FJ Capital Management LLC

MCLEAN, VA · CIK 1599170 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2013 · limited liability company

Assets managed$1.1bn
Staff18 · 13 in investment roles
Main clients (by assets)Private funds 69%
Private funds4 (2 hedge) · $746.9m gross assets
Form ADV · 2026-03-30SEC adviser record

$770.4m reported value -13.3% vs Q1 2026

120positions

53.4%in top 10

47 new 30 added 27 reduced 53 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	SOUTHERN FIRST BANCSHARES COM SFST	SFST	892,223	$54.5m7.08%	7.08%	Added +85.0k	+85,000 10.5%
2	EQUITY BANCSHARES INC COM CL A EQBK	EQBK	961,492	$47.1m6.11%	6.11%	Added +40.4k	+40,418 4.4%
3	NICOLET BANKSHARES INC COM NIC	NIC	277,243	$45.9m5.95%	5.95%	Reduced -29.1k	-29,138 -9.5%
4	SOUTHSTATE BK CORP COM SSB	SSB	438,973	$43.9m5.69%	5.69%	Reduced -339.7k	-339,654 -43.6%
5	CALIFORNIA BANCORP COM BCAL	BCAL	2,054,534	$42.8m5.56%	5.56%	Unchanged
6	HOMETRUST BANCSHARES INC COM HTB	HTB	839,115	$41.9m5.43%	5.43%	Reduced -715.3k	-715,310 -46.0%
7	TOWNEBANK PORTSMOUTH VA COM TOWN	TOWN	1,008,071	$36.5m4.74%	4.74%	Added +448.3k	+448,299 80.1%
8	OLD SECOND BANCORP INC ILL COM OSBC	OSBC	1,460,413	$34.1m4.42%	4.42%	Reduced -44.7k	-44,689 -3.0%
9	SEACOAST BKG CORP FLA COM NEW SBCF	SBCF	1,006,363	$33.5m4.34%	4.34%	Added +100.3k	+100,310 11.1%
10	FIRST MERCHANTS CORP COM FRME	FRME	711,425	$31.1m4.03%	4.03%	Unchanged
11	CVB FINL CORP COM CVBF	CVBF	1,295,322	$29.2m3.79%	3.79%	Added +443.9k	+443,896 52.1%
12	BANK HAWAII CORP COM BOH	BOH	312,693	$25.5m3.31%	3.31%	New
13	HORIZON BANCORP INC COM HBNC	HBNC	1,246,550	$24.9m3.23%	3.23%	Reduced -44.7k	-44,658 -3.5%
14	HUNTINGTON BANCSHARES INC COM HBAN	HBAN	1,364,029	$24.2m3.14%	3.14%	Added +247.2k	+247,213 22.1%
15	TRUIST FINL CORP COM TFC	TFC	446,477	$22.2m2.89%	2.89%	New
16	UMB FINL CORP COM UMBF	UMBF	127,486	$18.2m2.36%	2.36%	Added +83.7k	+83,746 191.5%
17	CHAIN BRIDGE BANCORP INC CL A CBNA	CBNA	293,788	$12.4m1.60%	1.60%	Unchanged
18	AVIDIA BANCORP INC COMMON STOCK AVBC	AVBC	497,258	$10.4m1.35%	1.35%	Unchanged
19	LPL FINL HLDGS INC COM LPLA	LPLA	29,967	$8.4m1.10%	1.10%	New
20	ANNALY CAPITAL MANAGEMENT IN COM NEW NLY	NLY	376,036	$8.2m1.07%	1.07%	Added +210.8k	+210,786 127.6%
21	HAWTHORN BANCSHARES INC COM HWBK	HWBK	190,710	$7.5m0.97%	0.97%	Unchanged
22	INDEPENDENT BK CORP MICH COM NEW IBCP	IBCP	203,607	$7.3m0.95%	0.95%	Unchanged
23	WELLS FARGO CO NEW COM WFC	WFC	80,810	$6.7m0.87%	0.87%	New
24	AMERICAN HEALTHCARE REIT INC COM SHS AHR	AHR	127,389	$6.6m0.86%	0.86%	Added +68.8k	+68,797 117.4%
25	FIRST AMERN FINL CORP COM FAF	FAF	91,643	$6.3m0.82%	0.82%	New
