North Reef Capital Management LP Quant / Systematic

CIK: 0001867831 · Show all filings

Period: Q2 2025 (← Previous) (Next →)

Filing Date: Aug 14, 2025

Total Value ($000): $2,256,191 (100.0% shares, 0.0% debt)

Holdings (40)

FHN FIRST HORIZON CORPORATION 11.8%

Value ($000) $266,590 Shares 12,575,000 Est. Cost $12.91 Unrealized +44.9%

CMA COMERICA INC 11.0%

Value ($000) $249,039 Shares 4,175,000 Est. Cost $48.94 Unrealized +10.9%

— SYNOVUS FINL CORP 8.2%

Value ($000) $185,006 Shares 3,575,000 Est. Cost $41.34 Unrealized —

SBCF SEACOAST BKG CORP FLA 7.0%

Value ($000) $158,815 Shares 5,750,000 Est. Cost $27.71 Unrealized -10.8%

TCBI TEXAS CAP BANCSHARES INC 7.0%

Value ($000) $157,607 Shares 1,984,977 Est. Cost $68.70 Unrealized +4.3%

— PINNACLE FINL PARTNERS INC 5.7%

Value ($000) $128,628 Shares 1,165,000 Est. Cost $90.49 Unrealized —

ABCB AMERIS BANCORP 5.4%

Value ($000) $122,284 Shares 1,890,018 Est. Cost $44.25 Unrealized +32.7%

WFC WELLS FARGO CO NEW 5.2%

Value ($000) $118,177 Shares 1,475,000 Est. Cost $59.38 Unrealized +19.8%

ACIW ACI WORLDWIDE INC 5.2%

Value ($000) $116,611 Shares 2,540,000 Est. Cost $32.66 Unrealized +50.6%

MKTX MARKETAXESS HLDGS INC 4.2%

Value ($000) $93,803 Shares 420,000 Est. Cost $223.25 Unrealized -3.0%

AUB ATLANTIC UN BANKSHARES CORP 3.8%

Value ($000) $86,020 Shares 2,750,000 Est. Cost $33.79 Unrealized -17.8%

QTWO Q2 HLDGS INC 3.5%

Value ($000) $78,664 Shares 840,520 Est. Cost $37.61 Unrealized +124.3%

PIPR PIPER SANDLER COMPANIES 2.8%

Value ($000) $63,926 Shares 230,000 Est. Cost $213.85 Unrealized +16.5%

V VISA INC 2.2%

Value ($000) $49,707 Shares 140,000 Est. Cost $343.18 Unrealized +1.1%

STEL STELLAR BANCORP INC 1.9%

Value ($000) $43,089 Shares 1,540,000 Est. Cost $26.60 Unrealized -0.1%

FFWM FIRST FNDTN INC 1.7%

Value ($000) $38,837 Shares 7,615,000 Est. Cost $6.20 Unrealized -17.4%

C CITIGROUP INC 1.7%

Value ($000) $38,304 Shares 450,000 Est. Cost $71.20 Unrealized 0.0%

MQ MARQETA INC 1.7%

Value ($000) $37,895 Shares 6,500,000 Est. Cost $4.95 Unrealized -4.1%

HTH HILLTOP HOLDINGS INC 1.6%

Value ($000) $35,965 Shares 1,185,000 Est. Cost $30.41 Unrealized -2.5%

NTRS NORTHERN TR CORP 1.0%

Value ($000) $23,456 Shares 185,000 Est. Cost $100.50 Unrealized 0.0%

AAMI ACADIAN ASSET MANAGEMENT INC 0.7%

Value ($000) $16,915 Shares 480,000 Est. Cost $20.36 Unrealized +42.7%

TFC TRUIST FINL CORP 0.6%

