North Reef Capital Management LP

CIK

1867831

Location

LAGUNA BEACH, CA

Portfolio Value

Mid $2,905,698,990

Diversification

Diversified

Filing Date

Global Rank

#953 / 8,622 ▲ 120 · as of Mar 2026

Top Industry

Banks - Regional 61.0%

3Y Alpha vs SPY

+0.4%

Period ended 4 months ago

Filed May 15, 2026 · 2mo

18 quarters · since Dec 2021

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+78.4%

SPY

+67.9%

Annualised alpha

+2.4%

Max drawdown

−25.8%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

60 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

11.3%

−0.4 pts

Top 5

46.0%

+1.1 pts

Top 10

65.6%

+1.9 pts

HHI

567

Diversified+13

Portfolio Trend

18 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	86.1%	$2,502,235,834	48
Technology	13.5%	$393,440,707	10
Industrials	0.2%	$6,730,000	1
Consumer Cyclical	0.1%	$3,292,449	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

23 positions

Ticker	Company	Δ Shares	Shares	Value
ALKT	Alkami Technology, Inc.	+5,550,000	7,650,000	$119,875,500
FHN	First Horizon Corp	+2,936,368	14,453,208	$328,955,014
CBC	Central Bancompany, Inc.	+2,764,327	4,075,000	$97,596,250
WLTH	Wealthfront Corp	+1,658,624	2,885,257	$26,688,627
MQ	Marqeta, Inc.	+1,400,000	7,400,000	$30,192,000
IIIV	i3 Verticals, Inc.	+949,289	1,025,000	$22,919,000
PIPR	Piper Sandler Companies	+759,732	964,632	$73,842,579
ABCB	Ameris Bancorp	+686,215	3,423,243	$266,978,721
PB	Prosperity Bancshares Inc	+662,877	1,107,877	$74,427,176
FLYW	Flywire Corp	+499,999	1,100,000	$12,804,000
BANC	Banc Of California, Inc.	+343,320	1,500,000	$26,370,000
JCAP	Jefferson Capital, Inc. / DE	+292,678	532,151	$10,233,263
MKTX	Marketaxess Holdings Inc	+265,670	1,875,000	$309,337,500
ACIW	Aci Worldwide, Inc.	+260,000	2,230,000	$91,452,300
V	Visa Inc.	+90,000	360,000	$108,806,400
KLAR	Klarna Group plc	+63,824	223,820	$2,929,803
COSO	CoastalSouth Bancshares, Inc.	+57,082	320,982	$7,892,947
MYFW	First Western Financial Inc	+30,655	716,609	$17,614,249
GCMG	GCM Grosvenor Inc.	+28,824	630,179	$6,175,754
TW	Tradeweb Markets Inc.	+21,032	337,071	$39,659,773
CRMT	Americas Carmart Inc	+16,450	258,637	$3,292,449
USCB	Uscb Financial Holdings, Inc.	+4,352	128,093	$2,374,844
SMBK	Smartfinancial Inc.	+2,217	137,088	$5,357,399
No positions match the current search.

Trimmed

Positions the filer reduced

20 positions

Ticker	Company	Δ Shares	Shares	Value
FFWM	First Foundation Inc.	−1,900,697	5,911,778	$34,879,490
FIBK	First Interstate Bancsystem Inc	−1,649,842	325,157	$10,860,243
QTWO	Q2 Holdings, Inc.	−594,186	620,814	$29,364,502
FBK	FB Financial Corp	−392,685	500,000	$25,970,000
AUB	Atlantic Union Bankshares Corp	−287,090	4,285,000	$153,145,900
MIAX	Miami International Holdings, Inc.	−250,726	1,014,274	$39,475,544
GEMI	Gemini Space Station, Inc.	−250,262	49,738	$219,841
EGBN	Eagle Bancorp Inc	−233,975	2,706,025	$67,298,841
AAMI	Acadian Asset Management Inc.	−223,683	220,239	$11,985,406
NEWT	NewtekOne, Inc.	−187,969	198,954	$2,178,546
TCBK	Trico Bancshares /	−112,282	373,141	$17,739,123
FRST	Primis Financial Corp.	−68,323	1,135,281	$15,076,531
VYX	NCR Voyix Corp	−29,663	810,732	$5,131,933
NPB	Northpointe Bancshares Inc	−26,356	232,396	$4,011,154
NTRS	Northern Trust Corp	−12,052	298,559	$41,669,879
SBCF	Seacoast Banking Corp Of Florida	−7,075	5,825,000	$176,439,250
FIGR	Figure Technology Solutions, Inc.	−5,602	119,398	$4,053,562
CVBF	Cvb Financial Corp	−3,824	100,000	$1,939,000
AVBH	Avidbank Holdings, Inc.	−649	123,022	$3,506,127
RNST	Renasant Corp	−78	14,923	$539,167
No positions match the current search.