26	STOCK YDS BANCORP INC COM SYBT	SYBT	81,359	$6.2m0.81%	0.81%	Reduced -11.5k	-11,490 -12.4%
27	JONES LANG LASALLE INC COM JLL	JLL	18,851	$5.8m0.76%	0.76%	Reduced -13.0k	-13,030 -40.9%
28	FIRSTCASH HOLDINGS INC COM FCFS	FCFS	22,683	$4.9m0.64%	0.64%	Added +17.2k	+17,192 313.1%
29	CHAMPION HOMES INC COM SKY	SKY	50,348	$4.4m0.58%	0.58%	New
30	MIAMI INTL HLDGS INC COM MIAX	MIAX	119,299	$4.4m0.58%	0.58%	New
31	HOYNE BANCORP INC COM HYNE	HYNE	261,000	$4.4m0.57%	0.57%	Unchanged
32	WELLTOWER INC COM WELL	WELL	19,095	$4.3m0.56%	0.56%	Reduced -182	-182 -0.9%
33	MARKETAXESS HLDGS INC COM MKTX	MKTX	37,237	$4.2m0.55%	0.55%	New
34	CNO FINL GROUP INC COM CNO	CNO	82,078	$4.2m0.54%	0.54%	Reduced -49.6k	-49,601 -37.7%
35	HERCULES CAPITAL INC COM HTGC	HTGC	249,039	$3.9m0.51%	0.51%	Reduced -28.6k	-28,627 -10.3%
36	CME GROUP INC COM CME	CME	17,754	$3.9m0.51%	0.51%	New
37	EXZEO GROUP INC COM SHS XZO	XZO	223,788	$3.8m0.49%	0.49%	Reduced -458.7k	-458,652 -67.2%
38	ENCORE CAP GROUP INC COM ECPG	ECPG	38,144	$3.6m0.46%	0.46%	Reduced -2.6k	-2,588 -6.3%
39	REINSURANCE GRP OF AMERICA I COM NEW RGA	RGA	16,077	$3.4m0.44%	0.44%	Added +6.4k	+6,355 65.4%
40	TOLL BROTHERS INC COM TOL	TOL	19,047	$3.1m0.41%	0.41%	Added +7.2k	+7,173 60.4%
41	ETORO GROUP LTD SHS CL A ETOR	ETOR	73,077	$2.9m0.37%	0.37%	New
42	MAIN STR CAP CORP COM MAIN	MAIN	53,085	$2.8m0.36%	0.36%	Reduced -14.6k	-14,582 -21.6%
43	FIRST INDL RLTY TR INC COM FR	FR	44,161	$2.7m0.35%	0.35%	Added +1.7k	+1,660 3.9%
44	GALLAGHER ARTHUR J & CO COM AJG	AJG	11,571	$2.7m0.34%	0.34%	New
45	CTO RLTY GROWTH INC NEW COM CTO	CTO	120,922	$2.6m0.34%	0.34%	Added +4.6k	+4,579 3.9%
46	MSC INCOME FUND INC COM MSIF	MSIF	206,254	$2.4m0.31%	0.31%	Added +35.2k	+35,196 20.6%
47	AMERIS BANCORP COM ABCB	ABCB	26,377	$2.4m0.31%	0.31%	Reduced -108.5k	-108,491 -80.4%
48	UDR INC COM UDR	UDR	59,259	$2.4m0.31%	0.31%	New
49	INVENTRUST PPTYS CORP COM NEW IVT	IVT	66,542	$2.4m0.31%	0.31%	Reduced -45.4k	-45,411 -40.6%
50	HOULIHAN LOKEY INC CL A HLI	HLI	17,497	$2.3m0.30%	0.30%	New
51	BRIXMOR PPTY GROUP INC COM BRX	BRX	71,166	$2.2m0.29%	0.29%	Added +24.4k	+24,368 52.1%
52	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	36,966	$2.2m0.28%	0.28%	Reduced -57.4k	-57,413 -60.8%
53	TPG RE FIN TR INC COM TRTX	TRTX	249,738	$2.1m0.27%	0.27%	New
54	FEDERATED HERMES INC CL B FHI	FHI	37,556	$2.1m0.27%	0.27%	Added +27.2k	+27,197 262.5%
55	GLOBE LIFE INC COM GL	GL	11,558	$2.1m0.27%	0.27%	Added +1.2k	+1,211 11.7%
56	ALLY FINL INC COM ALLY	ALLY	42,195	$1.9m0.25%	0.25%	New
57	EASTGROUP PPTYS INC COM EGP	EGP	9,402	$1.9m0.25%	0.25%	Added +1.5k	+1,472 18.6%
