North Reef Capital Management LP reported 43 positions worth $2.61B for the quarter ended Jun 30, 2026, down 9.2% on the prior quarter. It opened 4 new positions, added to 21, trimmed 18 and exited 20. Its largest holding is Marketaxess Holdings Inc at 14.8% of the portfolio.
Reported 13F market value at each quarter end. A change mixes trading with price moves in the positions held.
Dollar value of shares bought and sold each quarter, at that quarter’s price. It counts trading only, not price changes.
How many positions were opened, added to, trimmed or closed each quarter.
Share of reported value in each sector at every quarter end.
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| MKTX Marketaxess Holdings Inc | +1.52M | +81.1% | $172.50M | 14.77% |
| PNFP Pinnacle Financial Partners, Inc. | +630.6K | +624.8% | $63.62M | 2.83% |
| GPN Global Payments Inc | +480.0K | +480.0% | $34.83M | 1.61% |
| ALKT Alkami Technology, Inc. | +1.58M | +20.6% | $28.54M | 6.41% |
| PIPR Piper Sandler Companies | +385.4K | +39.9% | $27.88M | 3.74% |
| ACIW Aci Worldwide, Inc. | +387.0K | +17.4% | $19.46M | 5.05% |
| AMTB Amerant Bancorp Inc. | +695.0K | +59.9% | $17.74M | 1.82% |
| CBC Central Bancompany, Inc. | +525.0K | +12.9% | $15.95M | 5.36% |
| TCBK Trico Bancshares / | +293.9K | +78.8% | $15.83M | 1.38% |
| FRBT Forbright, Inc. | +650.0K | – | $11.89M | 0.456% |
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| FHN First Horizon Corp | -5.25M | -36.3% | $134.66M | 9.05% |
| V Visa Inc. | -360.0K | -100.0% | $108.81M | Exited |
| KEY Keycorp | -4.40M | -34.8% | $101.42M | 7.29% |
| PB Prosperity Bancshares Inc | -977.9K | -88.3% | $71.41M | 0.364% |
| ABCB Ameris Bancorp | -691.0K | -20.2% | $62.37M | 9.46% |
| TW Tradeweb Markets Inc. | -337.1K | -100.0% | $39.66M | Exited |
| FIS Fidelity National Information Services, Inc. | -775.0K | -100.0% | $36.36M | Exited |
| SBCF Seacoast Banking Corp Of Florida | -1.05M | -18.0% | $34.91M | 6.09% |
| AUB Atlantic Union Bankshares Corp | -720.0K | -16.8% | $30.46M | 5.78% |
| QTWO Q2 Holdings, Inc. | -620.8K | -100.0% | $29.36M | Exited |
| Holding | Shares Sold | Trade Value | Prior Weight |
|---|---|---|---|
| V Visa Inc. | -360.0K | $108.81M | 3.79% |
| TW Tradeweb Markets Inc. | -337.1K | $39.66M | 1.38% |
| FIS Fidelity National Information Services, Inc. | -775.0K | $36.36M | 1.27% |
| QTWO Q2 Holdings, Inc. | -620.8K | $29.36M | 1.02% |
| BANC Banc Of California, Inc. | -1.50M | $26.37M | 0.919% |
| FBK FB Financial Corp | -500.0K | $25.97M | 0.905% |
| RJF Raymond James Financial Inc | -159.2K | $23.05M | 0.803% |
| AXP American Express Co | -50.0K | $15.12M | 0.527% |
| FIBK First Interstate Bancsystem Inc | -325.2K | $10.86M | 0.378% |
| VYX NCR Voyix Corp | -810.7K | $5.13M | 0.179% |
| # | Activity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | MKTX Marketaxess Holdings Inc | Financial Services | 3.40M | $385.30M | 14.77% | +1.52M | +81.1% | Added | 9.64% |
| 2 | ABCB Ameris Bancorp | Financial Services | 2.73M | $246.61M | 9.46% | -691.0K | -20.2% | Reduced | 4.07% |
| 3 | FHN First Horizon Corp | Financial Services | 9.20M | $235.92M | 9.05% | -5.25M | -36.3% | Reduced | 1.94% |
| 4 | KEY Keycorp | Financial Services | 8.25M | $190.16M | 7.29% | -4.40M | -34.8% | Reduced | 0.77% |
| 5 | ALKT Alkami Technology, Inc. | Technology | 9.23M | $167.16M | 6.41% | +1.58M | +20.6% | Added | 8.63% |
| 6 | SBCF Seacoast Banking Corp Of Florida | Financial Services | 4.78M | $158.77M | 6.09% | -1.05M | -18.0% | Reduced | 4.93% |
| 7 | AUB Atlantic Union Bankshares Corp | Financial Services | 3.57M | $150.84M | 5.78% | -720.0K | -16.8% | Reduced | 2.51% |
| 8 | CBC Central Bancompany, Inc. | Financial Services | 4.60M | $139.75M | 5.36% | +525.0K | +12.9% | Added | 1.92% |
| 9 | ACIW Aci Worldwide, Inc. | Technology | 2.62M | $131.61M | 5.05% | +387.0K | +17.4% | Added | 2.58% |
| 10 | PIPR Piper Sandler Companies | Financial Services | 1.35M | $97.66M | 3.74% | +385.4K | +39.9% | Added | 1.99% |
| 11 | PNFP Pinnacle Financial Partners, Inc. | Financial Services | 731.5K | $73.80M | 2.83% | +630.6K | +624.8% | Added | 0.48% |
| 12 | TRMK Trustmark Corp | Financial Services | 1.57M | $72.03M | 2.76% | -387.4K | -19.8% | Reduced | 2.68% |
| 13 | NTRS Northern Trust Corp | Financial Services | 345.0K | $59.97M | 2.3% | +46.4K | +15.6% | Added | 0.19% |
| 14 | EGBN Eagle Bancorp Inc | Financial Services | 1.71M | $48.65M | 1.87% | -992.5K | -36.7% | Reduced | 5.62% |
| 15 | AMTB Amerant Bancorp Inc. | Financial Services | 1.86M | $47.35M | 1.82% | +695.0K | +59.9% | Added | 4.72% |
Tip. Select a row to see that position’s full history at North Reef Capital Management.
As of its Q2 2026 13F filing, North Reef Capital Management LP’s five largest positions were Marketaxess Holdings Inc (MKTX) at 14.8%, Ameris Bancorp (ABCB) at 9.5%, First Horizon Corp (FHN) at 9.0%, Keycorp (KEY) at 7.3%, Alkami Technology, Inc. (ALKT) at 6.4% of the reported portfolio.
North Reef Capital Management LP reported a 13F portfolio worth $2.61B across 43 positions for Q2 2026. That is down 9.2% from the previous quarter.
Its largest purchases by value were Marketaxess Holdings Inc ($172.50M), Pinnacle Financial Partners, Inc. ($63.62M), Global Payments Inc ($34.83M). It opened 4 new positions.
Its largest sales by value were First Horizon Corp ($134.66M), Visa Inc. ($108.81M), Keycorp ($101.42M). It exited 20 positions entirely.
From the Form 13F-HR reports North Reef Capital Management LP files with the SEC each quarter, within 45 days of quarter end. A 13F lists long positions in US-listed equities and options; it excludes short positions, cash, bonds and most non-US holdings.
13F data reflects long positions in US-listed equities and options as reported to the SEC up to 45 days after quarter end. It excludes short positions, cash, bonds and most non-US securities, so it is not a complete picture of a manager’s assets.