North Reef Capital Management LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FBK	FB FINL CORP	892,685	$49,812	2.0%	$55.62	0.0%	COM	30257X104
FITB	FIFTH THIRD BANCORP	850,000	$39,789	1.6%	$43.65	0.0%	COM	316773100
TFC	TRUIST FINL CORP	765,774	$37,684	1.5%	$45.80	0.0%	COM	89832Q109
CBC	CENTRAL BANCOMPANY	1,310,673	$31,613	1.3%	$23.43	0.0%	COM CL A	152413100
PB	PROSPERITY BANCSHARES INC	445,000	$30,754	1.2%	$67.02	0.0%	COM	743606105
TCBK	TRICO BANCSHARES	485,423	$22,994	0.9%	$45.89	0.0%	COM	896095106
BANC	BANC OF CALIFORNIA INC	1,156,680	$22,312	0.9%	$17.85	0.0%	COM	05990K106
WLTH	WEALTHFRONT CORP	1,226,633	$16,670	0.7%	$13.20	0.0%	COM	947002101
EBC	EASTERN BANKSHARES INC	796,451	$14,679	0.6%	$18.22	0.0%	COM	27627N105
SSB	SOUTHSTATE BK CORP	90,000	$8,470	0.3%	$91.84	0.0%	COM	84472E102
JHG	JANUS HENDERSON GROUP PLC	150,000	$7,136	0.3%	$44.24	0.0%	ORD SHS	G4474Y214
KLAR	KLARNA GROUP PLC	159,996	$4,625	0.2%	$34.34	0.0%	SHS	G5279N105
USCB	USCB FINANCIAL HOLDINGS INC	123,741	$2,279	0.1%	$17.87	0.0%	CLASS A COM	90355N101
FFIC	FLUSHING FINL CORP	135,000	$2,048	0.1%	$15.01	0.0%	COM	343873105
CVBF	CVB FINL CORP	103,824	$1,931	0.1%	$18.94	0.0%	COM	126600105
IIIV	I3 VERTICALS INC	75,711	$1,907	0.1%	$28.15	0.0%	COM CL A	46571Y107
BBT	BEACON FINANCIAL CORP.	50,344	$1,328	0.1%	$24.93	0.0%	COM	084680107
RNST	RENASANT CORP	15,001	$528	0.0%	$35.43	0.0%	COM	75970E107

Increased Positions (26)

MKTX MARKETAXESS HLDGS INC 11.7%

Value ($000) $291,691 (+83.7%) Shares 1,609,330 (+76.6%) Est. Cost $190.84 Unrealized -11.2%

COLB COLUMBIA BKG SYS INC 4.2%

Value ($000) $103,415 (+3917.7%) Shares 3,700,000 (+3600.0%) Est. Cost $26.80 Unrealized +0.2%

V VISA INC 3.8%

Value ($000) $94,692 (+164.2%) Shares 270,000 (+157.1%) Est. Cost $341.47 Unrealized -0.3%

ABCB AMERIS BANCORP 8.2%

Value ($000) $203,279 (+40.0%) Shares 2,737,028 (+38.2%) Est. Cost $53.39 Unrealized +39.0%

ALKT ALKAMI TECHNOLOGY INC 1.9%

Value ($000) $48,447 (+1428.4%) Shares 2,100,000 (+1545.7%) Est. Cost $22.50 Unrealized -1.9%

FIBK FIRST INTST BANCSYSTEM INC 2.8%

Value ($000) $68,335 (+152.3%) Shares 1,974,999 (+132.4%) Est. Cost $31.25 Unrealized +2.8%

STEL STELLAR BANCORP INC 3.6%

Value ($000) $88,960 (+60.2%) Shares 2,875,245 (+57.1%) Est. Cost $28.48 Unrealized +7.9%

SBCF SEACOAST BKG CORP FLA 7.4%

Value ($000) $183,244 (+20.6%) Shares 5,832,075 (+16.8%) Est. Cost $28.20 Unrealized +10.5%

AUB ATLANTIC UN BANKSHARES CORP 6.5%

Value ($000) $161,395 (+23.2%) Shares 4,572,090 (+23.1%) Est. Cost $33.67 Unrealized +0.5%

TW TRADEWEB MKTS INC 1.4%

Value ($000) $33,987 (+643.3%) Shares 316,039 (+667.1%) Est. Cost $110.12 Unrealized -2.5%

