North Reef Capital Management LP Quant / Systematic

CIK: 0001867831 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 14, 2025

Total Value ($000): $2,138,372 (100.0% shares, 0.0% debt)

Holdings (43)

FHN FIRST HORIZON CORPORATION 13.1%

Value ($000) $279,686 Shares 12,370,000 Est. Cost $12.91 Unrealized +70.2%

CADE CADENCE BANK 12.4%

Value ($000) $264,845 Shares 7,055,000 Est. Cost $35.60 Unrealized 0.0%

CMA COMERICA INC 11.4%

Value ($000) $244,616 Shares 3,570,000 Est. Cost $48.94 Unrealized +35.4%

MKTX MARKETAXESS HLDGS INC 7.4%

Value ($000) $158,804 Shares 911,358 Est. Cost $207.18 Unrealized -6.6%

SBCF SEACOAST BKG CORP FLA 7.1%

Value ($000) $151,998 Shares 4,995,000 Est. Cost $27.71 Unrealized +7.0%

ABCB AMERIS BANCORP 6.8%

Value ($000) $145,232 Shares 1,981,061 Est. Cost $45.44 Unrealized +54.1%

AUB ATLANTIC UN BANKSHARES CORP 6.1%

Value ($000) $131,053 Shares 3,713,604 Est. Cost $33.63 Unrealized -1.3%

QTWO Q2 HLDGS INC 5.7%

Value ($000) $122,339 Shares 1,690,000 Est. Cost $60.00 Unrealized +36.9%

ACIW ACI WORLDWIDE INC 4.4%

Value ($000) $94,134 Shares 1,783,851 Est. Cost $32.66 Unrealized +44.7%

STEL STELLAR BANCORP INC 2.6%

Value ($000) $55,520 Shares 1,829,937 Est. Cost $27.20 Unrealized +11.7%

EGBN EAGLE BANCORP INC MD 2.5%

Value ($000) $53,238 Shares 2,632,918 Est. Cost $20.05 Unrealized -3.8%

PIPR PIPER SANDLER COMPANIES 2.5%

Value ($000) $52,641 Shares 151,707 Est. Cost $213.85 Unrealized +52.5%

TCBI TEXAS CAP BANCSHARES INC 2.2%

Value ($000) $46,914 Shares 555,000 Est. Cost $68.70 Unrealized +24.4%

FFWM FIRST FNDTN INC 1.8%

Value ($000) $38,435 Shares 6,900,306 Est. Cost $6.20 Unrealized -11.0%

V VISA INC 1.7%

Value ($000) $35,845 Shares 105,000 Est. Cost $343.18 Unrealized +0.6%

MIAX MIAMI INTL HLDGS INC 1.4%

Value ($000) $29,221 Shares 725,804 Est. Cost $36.58 Unrealized 0.0%

FIBK FIRST INTST BANCSYSTEM INC 1.3%

Value ($000) $27,090 Shares 850,000 Est. Cost $30.08 Unrealized 0.0%

NTRS NORTHERN TR CORP 1.2%

Value ($000) $25,574 Shares 190,000 Est. Cost $101.21 Unrealized +25.8%

AAMI ACADIAN ASSET MANAGEMENT INC 1.2%

Value ($000) $24,632 Shares 511,452 Est. Cost $21.84 Unrealized +104.0%

MQ MARQETA INC 1.1%

Value ($000) $24,552 Shares 4,650,000 Est. Cost $4.95 Unrealized +19.7%

MYFW FIRST WESTN FINL INC 0.7%

Value ($000) $14,225 Shares 617,824 Est. Cost $23.88 Unrealized -4.4%

VYX NCR VOYIX CORPORATION 0.5%

Value ($000) $10,547 Shares 840,395 Est. Cost $12.65 Unrealized +4.2%

FRST PRIMIS FINANCIAL CORP 0.5%

Value ($000) $10,246 Shares 974,870 Est. Cost $10.93 Unrealized 0.0%

