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North Reef Capital Management LP

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13F filer, CIK 1867831, LAGUNA BEACH, CA

North Reef Capital Management LP reported $2,311,346,419 across 46 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 72.02% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001214659-25-007829

Period
2025-03-31
Reported value
$2.31B
Holdings
46
Top 10 weight
72.02%
New
14
Sold out
9

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GPNadded+1,132,701$111M
TCBIadded+1,183,784$88.4M
HTHadded+991,425$30.2M
SBCFadded+993,924$25.6M
ACIWadded+381,888$20.9M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
PNFPreduced-755,000-$80.1M
CMEexited-184,561-$42.9M
PBexited-387,670-$29.2M
CBSHexited-320,246-$20M
BOHexited-275,000-$19.6M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001214659-25-007829, largest first. % of portfolio is the value over $2,311,346,419, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CMACOMERICA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,500,000 shares; 2024Q4: 4,050,000 shares; 2025Q1: 4,132,000 shares 4,132,000$244M10.56%+82,000Timeline
FHNFIRST HORIZON CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,200,000 shares; 2024Q4: 12,022,000 shares; 2025Q1: 12,375,000 shares 12,375,000$240M10.4%+353,000Timeline
GPNGLOBAL PMTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 845,000 shares; 2024Q4: 881,999 shares; 2025Q1: 2,014,700 shares 2,014,700$197M8.54%+1,132,701Timeline
WFCWELLS FARGO & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 870,000 shares; 2024Q4: 2,125,000 shares; 2025Q1: 2,375,000 shares 2,375,000$171M7.38%+250,000Timeline
TCBITEXAS CAP BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,675,000 shares; 2024Q4: 928,439 shares; 2025Q1: 2,112,223 shares 2,112,223$158M6.83%+1,183,784Timeline
ABCBAMERIS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,325,000 shares; 2024Q4: 2,533,000 shares; 2025Q1: 2,511,445 shares 2,511,445$145M6.26%-21,555Timeline
ACIWACI WORLDWIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,810,000 shares; 2024Q4: 2,141,000 shares; 2025Q1: 2,522,888 shares 2,522,888$138M5.97%+381,888Timeline
SBCFSEACOAST BKG CORP FLAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,080,000 shares; 2024Q4: 4,230,000 shares; 2025Q1: 5,223,924 shares 5,223,924$134M5.82%+993,924Timeline
PNFPPINNACLE FINANCIAL PARTNERSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,235,000 shares; 2024Q4: 1,940,000 shares; 2025Q1: 1,185,000 shares 1,185,000$126M5.44%-755,000Timeline
SNVSYNOVUS FINANCIAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,367,500 shares; 2024Q4: 2,321,000 shares; 2025Q1: 2,397,500 shares 2,397,500$112M4.85%+76,500Timeline
MKTXMARKETAXESS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 160,000 shares; 2024Q4: 271,318 shares; 2025Q1: 360,000 shares 360,000$77.9M3.37%+88,682Timeline
AVIDXCHANGE HOLDINGS INCAVIDXCHANGE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,800,000 shares; 2024Q4: 7,994,000 shares; 2025Q1: 8,675,000 shares 8,675,000$73.6M3.18%+681,000
QTWOQ2 HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,005,000 shares; 2024Q4: 780,189 shares; 2025Q1: 825,000 shares 825,000$66M2.86%+44,811Timeline
AUBATLANTIC UN BANKSHARES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,083,999 shares; 2025Q1: 1,700,500 shares 1,700,500$53M2.29%-383,499Timeline
HTHHILLTOP HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 530,000 shares; 2024Q4: 198,575 shares; 2025Q1: 1,190,000 shares 1,190,000$36.2M1.57%+991,425Timeline
MQMARQETA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,900,000 shares; 2024Q4: 7,786,999 shares; 2025Q1: 8,550,000 shares 8,550,000$35.2M1.52%+763,001Timeline
FFWMFIRST FNDTN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,551,861 shares; 2024Q4: 4,386,861 shares; 2025Q1: 5,609,000 shares 5,609,000$29.1M1.26%+1,222,139Timeline
PIPRPIPER SANDLER COSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 121,910 shares; 2024Q4: 85,348 shares; 2025Q1: 110,000 shares 110,000$27.2M1.18%+24,652Timeline
EGBNEAGLE BANCORPORATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 275,000 shares; 2024Q4: 967,593 shares; 2025Q1: 1,067,781 shares 1,067,781$22.4M0.97%+100,188Timeline
