North Reef Capital Management LP

CIK

1867831

Location

LAGUNA BEACH, CA

Portfolio Value

Mid $1,584,685,424

Diversification

Diversified

Filing Date

Global Rank

#1,348 / 7,976 ▼ 74

Top Industry

Banks - Regional 61.7%

3Y Alpha vs SPY

+1.9%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

16 quarters · since Dec 2021

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+84.5%

SPY

+76.3%

Annualised alpha

+1.9%

Max drawdown

−25.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

40 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

17.6%

+1.4 pts

Top 5

54.7%

+4.5 pts

Top 10

78.2%

+2.1 pts

HHI

813

Diversified+76

Portfolio Trend

16 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Financial Services	82.0%	$1,300,185,284	31
Technology	17.5%	$276,607,891	8
Consumer Cyclical	0.5%	$7,892,249	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

13 positions

Ticker	Company	Δ Shares	Shares	Value
EGBN	Eagle Bancorp Inc	+2,232,918	2,632,918	$53,237,601
AUB	Atlantic Union Bankshares Corp	+963,604	3,713,604	$131,053,085
QTWO	Q2 Holdings, Inc.	+849,480	1,690,000	$122,339,100
MKTX	Marketaxess Holdings Inc	+491,358	911,358	$158,804,131
STEL	Stellar Bancorp, Inc.	+289,937	1,829,937	$55,520,288
ABCB	Ameris Bancorp	+91,043	1,981,061	$145,231,581
FOUR	Shift4 Payments, Inc.	+78,056	103,056	$7,976,534
MYFW	First Western Financial Inc	+72,102	617,824	$14,228,486
JCAP	Jefferson Capital, Inc. / DE	+45,559	295,559	$5,101,348
CRMT	Americas Carmart Inc	+44,145	270,190	$7,892,249
SMBK	Smartfinancial Inc.	+38,466	84,570	$3,021,686
AAMI	Acadian Asset Management Inc.	+31,452	511,452	$24,631,528
NTRS	Northern Trust Corp	+5,000	190,000	$25,574,000
No positions match the current search.

Trimmed

Positions the filer reduced

13 positions

Ticker	Company	Δ Shares	Shares	Value
MQ	Marqeta, Inc.	−1,850,000	4,650,000	$24,552,000
TCBI	Texas Capital Bancshares Inc/Tx	−1,429,977	555,000	$46,914,150
ACIW	Aci Worldwide, Inc.	−756,149	1,783,851	$94,133,817
SBCF	Seacoast Banking Corp Of Florida	−755,000	4,995,000	$151,997,850
FFWM	First Foundation Inc.	−714,694	6,900,306	$38,434,704
FLYW	Flywire Corp	−450,000	650,000	$8,801,000
NPB	Northpointe Bancshares Inc	−317,592	283,752	$4,846,484
FHN	First Horizon Corp	−205,000	12,370,000	$279,685,700
PIPR	Piper Sandler Companies	−78,293	151,707	$13,160,202
VYX	NCR Voyix Corp	−59,606	840,395	$10,546,957
V	Visa Inc.	−35,000	105,000	$35,844,900
ALKT	Alkami Technology, Inc.	−11,809	127,604	$3,169,683
GCMG	GCM Grosvenor Inc.	−3,842	526,354	$6,353,092
No positions match the current search.

New Positions

Positions the filer opened this quarter

14 positions

Ticker	Company	Shares	Value
MIAX	Miami International Holdings, Inc.	725,804	$29,220,869
FIBK	First Interstate Bancsystem Inc	850,000	$27,089,500
FRST	Primis Financial Corp.	974,870	$10,245,883
FIGR	Figure Technology Solutions, Inc.	240,000	$8,728,800
GEMI	Gemini Space Station, Inc.	245,322	$5,877,915
BLSH	Bullish	80,000	$5,088,800
COSO	CoastalSouth Bancshares, Inc.	220,619	$4,811,700
TW	Tradeweb Markets Inc.	41,200	$4,572,376
NEWT	NewtekOne, Inc.	386,924	$4,430,279
AVBH	Avidbank Holdings, Inc.	141,496	$3,608,148
CME	Cme Group Inc.	11,198	$3,025,587
COLB	Columbia Banking System, Inc.	100,000	$2,574,000
MRX	Marex Group plc	52,191	$1,754,661
CIVB	Civista Bancshares, Inc.	29,776	$604,750
No positions match the current search.

Sold Out

Positions the filer fully exited

9 positions

Ticker	Company	Shares	Value
WFC	Wells Fargo & Company/Mn	1,475,000	$118,177,000
C	Citigroup Inc	450,000	$38,304,000
HTH	Hilltop Holdings Inc.	1,185,000	$35,964,750
TFC	Truist Financial Corp	325,000	$13,971,750
BMRC	Bank of Marin Bancorp	600,000	$13,704,000
SCHW	Schwab Charles Corp	150,000	$13,686,000
BAC	Bank Of America Corp /De/	200,000	$9,464,000
BRBS	Blue Ridge Bankshares, Inc.	1,515,107	$5,439,234
PYPL	PayPal Holdings, Inc.	45,000	$3,344,400
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

