Q2 2026 13F · SEC CIK 1867831

North Reef Capital Management LP

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $2.6B
Reported positions: 43
Top holdings a year, 3 yrs: +22.1%
Assets under management: $4.1B

North Reef Capital Management LP is a hedge fund that reported 43 positions worth $2.6B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Marketaxess Hldgs Inc (MKTX, 14.8%), Ameris Bancorp (ABCB, 9.5%), First Horizon Corporation (FHN, 9.0%). A portfolio copying its top holdings returned 22.1% a year over the last 3 years, against 20.4% for the S&P 500.

North Reef Capital Management LP holdings all 43 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

North Reef Capital Management LP 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
MKTXMarketaxess Hldgs Inc	14.8%	10.6%	3,395,000	+81.1%	$385.3M
ABCBAmeris Bancorp	9.5%	9.2%	2,732,243	-20.2%	$246.6M
FHNFirst Horizon Corporation	9.0%	11.3%	9,201,256	-36.3%	$235.9M
KEYKeycorp	7.3%	8.7%	8,250,000	-34.8%	$190.2M
ALKTAlkami Technology Inc	6.4%	4.1%	9,225,000	+20.6%	$167.2M
SBCFSeacoast Bkg Corp Fla	6.1%	6.1%	4,775,000	-18.0%	$158.8M
AUBAtlantic Un Bankshares Corp	5.8%	5.3%	3,565,000	-16.8%	$150.8M
CBCCentral Bancompany	5.4%	3.4%	4,600,000	+12.9%	$139.7M
ACIWACI Worldwide Inc	5.0%	3.1%	2,617,000	+17.4%	$131.6M
PIPRPiper Sandler Companies	3.7%	2.5%	1,350,000	+39.9%	$97.7M
PNFPPinnacle Finl Partners Inc	2.8%	0.3%	731,537	+624.8%	$73.8M
TRMKTrustmark Corp.	2.8%	2.8%	1,565,551	-19.8%	$72.0M
NTRSNorthern Trust Corp	2.3%	1.4%	345,000	+15.6%	$60.0M
EGBNEagle Bancorp Inc MD	1.9%	2.3%	1,713,535	-36.7%	$48.6M
AMTBAmerant Bancorp Inc	1.8%	0.9%	1,855,507	+59.9%	$47.4M
FLGFlagstar Bank National Assoc	1.7%	1.3%	3,050,000	+9.3%	$45.6M
GPNGlobal Pmts Inc	1.6%	0.2%	580,000	+480.0%	$42.1M
TCBKTrico Bancshares	1.4%	0.6%	667,061	+78.8%	$35.9M
MQMarqeta, Inc.	1.2%	1.0%	7,900,000	+6.8%	$32.1M
MYFWFirst Western Financial	0.9%	0.6%	742,630	+3.6%	$23.8M
IIIVI3 Verticals Inc	0.9%	0.8%	1,075,000	+4.9%	$23.0M
WLTHWealthfront Corp	0.8%	0.9%	2,444,253	-15.3%	$21.9M
FRSTPrimis Financial Corp	0.8%	0.5%	1,226,283	+8.0%	$20.1M
NBHCNational Bank Holdings Corp	0.7%	0.4%	437,241	+36.5%	$19.4M
BANRBanner Corporation	0.7%	0.4%	260,156	+33.1%	$17.3M
SCHWCharles Schwab Corp (the)	0.6%	1.1%	175,000	-50.0%	$16.1M
PAYPaymentus Holdings Inc	0.6%	0.6%	600,000	-18.3%	$14.5M
FRBTForbright Inc	0.5%	—	649,999	—	$11.9M
JCAPJefferson Capital Inc	0.4%	0.4%	530,598	-0.3%	$10.3M
COSOCoastalsouth Bancshares Inc	0.4%	0.3%	370,982	+15.6%	$10.0M
PBProsperity Bancshares Inc	0.4%	2.6%	130,000	-88.3%	$9.5M
MIAXMiami Intl Hldgs Inc	0.4%	1.4%	251,354	-75.2%	$9.3M
FLYWFlywire Corporation	0.3%	0.4%	450,000	-59.1%	$7.9M
GCMGGcm Grosvenor Inc	0.3%	0.2%	630,180	+0.0%	$7.8M
SMBKSmartfinancial Inc	0.2%	0.2%	137,089	+0.0%	$6.4M
AAMIAcadian Asset Management Inc	0.2%	0.4%	86,596	-60.7%	$6.2M
SFNCSimmons First Natl Corp	0.1%	—	150,000	—	$3.4M
NEWTNewtekone Inc	0.1%	—	155,681	—	$2.3M
NPBNorthpointe Bancshares Inc	0.1%	0.1%	100,000	-57.0%	$1.9M
IBOCInternational Bancshares Corp	0.1%	—	25,000	—	$1.9M
BOTJBank of the James Finl Gp in	0.0%	—	50,132	—	$1.3M
GEMIGemini Space Sta Inc	0.0%	—	100,001	—	$426K
UWMCUwm Holdings Corporation	0.0%	—	100,000	—	$229K

What North Reef Capital Management LP bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +17.5% /yr; S&P 500 +20.1%
3 years: +22.1% /yr; S&P 500 +20.4%
5 years: +6.5% /yr; S&P 500 +13.0%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$2.6B	43
Q1 2026	$2.9B	60
Q4 2025	$2.5B	56
Q3 2025	$2.1B	43
Q2 2025	$2.3B	40
Q1 2025	$2.3B	46
Q4 2024	$2.2B	41
Q3 2024	$2.1B	48
Q2 2024	$2.2B	46
Q1 2024	$1.9B	44
Q4 2023	$1.7B	36
Q3 2023	$1.6B	44

Questions about North Reef Capital Management LP's portfolio

What stocks does North Reef Capital Management LP own?

North Reef Capital Management LP's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 43 positions worth $2.6B. The largest are Marketaxess Hldgs Inc (MKTX) at 14.8%, Ameris Bancorp (ABCB) at 9.5%, First Horizon Corporation (FHN) at 9.0%, Keycorp (KEY) at 7.3% and Alkami Technology Inc (ALKT) at 6.4%.

What did North Reef Capital Management LP buy last quarter?

In Q2 2026, North Reef Capital Management LP added Pinnacle Finl Partners Inc (PNFP) (+624.8% shares), Global Pmts Inc (GPN) (+480.0% shares) and Marketaxess Hldgs Inc (MKTX) (+81.1% shares), compared with its Q1 2026 filing.

What did North Reef Capital Management LP sell last quarter?

In Q2 2026, North Reef Capital Management LP sold all of Visa Inc (V), sold all of Tradeweb Mkts Inc (TW), sold all of Fidelity Natl Information Sv (FIS), sold all of First Foundation Inc (FFWM), sold all of Q2 Hldgs Inc (QTWO), Prosperity Bancshares Inc (PB) (-88.3% shares), Miami Intl Hldgs Inc (MIAX) (-75.2% shares) and Acadian Asset Management Inc (AAMI) (-60.7% shares), compared with its Q1 2026 filing.

How has North Reef Capital Management LP's portfolio performed?

A portfolio copying North Reef Capital Management LP's 20 largest 13F holdings each quarter, from the day each filing was public, returned +22.1% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +17.5% against +20.1%. Over 5 years: +6.5% a year against +13.0%.

When is North Reef Capital Management LP's next 13F filing due?

13F filings are due 45 days after each quarter ends. North Reef Capital Management LP's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does North Reef Capital Management LP manage?

North Reef Capital Management LP reported $4.1B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $2.6B.