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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
FHN icon
1
First Horizon
FHN
$12.1B
$267M 11.82%
12,575,000
+200,000
+2% +$3.81M
CMA
2
DELISTED
Comerica
CMA
$249M 11.04%
4,175,000
+43,000
+1% +$2.4M
SNV
3
DELISTED
Synovus
SNV
$185M 8.2%
3,575,000
+1,177,500
+49% +$54.1M
SBCF icon
4
Seacoast Banking Corp of Florida
SBCF
$3.26B
$159M 7.04%
5,750,000
+526,076
+10% +$13M
TCBI icon
5
Texas Capital Bancshares
TCBI
$4.31B
$158M 6.99%
1,984,977
-127,246
-6% -$9.12M
PNFP icon
6
Pinnacle Financial Partners Inc
PNFP
$15.5B
$129M 5.7%
1,165,000
-20,000
-2% -$2.06M
ABCB icon
7
Ameris Bancorp
ABCB
$5.89B
$122M 5.42%
1,890,018
-621,427
-25% -$36.8M
WFC icon
8
Wells Fargo
WFC
$261B
$118M 5.24%
1,475,000
-900,000
-38% -$64.9M
ACIW icon
9
ACI Worldwide
ACIW
$5.72B
$117M 5.17%
2,540,000
+17,112
+0.7% +$841K
MKTX icon
10
MarketAxess Holdings
MKTX
$4.15B
$93.8M 4.16%
420,000
+60,000
+17% +$13.2M
AUB icon
11
Atlantic Union Bankshares
AUB
$5.99B
$86M 3.81%
2,750,000
+1,049,500
+62% +$30.3M
QTWO icon
12
Q2 Holdings
QTWO
$3.42B
$78.7M 3.49%
840,520
+15,520
+2% +$1.31M
PIPR icon
13
Piper Sandler
PIPR
$5.14B
$63.9M 2.83%
920,000
+480,000
+109% +$29.9M
V icon
14
Visa
V
$677B
$49.7M 2.2%
140,000
+90,000
+180% +$31.4M
STEL
15
DELISTED
Stellar Bancorp
STEL
$43.1M 1.91%
1,540,000
+1,520,000
+7,600% +$40.4M
FFWM
16
DELISTED
First Foundation Inc
FFWM
$38.8M 1.72%
7,615,000
+2,006,000
+36% +$10.3M
C icon
17
Citigroup
C
$222B
$38.3M 1.7%
+450,000
New +$32.5M
MQ icon
18
Marqeta
MQ
$1.8B
$37.9M 1.68%
1,625,000
-512,500
-24% -$9.73M
HTH icon
19
Hilltop Holdings
HTH
$2.29B
$36M 1.59%
1,185,000
-5,000
-0.4% -$148K
NTRS icon
20
Northern Trust
NTRS
$22.2B
$23.5M 1.04%
+185,000
New +$18.9M
AAMI
21
Acadian Asset Management
AAMI
$2.88B
$16.9M 0.75%
480,000
-9,697
-2% -$282K
TFC icon
22
Truist Financial
TFC
$63.2B
$14M 0.62%
325,000
-175,001
-35% -$6.85M
BMRC icon
23
Bank of Marin Bancorp
BMRC
$466M
$13.7M 0.61%
600,000
-32,000
-5% -$681K
SCHW
24
Charles Schwab
SCHW
$177B
$13.7M 0.61%
150,000
-125,000
-45% -$10.5M
FLYW icon
25
Flywire
FLYW
$1.96B
$12.9M 0.57%
1,100,000
-100,000
-8% -$1.02M
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.