CIK: 0001867831
Total reported value
$2.9B
Reporting period: 2026-03-31 · Number of holdings: 60
North Reef Capital Management LP disclosed 60 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.9B and a quarterly turnover rate of 61.3%.
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North Reef Capital Management LP's disclosed holdings carry a Herfindahl concentration index of 0.057 — mathematically equivalent to about 18 equally-sized positions, well below its 60 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.56), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 67% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim QTWO
-48.9% -$58.3M
Trim FIBK
-83.5% -$57.5M
Add ALKT
+264.3% $71.4M
Add CBC
+210.9% $66.0M
Add PB
+149.0% $43.7M
Trim SBCF
-0.1% -$6.8M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | FHN | First Horizon CORP | Stock-Financials | 11.32% | +0.24% | +25.50% | |
| 2 | MKTX | Marketaxess Holdings INC | Stock-Financials | 10.65% | -1.09% | +16.51% | |
| 3 | ABCB | Ameris Bancorp | Stock-Financials | 9.19% | +1.01% | +25.07% | |
| 4 | KEY | Keycorp | Stock-Financials | 8.73% | +8.73% | NEW | |
| 5 | SBCF | Seacoast Banking Corp/fl | Stock-Other | 6.07% | -1.30% | -0.12% | |
| 6 | AUB | Atlantic Union Bankshares Co | Stock-Financials | 5.27% | -1.23% | -6.28% | |
| 7 | ALKT | Alkami Technology INC | Stock-Other | 4.13% | +2.18% | +264.29% | |
| 8 | V | Visa Inc-class A Shares | Stock-Financials | 3.74% | -0.07% | +33.33% | |
| 9 | CBC | Central Bancompany | Stock-Other | 3.36% | +2.09% | +210.91% | |
| 10 | ACIW | Aci Worldwide INC | Stock-Tech | 3.15% | — | +13.20% | |
| 11 | TRMK | Trustmark CORP | Stock-Other | 2.83% | +2.83% | NEW | |
| 12 | PB | Prosperity Bancshares INC | Stock-Financials | 2.56% | +1.32% | +148.96% | |
| 13 | PIPR | Piper Sandler Cos | Stock-Financials | 2.54% | +2.54% | NEW | |
| 14 | EGBN | Eagle Bancorp INC | Stock-Other | 2.32% | -0.21% | -7.96% | |
| 15 | NTRS | Northern Trust CORP | Stock-Financials | 1.43% | — | -3.88% | |
| 16 | TW | Tradeweb Markets Inc-class A | Stock-Financials | 1.36% | -0.01% | +6.65% | |
| 17 | MIAX | Miami International Holdings | Stock-Other | 1.36% | -0.90% | -19.82% | |
| 18 | FLG | Flagstar Bank NA | Stock-Financials | 1.26% | +1.26% | NEW | |
| 19 | FIS | Fidelity National Info Serv | Stock-Tech | 1.25% | +1.25% | NEW | |
| 20 | FFWM | First Foundation INC | Stock-Other | 1.20% | -0.74% | -24.33% | |
| 21 | SCHW | Schwab (charles) CORP | Stock-Financials | 1.13% | +1.13% | NEW | |
| 22 | MQ | Marqeta Inc-a | Stock-Other | 1.04% | — | +23.33% | |
| 23 | QTWO | Q2 Holdings INC | Stock-Tech | 1.01% | -2.52% | -48.90% | |
| 24 | WLTH | Wealthfront CORP | Stock-Other | 0.92% | +0.25% | +135.22% | |
| 25 | BANC | Banc Of California INC | Stock-Other | 0.91% | +0.01% | +29.68% | |
| 26 | FBK | Fb Financial CORP | Stock-Other | 0.89% | -1.11% | -43.99% | |
| 27 | AMTB | Amerant Bancorp INC | Stock-Other | 0.88% | +0.88% | NEW | |