FLYW FLYWIRE CORPORATION 0.4%

Value ($000) $8,801 Shares 650,000 Est. Cost $17.87 Unrealized -31.2%

FIGR FIGURE TECHNOLOGY SOLUTIO 0.4%

Value ($000) $8,729 Shares 240,000 Est. Cost $38.84 Unrealized 0.0%

FOUR SHIFT4 PMTS INC 0.4%

Value ($000) $7,977 Shares 103,056 Est. Cost $94.49 Unrealized -1.6%

CRMT AMERICAS CAR-MART INC 0.4%

Value ($000) $7,892 Shares 270,190 Est. Cost $53.53 Unrealized -15.5%

GCMG GCM GROSVENOR INC 0.3%

Value ($000) $6,353 Shares 526,354 Est. Cost $12.66 Unrealized -3.7%

GEMI GEMINI SPACE STA INC 0.3%

Value ($000) $5,878 Shares 245,322 Est. Cost $25.81 Unrealized 0.0%

JCAP JEFFERSON CAPITAL INC 0.2%

Value ($000) $5,101 Shares 295,559 Est. Cost $18.52 Unrealized -4.1%

BLSH BULLISH 0.2%

Value ($000) $5,089 Shares 80,000 Est. Cost $61.33 Unrealized 0.0%

NPB NORTHPOINTE BANCSHARES INC. 0.2%

Value ($000) $4,846 Shares 283,752 Est. Cost $14.31 Unrealized +14.1%

COSO COASTALSOUTH BANCSHARES INC 0.2%

Value ($000) $4,812 Shares 220,619 Est. Cost $21.58 Unrealized 0.0%

KRE SPDR SERIES TRUST 0.2%

Value ($000) $4,748 Shares 75,000 Est. Cost $63.30 Unrealized —

TW TRADEWEB MKTS INC 0.2%

Value ($000) $4,572 Shares 41,200 Est. Cost $128.54 Unrealized 0.0%

NEWT NEWTEKONE INC 0.2%

Value ($000) $4,430 Shares 386,924 Est. Cost $11.85 Unrealized 0.0%

AVBH AVIDBANK HLDGS INC 0.2%

Value ($000) $3,608 Shares 141,496 Est. Cost $23.63 Unrealized 0.0%

ALKT ALKAMI TECHNOLOGY INC 0.1%

Value ($000) $3,170 Shares 127,604 Est. Cost $29.22 Unrealized -12.6%

CME CME GROUP INC 0.1%

Value ($000) $3,026 Shares 11,198 Est. Cost $269.86 Unrealized 0.0%

SMBK SMARTFINANCIAL INC 0.1%

Value ($000) $3,022 Shares 84,570 Est. Cost $33.10 Unrealized +8.1%

COLB COLUMBIA BKG SYS INC 0.1%

Value ($000) $2,574 Shares 100,000 Est. Cost $24.85 Unrealized 0.0%

MRX MAREX GROUP PLC 0.1%

Value ($000) $1,755 Shares 52,191 Est. Cost $35.86 Unrealized 0.0%

CIVB CIVISTA BANCSHARES INC 0.0%

Value ($000) $605 Shares 29,776 Est. Cost $20.64 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FHN	FIRST HORIZON CORPORATION	12,370,000	$279,686	13.1%	$12.91	+70.2%	COM	320517105
CADE	CADENCE BANK	7,055,000	$264,845	12.4%	$35.60	0.0%	COM	12740C103
CMA	COMERICA INC	3,570,000	$244,616	11.4%	$48.94	+35.4%	COM	200340107
MKTX	MARKETAXESS HLDGS INC	911,358	$158,804	7.4%	$207.18	-6.6%	COM	57060D108
SBCF	SEACOAST BKG CORP FLA	4,995,000	$151,998	7.1%	$27.71	+7.0%	COM NEW	811707801
ABCB	AMERIS BANCORP	1,981,061	$145,232	6.8%	$45.44	+54.1%	COM	03076K108
AUB	ATLANTIC UN BANKSHARES CORP	3,713,604	$131,053	6.1%	$33.63	-1.3%	COM	04911A107
QTWO	Q2 HLDGS INC	1,690,000	$122,339	5.7%	$60.00	+36.9%	COM	74736L109
