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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
Cap. Flow
-$217M
Cap. Flow %
-10.17%
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
MKTX icon
MarketAxess Holdings
MKTX
+$96.1M
3
QTWO icon
Q2 Holdings
QTWO
+$69.8M
4
EGBN icon
Eagle Bancorp
EGBN
+$43.3M
5
AUB icon
Atlantic Union Bankshares
AUB
+$32.8M

Top Sells

Rank Stock Value
1
SNV
Synovus
SNV
+$185M
2
PNFP icon
Pinnacle Financial Partners Inc
PNFP
+$129M
3
TCBI icon
Texas Capital Bancshares
TCBI
+$122M
4
WFC icon
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
PYPL icon
51
PayPal
PYPL
$50.5B
– –
-45,000
Closed -$3.34M
SCHW
52
Charles Schwab
SCHW
$187B
– –
-150,000
Closed -$13.7M
SNV
53
DELISTED
Synovus
SNV
– –
-3,575,000
Closed -$185M
TFC icon
54
Truist Financial
TFC
$64B
– –
-325,000
Closed -$14M
VBTX
55
DELISTED
Veritex Holdings
VBTX
– –
-130,187
Closed -$3.4M
WFC icon
56
Wells Fargo
WFC
$264B
– –
-1,475,000
Closed -$118M
1 2
3

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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.