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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
+6.82%
1 Year Est. Return
+11.03%
3 Year Est. Return
+68.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.14B
AUM Growth
-$118M
(-5.2%)
Cap. Flow
-$217M
Cap. Flow
% of AUM
-10.17%
Top 10 Holdings %
Top 10 Hldgs %
77.08%
Holding
56
New
16
Increased
13
Reduced
14
Closed
13
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CADE
Cadence Bank
CADE
|
+$254M |
| 2 |
MarketAxess Holdings
MKTX
|
+$96.1M |
| 3 |
Q2 Holdings
QTWO
|
+$69.8M |
| 4 |
Eagle Bancorp
EGBN
|
+$43.3M |
| 5 |
Atlantic Union Bankshares
AUB
|
+$32.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SNV
Synovus
SNV
|
+$185M |
| 2 |
Pinnacle Financial Partners Inc
PNFP
|
+$129M |
| 3 |
Texas Capital Bancshares
TCBI
|
+$122M |
| 4 |
Wells Fargo
WFC
|
+$118M |
| 5 |
CMA
Comerica
CMA
|
+$40.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 86.47% |
| 2 | Technology | 12.94% |
| 3 | Consumer Discretionary | 0.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Shift4
FOUR
$3.26B
| $7.98M | 0.37% |
103,056
+78,056
| +312% | +$7.26M |
|
27
America's Car Mart
CRMT
$26.9M
| $7.89M | 0.37% |
270,190
+44,145
| +20% | +$2M |
|
28
GCM Grosvenor
GCMG
$820M
| $6.35M | 0.3% |
526,354
-3,842
| -0.7% | -$47.6K |
|
|
GEMI
29
Gemini Space Station
GEMI
$517M
| $5.88M | 0.27% |
+245,322
| New | +$6.33M |
|
|
JCAP
30
Jefferson Capital
JCAP
$1.31B
| $5.1M | 0.24% |
295,559
+45,559
| +18% | +$809K |
|
|
BLSH
31
Bullish
BLSH
$3.58B
| $5.09M | 0.24% |
+80,000
| New | +$4.91M |
|
|
NPB
32
Northpointe Bancshares
NPB
$592M
| $4.85M | 0.23% |
283,752
-317,592
| -53% | -$5.19M |
|
|
COSO
33
CoastalSouth Bancshares
COSO
$337M
| $4.81M | 0.23% |
+220,619
| New | +$4.77M |
|
34
State Street SPDR S&P Regional Banking ETF
KRE
$4.64B
| $4.75M | 0.22% |
+75,000
| New | +$4.73M |
|
35
Tradeweb Markets
TW
$21.6B
| $4.57M | 0.21% |
+41,200
| New | +$5.3M |
|
36
NewtekOne
NEWT
$391M
| $4.43M | 0.21% |
+386,924
| New | +$4.58M |
|
|
AVBH
37
Avidbank Holdings
AVBH
$358M
| $3.61M | 0.17% |
+141,496
| New | +$3.54M |
|
38
Alkami Technology
ALKT
$2.11B
| $3.17M | 0.15% |
127,604
-11,809
| -8% | -$302K |
|
39
CME Group
CME
$94.8B
| $3.03M | 0.14% |
+11,198
| New | +$3.05M |
|
40
SmartFinancial
SMBK
$888M
| $3.02M | 0.14% |
84,570
+38,466
| +83% | +$1.38M |
|
41
Columbia Banking Systems
COLB
$8.84B
| $2.57M | 0.12% |
+100,000
| New | +$2.54M |
|
|
MRX
42
Marex Group Limited Ordinary Shares
MRX
$4.37B
| $1.75M | 0.08% |
+52,191
| New | +$1.88M |
|
43
Civista Bancshares
CIVB
$589M
| $605K | 0.03% |
+29,776
| New | +$626K |
|
44
Bank of America
BAC
$442B
| – | – |
-200,000
| Closed | -$9.46M |
|
45
Bank of Marin Bancorp
BMRC
$459M
| – | – |
-600,000
| Closed | -$13.7M |
|
46
Blue Ridge Bankshares
BRBS
$332M
| – | – |
-1,515,107
| Closed | -$5.44M |
|
47
Citigroup
C
$226B
| – | – |
-450,000
| Closed | -$38.3M |
|
|
GNTY
48
DELISTED
Guaranty Bancshares
GNTY
| – | – |
-10,000
| Closed | -$424K |
|
49
Hilltop Holdings
HTH
$2.24B
| – | – |
-1,185,000
| Closed | -$36M |
|
|
50
Pinnacle Financial Partners Inc
PNFP
$15.8B
| – | – |
-1,165,000
| Closed | -$129M |
|
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North Reef Capital Management's Q3 2025 Portfolio in Review
As of Q3 2025, North Reef Capital Management held 56 positions worth $2.14B, down 5.2% from $2.26B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
North Reef Capital Management withdrew a net $217M in Q3 2025, closing 13 positions and reducing 14 holdings. Its most notable exit was Synovus, an estimated $185M position sold in full.
By sector, the portfolio is most concentrated in Financials at 86% of assets, down from 88% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, North Reef Capital Management opened a new position in Cadence Bank worth $265M.
- North Reef Capital Management's largest Q3 2025 buy was Cadence Bank: 7,055,000 shares worth $265M.
- North Reef Capital Management added most to MarketAxess Holdings in Q3 2025, an estimated $96.1M increase.
- North Reef Capital Management's biggest Q3 2025 reduction was Texas Capital Bancshares, cutting an estimated $122M.
- North Reef Capital Management fully exited Synovus in Q3 2025, selling an estimated $185M.
- North Reef Capital Management's ten largest holdings make up 77% of its $2.14B portfolio in Q3 2025.
- North Reef Capital Management opened 16 new positions and closed 13 in Q3 2025.
- North Reef Capital Management's portfolio value fell 5.2% quarter-over-quarter to $2.14B.
Based on North Reef Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.