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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
+2.77%
1 Year Est. Return
+11.03%
3 Year Est. Return
+68.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.48B
AUM Growth
+$346M
Cap. Flow
+$290M
Cap. Flow %
11.67%
Top 10 Hldgs %
63.74%
Holding
61
New
18
Increased
26
Reduced
11
Closed
5

Top Buys

Rank Stock Value
1
MKTX icon
MarketAxess Holdings
MKTX
+$119M
2
COLB icon
Columbia Banking Systems
COLB
+$97.5M
3
ABCB icon
Ameris Bancorp
ABCB
+$56.3M
4
V icon
Visa
V
+$56.2M
5
FBK icon
FB Financial Corp
FBK
+$49.9M

Top Sells

Rank Stock Value
1
CADE
Cadence Bank
CADE
+$265M
2
CMA
Comerica
CMA
+$245M
3
TCBI icon
Texas Capital Bancshares
TCBI
+$45.7M
4
QTWO icon
Q2 Holdings
QTWO
+$32.6M
5
FHN icon
First Horizon
FHN
+$19M

Sector Composition

Rank Sector Weight
1 Financials 87.38%
2 Technology 12.37%
3 Consumer Discretionary 0.25%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BANC icon
26
Banc of California
BANC
$2.97B
$22.3M 0.9%
+1,156,680
New +$20.7M
AAMI
27
Acadian Asset Management
AAMI
$3.19B
$20.9M 0.84%
443,922
-67,530
-13% -$3.11M
MYFW icon
28
First Western Financial
MYFW
$306M
$18.4M 0.74%
685,954
+68,130
+11% +$1.62M
FRST icon
29
Primis Financial Corp
FRST
$404M
$16.7M 0.67%
1,203,604
+228,734
+23% +$2.59M
WLTH
30
Wealthfront Corp
WLTH
$1.45B
$16.7M 0.67%
+1,226,633
New +$16.3M
EBC icon
31
Eastern Bankshares
EBC
$5.23B
$14.7M 0.59%
+796,451
New +$14.6M
FOUR icon
32
Shift4
FOUR
$3.26B
$9.82M 0.4%
155,929
+52,873
+51% +$3.74M
VYX icon
33
NCR Voyix
VYX
$1.14B
$8.57M 0.35%
840,395
– –
FLYW icon
34
Flywire
FLYW
$2.16B
$8.5M 0.34%
600,001
-49,999
-8% -$684K
SSB icon
35
SouthState Bank Corp
SSB
$10.5B
$8.47M 0.34%
+90,000
New +$8.34M
MRX
36
Marex Group Limited Ordinary Shares
MRX
$4.37B
$7.29M 0.29%
190,000
+137,809
+264% +$4.69M
JHG
37
DELISTED
Janus Henderson
JHG
$7.14M 0.29%
+150,000
New +$6.64M
GCMG icon
38
GCM Grosvenor
GCMG
$820M
$6.81M 0.27%
601,355
+75,001
+14% +$857K
COSO
39
CoastalSouth Bancshares
COSO
$337M
$6.14M 0.25%
263,900
+43,281
+20% +$962K
CRMT icon
40
America's Car Mart
CRMT
$26.9M
$6.12M 0.25%
242,187
-28,003
-10% -$673K
JCAP
41
Jefferson Capital
JCAP
$1.31B
$5.35M 0.22%
239,473
-56,086
-19% -$1.13M
FIGR
42
Figure Technology Solutions
FIGR
$6.33B
$5.11M 0.21%
125,000
-115,000
-48% -$4.6M
SMBK icon
43
SmartFinancial
SMBK
$888M
$4.99M 0.2%
134,871
+50,301
+59% +$1.82M
KLAR
44
Klarna Group
KLAR
$7.52B
$4.63M 0.19%
+159,996
New +$5.49M
NEWT icon
45
NewtekOne
NEWT
$391M
$4.39M 0.18%
386,923
-1
-0% -$11
NPB
46
Northpointe Bancshares
NPB
$592M
$4.34M 0.17%
258,752
-25,000
-9% -$423K
AVBH
47
Avidbank Holdings
AVBH
$358M
$3.28M 0.13%
123,671
-17,825
-13% -$463K
TCBI icon
48
Texas Capital Bancshares
TCBI
$4.32B
$3.13M 0.13%
34,570
-520,430
-94% -$45.7M
BLSH
49
Bullish
BLSH
$3.58B
$3.08M 0.12%
81,280
+1,280
+2% +$62.3K
GEMI
50
Gemini Space Station
GEMI
$517M
$2.98M 0.12%
300,000
+54,678
+22% +$853K
1
2
3

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North Reef Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, North Reef Capital Management held 61 positions worth $2.48B, up 16% from $2.14B the previous quarter. Its ten largest holdings account for 64% of the portfolio.

North Reef Capital Management deployed $290M of net new capital in Q4 2025, opening 18 new positions and adding to 26 existing holdings. Its largest new stake was FB Financial Corp: 892,685 shares worth $49.8M.

By sector, the portfolio is most concentrated in Financials at 87% of assets, up from 86% a quarter earlier, followed by Technology and Consumer Discretionary.

On the sell side, the largest reduction was Texas Capital Bancshares, an estimated $45.7M trimmed.

  • North Reef Capital Management's largest Q4 2025 buy was FB Financial Corp: 892,685 shares worth $49.8M.
  • North Reef Capital Management added most to MarketAxess Holdings in Q4 2025, an estimated $119M increase.
  • North Reef Capital Management's biggest Q4 2025 reduction was Texas Capital Bancshares, cutting an estimated $45.7M.
  • North Reef Capital Management fully exited Cadence Bank in Q4 2025, selling an estimated $265M.
  • North Reef Capital Management's ten largest holdings make up 64% of its $2.48B portfolio in Q4 2025.
  • North Reef Capital Management opened 18 new positions and closed 5 in Q4 2025.
  • North Reef Capital Management's portfolio value rose 16% quarter-over-quarter to $2.48B.

Based on North Reef Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.