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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
Cap. Flow
+$601M
Cap. Flow %
20.7%
Top 10 Hldgs %
65.6%
Holding
73
New
17
Increased
23
Reduced
20
Closed
13

Top Buys

1
KEY icon
KeyCorp
KEY
+$265M
2
ALKT icon
Alkami Technology
ALKT
+$102M
3
TRMK icon
Trustmark
TRMK
+$82.4M
4
FHN icon
First Horizon
FHN
+$70.2M
5
CBC
Central Bancompany Inc
CBC
+$66.9M

Top Sells

1
COLB icon
Columbia Banking Systems
COLB
+$103M
2
STEL
Stellar Bancorp
STEL
+$89M
3
FIBK icon
First Interstate BancSystem
FIBK
+$59M
4
FITB
Fifth Third Bancorp
FITB
+$39.8M
5
TFC icon
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
FBK icon
26
FB Financial Corp
FBK
$3B
$26M 0.89%
500,000
-392,685
-44% -$22.1M
AMTB icon
27
Amerant Bancorp
AMTB
$1.03B
$25.6M 0.88%
+1,160,488
New +$24.9M
RJF icon
28
Raymond James Financial
RJF
$32.8B
$23M 0.79%
+159,162
New +$25.2M
IIIV icon
29
i3 Verticals
IIIV
$405M
$22.9M 0.79%
1,025,000
+949,289
+1,254% +$22.1M
PAY icon
30
Paymentus
PAY
$3.75B
$18.7M 0.64%
+734,551
New +$19.3M
TCBK icon
31
TriCo Bancshares
TCBK
$1.93B
$17.7M 0.61%
373,141
-112,282
-23% -$5.49M
MYFW icon
32
First Western Financial
MYFW
$323M
$17.6M 0.61%
716,609
+30,655
+4% +$778K
AXP icon
33
American Express
AXP
$242B
$15.1M 0.52%
+50,000
New +$16.8M
FRST icon
34
Primis Financial Corp
FRST
$402M
$15.1M 0.52%
1,135,281
-68,323
-6% -$918K
FLYW icon
35
Flywire
FLYW
$2.24B
$12.8M 0.44%
1,100,000
+499,999
+83% +$6.29M
NBHC icon
36
National Bank Holdings
NBHC
$2.08B
$12.5M 0.43%
+320,352
New +$12.8M
AAMI
37
Acadian Asset Management
AAMI
$2.95B
$12M 0.41%
220,239
-223,683
-50% -$11.8M
BANR icon
38
Banner Corp
BANR
$2.42B
$11.9M 0.41%
+195,449
New +$12.1M
FIBK icon
39
First Interstate BancSystem
FIBK
$3.81B
$10.9M 0.37%
325,157
-1,649,842
-84% -$59M
JCAP
40
Jefferson Capital
JCAP
$1.2B
$10.2M 0.35%
532,151
+292,678
+122% +$6.19M
PNFP icon
41
Pinnacle Financial Partners Inc
PNFP
$15.3B
$8.69M 0.3%
+100,935
New +$9.39M
COSO
42
CoastalSouth Bancshares
COSO
$329M
$7.89M 0.27%
320,982
+57,082
+22% +$1.38M
GPN icon
43
Global Payments
GPN
$21.3B
$6.73M 0.23%
+100,000
New +$7.38M
GCMG icon
44
GCM Grosvenor
GCMG
$779M
$6.18M 0.21%
630,179
+28,824
+5% +$319K
SMBK icon
45
SmartFinancial
SMBK
$823M
$5.36M 0.18%
137,088
+2,217
+2% +$87.6K
VYX icon
46
NCR Voyix
VYX
$1.13B
$5.13M 0.18%
810,732
-29,663
-4% -$262K
SF
47
Stifel
SF
$11.8B
$4.23M 0.15%
+57,230
New +$4.54M
FIGR
48
Figure Technology Solutions
FIGR
$6.41B
$4.05M 0.14%
119,398
-5,602
-4% -$241K
NPB
49
Northpointe Bancshares
NPB
$650M
$4.01M 0.14%
232,396
-26,356
-10% -$464K
AVBH
50
Avidbank Holdings
AVBH
$353M
$3.51M 0.12%
123,022
-649
-0.5% -$18.3K
1
2
3

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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.