MIAX MIAMI INTL HLDGS INC 2.3%

Value ($000) $56,141 (+92.1%) Shares 1,265,000 (+74.3%) Est. Cost $40.00 Unrealized +11.5%

PIPR PIPER SANDLER COMPANIES 2.8%

Value ($000) $69,607 (+32.2%) Shares 204,900 (+35.1%) Est. Cost $246.03 Unrealized +37.3%

NTRS NORTHERN TR CORP 1.7%

Value ($000) $42,426 (+65.9%) Shares 310,611 (+63.5%) Est. Cost $112.68 Unrealized +16.0%

EGBN EAGLE BANCORP INC MD 2.5%

Value ($000) $62,975 (+18.3%) Shares 2,940,000 (+11.7%) Est. Cost $19.96 Unrealized -3.5%

FFWM FIRST FNDTN INC 1.9%

Value ($000) $48,125 (+25.2%) Shares 7,812,475 (+13.2%) Est. Cost $6.13 Unrealized -8.7%

FRST PRIMIS FINANCIAL CORP 0.7%

Value ($000) $16,742 (+63.4%) Shares 1,203,604 (+23.5%) Est. Cost $10.98 Unrealized +1.9%

MRX MAREX GROUP PLC 0.3%

Value ($000) $7,288 (+315.4%) Shares 190,000 (+264.0%) Est. Cost $34.48 Unrealized -1.5%

MYFW FIRST WESTN FINL INC 0.7%

Value ($000) $18,390 (+29.3%) Shares 685,954 (+11.0%) Est. Cost $23.87 Unrealized -0.1%

MQ MARQETA INC 1.1%

Value ($000) $28,500 (+16.1%) Shares 6,000,000 (+29.0%) Est. Cost $4.91 Unrealized -2.3%

GEMI GEMINI SPACE STA INC 0.1%

Value ($000) $2,976 (-49.4%) Shares 300,000 (+22.3%) Est. Cost $23.95 Unrealized -34.9%

BLSH BULLISH 0.1%

Value ($000) $3,078 (-39.5%) Shares 81,280 (+1.6%) Est. Cost $61.14 Unrealized -20.3%

SMBK SMARTFINANCIAL INC 0.2%

Value ($000) $4,989 (+65.1%) Shares 134,871 (+59.5%) Est. Cost $34.26 Unrealized +5.7%

FOUR SHIFT4 PMTS INC 0.4%

Value ($000) $9,819 (+23.1%) Shares 155,929 (+51.3%) Est. Cost $86.41 Unrealized -18.2%

COSO COASTALSOUTH BANCSHARES INC 0.2%

Value ($000) $6,136 (+27.5%) Shares 263,900 (+19.6%) Est. Cost $21.68 Unrealized +2.4%

GCMG GCM GROSVENOR INC 0.3%

Value ($000) $6,807 (+7.1%) Shares 601,355 (+14.2%) Est. Cost $12.50 Unrealized -9.3%