58	DAVE INC CLASS A COM NEW DAVE	DAVE	3,900	$1.5m0.19%	0.19%	Reduced -4.4k	-4,380 -52.9%
59	REDWOOD TRUST INC COM RWT	RWT	304,416	$1.4m0.19%	0.19%	New
60	HCI GROUP INC COM HCI	HCI	7,787	$1.4m0.18%	0.18%	Reduced -29.5k	-29,500 -79.1%
61	SYNCHRONY FINANCIAL COM SYF	SYF	16,838	$1.3m0.17%	0.17%	Added +8.2k	+8,247 96.0%
62	BLOCK INC CL A XYZ	XYZ	16,318	$1.2m0.16%	0.16%	New
63	FRANKLIN RESOURCES INC COM BEN	BEN	33,415	$1.1m0.14%	0.14%	Reduced -52.3k	-52,309 -61.0%
64	CAPITAL ONE FINL CORP COM COF	COF	4,718	$946.5k0.12%	0.12%	Added +442	+442 10.3%
65	MASTERCARD INCORPORATED CL A MA	MA	1,810	$929.6k0.12%	0.12%	Added +292	+292 19.2%
66	PIEDMONT OFFICE REALTY TR IN COM CL A PDM	PDM	100,262	$917.4k0.12%	0.12%	New
67	DIAMONDROCK HOSPITALITY CO COM DRH	DRH	69,618	$847.9k0.11%	0.11%	New
68	HANOVER INS GROUP INC COM THG	THG	3,957	$847.3k0.11%	0.11%	Reduced -18.6k	-18,578 -82.4%
69	AFFIRM HLDGS INC COM CL A AFRM	AFRM	10,378	$846.3k0.11%	0.11%	New
70	POSTAL REALTY TRUST INC CL A PSTL	PSTL	33,921	$835.8k0.11%	0.11%	Unchanged
71	ROCKET COS INC COM CL A RKT	RKT	49,765	$783.8k0.10%	0.10%	New
72	SLIDE INS HLDGS INC COM SLDE	SLDE	39,757	$770.1k0.10%	0.10%	New
73	EVEREST GROUP LTD COM EG	EG	2,147	$767.0k0.10%	0.10%	New
74	CHIME FINL INC COM SHS CL A CHYM	CHYM	36,618	$749.9k0.10%	0.10%	New
75	NEPTUNE INS HLDGS INC CL A NP	NP	22,993	$724.3k0.09%	0.09%	Added +1.2k	+1,224 5.6%
76	VISA INC COM CL A V	V	2,020	$693.0k0.09%	0.09%	Unchanged
77	AMERICAN HOMES 4 RENT CL A AMH	AMH	20,264	$679.2k0.09%	0.09%	New
78	SIRIUSPOINT LTD COM SPNT	SPNT	28,197	$676.7k0.09%	0.09%	Reduced -15.9k	-15,946 -36.1%
79	ENTERPRISE FINL SVCS CORP COM EFSC	EFSC	10,182	$670.8k0.09%	0.09%	Unchanged
80	AMERICAN FINL GROUP INC OHIO COM AFG	AFG	4,782	$669.2k0.09%	0.09%	New
81	JANUS LIVING INC CL A-1 JAN	JAN	21,522	$618.5k0.08%	0.08%	New
82	ACI WORLDWIDE INC COM ACIW	ACIW	11,949	$600.9k0.08%	0.08%	Unchanged
83	ELEVANCE HEALTH INC COM ELV	ELV	1,433	$554.2k0.07%	0.07%	New
84	BREAD FINANCIAL HOLDINGS INC COM BFH	BFH	5,007	$542.5k0.07%	0.07%	Added +1.5k	+1,541 44.5%
85	XENIA HOTELS & RESORTS INC COM XHR	XHR	26,301	$535.5k0.07%	0.07%	Added +2.8k	+2,839 12.1%
86	P10 INC COM CL A RPC	RPC	66,926	$526.7k0.07%	0.07%	Added +55.8k	+55,819 502.6%
87	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	4,078	$524.2k0.07%	0.07%	Reduced -1.3k	-1,255 -23.5%
88	CAMDEN PPTY TR SH BEN INT CPT	CPT	4,539	$519.7k0.07%	0.07%	New
89	CARLYLE GROUP INC COM CG	CG	12,149	$511.6k0.07%	0.07%	Added +5.1k	+5,094 72.2%
90	COPT DEFENSE PROPERTIES SHS BEN INT CDP	CDP	13,900	$505.8k0.07%	0.07%	Unchanged
91	MERCURY GENL CORP NEW COM MCY	MCY	4,682	$499.2k0.06%	0.06%	New
