North Reef Bank Portfolio Grows
North Reef Capital Management Expands and Adds Significant Stakes in U.S. Bank Stocks
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Key Points
1
Central Bancompany (CBC) makes up 3.4% of North Reef Capital Management LP’s overall holdings and is its 9th largest position, with North Reef owning 4,075,000 CBC shares valued at about $97.6 million.
2
Ameris Bancorp (ABCB) accounts for about 9.2% of North Reef Capital Management LP’s portfolio and is its 3rd largest position; North Reef owns 3,423,243 shares valued at roughly $266.979 million.
3
Raymond James Financial (RJF) stake: North Reef purchased 159,162 shares valued at approximately $23.045 million, about 0.8% of the portfolio and ranking as the 28th largest holding.
4
Banc of California (BANC) stake: 1,500,000 shares, about 0.9% of the portfolio and the 25th largest holding, with a value around $26.37 million.
5
Flagstar Bank, National Association (FLG) added to North Reef’s holdings with 2,790,000 shares valued at about $36.744 million, representing roughly 1.3% of the portfolio and the 18th largest holding.
North Reef Capital Management LP made a bold push into U.S. bank stocks during the first quarter, disclosing major new and expanded positions in its latest 13F filing, according to Watchlist News. The firm's biggest move was a 210.9% boost to its Central Bancompany stake, bringing its total to 4,075,000 shares valued at about $97.6 million.
The filing shows North Reef is heavily concentrated in regional banking. Ameris Bancorp alone now makes up 9.2% of the entire portfolio, making it the fund's third-largest holding, Watchlist News reported.
Central Bancompany and Ameris Lead the Charge
North Reef's Central Bancompany position jumped by more than triple its previous size. The fund now holds 4,075,000 shares, representing about 1.70% of all CBC shares outstanding, according to Watchlist News. The position is now the firm's 9th largest holding and accounts for 3.4% of its total portfolio.
Ameris Bancorp is an even bigger bet. North Reef owns 3,423,243 shares of ABCB, worth roughly $266.979 million, after growing the position by 25.1% in the quarter, Watchlist News reported. At 9.2% of the portfolio, it is the fund's third-largest holding overall.
Flagstar and Banc of California Added to the Mix
North Reef added Flagstar Bank as a brand-new position. The firm bought 2,790,000 shares valued at about $36.7 million, according to Watchlist News. That makes Flagstar the fund's 18th largest holding, representing about 1.3% of its total portfolio.
Banc of California also saw a big increase. North Reef raised its BANC stake by 29.7% to 1,500,000 shares, worth around $26.37 million, Watchlist News reported. That position now ranks 25th in the portfolio, at about 0.9% of total holdings.
Raymond James Purchase Rounds Out the Quarter
North Reef also stepped into Raymond James Financial for the first time this quarter. The firm bought 159,162 shares of RJF, valued at roughly $23.045 million, according to Watchlist News. The new position ranks as the fund's 28th largest holding, making up about 0.8% of the portfolio.
Raymond James is a larger, more diversified financial firm compared to the regional banks North Reef typically favors. The purchase signals the fund may be broadening its financial-sector exposure beyond community and regional banking.
North Reef's Regional Bank Strategy Takes Shape
Taken together, North Reef's Q1 moves point to a clear strategy: concentrate heavily in U.S. regional and community banks. The fund also picked up shares of Banner Corporation for $11.86 million and bought a new stake in RBB Bancorp — 64,150 shares — during the same period, Watchlist News reported.
Regional banks have faced pressure since the 2023 banking turmoil. North Reef appears to be betting that valuations are low enough to justify large, concentrated positions. Its top three holdings — Ameris, Central Bancompany, and others — now anchor a portfolio built almost entirely around financial stocks.
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