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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 $2,256,191,226 across 40 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 70.76% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001214659-25-012175

Period
2025-06-30
Reported value
$2.26B
Holdings
40
Top 10 weight
70.76%
New
8
Sold out
14

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SNVadded+1,177,500$60.9M
STELadded+1,520,000$42.5M
Cnew+450,000$38.3M
PIPRadded+120,000$33.4M
AUBadded+1,049,500$32.8M

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
GPNexited-2,014,700-$197M
AVIDXCHANGE HOLDINGS INCexited-8,675,000-$73.6M
WFCreduced-900,000-$72.1M
ABCBreduced-621,427-$40.2M
UCBexited-625,000-$17.6M

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, Q2 2025

Share positions as resolved from 13F-HR 0001214659-25-012175, largest first. % of portfolio is the value over $2,256,191,226, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
FHNFIRST HORIZON CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,200,000 shares; 2024Q4: 12,022,000 shares; 2025Q1: 12,375,000 shares; 2025Q2: 12,575,000 shares 12,575,000$267M11.82%+200,000Timeline
CMACOMERICA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,500,000 shares; 2024Q4: 4,050,000 shares; 2025Q1: 4,132,000 shares; 2025Q2: 4,175,000 shares 4,175,000$249M11.04%+43,000Timeline
SNVSYNOVUS FINANCIAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,367,500 shares; 2024Q4: 2,321,000 shares; 2025Q1: 2,397,500 shares; 2025Q2: 3,575,000 shares 3,575,000$185M8.2%+1,177,500Timeline
SBCFSEACOAST BKG CORP FLAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,080,000 shares; 2024Q4: 4,230,000 shares; 2025Q1: 5,223,924 shares; 2025Q2: 5,750,000 shares 5,750,000$159M7.04%+526,076Timeline
TCBITEXAS CAP BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,675,000 shares; 2024Q4: 928,439 shares; 2025Q1: 2,112,223 shares; 2025Q2: 1,984,977 shares 1,984,977$158M6.99%-127,246Timeline
PNFPPINNACLE FINANCIAL PARTNERSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,235,000 shares; 2024Q4: 1,940,000 shares; 2025Q1: 1,185,000 shares; 2025Q2: 1,165,000 shares 1,165,000$129M5.7%-20,000Timeline
ABCBAMERIS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,325,000 shares; 2024Q4: 2,533,000 shares; 2025Q1: 2,511,445 shares; 2025Q2: 1,890,018 shares 1,890,018$122M5.42%-621,427Timeline
WFCWELLS FARGO & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 870,000 shares; 2024Q4: 2,125,000 shares; 2025Q1: 2,375,000 shares; 2025Q2: 1,475,000 shares 1,475,000$118M5.24%-900,000Timeline
ACIWACI WORLDWIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,810,000 shares; 2024Q4: 2,141,000 shares; 2025Q1: 2,522,888 shares; 2025Q2: 2,540,000 shares 2,540,000$117M5.17%+17,112Timeline
MKTXMARKETAXESS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 160,000 shares; 2024Q4: 271,318 shares; 2025Q1: 360,000 shares; 2025Q2: 420,000 shares 420,000$93.8M4.16%+60,000Timeline
AUBATLANTIC UN BANKSHARES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,083,999 shares; 2025Q1: 1,700,500 shares; 2025Q2: 2,750,000 shares 2,750,000$86M3.81%+1,049,500Timeline
QTWOQ2 HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,005,000 shares; 2024Q4: 780,189 shares; 2025Q1: 825,000 shares; 2025Q2: 840,520 shares 840,520$78.7M3.49%+15,520Timeline
PIPRPIPER SANDLER COSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 121,910 shares; 2024Q4: 85,348 shares; 2025Q1: 110,000 shares; 2025Q2: 230,000 shares 230,000$63.9M2.83%+120,000Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 50,000 shares; 2025Q2: 140,000 shares 140,000$49.7M2.2%+90,000Timeline
STELSTELLAR BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 20,000 shares; 2025Q2: 1,540,000 shares 1,540,000$43.1M1.91%+1,520,000Timeline
FFWMFIRST FNDTN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,551,861 shares; 2024Q4: 4,386,861 shares; 2025Q1: 5,609,000 shares; 2025Q2: 7,615,000 shares 7,615,000$38.8M1.72%+2,006,000Timeline
CCITIGROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 450,000 shares 450,000$38.3M1.7%newTimeline
MQMARQETA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,900,000 shares; 2024Q4: 7,786,999 shares; 2025Q1: 8,550,000 shares; 2025Q2: 6,500,000 shares 6,500,000$37.9M1.68%-2,050,000Timeline