SCHWCHARLES SCHWAB CORP (THE)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 599,999 shares; 2024Q4: 374,999 shares; 2025Q1: 275,000 shares 275,000$21.5M0.93%-99,999Timeline
TFCTRUIST FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 500,001 shares 500,001$20.6M0.89%newTimeline
UCBUNITED CMNTY BKS BLAIRSVLE GQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 625,000 shares 625,000$17.6M0.76%newTimeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 50,000 shares 50,000$17.5M0.76%newTimeline
BMRCBANK OF MARIN BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 322,936 shares; 2024Q4: 470,956 shares; 2025Q1: 632,000 shares 632,000$13.9M0.6%+161,044Timeline
PACIFIC PREMIER BANCORP INCPACIFIC PREMIER BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 605,856 shares 605,856$12.9M0.56%new
CRMTAMERICAS CAR-MART INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 210,407 shares; 2024Q4: 227,000 shares; 2025Q1: 280,000 shares 280,000$12.7M0.55%+53,000Timeline
AAMIACADIAN ASSET MANAGEMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,079,325 shares; 2024Q4: 525,000 shares; 2025Q1: 489,697 shares 489,697$12.7M0.55%-35,303Timeline
FLYWFLYWIRE CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,325,801 shares; 2024Q4: 1,638,914 shares; 2025Q1: 1,200,000 shares 1,200,000$11.4M0.49%-438,914Timeline
KEYKEYCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 600,000 shares 600,000$9.59M0.42%newTimeline
VYXNCR VOYIX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 77,068 shares; 2024Q4: 401,200 shares; 2025Q1: 900,000 shares 900,000$8.78M0.38%+498,800Timeline
NPBNORTHPOINTE BANCSHARES INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 601,345 shares 601,345$8.68M0.38%newTimeline
AMGAFFILIATED MANAGERS GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 27,386 shares; 2025Q1: 50,000 shares 50,000$8.4M0.36%+22,614Timeline
CPFCENTRAL PAC FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,715 shares; 2024Q4: 188,558 shares; 2025Q1: 298,482 shares 298,482$8.07M0.35%+109,924Timeline
MYFWFIRST WESTN FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 303,421 shares; 2024Q4: 312,423 shares; 2025Q1: 379,178 shares 379,178$7.45M0.32%+66,755Timeline
FOURSHIFT4 PMTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 124,998 shares; 2025Q1: 80,000 shares 80,000$6.54M0.28%-44,998Timeline
BUSEFIRST BUSEY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 269,929 shares 269,929$5.83M0.25%newTimeline
GCMGGCM GROSVENOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: not reported; 2025Q1: 366,880 shares 366,880$4.85M0.21%newTimeline
ALKTALKAMI TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 200,000 shares; 2024Q4: 139,416 shares; 2025Q1: 139,414 shares 139,414$3.66M0.16%-2Timeline
GUARANTY BANCSHARES INCGUARANTY BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 60,100 shares 60,100$2.41M0.1%new
PRTHPRIORITY TECHNOLOGY HLDGS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 350,000 shares 350,000$2.39M0.1%newTimeline
BILLBILL HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 290,000 shares; 2024Q4: 9,442 shares; 2025Q1: 42,335 shares 42,335$1.94M0.08%+32,893Timeline
EBCEASTERN BANKSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 100,000 shares 100,000$1.64M0.07%newTimeline
RPAYREPAY HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 399,985 shares; 2024Q4: 280,684 shares; 2025Q1: 280,683 shares 280,683$1.56M0.07%-1Timeline
FSUNFIRSTSUN CAP BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 40,679 shares 40,679$1.47M0.06%newTimeline
NCNONCINO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 50,000 shares 50,000$1.37M0.06%newTimeline
STELSTELLAR BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 20,000 shares 20,000$553K0.02%newTimeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
CMECME GROUP INC184,561$42.9Mshares
PBPROSPERITY BANCSHARES INC387,670$29.2Mshares
CBSHCOMMERCE BANCSHARES INC320,246$20Mshares
BOHBANK OF HI CORP275,000$19.6Mshares
WALWESTERN ALLIANCE BANCORP150,000$12.5Mshares
FSBCFIVE STAR BANCORP111,320$3.35Mshares
MPBMID PENN BANCORP INC81,000$2.34Mshares
IIIVI3 VERTICALS INC46,069$1.06Mshares
FCFSFIRSTCASH HOLDINGS INC5,650$585Kshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001214659-25-007829 base2025-05-15acceptance time not in the bulk data set