# North Reef Capital Management LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1867831. Source: https://holderbook.com/funds/1867831-north-reef-capital-management-lp/

- Reported value: $2.6B
- Positions: 43
- Weight of the ten largest: 73.0%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| MARKETAXESS HLDGS INC | [MKTX](https://holderbook.com/stocks/MKTX/) | $385.3M | 3,395,000 | 14.8% | 10 |
| AMERIS BANCORP | [ABCB](https://holderbook.com/stocks/ABCB/) | $246.6M | 2,732,243 | 9.5% | 15 |
| FIRST HORIZON CORPORATION | [FHN](https://holderbook.com/stocks/FHN/) | $235.9M | 9,201,256 | 9.0% | 14 |
| KEYCORP | [KEY](https://holderbook.com/stocks/KEY/) | $190.2M | 8,250,000 | 7.3% | 2 |
| ALKAMI TECHNOLOGY INC | [ALKT](https://holderbook.com/stocks/ALKT/) | $167.2M | 9,225,000 | 6.4% | 9 |
| SEACOAST BKG CORP FLA | [SBCF](https://holderbook.com/stocks/SBCF/) | $158.8M | 4,775,000 | 6.1% | 19 |
| ATLANTIC UN BANKSHARES CORP | [AUB](https://holderbook.com/stocks/AUB/) | $150.8M | 3,565,000 | 5.8% | 7 |
| CENTRAL BANCOMPANY | [CBC](https://holderbook.com/stocks/CBC/) | $139.7M | 4,600,000 | 5.4% | 3 |
| ACI WORLDWIDE INC | [ACIW](https://holderbook.com/stocks/ACIW/) | $131.6M | 2,617,000 | 5.0% | 16 |
| PIPER SANDLER COMPANIES | [PIPR](https://holderbook.com/stocks/PIPR/) | $97.7M | 1,350,000 | 3.7% | 2 |
| PINNACLE FINL PARTNERS INC | [PNFP](https://holderbook.com/stocks/PNFP/) | $73.8M | 731,537 | 2.8% | 2 |
| TRUSTMARK CORP | [TRMK](https://holderbook.com/stocks/TRMK/) | $72.0M | 1,565,551 | 2.8% | 2 |
| NORTHERN TR CORP | [NTRS](https://holderbook.com/stocks/NTRS/) | $60.0M | 345,000 | 2.3% | 5 |
| EAGLE BANCORPORATION INC | [EGBN](https://holderbook.com/stocks/EGBN/) | $48.6M | 1,713,535 | 1.9% | 8 |
| AMERANT BANCORP INC | [AMTB](https://holderbook.com/stocks/AMTB/) | $47.4M | 1,855,507 | 1.8% | 2 |
| FLAGSTAR BANK NATIONAL ASSOC | [FLG](https://holderbook.com/stocks/FLG/) | $45.6M | 3,050,000 | 1.7% | 2 |
| GLOBAL PMTS INC | [GPN](https://holderbook.com/stocks/GPN/) | $42.1M | 580,000 | 1.6% | 2 |
| TRICO BANCSHARES | [TCBK](https://holderbook.com/stocks/TCBK/) | $35.9M | 667,061 | 1.4% | 3 |
| MARQETA INC | [MQ](https://holderbook.com/stocks/MQ/) | $32.1M | 7,900,000 | 1.2% | 12 |
| FIRST WESTN FINL INC | [MYFW](https://holderbook.com/stocks/MYFW/) | $23.8M | 742,630 | 0.9% | 17 |
| I3 VERTICALS INC | [IIIV](https://holderbook.com/stocks/IIIV/) | $23.0M | 1,075,000 | 0.9% | 3 |
| WEALTHFRONT CORP | [WLTH](https://holderbook.com/stocks/WLTH/) | $21.9M | 2,444,253 | 0.8% | 3 |
| PRIMIS FINANCIAL CORP | [FRST](https://holderbook.com/stocks/FRST/) | $20.1M | 1,226,283 | 0.8% | 4 |