New Positions

Positions the filer opened this quarter

17 positions

Ticker	Company	Shares	Value
KEY	Keycorp /New/	12,650,000	$253,632,500
TRMK	Trustmark Corp	1,952,930	$82,296,470
FLG	Flagstar Bank, National Association	2,790,000	$36,744,300
FIS	Fidelity National Information Services, Inc.	775,000	$36,355,250
SCHW	Schwab Charles Corp	350,000	$32,893,000
AMTB	Amerant Bancorp Inc.	1,160,488	$25,577,155
RJF	Raymond James Financial Inc	159,162	$23,045,065
PAY	Paymentus Holdings, Inc.	734,551	$18,657,595
AXP	American Express Co	50,000	$15,124,000
NBHC	National Bank Holdings Corp	320,352	$12,544,984
BANR	Banner Corp	195,449	$11,859,845
PNFP	Pinnacle Financial Partners, Inc.	100,935	$8,694,540
GPN	Global Payments Inc	100,000	$6,730,000
SF	Stifel Financial Corp	57,230	$4,230,441
COF	Capital One Financial Corp	18,659	$3,403,961
RBB	RBB Bancorp	64,150	$1,370,885
UWMC	UWM Holdings Corp	353,429	$1,279,412
No positions match the current search.

Sold Out

Positions the filer fully exited

13 positions

Ticker	Company	Shares	Value
COLB	Columbia Banking System, Inc.	3,700,000	$103,415,000
STEL	Stellar Bancorp, Inc.	2,875,245	$88,960,080
FITB	Fifth Third Bancorp	850,000	$39,788,500
TFC	Truist Financial Corp	765,774	$37,683,738
EBC	Eastern Bankshares, Inc.	796,451	$14,678,591
FOUR	Shift4 Payments, Inc.	155,929	$9,818,849
SSB	SouthState Bank Corp	90,000	$8,469,900
MRX	Marex Group Ltd	190,000	$7,288,400
JHG	Janus Henderson Group Ltd.	150,000	$7,135,500
TCBI	Texas Capital Bancshares Inc/Tx	34,570	$3,129,967
BLSH	Bullish	81,280	$3,078,073
FFIC	Flushing Financial Corp	135,000	$2,047,950
BBT	Beacon Financial Corp	50,344	$1,327,571
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