Value ($000) $13,972 Shares 325,000 Est. Cost $42.69 Unrealized -11.0%

BMRC BANK MARIN BANCORP 0.6%

Value ($000) $13,704 Shares 600,000 Est. Cost $20.08 Unrealized +2.4%

SCHW SCHWAB CHARLES CORP 0.6%

Value ($000) $13,686 Shares 150,000 Est. Cost $66.41 Unrealized +25.2%

FLYW FLYWIRE CORPORATION 0.6%

Value ($000) $12,870 Shares 1,100,000 Est. Cost $17.87 Unrealized -43.0%

CRMT AMERICAS CAR-MART INC 0.6%

Value ($000) $12,668 Shares 226,045 Est. Cost $55.14 Unrealized -10.2%

MYFW FIRST WESTN FINL INC 0.5%

Value ($000) $12,311 Shares 545,722 Est. Cost $24.02 Unrealized -14.0%

VYX NCR VOYIX CORPORATION 0.5%

Value ($000) $10,557 Shares 900,001 Est. Cost $12.65 Unrealized -20.1%

BAC BANK AMERICA CORP 0.4%

Value ($000) $9,464 Shares 200,000 Est. Cost $41.45 Unrealized 0.0%

NPB NORTHPOINTE BANCSHARES INC. 0.4%

Value ($000) $8,244 Shares 601,344 Est. Cost $14.31 Unrealized -6.1%

EGBN EAGLE BANCORP INC MD 0.3%

Value ($000) $7,792 Shares 400,000 Est. Cost $24.32 Unrealized -24.8%

GCMG GCM GROSVENOR INC 0.3%

Value ($000) $6,129 Shares 530,196 Est. Cost $12.66 Unrealized -4.8%

BRBS BLUE RIDGE BANKSHARES INC VA 0.2%

Value ($000) $5,439 Shares 1,515,107 Est. Cost $3.19 Unrealized 0.0%

JCAP JEFFERSON CAPITAL INC 0.2%

Value ($000) $4,613 Shares 250,000 Est. Cost $18.66 Unrealized 0.0%

ALKT ALKAMI TECHNOLOGY INC 0.2%

Value ($000) $4,202 Shares 139,413 Est. Cost $29.22 Unrealized -4.9%

— VERITEX HLDGS INC 0.2%

Value ($000) $3,398 Shares 130,187 Est. Cost $26.10 Unrealized —

PYPL PAYPAL HLDGS INC 0.1%

Value ($000) $3,344 Shares 45,000 Est. Cost $68.32 Unrealized 0.0%

FOUR SHIFT4 PMTS INC 0.1%

Value ($000) $2,478 Shares 25,000 Est. Cost $99.28 Unrealized -12.2%

SMBK SMARTFINANCIAL INC 0.1%

Value ($000) $1,557 Shares 46,104 Est. Cost $30.87 Unrealized 0.0%

— GUARANTY BANCSHARES INC TEX 0.0%

Value ($000) $424 Shares 10,000 Est. Cost $40.03 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FHN	FIRST HORIZON CORPORATION	12,575,000	$266,590	11.8%	$12.91	+44.9%	COM	320517105
CMA	COMERICA INC	4,175,000	$249,039	11.0%	$48.94	+10.9%	COM	200340107
—	SYNOVUS FINL CORP	3,575,000	$185,006	8.2%	$41.34	—	COM NEW	87161C501
SBCF	SEACOAST BKG CORP FLA	5,750,000	$158,815	7.0%	$27.71	-10.8%	COM NEW	811707801
TCBI	TEXAS CAP BANCSHARES INC	1,984,977	$157,607	7.0%	$68.70	+4.3%	COM	88224Q107
—	PINNACLE FINL PARTNERS INC	1,165,000	$128,628	5.7%	$90.49	—	COM	72346Q104
ABCB	AMERIS BANCORP	1,890,018	$122,284	5.4%	$44.25	+32.7%	COM	03076K108
