North Reef Capital Management LP

CIK

1867831

Location

LAGUNA BEACH, CA

Portfolio Value

Small $393,440,707

Diversification

Diversified

Filing Date

Global Rank

#972 / 8,586 ▲ 111

Top Industry

Banks - Regional 62.6%

3Y Alpha vs SPY

+0.7%

Period ended 3 months ago

Filed May 15, 2026 · 33d

18 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

+81.2%

SPY

+78.1%

Annualised alpha

+0.7%

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

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

Top Position

11.6%

−0.4 pts

Top 5

47.2%

+1.3 pts

Top 10

67.3%

+2.2 pts

HHI

590

Diversified+20

Portfolio Trend

18 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	85.8%	$2,428,393,255	47
Technology	13.9%	$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

22 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
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

14 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
PIPR	Piper Sandler Companies	204,900	$17,401,644
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 plc	190,000	$7,288,400
JHG	Janus Henderson Group PLC	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

10 positions · $393,440,707 total · Technology only · as of Mar 31, 2026

All sectors Consumer Cyclical Financial Services Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
ALKT	Alkami Technology, Inc. Technology	Added	7,650,000	+5,550,000	$119,875,500	+147.4%	30.47%
ACIW	Aci Worldwide, Inc. Technology	Added	2,230,000	+260,000	$91,452,300	−2.9%	23.24%
FIS	Fidelity National Information Services, Inc. Technology	NEW	775,000	NEW	$36,355,250	NEW	9.24%
MQ	Marqeta, Inc. Technology	Added	7,400,000	+1,400,000	$30,192,000	+5.9%	7.67%
QTWO	Q2 Holdings, Inc. Technology	Reduced	620,814	-594,186	$29,364,502	−66.5%	7.46%
WLTH	Wealthfront Corp Technology	Added	2,885,257	+1,658,624	$26,688,627	+60.1%	6.78%
IIIV	i3 Verticals, Inc. Technology	Added	1,025,000	+949,289	$22,919,000	+1101.7%	5.83%
PAY	Paymentus Holdings, Inc. Technology	NEW	734,551	NEW	$18,657,595	NEW	4.74%
FLYW	Flywire Corp Technology	Added	1,100,000	+499,999	$12,804,000	+50.7%	3.25%
VYX	NCR Voyix Corp Technology	Reduced	810,732	-29,663	$5,131,933	−40.1%	1.30%