| 28 | RJF | Raymond James Financial INC | Stock-Financials | 0.79% | +0.79% | NEW | |
| 29 | IIIV | I3 Verticals Inc-class A | Stock-Other | 0.79% | +0.71% | +1253.83% | |
| 30 | PAY | Paymentus Holdings Inc-a | Stock-Other | 0.64% | +0.64% | NEW | |
| 31 | TCBK | Trico Bancshares | Stock-Other | 0.61% | -0.32% | -23.13% | |
| 32 | MYFW | First Western Financial INC | Stock-Other | 0.61% | — | +4.47% | |
| 33 | AXP | American Express Co | Stock-Financials | 0.52% | +0.52% | NEW | |
| 34 | FRST | Primis Financial CORP | Stock-Other | 0.52% | — | -5.68% | |
| 35 | FLYW | Flywire Corp-voting | Stock-Other | 0.44% | +0.10% | +83.33% | |
| 36 | NBHC | National Bank Hold-cl A | Stock-Other | 0.43% | +0.43% | NEW | |
| 37 | AAMI | Acadian Asset Management INC | Stock-Other | 0.41% | -0.43% | -50.39% | |
| 38 | BANR | Banner Corporation | Stock-Other | 0.41% | +0.41% | NEW | |
| 39 | FIBK | First Interstate Bancsys-a | Stock-Other | 0.37% | -2.38% | -83.54% | |
| 40 | JCAP | Jefferson Capital INC | Stock-Other | 0.35% | +0.13% | +122.22% | |
| 41 | PNFP | Pinnacle Financial Partners | Stock-Financials | 0.30% | +0.30% | NEW | |
| 42 | COSO | Coastal South Bancshares INC | Stock-Other | 0.27% | — | +21.63% | |
| 43 | GPN | Global Payments INC | Stock-Industrials | 0.23% | +0.23% | NEW | |
| 44 | GCMG | Gcm Grosvenor INC - Class A | Stock-Other | 0.21% | — | +4.79% | |
| 45 | SMBK | Smartfinancial INC | Stock-Other | 0.18% | — | +1.64% | |
| 46 | VYX | Ncr Voyix CORP | Stock-Tech | 0.18% | -0.16% | -3.53% | |
| 47 | SF | Stifel Financial CORP | Stock-Financials | 0.15% | +0.15% | NEW | |
| 48 | FIGR | Figure Technology Solut-cl A | Stock-Other | 0.14% | — | -4.48% | |
| 49 | NPB | Northpointe Bancshares INC | Stock-Other | 0.14% | — | -10.19% | |
| 50 | AVBH | Avidbank Holdings INC | Stock-Other | 0.12% | — | -0.52% |
Performance for Q3 2026
+4.1%
Performance Last 4 Quarters
+4.7%
Based on 74% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 60 | $2.9B | 61 | |
| 2025-12-31 | 56 | $2.5B | 68 | |
| 2025-09-30 | 43 | $2.1B | 85 | |
| 2025-06-30 | 40 | $2.3B | 0 | |
| 2025-03-31 | 46 | $2.3B | 0 | |
| 2024-12-31 | 41 | $2.2B | 0 | |
| 2024-09-30 | 48 | $2.1B | 0 | |
| 2024-06-30 | 46 | $2.2B | 0 | |
| 2024-03-31 | 44 | $1.9B | 0 | |
| 2023-12-31 | 36 | $1.7B | 0 | |
| 2023-09-30 | 44 | $1.6B | 0 | |
| 2023-06-30 | 36 | $1.3B | 0 | |
| 2023-03-31 | 40 | $892.5M | 0 | |
| 2022-12-31 | 37 | $912.3M | 0 | |
| 2022-09-30 | 37 | $400.7M | 0 | |
| 2022-06-30 | 34 | $355.8M | 0 | |
| 2022-03-31 | 34 | $244.5M | 0 | |
| 2021-12-31 | 33 | $216.9M | 0 |
North Reef Capital Management LP's most significant position changes for 2026-03-31: New buy: Keycorp (KEY); Sold out: Columbia Banking System INC (COLB); Sold out: Stellar Bancorp INC (STEL); New buy: Trustmark CORP (TRMK); New buy: Piper Sandler Cos (PIPR).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ALKT | Alkami Technology INC | +2.2% | +264.29% | Add |
