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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 $2,138,371,556 across 43 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 77.08% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001214659-25-016568

Period
2025-09-30
Reported value
$2.14B
Holdings
43
Top 10 weight
77.08%
New
16
Sold out
13

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CADEnew+7,055,000$265M
MKTXadded+491,358$85.6M
QTWOadded+849,480$61.5M
EGBNadded+2,232,918$45.1M
AUBadded+963,604$34M

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
SNVexited-3,575,000-$185M
PNFPexited-1,165,000-$129M
TCBIreduced-1,429,977-$121M
WFCexited-1,475,000-$118M
CMAreduced-605,000-$41.5M

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, Q3 2025

Share positions as resolved from 13F-HR 0001214659-25-016568, largest first. % of portfolio is the value over $2,138,371,556, 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; 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; 2025Q3: 12,370,000 shares 12,370,000$280M13.08%-205,000Timeline
CADECADENCE BANKQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 7,055,000 shares 7,055,000$265M12.39%newTimeline
CMACOMERICA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,570,000 shares 3,570,000$245M11.44%-605,000Timeline
MKTXMARKETAXESS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 160,000 shares; 2024Q4: 271,318 shares; 2025Q1: 360,000 shares; 2025Q2: 420,000 shares; 2025Q3: 911,358 shares 911,358$159M7.43%+491,358Timeline
SBCFSEACOAST BKG CORP FLAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,995,000 shares 4,995,000$152M7.11%-755,000Timeline
ABCBAMERIS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,981,061 shares 1,981,061$145M6.79%+91,043Timeline
AUBATLANTIC UN BANKSHARES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,083,999 shares; 2025Q1: 1,700,500 shares; 2025Q2: 2,750,000 shares; 2025Q3: 3,713,604 shares 3,713,604$131M6.13%+963,604Timeline
QTWOQ2 HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,005,000 shares; 2024Q4: 780,189 shares; 2025Q1: 825,000 shares; 2025Q2: 840,520 shares; 2025Q3: 1,690,000 shares 1,690,000$122M5.72%+849,480Timeline
ACIWACI WORLDWIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,783,851 shares 1,783,851$94.1M4.4%-756,149Timeline
STELSTELLAR BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 20,000 shares; 2025Q2: 1,540,000 shares; 2025Q3: 1,829,937 shares 1,829,937$55.5M2.6%+289,937Timeline
EGBNEAGLE BANCORPORATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 275,000 shares; 2024Q4: 967,593 shares; 2025Q1: 1,067,781 shares; 2025Q2: 400,000 shares; 2025Q3: 2,632,918 shares 2,632,918$53.2M2.49%+2,232,918Timeline
PIPRPIPER SANDLER COSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 121,910 shares; 2024Q4: 85,348 shares; 2025Q1: 110,000 shares; 2025Q2: 230,000 shares; 2025Q3: 151,707 shares 151,707$52.6M2.46%-78,293Timeline
TCBITEXAS CAP BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 555,000 shares 555,000$46.9M2.19%-1,429,977Timeline
FFWMFIRST FNDTN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 6,900,306 shares 6,900,306$38.4M1.8%-714,694Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 50,000 shares; 2025Q2: 140,000 shares; 2025Q3: 105,000 shares 105,000$35.8M1.68%-35,000Timeline
MIAXMIAMI INTL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 725,804 shares 725,804$29.2M1.37%newTimeline
FIBKFIRST INTST BANCSYSTEM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 850,000 shares 850,000$27.1M1.27%newTimeline
NTRSNORTHERN TR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 185,000 shares; 2025Q3: 190,000 shares 190,000$25.6M1.2%+5,000Timeline
AAMIACADIAN ASSET MANAGEMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,079,325 shares; 2024Q4: 525,000 shares; 2025Q1: 489,697 shares; 2025Q2: 480,000 shares; 2025Q3: 511,452 shares 511,452$24.6M1.15%+31,452Timeline
MQMARQETA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,650,000 shares 4,650,000$24.6M1.15%-1,850,000Timeline
