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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
Cap. Flow
-$194M
Cap. Flow %
-8.6%
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
C icon
Citigroup
C
+$32.5M
4
V icon
Visa
V
+$31.4M
5
AUB icon
Atlantic Union Bankshares
AUB
+$30.3M

Top Sells

Rank Stock Value
1
GPN icon
Global Payments
GPN
+$197M
2
AVDX
AvidXchange
AVDX
+$73.6M
3
WFC icon
Wells Fargo
WFC
+$64.9M
4
ABCB icon
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
PRTH icon
51
Priority Technology Holdings
PRTH
$444M
– –
-350,000
Closed -$2.39M
RPAY icon
52
Repay Holdings
RPAY
$327M
– –
-280,683
Closed -$1.56M
FSUN
53
FirstSun Capital Bancorp
FSUN
$1.96B
– –
-40,679
Closed -$1.47M
UCB
54
United Community Banks
UCB
$4.28B
– –
-625,000
Closed -$17.6M
1 2
3

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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.