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NRCM
North Reef Capital Management Portfolio holdings
AUM
$2.61B
1-Year Est. Return
11.5%
This Fund
S&P 500
This Quarter
Est. Return
+7.55%
1 Year Est. Return
+11.5%
3 Year Est. Return
+81.85%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.61B
AUM Growth
-$298M
(-10%)
Cap. Flow
-$444M
Cap. Flow
% of AUM
-17.02%
Top 10 Holdings %
Top 10 Hldgs %
73%
Holding
64
New
4
Increased
21
Reduced
18
Closed
21
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
MarketAxess Holdings
MKTX
|
+$217M |
| 2 |
Pinnacle Financial Partners Inc
PNFP
|
+$60.5M |
| 3 |
Global Payments
GPN
|
+$33M |
| 4 |
Piper Sandler
PIPR
|
+$31.2M |
| 5 |
Alkami Technology
ALKT
|
+$26M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
First Horizon
FHN
|
+$128M |
| 2 |
Visa
V
|
+$109M |
| 3 |
KeyCorp
KEY
|
+$95.9M |
| 4 |
Prosperity Bancshares
PB
|
+$68M |
| 5 |
Ameris Bancorp
ABCB
|
+$58.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 83.12% |
| 2 | Technology | 15.26% |
| 3 | Industrials | 1.61% |
| 4 | Consumer Discretionary | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SCHW
26
Charles Schwab
SCHW
$191B
| $16.1M | 0.62% |
175,000
-175,000
| -50% | -$16M |
|
27
Paymentus
PAY
$4.63B
| $14.5M | 0.56% |
600,000
-134,551
| -18% | -$3.3M |
|
|
FRBT
28
Forbright Inc
FRBT
$969M
| $11.9M | 0.46% |
+649,999
| New | +$11.8M |
|
|
JCAP
29
Jefferson Capital
JCAP
$1.23B
| $10.3M | 0.4% |
530,598
-1,553
| -0.3% | -$29K |
|
|
COSO
30
CoastalSouth Bancshares
COSO
$331M
| $9.96M | 0.38% |
370,982
+50,000
| +16% | +$1.29M |
|
|
31
Prosperity Bancshares
PB
$8.7B
| $9.49M | 0.36% |
130,000
-977,877
| -88% | -$68M |
|
|
MIAX
32
Miami International Holdings
MIAX
$4.24B
| $9.34M | 0.36% |
251,354
-762,920
| -75% | -$34.1M |
|
33
Flywire
FLYW
$2.28B
| $7.91M | 0.3% |
450,000
-650,000
| -59% | -$9.6M |
|
34
GCM Grosvenor
GCMG
$816M
| $7.75M | 0.3% |
630,180
+1
| +0% | +$11 |
|
35
SmartFinancial
SMBK
$886M
| $6.43M | 0.25% |
137,089
+1
| +0% | +$42 |
|
|
AAMI
36
Acadian Asset Management
AAMI
$3.27B
| $6.19M | 0.24% |
86,596
-133,643
| -61% | -$9.31M |
|
37
Simmons First National
SFNC
$3.32B
| $3.4M | 0.13% |
+150,000
| New | +$3.2M |
|
38
NewtekOne
NEWT
$356M
| $2.31M | 0.09% |
155,681
-43,273
| -22% | -$571K |
|
|
NPB
39
Northpointe Bancshares
NPB
$595M
| $1.92M | 0.07% |
100,000
-132,396
| -57% | -$2.36M |
|
40
International Bancshares
IBOC
$4.45B
| $1.9M | 0.07% |
+25,000
| New | +$1.81M |
|
41
Bank Of The James
BOTJ
$125M
| $1.28M | 0.05% |
+50,132
| New | +$1.16M |
|
|
GEMI
42
Gemini Space Station
GEMI
$628M
| $426K | 0.02% |
100,001
+50,263
| +101% | +$237K |
|
43
UWM Holdings
UWMC
$2.34B
| $229K | 0.01% |
100,000
-253,429
| -72% | -$788K |
|
44
American Express
AXP
$223B
| – | – |
-50,000
| Closed | -$15.1M |
|
45
Banc of California
BANC
$2.97B
| – | – |
-1,500,000
| Closed | -$26.4M |
|
46
Capital One
COF
$135B
| – | – |
-18,659
| Closed | -$3.4M |
|
47
America's Car Mart
CRMT
$19.1M
| – | – |
-258,637
| Closed | -$3.29M |
|
48
CVB Financial
CVBF
$3.96B
| – | – |
-100,000
| Closed | -$1.94M |
|
49
FB Financial Corp
FBK
$2.85B
| – | – |
-500,000
| Closed | -$26M |
|
|
FFWM
50
DELISTED
First Foundation Inc
FFWM
| – | – |
-5,911,778
| Closed | -$34.9M |
|
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North Reef Capital Management's Q2 2026 Portfolio in Review
As of Q2 2026, North Reef Capital Management held 64 positions worth $2.61B, down 10% from $2.91B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
North Reef Capital Management withdrew a net $444M in Q2 2026, closing 21 positions and reducing 18 holdings. Its most notable exit was Visa, an estimated $109M position sold in full.
By sector, the portfolio is most concentrated in Financials at 83% of assets, down from 86% a quarter earlier, followed by Technology and Industrials.
Against the trend, North Reef Capital Management opened a new position in Forbright Inc worth $11.9M.
- North Reef Capital Management's largest Q2 2026 buy was Forbright Inc: 649,999 shares worth $11.9M.
- North Reef Capital Management added most to MarketAxess Holdings in Q2 2026, an estimated $217M increase.
- North Reef Capital Management's biggest Q2 2026 reduction was First Horizon, cutting an estimated $128M.
- North Reef Capital Management fully exited Visa in Q2 2026, selling an estimated $109M.
- North Reef Capital Management's ten largest holdings make up 73% of its $2.61B portfolio in Q2 2026.
- North Reef Capital Management opened 4 new positions and closed 21 in Q2 2026.
- North Reef Capital Management's portfolio value fell 10% quarter-over-quarter to $2.61B.
Based on North Reef Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.