HTHHILLTOP HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 530,000 shares; 2024Q4: 198,575 shares; 2025Q1: 1,190,000 shares; 2025Q2: 1,185,000 shares 1,185,000$36M1.59%-5,000Timeline
NTRSNORTHERN TR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 185,000 shares 185,000$23.5M1.04%newTimeline
AAMIACADIAN ASSET MANAGEMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,079,325 shares; 2024Q4: 525,000 shares; 2025Q1: 489,697 shares; 2025Q2: 480,000 shares 480,000$16.9M0.75%-9,697Timeline
TFCTRUIST FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 500,001 shares; 2025Q2: 325,000 shares 325,000$14M0.62%-175,001Timeline
BMRCBANK OF MARIN BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 322,936 shares; 2024Q4: 470,956 shares; 2025Q1: 632,000 shares; 2025Q2: 600,000 shares 600,000$13.7M0.61%-32,000Timeline
SCHWCHARLES SCHWAB CORP (THE)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 599,999 shares; 2024Q4: 374,999 shares; 2025Q1: 275,000 shares; 2025Q2: 150,000 shares 150,000$13.7M0.61%-125,000Timeline
FLYWFLYWIRE CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,325,801 shares; 2024Q4: 1,638,914 shares; 2025Q1: 1,200,000 shares; 2025Q2: 1,100,000 shares 1,100,000$12.9M0.57%-100,000Timeline
CRMTAMERICAS CAR-MART INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 210,407 shares; 2024Q4: 227,000 shares; 2025Q1: 280,000 shares; 2025Q2: 226,045 shares 226,045$12.7M0.56%-53,955Timeline
MYFWFIRST WESTN FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 303,421 shares; 2024Q4: 312,423 shares; 2025Q1: 379,178 shares; 2025Q2: 545,722 shares 545,722$12.3M0.55%+166,544Timeline
VYXNCR VOYIX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 77,068 shares; 2024Q4: 401,200 shares; 2025Q1: 900,000 shares; 2025Q2: 900,001 shares 900,001$10.6M0.47%+1Timeline
BACBANK OF AMER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 200,000 shares 200,000$9.46M0.42%newTimeline
NPBNORTHPOINTE BANCSHARES INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 601,345 shares; 2025Q2: 601,344 shares 601,344$8.24M0.37%-1Timeline
EGBNEAGLE BANCORPORATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 275,000 shares; 2024Q4: 967,593 shares; 2025Q1: 1,067,781 shares; 2025Q2: 400,000 shares 400,000$7.79M0.35%-667,781Timeline
GCMGGCM GROSVENOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: not reported; 2025Q1: 366,880 shares; 2025Q2: 530,196 shares 530,196$6.13M0.27%+163,316Timeline
BRBSBLUE RIDGE BANKSHARES INC VAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,515,107 shares 1,515,107$5.44M0.24%newTimeline
JCAPJEFFERSON CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 250,000 shares 250,000$4.61M0.2%newTimeline
ALKTALKAMI TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 200,000 shares; 2024Q4: 139,416 shares; 2025Q1: 139,414 shares; 2025Q2: 139,413 shares 139,413$4.2M0.19%-1Timeline
VERITEX HLDGS INCVERITEX HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 416,470 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 130,187 shares 130,187$3.4M0.15%new
PYPLPAYPAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 45,000 shares 45,000$3.34M0.15%newTimeline
FOURSHIFT4 PMTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 124,998 shares; 2025Q1: 80,000 shares; 2025Q2: 25,000 shares 25,000$2.48M0.11%-55,000Timeline
SMBKSMARTFINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 46,104 shares 46,104$1.56M0.07%newTimeline
GUARANTY BANCSHARES INCGUARANTY BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 60,100 shares; 2025Q2: 10,000 shares 10,000$424K0.02%-50,100

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
GPNGLOBAL PMTS INC2,014,700$197Mshares
AVIDXCHANGE HOLDINGS INCAVIDXCHANGE HOLDINGS INC8,675,000$73.6Mshares
UCBUNITED CMNTY BKS BLAIRSVLE G625,000$17.6Mshares
PACIFIC PREMIER BANCORP INCPACIFIC PREMIER BANCORP INC605,856$12.9Mshares
KEYKEYCORP600,000$9.59Mshares
AMGAFFILIATED MANAGERS GROUP50,000$8.4Mshares
CPFCENTRAL PAC FINL CORP298,482$8.07Mshares
BUSEFIRST BUSEY CORP269,929$5.83Mshares
PRTHPRIORITY TECHNOLOGY HLDGS IN350,000$2.39Mshares
BILLBILL HOLDINGS INC42,335$1.94Mshares
EBCEASTERN BANKSHARES INC100,000$1.64Mshares
RPAYREPAY HLDGS CORP280,683$1.56Mshares
FSUNFIRSTSUN CAP BANCORP40,679$1.47Mshares
NCNONCINO INC50,000$1.37Mshares

How Q2 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 0001214659-25-012175 base2025-08-14acceptance time not in the bulk data set