NORTH REEF CAPITAL MANAGEMENT LP
Q4 2025 Form 13-F
LAGUNA BEACH, CALIFORNIA
CIK 0001867831
· CRD 311056
· SEC-registered investment adviser
$2.5B Reported Value Total
NORTH REEF CAPITAL MANAGEMENT LP reports 10 total accounts under management (AUM). There are 10 discretionary accounts valued at $4,141,234,742, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
2 funds
· $1.7B gross asset value
Hedge Fund: $1.7B
Source: Form ADV filed 2026-03-30
Reported value
$2.5B
Quarter over quarter
+2.0%
Holdings
56
Top-10 concentration
63.7%
Key People
Form ADV owners & control persons
James H Hanna
LIMITED PARTNER
Daniel Mariano Locasto
CHIEF OPERATING OFFICER, CHIEF COMPLIANCE OFFICER
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13F Metrics
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Q4 2025 13F record
Q4 2025 13F filing summary
| Period of report | December 31, 2025 |
|---|---|
| Filed | February 17, 2026 |
| Form | 13F-HR |
| Reported value | $2.5B |
| Positions | 56 |
| Change in reported value | +16.2% |
| New positions | 18 |
| Exited positions | 5 |
| Position turnover | 37.7% |
| Top-10 concentration | 63.7% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
43 | $2.6B |
|
Q1 2026 13F
Filed May 15, 2026
|
60 | $2.9B |
|
Q4 2025 13F
Filed Feb 17, 2026
|
56 | $2.5B |
|
Q3 2025 13F
Filed Nov 14, 2025
|
43 | $2.1B |
|
Q2 2025 13F
Filed Aug 14, 2025
|
40 | $2.3B |
|
Q1 2025 13F
Filed May 15, 2025
|
46 | $2.3B |
|
Q4 2024 13F
Filed Feb 14, 2025
|
41 | $2.2B |
|
Q3 2024 13F
Filed Nov 14, 2024
|
48 | $2.1B |
|
Q2 2024 13F
Filed Aug 14, 2024
|
46 | $2.2B |
|
Q1 2024 13F
Filed May 15, 2024
|
44 | $1.9B |
|
Q4 2023 13F
Filed Feb 14, 2024
|
36 | $1.7B |
|
Q3 2023 13F
Filed Nov 13, 2023
|
44 | $1.6B |
|
Q2 2023 13F
Filed Aug 14, 2023
|
36 | $1.3B |
|
Q1 2023 13F
Filed May 12, 2023
|
40 | $892.5M |
|
Q4 2022 13F
Filed Feb 13, 2023
|
37 | $912.3M |
|
Q3 2022 13F
Filed Nov 10, 2022
|
37 | $400.7M |
|
Q2 2022 13F
Filed Aug 12, 2022
|
34 | $355.8M |
|
Q1 2022 13F
Filed May 13, 2022
|
34 | $244.5M |
|
Q4 2021 13F
Filed Feb 11, 2022
|
33 | $216.9M |
Top 20 holdings · Q4 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | MKTX MARKETAXESS HLDGS INC | $291.7M | 11.74% |
| 2 | FHN FIRST HORIZON CORPORATION | $275.3M | 11.08% |
| 3 | ABCB AMERIS BANCORP | $203.3M | 8.18% |
| 4 | SBCF SEACOAST BKG CORP FLA | $183.2M | 7.37% |
| 5 | AUB ATLANTIC UN BANKSHARES CORP | $161.4M | 6.5% |
| 6 | COLB COLUMBIA BKG SYS INC | $103.4M | 4.16% |
| 7 | V VISA INC | $94.7M | 3.81% |
| 8 | ACIW ACI WORLDWIDE INC | $94.2M | 3.79% |
| 9 | STEL STELLAR BANCORP INC | $89.0M | 3.58% |
| 10 | QTWO Q2 HLDGS INC | $87.7M | 3.53% |
| 11 | PIPR PIPER SANDLER COMPANIES | $69.6M | 2.8% |
| 12 | FIBK FIRST INTST BANCSYSTEM INC | $68.3M | 2.75% |
| 13 | EGBN EAGLE BANCORP INC MD | $63.0M | 2.53% |
| 14 | MIAX MIAMI INTL HLDGS INC | $56.1M | 2.26% |
| 15 | FBK FB FINL CORP | $49.8M | 2.0% |
| 16 | ALKT ALKAMI TECHNOLOGY INC | $48.4M | 1.95% |
| 17 | FFWM FIRST FNDTN INC | $48.1M | 1.94% |
| 18 | NTRS NORTHERN TR CORP | $42.4M | 1.71% |
| 19 | FITB FIFTH THIRD BANCORP | $39.8M | 1.6% |
| 20 | TFC TRUIST FINL CORP | $37.7M | 1.52% |
Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.