60 tracked positions · $2,905,698,990 total · as of Mar 31, 2026

All sectors Consumer Cyclical Financial Services Industrials Technology

Showing 1–50 of 60 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
FHN	First Horizon Corp Financial Services	Added	14,453,208	+2,936,368	$328,955,014	+19.5%	11.32%
MKTX	Marketaxess Holdings Inc Financial Services	Added	1,875,000	+265,670	$309,337,500	+6.0%	10.65%
ABCB	Ameris Bancorp Financial Services	Added	3,423,243	+686,215	$266,978,721	+31.3%	9.19%
KEY	Keycorp /New/ Financial Services	NEW	12,650,000	NEW	$253,632,500	NEW	8.73%
SBCF	Seacoast Banking Corp Of Florida Financial Services	Reduced	5,825,000	-7,075	$176,439,250	−3.7%	6.07%
AUB	Atlantic Union Bankshares Corp Financial Services	Reduced	4,285,000	-287,090	$153,145,900	−5.1%	5.27%
ALKT	Alkami Technology, Inc. Technology	Added	7,650,000	+5,550,000	$119,875,500	+147.4%	4.13%
V	Visa Inc. Financial Services	Added	360,000	+90,000	$108,806,400	+14.9%	3.74%
CBC	Central Bancompany, Inc. Financial Services	Added	4,075,000	+2,764,327	$97,596,250	+208.7%	3.36%
ACIW	Aci Worldwide, Inc. Technology	Added	2,230,000	+260,000	$91,452,300	−2.9%	3.15%
TRMK	Trustmark Corp Financial Services	NEW	1,952,930	NEW	$82,296,470	NEW	2.83%
PB	Prosperity Bancshares Inc Financial Services	Added	1,107,877	+662,877	$74,427,176	+142.0%	2.56%
PIPR	Piper Sandler Companies Financial Services	Added	964,632	+759,732	$73,842,579	+6.1%	2.54%
EGBN	Eagle Bancorp Inc Financial Services	Reduced	2,706,025	-3,173,975	$67,298,841	−46.6%	2.32%
NTRS	Northern Trust Corp Financial Services	Reduced	298,559	-12,052	$41,669,879	−1.8%	1.43%
TW	Tradeweb Markets Inc. Financial Services	Added	337,071	+21,032	$39,659,773	+16.7%	1.36%
MIAX	Miami International Holdings, Inc. Financial Services	Reduced	1,014,274	-250,726	$39,475,544	−29.7%	1.36%
FLG	Flagstar Bank, National Association Financial Services	NEW	2,790,000	NEW	$36,744,300	NEW	1.26%
FIS	Fidelity National Information Services, Inc. Technology	NEW	775,000	NEW	$36,355,250	NEW	1.25%
FFWM	First Foundation Inc. Financial Services	Reduced	5,911,778	-1,900,697	$34,879,490	−27.5%	1.20%
SCHW	Schwab Charles Corp Financial Services	NEW	350,000	NEW	$32,893,000	NEW	1.13%
MQ	Marqeta, Inc. Technology	Added	7,400,000	+1,400,000	$30,192,000	+5.9%	1.04%
QTWO	Q2 Holdings, Inc. Technology	Reduced	620,814	-594,186	$29,364,502	−66.5%	1.01%
WLTH	Wealthfront Corp Technology	Added	2,885,257	+1,658,624	$26,688,627	+60.1%	0.92%
BANC	Banc Of California, Inc. Financial Services	Added	1,500,000	+343,320	$26,370,000	+18.2%	0.91%
FBK	FB Financial Corp Financial Services	Reduced	500,000	-392,685	$25,970,000	−47.9%	0.89%
AMTB	Amerant Bancorp Inc. Financial Services	NEW	1,160,488	NEW	$25,577,155	NEW	0.88%
RJF	Raymond James Financial Inc Financial Services	NEW	159,162	NEW	$23,045,065	NEW	0.79%
IIIV	i3 Verticals, Inc. Technology	Added	1,025,000	+949,289	$22,919,000	+1101.7%	0.79%
PAY	Paymentus Holdings, Inc. Technology	NEW	734,551	NEW	$18,657,595	NEW	0.64%
TCBK	Trico Bancshares / Financial Services	Reduced	373,141	-112,282	$17,739,123	−22.9%	0.61%
MYFW	First Western Financial Inc Financial Services	Added	716,609	+30,655	$17,614,249	−4.2%	0.61%
AXP	American Express Co Financial Services	NEW	50,000	NEW	$15,124,000	NEW	0.52%
FRST	Primis Financial Corp. Financial Services	Reduced	1,135,281	-68,323	$15,076,531	−9.9%	0.52%
FLYW	Flywire Corp Technology	Added	1,100,000	+499,999	$12,804,000	+50.7%	0.44%
NBHC	National Bank Holdings Corp Financial Services	NEW	320,352	NEW	$12,544,984	NEW	0.43%
AAMI	Acadian Asset Management Inc. Financial Services	Reduced	220,239	-223,683	$11,985,406	−42.6%	0.41%
BANR	Banner Corp Financial Services	NEW	195,449	NEW	$11,859,845	NEW	0.41%
FIBK	First Interstate Bancsystem Inc Financial Services	Reduced	325,157	-1,649,842	$10,860,243	−84.1%	0.37%
JCAP	Jefferson Capital, Inc. / DE Financial Services	Added	532,151	+292,678	$10,233,263	+91.3%	0.35%
PNFP	Pinnacle Financial Partners, Inc. Financial Services	NEW	100,935	NEW	$8,694,540	NEW	0.30%
COSO	CoastalSouth Bancshares, Inc. Financial Services	Added	320,982	+57,082	$7,892,947	+28.6%	0.27%
GPN	Global Payments Inc Industrials	NEW	100,000	NEW	$6,730,000	NEW	0.23%
GCMG	GCM Grosvenor Inc. Financial Services	Added	630,179	+28,824	$6,175,754	−9.3%	0.21%
SMBK	Smartfinancial Inc. Financial Services	Added	137,088	+2,217	$5,357,399	+7.4%	0.18%
VYX	NCR Voyix Corp Technology	Reduced	810,732	-29,663	$5,131,933	−40.1%	0.18%
SF	Stifel Financial Corp Financial Services	NEW	57,230	NEW	$4,230,441	NEW	0.15%
FIGR	Figure Technology Solutions, Inc. Financial Services	Reduced	119,398	-5,602	$4,053,562	−20.6%	0.14%
NPB	Northpointe Bancshares Inc Financial Services	Reduced	232,396	-26,356	$4,011,154	−7.6%	0.14%
AVBH	Avidbank Holdings, Inc. Financial Services	Reduced	123,022	-649	$3,506,127	+6.7%	0.12%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.