ACIW	ACI WORLDWIDE INC	1,783,851	$94,134	4.4%	$32.66	+44.7%	COM	004498101
STEL	STELLAR BANCORP INC	1,829,937	$55,520	2.6%	$27.20	+11.7%	COM	858927106
EGBN	EAGLE BANCORP INC MD	2,632,918	$53,238	2.5%	$20.05	-3.8%	COM	268948106
PIPR	PIPER SANDLER COMPANIES	151,707	$52,641	2.5%	$213.85	+52.5%	COM	724078100
TCBI	TEXAS CAP BANCSHARES INC	555,000	$46,914	2.2%	$68.70	+24.4%	COM	88224Q107
FFWM	FIRST FNDTN INC	6,900,306	$38,435	1.8%	$6.20	-11.0%	COM	32026V104
V	VISA INC	105,000	$35,845	1.7%	$343.18	+0.6%	COM CL A	92826C839
MIAX	MIAMI INTL HLDGS INC	725,804	$29,221	1.4%	$36.58	0.0%	COM	59356Q108
FIBK	FIRST INTST BANCSYSTEM INC	850,000	$27,090	1.3%	$30.08	0.0%	COM	32055Y201
NTRS	NORTHERN TR CORP	190,000	$25,574	1.2%	$101.21	+25.8%	COM	665859104
AAMI	ACADIAN ASSET MANAGEMENT INC	511,452	$24,632	1.2%	$21.84	+104.0%	COM	10948W103
MQ	MARQETA INC	4,650,000	$24,552	1.1%	$4.95	+19.7%	CLASS A COM	57142B104
MYFW	FIRST WESTN FINL INC	617,824	$14,225	0.7%	$23.88	-4.4%	COM	33751L105
VYX	NCR VOYIX CORPORATION	840,395	$10,547	0.5%	$12.65	+4.2%	COM	62886E108
FRST	PRIMIS FINANCIAL CORP	974,870	$10,246	0.5%	$10.93	0.0%	COM	74167B109
FLYW	FLYWIRE CORPORATION	650,000	$8,801	0.4%	$17.87	-31.2%	COM VTG	302492103
FIGR	FIGURE TECHNOLOGY SOLUTIO	240,000	$8,729	0.4%	$38.84	0.0%	COM CL A	349381103
FOUR	SHIFT4 PMTS INC	103,056	$7,977	0.4%	$94.49	-1.6%	CL A	82452J109
CRMT	AMERICAS CAR-MART INC	270,190	$7,892	0.4%	$53.53	-15.5%	COM	03062T105
GCMG	GCM GROSVENOR INC	526,354	$6,353	0.3%	$12.66	-3.7%	COM CL A	36831E108
GEMI	GEMINI SPACE STA INC	245,322	$5,878	0.3%	$25.81	0.0%	CL A COM	36866J105
JCAP	JEFFERSON CAPITAL INC	295,559	$5,101	0.2%	$18.52	-4.1%	COM	47248R103
BLSH	BULLISH	80,000	$5,089	0.2%	$61.33	0.0%	ORD SHS	G16910120
NPB	NORTHPOINTE BANCSHARES INC.	283,752	$4,846	0.2%	$14.31	+14.1%	COM SHS	66661N886
COSO	COASTALSOUTH BANCSHARES INC	220,619	$4,812	0.2%	$21.58	0.0%	COM NEW	19058X207
KRE	SPDR SERIES TRUST	75,000	$4,748	0.2%	$63.30	—	S&P REGL BKG	78464A698
TW	TRADEWEB MKTS INC	41,200	$4,572	0.2%	$128.54	0.0%	CL A	892672106
NEWT	NEWTEKONE INC	386,924	$4,430	0.2%	$11.85	0.0%	COM NEW	652526203
AVBH	AVIDBANK HLDGS INC	141,496	$3,608	0.2%	$23.63	0.0%	COM	05368J103
ALKT	ALKAMI TECHNOLOGY INC	127,604	$3,170	0.1%	$29.22	-12.6%	COM	01644J108
CME	CME GROUP INC	11,198	$3,026	0.1%	$269.86	0.0%	COM	12572Q105
SMBK	SMARTFINANCIAL INC	84,570	$3,022	0.1%	$33.10	+8.1%	COM NEW	83190L208
COLB	COLUMBIA BKG SYS INC	100,000	$2,574	0.1%	$24.85	0.0%	COM	197236102
MRX	MAREX GROUP PLC	52,191	$1,755	0.1%	$35.86	0.0%	ORD	G5S37H101
CIVB	CIVISTA BANCSHARES INC	29,776	$605	0.0%	$20.64	0.0%	COM NO PAR	178867107