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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
+7.1%
1 Year Est. Return
+11.03%
3 Year Est. Return
+68.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.26B
AUM Growth
-$55.2M
(-2.4%)
Cap. Flow
-$194M
Cap. Flow
% of AUM
-8.6%
Top 10 Holdings %
Top 10 Hldgs %
70.76%
Holding
54
New
8
Increased
15
Reduced
17
Closed
14
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SNV
Synovus
SNV
|
+$54.1M |
| 2 |
STEL
Stellar Bancorp
STEL
|
+$40.4M |
| 3 |
Citigroup
C
|
+$32.5M |
| 4 |
Visa
V
|
+$31.4M |
| 5 |
Atlantic Union Bankshares
AUB
|
+$30.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Global Payments
GPN
|
+$197M |
| 2 |
AVDX
AvidXchange
AVDX
|
+$73.6M |
| 3 |
Wells Fargo
WFC
|
+$64.9M |
| 4 |
Ameris Bancorp
ABCB
|
+$36.8M |
| 5 |
UCB
United Community Banks
UCB
|
+$17.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 87.77% |
| 2 | Technology | 11.67% |
| 3 | Consumer Discretionary | 0.56% |
| 4 | Industrials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
America's Car Mart
CRMT
$27.5M
| $12.7M | 0.56% |
226,045
-53,955
| -19% | -$2.67M |
|
27
First Western Financial
MYFW
$309M
| $12.3M | 0.55% |
545,722
+166,544
| +44% | +$3.44M |
|
28
NCR Voyix
VYX
$1.16B
| $10.6M | 0.47% |
900,001
+1
| +0% | +$10 |
|
29
Bank of America
BAC
$441B
| $9.46M | 0.42% |
+200,000
| New | +$8.41M |
|
|
NPB
30
Northpointe Bancshares
NPB
$592M
| $8.24M | 0.37% |
601,344
-1
| -0% | -$13 |
|
31
Eagle Bancorp
EGBN
$849M
| $7.79M | 0.35% |
400,000
-667,781
| -63% | -$12.4M |
|
32
GCM Grosvenor
GCMG
$814M
| $6.13M | 0.27% |
530,196
+163,316
| +45% | +$2.02M |
|
33
Blue Ridge Bankshares
BRBS
$331M
| $5.44M | 0.24% |
+1,515,107
| New | +$5.1M |
|
|
JCAP
34
Jefferson Capital
JCAP
$1.29B
| $4.61M | 0.2% |
+250,000
| New | +$4.67M |
|
35
Alkami Technology
ALKT
$2.11B
| $4.2M | 0.19% |
139,413
-1
| -0% | -$28 |
|
|
VBTX
36
DELISTED
Veritex Holdings
VBTX
| $3.4M | 0.15% |
+130,187
| New | +$3.1M |
|
37
PayPal
PYPL
$51.1B
| $3.34M | 0.15% |
+45,000
| New | +$3.08M |
|
38
Shift4
FOUR
$3.44B
| $2.48M | 0.11% |
25,000
-55,000
| -69% | -$4.79M |
|
39
SmartFinancial
SMBK
$901M
| $1.56M | 0.07% |
+46,104
| New | +$1.42M |
|
|
GNTY
40
DELISTED
Guaranty Bancshares
GNTY
| $424K | 0.02% |
10,000
-50,100
| -83% | -$2.03M |
|
41
Affiliated Managers Group
AMG
$9.83B
| – | – |
-50,000
| Closed | -$8.4M |
|
|
AVDX
42
DELISTED
AvidXchange
AVDX
| – | – |
-8,675,000
| Closed | -$73.6M |
|
43
BILL Holdings
BILL
$4.68B
| – | – |
-42,335
| Closed | -$1.94M |
|
44
First Busey Corp
BUSE
$2.59B
| – | – |
-269,929
| Closed | -$5.83M |
|
45
Central Pacific Financial
CPF
$1.01B
| – | – |
-298,482
| Closed | -$8.07M |
|
46
Eastern Bankshares
EBC
$5.27B
| – | – |
-100,000
| Closed | -$1.64M |
|
|
47
Global Payments
GPN
$23.2B
| – | – |
-2,014,700
| Closed | -$197M |
|
48
KeyCorp
KEY
$24.3B
| – | – |
-600,000
| Closed | -$9.59M |
|
49
nCino
NCNO
$2.08B
| – | – |
-50,000
| Closed | -$1.37M |
|
|
PPBI
50
DELISTED
Pacific Premier Bancorp
PPBI
| – | – |
-605,856
| Closed | -$12.9M |
|
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North Reef Capital Management's Q2 2025 Portfolio in Review
As of Q2 2025, North Reef Capital Management held 54 positions worth $2.26B, down 2.4% from $2.31B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
North Reef Capital Management withdrew a net $194M in Q2 2025, closing 14 positions and reducing 17 holdings. Its most notable exit was Global Payments, an estimated $197M position sold in full.
By sector, the portfolio is most concentrated in Financials at 88% of assets, up from 76% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, North Reef Capital Management opened a new position in Citigroup worth $38.3M.
- North Reef Capital Management's largest Q2 2025 buy was Citigroup: 450,000 shares worth $38.3M.
- North Reef Capital Management added most to Synovus in Q2 2025, an estimated $54.1M increase.
- North Reef Capital Management's biggest Q2 2025 reduction was Wells Fargo, cutting an estimated $64.9M.
- North Reef Capital Management fully exited Global Payments in Q2 2025, selling an estimated $197M.
- North Reef Capital Management's ten largest holdings make up 71% of its $2.26B portfolio in Q2 2025.
- North Reef Capital Management opened 8 new positions and closed 14 in Q2 2025.
- North Reef Capital Management's portfolio value fell 2.4% quarter-over-quarter to $2.26B.
Based on North Reef Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.