North Reef Capital Management LP

LAGUNA BEACH, CA · CIK 1867831 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2022 · limited partnership

Assets managed$4.1bn
Staff8 · 3 in investment roles
Main clients (by assets)Private funds 93%, Mutual funds and ETFs 7%
Private funds2 (2 hedge) · $1.7bn gross assets
Websitenorthreefcapital.com
Form ADV · 2026-03-30SEC adviser record

Legal entityNORTH REEF CAPITAL MANAGEMENT LP (US)

$2.6bn reported value -10.2% vs Q1 2026

43positions

73.0%in top 10

4 new 21 added 18 reduced 21 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	MARKETAXESS HLDGS INC COM MKTX	MKTX	3,395,000	$385.3m14.77%	14.77%	Added +1.5m	+1,520,000 81.1%
2	AMERIS BANCORP COM ABCB	ABCB	2,732,243	$246.6m9.46%	9.46%	Reduced -691.0k	-691,000 -20.2%
3	FIRST HORIZON CORPORATION COM FHN	FHN	9,201,256	$235.9m9.05%	9.05%	Reduced -5.3m	-5,251,952 -36.3%
4	KEYCORP COM KEY	KEY	8,250,000	$190.2m7.29%	7.29%	Reduced -4.4m	-4,400,000 -34.8%
5	ALKAMI TECHNOLOGY INC COM ALKT	ALKT	9,225,000	$167.2m6.41%	6.41%	Added +1.6m	+1,575,000 20.6%
6	SEACOAST BKG CORP FLA COM NEW SBCF	SBCF	4,775,000	$158.8m6.09%	6.09%	Reduced -1.1m	-1,050,000 -18.0%
7	ATLANTIC UN BANKSHARES CORP COM AUB	AUB	3,565,000	$150.8m5.78%	5.78%	Reduced -720.0k	-720,000 -16.8%
8	CENTRAL BANCOMPANY COM CL A CBC	CBC	4,600,000	$139.7m5.36%	5.36%	Added +525.0k	+525,000 12.9%
9	ACI WORLDWIDE INC COM ACIW	ACIW	2,617,000	$131.6m5.05%	5.05%	Added +387.0k	+387,000 17.4%
10	PIPER SANDLER COMPANIES COM NEW PIPR	PIPR	1,350,000	$97.7m3.74%	3.74%	Added +385.4k	+385,368 40.0%
11	PINNACLE FINL PARTNERS INC COM PNFP	PNFP	731,537	$73.8m2.83%	2.83%	Added +630.6k	+630,602 624.8%
12	TRUSTMARK CORP COM TRMK	TRMK	1,565,551	$72.0m2.76%	2.76%	Reduced -387.4k	-387,379 -19.8%
13	NORTHERN TR CORP COM NTRS	NTRS	345,000	$60.0m2.30%	2.30%	Added +46.4k	+46,441 15.6%
14	EAGLE BANCORP INC MD COM EGBN	EGBN	1,713,535	$48.6m1.87%	1.87%	Reduced -992.5k	-992,490 -36.7%
15	AMERANT BANCORP INC CL A AMTB	AMTB	1,855,507	$47.4m1.82%	1.82%	Added +695.0k	+695,019 59.9%
16	FLAGSTAR FINANCIAL INC COM NEW FLG	FLG	3,050,000	$45.6m1.75%	1.75%	Added +260.0k	+260,000 9.3%
17	GLOBAL PMTS INC COM GPN	GPN	580,000	$42.1m1.61%	1.61%	Added +480.0k	+480,000 480.0%
18	TRICO BANCSHARES COM TCBK	TCBK	667,061	$35.9m1.38%	1.38%	Added +293.9k	+293,920 78.8%
19	MARQETA INC CLASS A COM CLASS A COM		7,900,000	$32.1m1.23%	1.23%	Added +500.0k	+500,000 6.8%
20	FIRST WESTN FINL INC COM MYFW	MYFW	742,630	$23.8m0.91%	0.91%	Added +26.0k	+26,021 3.6%
21	I3 VERTICALS INC COM CL A IIIV	IIIV	1,075,000	$23.0m0.88%	0.88%	Added +50.0k	+50,000 4.9%
22	WEALTHFRONT CORP COM WLTH	WLTH	2,444,253	$21.9m0.84%	0.84%	Reduced -441.0k	-441,004 -15.3%
23	PRIMIS FINANCIAL CORP COM FRST	FRST	1,226,283	$20.1m0.77%	0.77%	Added +91.0k	+91,002 8.0%
24	NATIONAL BK HLDGS CORP CL A NBHC	NBHC	437,241	$19.4m0.74%	0.74%	Added +116.9k	+116,889 36.5%
25	BANNER CORP COM NEW BANR	BANR	260,156	$17.3m0.66%	0.66%	Added +64.7k	+64,707 33.1%
26	SCHWAB CHARLES CORP COM SCHW	SCHW	175,000	$16.1m0.62%	0.62%	Reduced -175.0k	-175,000 -50.0%
27	PAYMENTUS HOLDINGS INC COM CL A PAY	PAY	600,000	$14.5m0.56%	0.56%	Reduced -134.6k	-134,551 -18.3%