92	KLARNA GROUP PLC SHS KLAR	KLAR	24,539	$496.7k0.06%	0.06%	New
93	LXP INDUSTRIAL TRUST COM LXP	LXP	9,150	$493.0k0.06%	0.06%	New
94	RLJ LODGING TR COM RLJ	RLJ	41,508	$491.9k0.06%	0.06%	New
95	MARKEL GROUP INC COM MKL	MKL	251	$490.2k0.06%	0.06%	Added +49	+49 24.3%
96	IRON MTN INC DEL COM IRM	IRM	3,814	$481.7k0.06%	0.06%	New
97	TRANSUNION COM TRU	TRU	6,113	$441.0k0.06%	0.06%	Reduced -6.3k	-6,311 -50.8%
98	ASSURANT INC COM AIZ	AIZ	1,576	$423.2k0.05%	0.05%	New
99	UNIVERSAL HEALTH RLTY INCOME SH BEN INT UHT	UHT	9,409	$412.7k0.05%	0.05%	Unchanged
100	GOOSEHEAD INS INC COM CL A GSHD	GSHD	7,925	$384.4k0.05%	0.05%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
EASTERN BANKSHARES INC EBC	EBC	1,741,864	$34.1m1.7m shares
RBB BANCORP RBB	RBB	1,511,408	$32.3m1.5m shares
BANKUNITED INC BKU	BKU	380,554	$17.2m380.6k shares
OLD NATL BANCORP IND ONB	ONB	717,018	$15.8m717.0k shares
SOUTHERN MO BANCORP INC SMBC	SMBC	202,427	$12.9m202.4k shares
INDEPENDENT BK CORP MASS INDB	INDB	165,653	$12.5m165.7k shares
NORTHERN TR CORP NTRS	NTRS	79,026	$11.0m79.0k shares
BANK AMERICA CORP BAC	BAC	189,376	$9.2m189.4k shares
MORGAN STANLEY MS	MS	56,089	$9.2m56.1k shares
WESBANCO INC WSBC	WSBC	243,843	$8.4m243.8k shares
JOHN MARSHALL BANCORP INC JMSB	JMSB	412,273	$8.4m412.3k shares
CITIZENS FINL GROUP INC CFG	CFG	125,939	$7.6m125.9k shares
SERVISFIRST BANCSHARES INC SFBS	SFBS	79,906	$5.8m79.9k shares
SCHWAB CHARLES CORP SCHW	SCHW	61,883	$5.8m61.9k shares
VIRTU FINL INC VIRT	VIRT	125,790	$5.5m125.8k shares
PALOMAR HLDGS INC PLMR	PLMR	45,433	$5.4m45.4k shares
AMERANT BANCORP INC AMTB	AMTB	245,913	$5.4m245.9k shares
US BANCORP DEL USB	USB	98,115	$5.1m98.1k shares
ESSENT GROUP LTD ESNT	ESNT	75,024	$4.4m75.0k shares
PULTE GROUP INC PHM	PHM	35,719	$4.2m35.7k shares
ONEMAIN HLDGS INC OMF	OMF	75,795	$4.1m75.8k shares
DIGITAL RLTY TR INC DLR	DLR	20,829	$3.8m20.8k shares
NASDAQ INC NDAQ	NDAQ	42,372	$3.6m42.4k shares
EQUINIX INC EQIX	EQIX	3,563	$3.5m3.6k shares
EAGLE BANCORP INC MD EGBN	EGBN	126,895	$3.2m126.9k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
SOUTHERN FIRST BANCSHARES SFST · 13G · filed 2024-11-13	SFST	9.9%≈ $49.3m		13G	2024-11-13
CHAIN BRIDGE BANCORP INC CBNA · 13G · filed 2025-08-13	CBNA	9.4%≈ $12.4m	-1.4 pts	13G	2025-08-13
STERLING BANCORP INC SBT · 13G · filed 2025-05-09	SBT	7.7%	-0.6 pts	13G	2025-05-09
ESSA BANCORP INC 13G · filed 2025-08-13		6.8%		13G	2025-08-13
CALIFORNIA BANCORP BCAL · 13G · filed 2026-01-29	BCAL	6.3%≈ $42.8m	new	13G	2026-01-29
BCB BANCORP INC BCBP · 13G · filed 2026-09-30	BCBP	5.3%≈ $11.2m	new	13G	2026-09-30