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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
(+17%)
Cap. Flow
+$601M
Cap. Flow
% of AUM
20.7%
Top 10 Holdings %
Top 10 Hldgs %
65.6%
Holding
73
New
17
Increased
23
Reduced
20
Closed
13
Top Buys
| 1 |
KeyCorp
KEY
|
+$265M |
| 2 |
Alkami Technology
ALKT
|
+$102M |
| 3 |
Trustmark
TRMK
|
+$82.4M |
| 4 |
First Horizon
FHN
|
+$70.2M |
| 5 |
CBC
Central Bancompany Inc
CBC
|
+$66.9M |
Top Sells
| 1 |
Columbia Banking Systems
COLB
|
+$103M |
| 2 |
STEL
Stellar Bancorp
STEL
|
+$89M |
| 3 |
First Interstate BancSystem
FIBK
|
+$59M |
| 4 |
FITB
Fifth Third Bancorp
FITB
|
+$39.8M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
51
Capital One
COF
$128B
| $3.4M | 0.12% |
+18,659
| New | +$3.9M |
|
52
America's Car Mart
CRMT
$31.4M
| $3.29M | 0.11% |
258,637
+16,450
| +7% | +$351K |
|
|
KLAR
53
Klarna Group
KLAR
$7.09B
| $2.93M | 0.1% |
223,820
+63,824
| +40% | +$1.26M |
|
54
USCB Financial Holdings
USCB
$374M
| $2.37M | 0.08% |
128,093
+4,352
| +4% | +$82.9K |
|
55
NewtekOne
NEWT
$439M
| $2.18M | 0.08% |
198,954
-187,969
| -49% | -$2.39M |
|
56
CVB Financial
CVBF
$4.03B
| $1.94M | 0.07% |
100,000
-3,824
| -4% | -$75.2K |
|
57
RBB Bancorp
RBB
$458M
| $1.37M | 0.05% |
+64,150
| New | +$1.37M |
|
58
UWM Holdings
UWMC
$685M
| $1.28M | 0.04% |
+353,429
| New | +$1.63M |
|
59
Renasant Corp
RNST
$4.03B
| $539K | 0.02% |
14,923
-78
| -0.5% | -$2.93K |
|
|
GEMI
60
Gemini Space Station
GEMI
$530M
| $220K | 0.01% |
49,738
-250,262
| -83% | -$1.97M |
|
|
BBT
61
Beacon Financial Corp
BBT
$2.58B
| – | – |
-50,344
| Closed | -$1.33M |
|
|
62
Columbia Banking Systems
COLB
$9.62B
| – | – |
-3,700,000
| Closed | -$103M |
|
63
Eastern Bankshares
EBC
$4.94B
| – | – |
-796,451
| Closed | -$14.7M |
|
|
FFIC
64
DELISTED
Flushing Financial
FFIC
| – | – |
-135,000
| Closed | -$2.05M |
|
|
FITB
65
Fifth Third Bancorp
FITB
$52.6B
| – | – |
-850,000
| Closed | -$39.8M |
|
66
Shift4
FOUR
$3.99B
| – | – |
-155,929
| Closed | -$9.82M |
|
|
JHG
67
DELISTED
Janus Henderson
JHG
| – | – |
-150,000
| Closed | -$7.14M |
|
68
SouthState Bank Corp
SSB
$10.1B
| – | – |
-90,000
| Closed | -$8.47M |
|
|
STEL
69
DELISTED
Stellar Bancorp
STEL
| – | – |
-2,875,245
| Closed | -$89M |
|
70
Texas Capital Bancshares
TCBI
$4.59B
| – | – |
-34,570
| Closed | -$3.13M |
|
|
71
Truist Financial
TFC
$65.4B
| – | – |
-765,774
| Closed | -$37.7M |
|
|
MRX
72
Marex Group Limited Ordinary Shares
MRX
$4.33B
| – | – |
-190,000
| Closed | -$7.29M |
|
|
BLSH
73
Bullish
BLSH
$3.4B
| – | – |
-81,280
| Closed | -$3.08M |
|
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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.