% | $23.0m | 485,423 | – | new |
| 26 | BANC BANC OF CALIFORNIA INC | Financial Services | 0.9% | $22.3m | 1,156,680 | – | new |
| 27 | AAMI ACADIAN ASSET MANAGEMENT INC | Financial Services | 0.8% | $20.9m | 443,922 | -13% | reduced |
| 28 | MYFW FIRST WESTN FINL INC | 0.7% | $18.4m | 685,954 | 11% | added | |
| 29 | FRST PRIMIS FINANCIAL CORP | Financial Services | 0.7% | $16.7m | 1,203,604 | 23% | added |
| 30 | WLTH WEALTHFRONT CORP | 0.7% | $16.7m | 1,226,633 | – | new | |
| 31 | EBC EASTERN BANKSHARES INC | Financial Services | 0.6% | $14.7m | 796,451 | – | new |
| 32 | FOUR SHIFT4 PMTS INC | Technology | 0.4% | $9.8m | 155,929 | 51% | added |
| 33 | VYX NCR VOYIX CORPORATION | Technology | 0.3% | $8.6m | 840,395 | 0% | held |
| 34 | FLYW FLYWIRE CORPORATION | Technology | 0.3% | $8.5m | 600,001 | -8% | reduced |
| 35 | SSB SOUTHSTATE BK CORP | 0.3% | $8.5m | 90,000 | – | new | |
| 36 | MRX MAREX GROUP PLC | Financial Services | 0.3% | $7.3m | 190,000 | 264% | added |
| 37 | JANUS HENDERSON GROUP PLC | 0.3% | $7.1m | 150,000 | – | new | |
| 38 | GCMG GCM GROSVENOR INC | Financial Services | 0.3% | $6.8m | 601,355 | 14% | added |
| 39 | COSO COASTALSOUTH BANCSHARES INC | 0.2% | $6.1m | 263,900 | 20% | added | |
| 40 | CRMT AMERICAS CAR-MART INC | 0.2% | $6.1m | 242,187 | -10% | reduced | |
| 41 | JCAP JEFFERSON CAPITAL INC | 0.2% | $5.3m | 239,473 | -19% | reduced | |
| 42 | FIGR FIGURE TECHNOLOGY SOLUTIO | Financial Services | 0.2% | $5.1m | 125,000 | -48% | reduced |
| 43 | SMBK SMARTFINANCIAL INC | Financial Services | 0.2% | $5.0m | 134,871 | 59% | added |
| 44 | KLAR KLARNA GROUP PLC | Financial Services | 0.2% | $4.6m | 159,996 | – | new |
| 45 | NEWT NEWTEKONE INC | 0.2% | $4.4m | 386,923 | -0% | held | |
| 46 | NPB NORTHPOINTE BANCSHARES INC. | 0.2% | $4.3m | 258,752 | -9% | reduced | |
| 47 | AVBH AVIDBANK HLDGS INC | 0.1% | $3.3m | 123,671 | -13% | reduced | |
| 48 | TCBI TEXAS CAP BANCSHARES INC | Financial Services | 0.1% | $3.1m | 34,570 | -94% | reduced |
| 49 | BLSH BULLISH | 0.1% | $3.1m | 81,280 | 2% | added | |
| 50 | GEMINI SPACE STA INC | 0.1% | $3.0m | 300,000 | 22% | added |
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.