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NRCM
North Reef Capital Management Portfolio holdings
AUM
$2.91B
1-Year Est. Return
11.03%
This Fund
S&P 500
This Quarter
Est. Return
-5.56%
1 Year Est. Return
+11.03%
3 Year Est. Return
+68.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.91B
AUM Growth
+$421M
(+17%)
Cap. Flow
+$601M
Cap. Flow
% of AUM
20.7%
Top 10 Holdings %
Top 10 Hldgs %
65.6%
Holding
73
New
17
Increased
23
Reduced
20
Closed
13
Top Buys
| 1 |
KeyCorp
KEY
|
+$265M |
| 2 |
Alkami Technology
ALKT
|
+$102M |
| 3 |
Trustmark
TRMK
|
+$82.4M |
| 4 |
First Horizon
FHN
|
+$70.2M |
| 5 |
CBC
Central Bancompany Inc
CBC
|
+$66.9M |
Top Sells
| 1 |
Columbia Banking Systems
COLB
|
+$103M |
| 2 |
STEL
Stellar Bancorp
STEL
|
+$89M |
| 3 |
First Interstate BancSystem
FIBK
|
+$59M |
| 4 |
FITB
Fifth Third Bancorp
FITB
|
+$39.8M |
| 5 |
Truist Financial
TFC
|
+$37.7M |
Sector Composition
| 1 | Financials | 86.11% |
| 2 | Technology | 13.54% |
| 3 | Industrials | 0.23% |
| 4 | Consumer Discretionary | 0.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
First Horizon
FHN
$12.2B
| $329M | 11.32% |
14,453,208
+2,936,368
| +25% | +$70.2M |
|
2
MarketAxess Holdings
MKTX
$4.04B
| $309M | 10.65% |
1,875,000
+265,670
| +17% | +$46.5M |
|
3
Ameris Bancorp
ABCB
$6.21B
| $267M | 9.19% |
3,423,243
+686,215
| +25% | +$54.5M |
|
|
4
KeyCorp
KEY
$25.4B
| $254M | 8.73% |
+12,650,000
| New | +$265M |
|
5
Seacoast Banking Corp of Florida
SBCF
$3.3B
| $176M | 6.07% |
5,825,000
-7,075
| -0.1% | -$228K |
|
6
Atlantic Union Bankshares
AUB
$6.1B
| $153M | 5.27% |
4,285,000
-287,090
| -6% | -$10.8M |
|
|
7
Alkami Technology
ALKT
$1.92B
| $120M | 4.13% |
7,650,000
+5,550,000
| +264% | +$102M |
|
8
Visa
V
$682B
| $109M | 3.74% |
360,000
+90,000
| +33% | +$28.9M |
|
|
CBC
9
Central Bancompany Inc
CBC
$7.6B
| $97.6M | 3.36% |
4,075,000
+2,764,327
| +211% | +$66.9M |
|
10
ACI Worldwide
ACIW
$5.9B
| $91.5M | 3.15% |
2,230,000
+260,000
| +13% | +$10.9M |
|
|
11
Trustmark
TRMK
$2.75B
| $82.3M | 2.83% |
+1,952,930
| New | +$82.4M |
|
12
Prosperity Bancshares
PB
$8.81B
| $74.4M | 2.56% |
1,107,877
+662,877
| +149% | +$46.5M |
|
13
Piper Sandler
PIPR
$5.16B
| $73.8M | 2.54% |
964,632
+145,032
| +18% | +$11.9M |
|
14
Eagle Bancorp
EGBN
$835M
| $67.3M | 2.32% |
2,706,025
-233,975
| -8% | -$5.84M |
|
15
Northern Trust
NTRS
$34.2B
| $41.7M | 1.43% |
298,559
-12,052
| -4% | -$1.73M |
|
16
Tradeweb Markets
TW
$21.3B
| $39.7M | 1.36% |
337,071
+21,032
| +7% | +$2.41M |
|
|
MIAX
17
Miami International Holdings
MIAX
$4.1B
| $39.5M | 1.36% |
1,014,274
-250,726
| -20% | -$10.3M |
|
|
FLG
18
Flagstar Bank National Association
FLG
$6.21B
| $36.7M | 1.26% |
+2,790,000
| New | +$36.6M |
|
19
Fidelity National Information Services
FIS
$21.7B
| $36.4M | 1.25% |
+775,000
| New | +$41.7M |
|
|
FFWM
20
DELISTED
First Foundation Inc
FFWM
| $34.9M | 1.2% |
5,911,778
-1,900,697
| -24% | -$11.5M |
|
|
SCHW
21
Charles Schwab
SCHW
$177B
| $32.9M | 1.13% |
+350,000
| New | +$34.3M |
|
22
Marqeta
MQ
$1.84B
| $30.2M | 1.04% |
1,850,000
+350,000
| +23% | +$5.9M |
|
23
Q2 Holdings
QTWO
$3.43B
| $29.4M | 1.01% |
620,814
-594,186
| -49% | -$33.5M |
|
|
WLTH
24
Wealthfront Corp
WLTH
$1.38B
| $26.7M | 0.92% |
2,885,257
+1,658,624
| +135% | +$15.2M |
|
25
Banc of California
BANC
$3.27B
| $26.4M | 0.91% |
1,500,000
+343,320
| +30% | +$6.55M |
|
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North Reef Capital Management's Q1 2026 Portfolio in Review
As of Q1 2026, North Reef Capital Management held 73 positions worth $2.91B, up 17% from $2.48B the previous quarter. Its ten largest holdings account for 66% of the portfolio.
North Reef Capital Management deployed $601M of net new capital in Q1 2026, opening 17 new positions and adding to 23 existing holdings. Its largest new stake was KeyCorp: 12,650,000 shares worth $254M.
By sector, the portfolio is most concentrated in Financials at 86% of assets, down from 87% a quarter earlier, followed by Technology and Industrials.
On the sell side, the largest reduction was First Interstate BancSystem, an estimated $59M trimmed.
- North Reef Capital Management's largest Q1 2026 buy was KeyCorp: 12,650,000 shares worth $254M.
- North Reef Capital Management added most to Alkami Technology in Q1 2026, an estimated $102M increase.
- North Reef Capital Management's biggest Q1 2026 reduction was First Interstate BancSystem, cutting an estimated $59M.
- North Reef Capital Management fully exited Columbia Banking Systems in Q1 2026, selling an estimated $103M.
- North Reef Capital Management's ten largest holdings make up 66% of its $2.91B portfolio in Q1 2026.
- North Reef Capital Management opened 17 new positions and closed 13 in Q1 2026.
- North Reef Capital Management's portfolio value rose 17% quarter-over-quarter to $2.91B.
Based on North Reef Capital Management's 13F filing for Q1 2026, filed 15 May 2026.