North Reef Capital Management LP

CIK 0001867831 · Q2 2026

13F Equity AUM

$2.6B

-10.2% QoQ

Positions

-17 QoQ

AUM Rank

#2,061

Top 16%

Skill Alpha (FF)

-4.1%/yr^ns

No Clear Edge

Rank #7,388 · Top 89%

vs S&P -6.8%/yr (unadj.)

Quarters Tracked

~4 years

Portfolio Concentration

Top 5: 47.0%Top 10: 73.0%Top 20: 91.5%

MKTX14.8%

ABCB9.5%

FT29.1%

KEY7.3%

ALKT6.4%

SBG16.1%

AUB5.8%

CBC5.4%

TSA5.0%

PIPER SANDLER COMPANIES3.7%

Others (33)27.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services71.1%

Technology10.2%

Financials6.1%

Unclassified6.0%

Consumer Cyclical5.0%

Other1.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 43Median: 0.84%Avg: 2.33%

0–0.5%

16(3.5%)

0.5–1%

8(6.0%)

1–3%

9(17.5%)

3–5%

1(3.7%)

5%+

9(69.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 43vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New4Increased21Decreased18Exited21

New Positions

FORBRIGHT INC0.5%

+650K

SFNC0.1%

+150K

IBOC0.1%

+25K

BOTJ0.1%

+50K

Increased

ALKT6.4%

+1.6M(+21%)

MKTX14.8%

+1.5M(+81%)

AMTB1.8%

+695K(+60%)

PNFP2.8%

+631K(+625%)

CBC5.4%

+525K(+13%)

MQ1.2%

+500K(+7%)

GPN1.6%

+480K(+480%)

TSA5.0%

+387K(+17%)

PIPER SANDLER COMPAN…3.7%

+385K(+40%)

TCBK1.4%

+294K(+79%)

Decreased

FT29.1%

-5,251,952(-36%)

KEY7.3%

-4,400,000(-35%)

SBG16.1%

-1,050,000(-18%)

EGBN1.9%

-992,490(-37%)

PB0.4%

-977,877(-88%)

MIAX0.4%

-762,920(-75%)

AUB5.8%

-720,000(-17%)

ABCB9.5%

-691,000(-20%)

FLYW0.3%

-650,000(-59%)

WLTH0.8%

-441,004(-15%)

Exited

-360,000

-337,071

-775,000

-5,911,778

-620,814

-1,500,000

-500,000

-159,162

-50,000

-325,157

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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