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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
USCB icon
51
USCB Financial Holdings
USCB
$412M
$2.28M 0.09%
+123,741
New +$2.21M
FFIC
52
DELISTED
Flushing Financial
FFIC
$2.05M 0.08%
+135,000
New +$2.04M
CVBF icon
53
CVB Financial
CVBF
$3.99B
$1.93M 0.08%
+103,824
New +$1.99M
IIIV icon
54
i3 Verticals
IIIV
$342M
$1.91M 0.08%
+75,711
New +$2.13M
BBT
55
Beacon Financial Corp
BBT
$2.66B
$1.33M 0.05%
+50,344
New +$1.28M
RNST icon
56
Renasant Corp
RNST
$3.91B
$528K 0.02%
+15,001
New +$531K
CADE
57
DELISTED
Cadence Bank
CADE
– –
-7,055,000
Closed -$265M
CIVB icon
58
Civista Bancshares
CIVB
$589M
– –
-29,776
Closed -$605K
CMA
59
DELISTED
Comerica
CMA
– –
-3,570,000
Closed -$245M
CME icon
60
CME Group
CME
$94.8B
– –
-11,198
Closed -$3.03M
KRE icon
61
State Street SPDR S&P Regional Banking ETF
KRE
$4.64B
– –
-75,000
Closed -$4.75M
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.