40 positions · $1,584,685,424 total · as of Sep 30, 2025

All sectors Consumer Cyclical Financial Services Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CIVB	Civista Bancshares, Inc. Financial Services	NEW	29,776	NEW	$604,750	NEW	0.04%
MRX	Marex Group plc Financial Services	NEW	52,191	NEW	$1,754,661	NEW	0.11%
COLB	Columbia Banking System, Inc. Financial Services	NEW	100,000	NEW	$2,574,000	NEW	0.16%
SMBK	Smartfinancial Inc. Financial Services	Added	84,570	+38,466	$3,021,686	+94.0%	0.19%
CME	Cme Group Inc. Financial Services	NEW	11,198	NEW	$3,025,587	NEW	0.19%
ALKT	Alkami Technology, Inc. Technology	Reduced	127,604	-11,809	$3,169,683	−24.6%	0.20%
AVBH	Avidbank Holdings, Inc. Financial Services	NEW	141,496	NEW	$3,608,148	NEW	0.23%
NEWT	NewtekOne, Inc. Financial Services	NEW	386,924	NEW	$4,430,279	NEW	0.28%
TW	Tradeweb Markets Inc. Financial Services	NEW	41,200	NEW	$4,572,376	NEW	0.29%
COSO	CoastalSouth Bancshares, Inc. Financial Services	NEW	220,619	NEW	$4,811,700	NEW	0.30%
NPB	Northpointe Bancshares Inc Financial Services	Reduced	283,752	-317,592	$4,846,484	−41.2%	0.31%
BLSH	Bullish Technology	NEW	80,000	NEW	$5,088,800	NEW	0.32%
JCAP	Jefferson Capital, Inc. / DE Financial Services	Added	295,559	+45,559	$5,101,348	+10.6%	0.32%
GEMI	Gemini Space Station, Inc. Financial Services	NEW	245,322	NEW	$5,877,915	NEW	0.37%
GCMG	GCM Grosvenor Inc. Financial Services	Reduced	526,354	-3,842	$6,353,092	+3.7%	0.40%
CRMT	Americas Carmart Inc Consumer Cyclical	Added	270,190	+44,145	$7,892,249	−37.7%	0.50%
FOUR	Shift4 Payments, Inc. Technology	Added	103,056	+78,056	$7,976,534	+221.9%	0.50%
FIGR	Figure Technology Solutions, Inc. Financial Services	NEW	240,000	NEW	$8,728,800	NEW	0.55%
FLYW	Flywire Corp Technology	Reduced	650,000	-450,000	$8,801,000	−31.6%	0.56%
FRST	Primis Financial Corp. Financial Services	NEW	974,870	NEW	$10,245,883	NEW	0.65%
VYX	NCR Voyix Corp Technology	Reduced	840,395	-59,606	$10,546,957	−0.1%	0.67%
PIPR	Piper Sandler Companies Financial Services	Reduced	151,707	-78,293	$13,160,202	−17.7%	0.83%
MYFW	First Western Financial Inc Financial Services	Added	617,824	+72,102	$14,228,486	+15.6%	0.90%
MQ	Marqeta, Inc. Technology	Reduced	4,650,000	-1,850,000	$24,552,000	−35.2%	1.55%
AAMI	Acadian Asset Management Inc. Financial Services	Added	511,452	+31,452	$24,631,528	+45.6%	1.55%
NTRS	Northern Trust Corp Financial Services	Added	190,000	+5,000	$25,574,000	+9.0%	1.61%
FIBK	First Interstate Bancsystem Inc Financial Services	NEW	850,000	NEW	$27,089,500	NEW	1.71%
MIAX	Miami International Holdings, Inc. Financial Services	NEW	725,804	NEW	$29,220,869	NEW	1.84%
V	Visa Inc. Financial Services	Reduced	105,000	-35,000	$35,844,900	−27.9%	2.26%
FFWM	First Foundation Inc. Financial Services	Reduced	6,900,306	-714,694	$38,434,704	−1.0%	2.43%
TCBI	Texas Capital Bancshares Inc/Tx Financial Services	Reduced	555,000	-3,414,954	$46,914,150	−85.1%	2.96%
EGBN	Eagle Bancorp Inc Financial Services	Added	2,632,918	+2,232,918	$53,237,601	+583.2%	3.36%
STEL	Stellar Bancorp, Inc. Financial Services	Added	1,829,937	+289,937	$55,520,288	+28.8%	3.50%
ACIW	Aci Worldwide, Inc. Technology	Reduced	1,783,851	-756,149	$94,133,817	−19.3%	5.94%
QTWO	Q2 Holdings, Inc. Technology	Added	1,690,000	+849,480	$122,339,100	+55.5%	7.72%
AUB	Atlantic Union Bankshares Corp Financial Services	Added	3,713,604	+963,604	$131,053,085	+52.4%	8.27%
ABCB	Ameris Bancorp Financial Services	Added	1,981,061	+91,043	$145,231,581	+18.8%	9.16%
SBCF	Seacoast Banking Corp Of Florida Financial Services	Reduced	4,995,000	-755,000	$151,997,850	−4.3%	9.59%
MKTX	Marketaxess Holdings Inc Financial Services	Added	911,358	+491,358	$158,804,131	+69.3%	10.02%
FHN	First Horizon Corp Financial Services	Reduced	12,370,000	-205,000	$279,685,700	+4.9%	17.65%