ACIW ACI WORLDWIDE INC 3.8%

Value ($000) $94,186 (+0.1%) Shares 1,970,000 (+10.4%) Est. Cost $34.16 Unrealized +42.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MKTX	MARKETAXESS HLDGS INC	1,609,330 (+76.6%)	$291,691 (+83.7%)	11.7%	$190.84	-11.2%	COM	57060D108
COLB	COLUMBIA BKG SYS INC	3,700,000 (+3600.0%)	$103,415 (+3917.7%)	4.2%	$26.80	+0.2%	COM	197236102
V	VISA INC	270,000 (+157.1%)	$94,692 (+164.2%)	3.8%	$341.47	-0.3%	COM CL A	92826C839
ABCB	AMERIS BANCORP	2,737,028 (+38.2%)	$203,279 (+40.0%)	8.2%	$53.39	+39.0%	COM	03076K108
ALKT	ALKAMI TECHNOLOGY INC	2,100,000 (+1545.7%)	$48,447 (+1428.4%)	1.9%	$22.50	-1.9%	COM	01644J108
FIBK	FIRST INTST BANCSYSTEM INC	1,974,999 (+132.4%)	$68,335 (+152.3%)	2.8%	$31.25	+2.8%	COM	32055Y201
STEL	STELLAR BANCORP INC	2,875,245 (+57.1%)	$88,960 (+60.2%)	3.6%	$28.48	+7.9%	COM	858927106
SBCF	SEACOAST BKG CORP FLA	5,832,075 (+16.8%)	$183,244 (+20.6%)	7.4%	$28.20	+10.5%	COM NEW	811707801
AUB	ATLANTIC UN BANKSHARES CORP	4,572,090 (+23.1%)	$161,395 (+23.2%)	6.5%	$33.67	+0.5%	COM	04911A107
TW	TRADEWEB MKTS INC	316,039 (+667.1%)	$33,987 (+643.3%)	1.4%	$110.12	-2.5%	CL A	892672106
MIAX	MIAMI INTL HLDGS INC	1,265,000 (+74.3%)	$56,141 (+92.1%)	2.3%	$40.00	+11.5%	COM	59356Q108
PIPR	PIPER SANDLER COMPANIES	204,900 (+35.1%)	$69,607 (+32.2%)	2.8%	$246.03	+37.3%	COM	724078100
NTRS	NORTHERN TR CORP	310,611 (+63.5%)	$42,426 (+65.9%)	1.7%	$112.68	+16.0%	COM	665859104
EGBN	EAGLE BANCORP INC MD	2,940,000 (+11.7%)	$62,975 (+18.3%)	2.5%	$19.96	-3.5%	COM	268948106
FFWM	FIRST FNDTN INC	7,812,475 (+13.2%)	$48,125 (+25.2%)	1.9%	$6.13	-8.7%	COM	32026V104
FRST	PRIMIS FINANCIAL CORP	1,203,604 (+23.5%)	$16,742 (+63.4%)	0.7%	$10.98	+1.9%	COM	74167B109
MRX	MAREX GROUP PLC	190,000 (+264.0%)	$7,288 (+315.4%)	0.3%	$34.48	-1.5%	ORD	G5S37H101
MYFW	FIRST WESTN FINL INC	685,954 (+11.0%)	$18,390 (+29.3%)	0.7%	$23.87	-0.1%	COM	33751L105
MQ	MARQETA INC	6,000,000 (+29.0%)	$28,500 (+16.1%)	1.1%	$4.91	-2.3%	CLASS A COM	57142B104
GEMI	GEMINI SPACE STA INC	300,000 (+22.3%)	$2,976 (-49.4%)	0.1%	$23.95	-34.9%	CL A COM	36866J105
BLSH	BULLISH	81,280 (+1.6%)	$3,078 (-39.5%)	0.1%	$61.14	-20.3%	ORD SHS	G16910120
SMBK	SMARTFINANCIAL INC	134,871 (+59.5%)	$4,989 (+65.1%)	0.2%	$34.26	+5.7%	COM NEW	83190L208
FOUR	SHIFT4 PMTS INC	155,929 (+51.3%)	$9,819 (+23.1%)	0.4%	$86.41	-18.2%	CL A	82452J109
COSO	COASTALSOUTH BANCSHARES INC	263,900 (+19.6%)	$6,136 (+27.5%)	0.2%	$21.68	+2.4%	COM NEW	19058X207
GCMG	GCM GROSVENOR INC	601,355 (+14.2%)	$6,807 (+7.1%)	0.3%	$12.50	-9.3%	COM CL A	36831E108
ACIW	ACI WORLDWIDE INC	1,970,000 (+10.4%)	$94,186 (+0.1%)	3.8%	$34.16	+42.0%	COM	004498101

Exited Positions (5)

CADE CADENCE BANK 10.7%

Value ($000) $264,845 Shares 7,055,000 Est. Cost $35.60 Unrealized +10.7%

CMA COMERICA INC 9.8%

Value ($000) $244,616 Shares 3,570,000 Est. Cost $48.94 Unrealized +63.4%

KRE SPDR SERIES TRUST 0.2%

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

CME CME GROUP INC 0.1%

Value ($000) $3,026 Shares 11,198 Est. Cost $269.86 Unrealized +0.3%

CIVB CIVISTA BANCSHARES INC 0.0%

Value ($000) $605 Shares 29,776 Est. Cost $20.64 Unrealized +6.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CADE	CADENCE BANK	7,055,000	$264,845	10.7%	$35.60	+10.7%	—	12740C103
CMA	COMERICA INC	3,570,000	$244,616	9.8%	$48.94	+63.4%	—	200340107
KRE	SPDR SERIES TRUST	75,000	$4,748	0.2%	$63.30	—	—	78464A698
CME	CME GROUP INC	11,198	$3,026	0.1%	$269.86	+0.3%	—	12572Q105
CIVB	CIVISTA BANCSHARES INC	29,776	$605	0.0%	$20.64	+6.0%	—	178867107