| 2 | CBC | Central Bancompany | +2.1% | +210.91% | Add |
| 3 | PB | Prosperity Bancshares INC | +1.3% | +148.96% | Add |
| 4 | ABCB | Ameris Bancorp | +1% | +25.07% | Add |
| 5 | IIIV | I3 Verticals Inc-class A | +0.7% | +1253.83% | Add |
| 6 | WLTH | Wealthfront CORP | +0.3% | +135.22% | Add |
| 7 | FHN | First Horizon CORP | +0.2% | +25.50% | Add |
| 8 | JCAP | Jefferson Capital INC | +0.1% | +122.22% | Add |
| 9 | FLYW | Flywire Corp-voting | +0.1% | +83.33% | Add |
| 10 | BANC | Banc Of California INC | 0% | +29.68% | Add |
| 11 | TW | Tradeweb Markets Inc-class A | 0% | +6.65% | Add |
| 12 | V | Visa Inc-class A Shares | -0.1% | +33.33% | Add |
| 13 | VYX | Ncr Voyix CORP | -0.2% | -3.53% | Trim |
| 14 | EGBN | Eagle Bancorp INC | -0.2% | -7.96% | Trim |
| 15 | TCBK | Trico Bancshares | -0.3% | -23.13% | Trim |
| 16 | AAMI | Acadian Asset Management INC | -0.4% | -50.39% | Trim |
| 17 | FFWM | First Foundation INC | -0.7% | -24.33% | Trim |
| 18 | MIAX | Miami International Holdings | -0.9% | -19.82% | Trim |
| 19 | MKTX | Marketaxess Holdings INC | -1.1% | +16.51% | Add |
| 20 | FBK | Fb Financial CORP | -1.1% | -43.99% | Trim |
| 21 | AUB | Atlantic Union Bankshares Co | -1.2% | -6.28% | Trim |
| 22 | SBCF | Seacoast Banking Corp/fl | -1.3% | -0.12% | Trim |
| 23 | FIBK | First Interstate Bancsys-a | -2.4% | -83.54% | Trim |
| 24 | QTWO | Q2 Holdings INC | -2.5% | -48.90% | Trim |
| 25 | KEY | Keycorp | — | NEW | New buy |
| 26 | COLB | Columbia Banking System INC | — | EXIT | Sold out |
| 27 | STEL | Stellar Bancorp INC | — | EXIT | Sold out |
| 28 | TRMK | Trustmark CORP | — | NEW | New buy |
| 29 | PIPR | Piper Sandler Cos | — | NEW | New buy |
| 30 | 62C | Piper Sandler Cos | — | EXIT | Sold out |
| 31 | FITB | Fifth Third Bancorp | — | EXIT | Sold out |
| 32 | TFC | Truist Financial CORP | — | EXIT | Sold out |
| 33 | FLG | Flagstar Bank NA | — | NEW | New buy |
| 34 | FIS | Fidelity National Info Serv | — | NEW | New buy |
| 35 | SCHW | Schwab (charles) CORP | — | NEW | New buy |
| 36 | AMTB | Amerant Bancorp INC | — | NEW | New buy |
| 37 | RJF | Raymond James Financial INC | — | NEW | New buy |
| 38 | PAY | Paymentus Holdings Inc-a | — | NEW | New buy |
| 39 | AXP | American Express Co | — | NEW | New buy |
| 40 | EBC | Eastern Bankshares INC | — | EXIT | Sold out |
| 41 | NBHC | National Bank Hold-cl A | — | NEW | New buy |
| 42 | BANR | Banner Corporation | — | NEW | New buy |
| 43 | FOUR | Shift4 Payments Inc-class A | — | EXIT | Sold out |
| 44 | PNFP | Pinnacle Financial Partners | — | NEW | New buy |
| 45 | SSB | Southstate Bank CORP | — | EXIT | Sold out |
| 46 | MRX | Marex Group plc | — | EXIT | Sold out |
| 47 | JHG | Janus Henderson Group plc | — | EXIT | Sold out |
| 48 | GPN | Global Payments INC | — | NEW | New buy |
| 49 | SF | Stifel Financial CORP | — | NEW | New buy |
| 50 | COF | Capital One Financial CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
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