MYFWFIRST WESTN FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 303,421 shares; 2024Q4: 312,423 shares; 2025Q1: 379,178 shares; 2025Q2: 545,722 shares; 2025Q3: 617,824 shares 617,824$14.2M0.67%+72,102Timeline
VYXNCR VOYIX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 77,068 shares; 2024Q4: 401,200 shares; 2025Q1: 900,000 shares; 2025Q2: 900,001 shares; 2025Q3: 840,395 shares 840,395$10.5M0.49%-59,606Timeline
FRSTPRIMIS FINANCIAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 974,870 shares 974,870$10.2M0.48%newTimeline
FLYWFLYWIRE CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 650,000 shares 650,000$8.8M0.41%-450,000Timeline
FIGRFIGURE TECHNOLOGY SOLUTIOQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 240,000 shares 240,000$8.73M0.41%newTimeline
FOURSHIFT4 PMTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 124,998 shares; 2025Q1: 80,000 shares; 2025Q2: 25,000 shares; 2025Q3: 103,056 shares 103,056$7.98M0.37%+78,056Timeline
CRMTAMERICAS CAR-MART INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 210,407 shares; 2024Q4: 227,000 shares; 2025Q1: 280,000 shares; 2025Q2: 226,045 shares; 2025Q3: 270,190 shares 270,190$7.89M0.37%+44,145Timeline
GCMGGCM GROSVENOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: not reported; 2025Q1: 366,880 shares; 2025Q2: 530,196 shares; 2025Q3: 526,354 shares 526,354$6.35M0.3%-3,842Timeline
GEMIGEMINI SPACE STA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 245,322 shares 245,322$5.88M0.27%newTimeline
JCAPJEFFERSON CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 250,000 shares; 2025Q3: 295,559 shares 295,559$5.1M0.24%+45,559Timeline
BLSHBULLISHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 80,000 shares 80,000$5.09M0.24%newTimeline
NPBNORTHPOINTE BANCSHARES INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 601,345 shares; 2025Q2: 601,344 shares; 2025Q3: 283,752 shares 283,752$4.85M0.23%-317,592Timeline
COSOCOASTALSOUTH BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 220,619 shares 220,619$4.81M0.23%newTimeline
KRESPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 75,000 shares 75,000$4.75M0.22%newTimeline
TWTRADEWEB MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 41,200 shares 41,200$4.57M0.21%newTimeline
NEWTNEWTEKONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 386,924 shares 386,924$4.43M0.21%newTimeline
AVBHAVIDBANK HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 141,496 shares 141,496$3.61M0.17%newTimeline
ALKTALKAMI TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 200,000 shares; 2024Q4: 139,416 shares; 2025Q1: 139,414 shares; 2025Q2: 139,413 shares; 2025Q3: 127,604 shares 127,604$3.17M0.15%-11,809Timeline
CMECME GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 225,000 shares; 2024Q4: 184,561 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 11,198 shares 11,198$3.03M0.14%newTimeline
SMBKSMARTFINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 46,104 shares; 2025Q3: 84,570 shares 84,570$3.02M0.14%+38,466Timeline
COLBCOLUMBIA BKG SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 100,000 shares 100,000$2.57M0.12%newTimeline
MRXMAREX GROUP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 308,045 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 52,191 shares 52,191$1.75M0.08%newTimeline
CIVBCIVISTA BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 29,776 shares 29,776$605K0.03%newTimeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
SNVSYNOVUS FINANCIAL CORP3,575,000$185Mshares
PNFPPINNACLE FINANCIAL PARTNERS1,165,000$129Mshares
WFCWELLS FARGO & CO1,475,000$118Mshares
CCITIGROUP INC450,000$38.3Mshares
HTHHILLTOP HLDGS INC1,185,000$36Mshares
TFCTRUIST FINL CORP325,000$14Mshares
BMRCBANK OF MARIN BANCORP600,000$13.7Mshares
SCHWCHARLES SCHWAB CORP (THE)150,000$13.7Mshares
BACBANK OF AMER CORP200,000$9.46Mshares
BRBSBLUE RIDGE BANKSHARES INC VA1,515,107$5.44Mshares
VERITEX HLDGS INCVERITEX HLDGS INC130,187$3.4Mshares
PYPLPAYPAL HLDGS INC45,000$3.34Mshares
GUARANTY BANCSHARES INCGUARANTY BANCSHARES INC10,000$424Kshares

How Q3 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 0001214659-25-016568 base2025-11-14acceptance time not in the bulk data set