Decreased Positions (10)

TCBI TEXAS CAP BANCSHARES INC 0.1%

Value ($000) $3,130 (-93.3%) Shares 34,570 (-93.8%) Est. Cost $68.70 Unrealized +27.8%

QTWO Q2 HLDGS INC 3.5%

Value ($000) $87,674 (-28.3%) Shares 1,215,000 (-28.1%) Est. Cost $60.00 Unrealized +14.4%

FHN FIRST HORIZON CORPORATION 11.1%

Value ($000) $275,252 (-1.6%) Shares 11,516,840 (-6.9%) Est. Cost $12.91 Unrealized +71.9%

AAMI ACADIAN ASSET MANAGEMENT INC 0.8%

Value ($000) $20,864 (-15.3%) Shares 443,922 (-13.2%) Est. Cost $21.84 Unrealized +110.9%

FIGR FIGURE TECHNOLOGY SOLUTIO 0.2%

Value ($000) $5,105 (-41.5%) Shares 125,000 (-47.9%) Est. Cost $38.84 Unrealized +3.0%

CRMT AMERICAS CAR-MART INC 0.2%

Value ($000) $6,118 (-22.5%) Shares 242,187 (-10.4%) Est. Cost $53.53 Unrealized -55.1%

NPB NORTHPOINTE BANCSHARES INC. 0.2%

Value ($000) $4,342 (-10.4%) Shares 258,752 (-8.8%) Est. Cost $14.31 Unrealized +18.3%

AVBH AVIDBANK HLDGS INC 0.1%

Value ($000) $3,285 (-9.0%) Shares 123,671 (-12.6%) Est. Cost $23.63 Unrealized +9.8%

FLYW FLYWIRE CORPORATION 0.3%

Value ($000) $8,496 (-3.5%) Shares 600,001 (-7.7%) Est. Cost $17.87 Unrealized -23.4%

JCAP JEFFERSON CAPITAL INC 0.2%

Value ($000) $5,350 (+4.9%) Shares 239,473 (-19.0%) Est. Cost $18.52 Unrealized +9.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TCBI	TEXAS CAP BANCSHARES INC	34,570 (-93.8%)	$3,130 (-93.3%)	0.1%	$68.70	+27.8%	COM	88224Q107
QTWO	Q2 HLDGS INC	1,215,000 (-28.1%)	$87,674 (-28.3%)	3.5%	$60.00	+14.4%	COM	74736L109
FHN	FIRST HORIZON CORPORATION	11,516,840 (-6.9%)	$275,252 (-1.6%)	11.1%	$12.91	+71.9%	COM	320517105
AAMI	ACADIAN ASSET MANAGEMENT INC	443,922 (-13.2%)	$20,864 (-15.3%)	0.8%	$21.84	+110.9%	COM	10948W103
FIGR	FIGURE TECHNOLOGY SOLUTIO	125,000 (-47.9%)	$5,105 (-41.5%)	0.2%	$38.84	+3.0%	COM CL A	349381103
CRMT	AMERICAS CAR-MART INC	242,187 (-10.4%)	$6,118 (-22.5%)	0.2%	$53.53	-55.1%	COM	03062T105
NPB	NORTHPOINTE BANCSHARES INC.	258,752 (-8.8%)	$4,342 (-10.4%)	0.2%	$14.31	+18.3%	COM SHS	66661N886
AVBH	AVIDBANK HLDGS INC	123,671 (-12.6%)	$3,285 (-9.0%)	0.1%	$23.63	+9.8%	COM	05368J103
FLYW	FLYWIRE CORPORATION	600,001 (-7.7%)	$8,496 (-3.5%)	0.3%	$17.87	-23.4%	COM VTG	302492103
JCAP	JEFFERSON CAPITAL INC	239,473 (-19.0%)	$5,350 (+4.9%)	0.2%	$18.52	+9.1%	COM	47248R103

Unchanged Positions (2)

VYX NCR VOYIX CORPORATION 0.3%

Value ($000) $8,572 Shares 840,395 Est. Cost $12.65 Unrealized -14.1%

NEWT NEWTEKONE INC 0.2%

Value ($000) $4,392 Shares 386,923 Est. Cost $11.85 Unrealized -7.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VYX	NCR VOYIX CORPORATION	840,395	$8,572	0.3%	$12.65	-14.1%	COM	62886E108
NEWT	NEWTEKONE INC	386,923	$4,392	0.2%	$11.85	-7.9%	COM NEW	652526203