28	FORBRIGHT INC CL A COM FRBT	FRBT	649,999	$11.9m0.46%	0.46%	New
29	JEFFERSON CAPITAL INC COM JCAP	JCAP	530,598	$10.3m0.40%	0.40%	Reduced -1.6k	-1,553 -0.3%
30	COASTALSOUTH BANCSHARES INC COM NEW COSO	COSO	370,982	$10.0m0.38%	0.38%	Added +50.0k	+50,000 15.6%
31	PROSPERITY BANCSHARES INC COM PB	PB	130,000	$9.5m0.36%	0.36%	Reduced -977.9k	-977,877 -88.3%
32	MIAMI INTL HLDGS INC COM MIAX	MIAX	251,354	$9.3m0.36%	0.36%	Reduced -762.9k	-762,920 -75.2%
33	FLYWIRE CORPORATION COM VTG FLYW	FLYW	450,000	$7.9m0.30%	0.30%	Reduced -650.0k	-650,000 -59.1%
34	GCM GROSVENOR INC COM CL A GCMG	GCMG	630,180	$7.8m0.30%	0.30%	Added +1	+1 0.0%
35	SMARTFINANCIAL INC COM NEW SMBK	SMBK	137,089	$6.4m0.25%	0.25%	Added +1	+1 0.0%
36	ACADIAN ASSET MANAGEMENT INC COM AAMI	AAMI	86,596	$6.2m0.24%	0.24%	Reduced -133.6k	-133,643 -60.7%
37	SIMMONS 1ST NATL CORP CL A $1 PAR SFNC	SFNC	150,000	$3.4m0.13%	0.13%	New
38	NEWTEKONE INC COM NEW NEWT	NEWT	155,681	$2.3m0.09%	0.09%	Reduced -43.3k	-43,273 -21.8%
39	NORTHPOINTE BANCSHARES INC. COM SHS NPB	NPB	100,000	$1.9m0.07%	0.07%	Reduced -132.4k	-132,396 -57.0%
40	INTERNATIONAL BANCSHARES COR COM IBOC	IBOC	25,000	$1.9m0.07%	0.07%	New
41	BANK OF THE JAMES FINL GP IN COM BOTJ	BOTJ	50,132	$1.3m0.05%	0.05%	New
42	GEMINI SPACE STA INC CL A COM GEMI	GEMI	100,001	$426.0k0.02%	0.02%	Added +50.3k	+50,263 101.1%
43	UWM HOLDINGS CORPORATION COM CL A UWMC	UWMC	100,000	$229.0k0.01%	0.01%	Reduced -253.4k	-253,429 -71.7%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
VISA INC V	V	360,000	$108.8m360.0k shares
TRADEWEB MKTS INC TW	TW	337,071	$39.7m337.1k shares
FIDELITY NATL INFORMATION SV FIS	FIS	775,000	$36.4m775.0k shares
FIRST FNDTN INC FFWM	FFWM	5,911,778	$34.9m5.9m shares
Q2 HLDGS INC QTWO	QTWO	620,814	$29.4m620.8k shares
BANC OF CALIFORNIA INC BANC	BANC	1,500,000	$26.4m1.5m shares
FB FINL CORP FBK	FBK	500,000	$26.0m500.0k shares
RAYMOND JAMES FINL INC RJF	RJF	159,162	$23.0m159.2k shares
AMERICAN EXPRESS CO AXP	AXP	50,000	$15.1m50.0k shares
FIRST INTST BANCSYSTEM INC FIBK	FIBK	325,157	$10.9m325.2k shares
NCR VOYIX CORPORATION VYX	VYX	810,732	$5.1m810.7k shares
STIFEL FINL CORP SF	SF	57,230	$4.2m57.2k shares
FIGURE TECHNOLOGY SOLUTIO FIGR	FIGR	119,398	$4.1m119.4k shares
AVIDBANK HLDGS INC AVBH	AVBH	123,022	$3.5m123.0k shares
CAPITAL ONE FINL CORP COF	COF	18,659	$3.4m18.7k shares
AMERICAS CAR-MART INC CRMT	CRMT	258,637	$3.3m258.6k shares
KLARNA GROUP PLC KLAR	KLAR	223,820	$2.9m223.8k shares
USCB FINANCIAL HOLDINGS INC USCB	USCB	128,093	$2.4m128.1k shares
CVB FINL CORP CVBF	CVBF	100,000	$1.9m100.0k shares
RBB BANCORP RBB	RBB	64,150	$1.4m64.2k shares
RENASANT CORP RNST	RNST	14,923	$539.2k14.9k 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
MARKETAXESS HLDGS INC MKTX · 13G · filed 2026-08-14	MKTX	9.6%≈ $385.3m	+4.3 pts	13G	2026-08-14
ALKAMI TECHNOLOGY INC ALKT · 13G · filed 2026-08-14	ALKT	8.6%≈ $167.2m	+1.5 pts	13G	2026-08-14
FIRST WESTN FINL INC MYFW · 13G · filed 2026-02-17	MYFW	7.1%≈ $22.0m		13G	2026-02-17
EAGLE BANCORP INC MD EGBN · 13G · filed 2026-08-14	EGBN	5.6%≈ $48.6m	-4.1 pts	13G	2026-08-14
I3 VERTICALS INC IIIV · 13G · filed 2026-08-14	IIIV	5.5%≈ $23.0m	new	13G	2026-08-14