| NATIONAL BK HLDGS CORP | [NBHC](https://holderbook.com/stocks/NBHC/) | $19.4M | 437,241 | 0.7% | 2 |
| BANNER CORP | [BANR](https://holderbook.com/stocks/BANR/) | $17.3M | 260,156 | 0.7% | 2 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $16.1M | 175,000 | 0.6% | 2 |
| PAYMENTUS HOLDINGS INC | [PAY](https://holderbook.com/stocks/PAY/) | $14.5M | 600,000 | 0.6% | 2 |
| FORBRIGHT INC | [FRBT](https://holderbook.com/stocks/FRBT/) | $11.9M | 649,999 | 0.5% | 1 |
| JEFFERSON CAPITAL INC | [JCAP](https://holderbook.com/stocks/JCAP/) | $10.3M | 530,598 | 0.4% | 5 |
| COASTALSOUTH BANCSHARES INC | [COSO](https://holderbook.com/stocks/COSO/) | $10.0M | 370,982 | 0.4% | 4 |
| PROSPERITY BANCSHARES INC | [PB](https://holderbook.com/stocks/PB/) | $9.5M | 130,000 | 0.4% | 3 |
| MIAMI INTL HLDGS INC | [MIAX](https://holderbook.com/stocks/MIAX/) | $9.3M | 251,354 | 0.4% | 4 |
| FLYWIRE CORPORATION | [FLYW](https://holderbook.com/stocks/FLYW/) | $7.9M | 450,000 | 0.3% | 8 |
| GCM GROSVENOR INC | [GCMG](https://holderbook.com/stocks/GCMG/) | $7.8M | 630,180 | 0.3% | 6 |
| SMARTFINANCIAL INC | [SMBK](https://holderbook.com/stocks/SMBK/) | $6.4M | 137,089 | 0.2% | 5 |
| ACADIAN ASSET MANAGEMENT INC | [AAMI](https://holderbook.com/stocks/AAMI/) | $6.2M | 86,596 | 0.2% | 19 |
| SIMMONS FIRST NATL CORP | [SFNC](https://holderbook.com/stocks/SFNC/) | $3.4M | 150,000 | 0.1% | 1 |
| NEWTEKONE INC | [NEWT](https://holderbook.com/stocks/NEWT/) | $2.3M | 155,681 | 0.1% | 4 |
| NORTHPOINTE BANCSHARES INC. | [NPB](https://holderbook.com/stocks/NPB/) | $1.9M | 100,000 | 0.1% | 6 |
| INTERNATIONAL BANCSHARES COR | [IBOC](https://holderbook.com/stocks/IBOC/) | $1.9M | 25,000 | 0.1% | 1 |
| BANK OF THE JAMES FINL GP IN | [BOTJ](https://holderbook.com/stocks/BOTJ/) | $1.3M | 50,132 | 0.0% | 1 |
| GEMINI SPACE STA INC | [GEMI](https://holderbook.com/stocks/GEMI/) | $426.0K | 100,001 | 0.0% | 4 |
| UWM HOLDINGS CORPORATION | [UWMC](https://holderbook.com/stocks/UWMC/) | $229.0K | 100,000 | 0.0% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +7.5% | +14.8% | -7.3% | 99% |
| Q1 2026 | -7.0% | -4.6% | -2.4% | 100% |
| Q4 2025 | +6.4% | +2.4% | +4.0% | 100% |
| Q3 2025 | +4.6% | +7.8% | -3.2% | 100% |
| Q2 2025 | +4.5% | +10.5% | -5.9% | 100% |
| Q1 2025 | -7.0% | -4.6% | -2.4% | 100% |
| Q4 2024 | +10.5% | +2.1% | +8.3% | 100% |
| Q3 2024 | +12.4% | +5.4% | +6.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.6B | 43 |
| Q1 2026 | $2.9B | 60 |
| Q4 2025 | $2.5B | 56 |
| Q3 2025 | $2.1B | 43 |
| Q2 2025 | $2.3B | 40 |
| Q1 2025 | $2.3B | 46 |
| Q4 2024 | $2.2B | 41 |
| Q3 2024 | $2.1B | 48 |
| Q2 2024 | $2.2B | 46 |
| Q1 2024 | $1.9B | 44 |
| Q4 2023 | $1.7B | 36 |
| Q3 2023 | $1.6B | 44 |