WFC	WELLS FARGO CO NEW	1,475,000	$118,177	5.2%	$59.38	+19.8%	COM	949746101
ACIW	ACI WORLDWIDE INC	2,540,000	$116,611	5.2%	$32.66	+50.6%	COM	004498101
MKTX	MARKETAXESS HLDGS INC	420,000	$93,803	4.2%	$223.25	-3.0%	COM	57060D108
AUB	ATLANTIC UN BANKSHARES CORP	2,750,000	$86,020	3.8%	$33.79	-17.8%	COM	04911A107
QTWO	Q2 HLDGS INC	840,520	$78,664	3.5%	$37.61	+124.3%	COM	74736L109
PIPR	PIPER SANDLER COMPANIES	230,000	$63,926	2.8%	$213.85	+16.5%	COM	724078100
V	VISA INC	140,000	$49,707	2.2%	$343.18	+1.1%	COM CL A	92826C839
STEL	STELLAR BANCORP INC	1,540,000	$43,089	1.9%	$26.60	-0.1%	COM	858927106
FFWM	FIRST FNDTN INC	7,615,000	$38,837	1.7%	$6.20	-17.4%	COM	32026V104
C	CITIGROUP INC	450,000	$38,304	1.7%	$71.20	0.0%	COM NEW	172967424
MQ	MARQETA INC	6,500,000	$37,895	1.7%	$4.95	-4.1%	CLASS A COM	57142B104
HTH	HILLTOP HOLDINGS INC	1,185,000	$35,965	1.6%	$30.41	-2.5%	COM	432748101
NTRS	NORTHERN TR CORP	185,000	$23,456	1.0%	$100.50	0.0%	COM	665859104
AAMI	ACADIAN ASSET MANAGEMENT INC	480,000	$16,915	0.7%	$20.36	+42.7%	COM	10948W103
TFC	TRUIST FINL CORP	325,000	$13,972	0.6%	$42.69	-11.0%	COM	89832Q109
BMRC	BANK MARIN BANCORP	600,000	$13,704	0.6%	$20.08	+2.4%	COM	063425102
SCHW	SCHWAB CHARLES CORP	150,000	$13,686	0.6%	$66.41	+25.2%	COM	808513105
FLYW	FLYWIRE CORPORATION	1,100,000	$12,870	0.6%	$17.87	-43.0%	COM VTG	302492103
CRMT	AMERICAS CAR-MART INC	226,045	$12,668	0.6%	$55.14	-10.2%	COM	03062T105
MYFW	FIRST WESTN FINL INC	545,722	$12,311	0.5%	$24.02	-14.0%	COM	33751L105
VYX	NCR VOYIX CORPORATION	900,001	$10,557	0.5%	$12.65	-20.1%	COM	62886E108
BAC	BANK AMERICA CORP	200,000	$9,464	0.4%	$41.45	0.0%	COM	060505104
NPB	NORTHPOINTE BANCSHARES INC.	601,344	$8,244	0.4%	$14.31	-6.1%	COM SHS	66661N886
EGBN	EAGLE BANCORP INC MD	400,000	$7,792	0.3%	$24.32	-24.8%	COM	268948106
GCMG	GCM GROSVENOR INC	530,196	$6,129	0.3%	$12.66	-4.8%	COM CL A	36831E108
BRBS	BLUE RIDGE BANKSHARES INC VA	1,515,107	$5,439	0.2%	$3.19	0.0%	COM	095825105
JCAP	JEFFERSON CAPITAL INC	250,000	$4,613	0.2%	$18.66	0.0%	COM	47248R103
ALKT	ALKAMI TECHNOLOGY INC	139,413	$4,202	0.2%	$29.22	-4.9%	COM	01644J108
—	VERITEX HLDGS INC	130,187	$3,398	0.2%	$26.10	—	COM	923451108
PYPL	PAYPAL HLDGS INC	45,000	$3,344	0.1%	$68.32	0.0%	COM	70450Y103
FOUR	SHIFT4 PMTS INC	25,000	$2,478	0.1%	$99.28	-12.2%	CL A	82452J109
SMBK	SMARTFINANCIAL INC	46,104	$1,557	0.1%	$30.87	0.0%	COM NEW	83190L208
—	GUARANTY BANCSHARES INC TEX	10,000	$424	0.0%	$40.03	—	COM	400764106