North Reef Capital Management LP

Hedge Fund • Long/Short

North Reef Capital Management LP is a Long/Short Hedge Fund based in Laguna Beach, CA led by Daniel Mariano Locasto, reporting $3.9B in AUM as of Q3 2025 with 82% Financial Services concentration and 77% concentrated in top 10 holdings.

COODaniel Mariano Locasto

Portfolio Value: $2.1B
Positions: 43
Top Holding: FHN at 13.08%
Last Reported: Q3 2025

Address1833 South Coast Highway, Suite 210, Laguna Beach, CA, 92651, United States

Top Holdings

Largest long holdings in North Reef Capital Management LP's portfolio (77.1% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 First Horizon FHN	Banks - Regional Financial Services	$279.7M	13.08%	-$4.6M Sold	2.44% 12.4M shares	Q1 2023 Held for 2y 8m
2 Cadence Bank CADE	Banks - Regional Financial Services	$264.8M	12.39%	+$264.8M Bought	— 7.1M shares	Q3 2025 Held for 2 months
3 Comerica CMA	Banks - Regional Financial Services	$244.6M	11.44%	-$41.5M Sold	2.78% 3.6M shares	Q4 2021 Held for 3y 11m
4 MarketAxess MKTX	Financial - Capital Markets Financial Services	$158.8M	7.43%	+$85.6M Bought	2.44% 911.4K shares	Q3 2023 Held for 2y 2m
5 Seacoast Banking Corporation of Florida SBCF	Banks - Regional Financial Services	$152.0M	7.11%	-$23.0M Sold	5.69% 5.0M shares	Q4 2021 Held for 3y 11m
6 Ameris Bancorp ABCB	Banks - Regional Financial Services	$145.2M	6.79%	+$6.7M Bought	2.89% 2.0M shares	Q4 2022 Held for 2y 11m
7 Atlantic Union Bankshares AUB	Banks - Regional Financial Services	$131.1M	6.13%	+$34.0M Bought	2.61% 3.7M shares	Q4 2024 Held for 11 months
8 Q2 Holdings QTWO	Software - Application Technology	$122.3M	5.72%	+$61.5M Bought	2.71% 1.7M shares	Q2 2022 Held for 3y 5m
9 ACI Worldwide ACIW	Software - Infrastructure Technology	$94.1M	4.40%	-$39.9M Sold	1.73% 1.8M shares	Q1 2022 Held for 3y 8m
10 Stellar Bancorp STEL	Banks - Regional Financial Services	$55.5M	2.60%	+$8.8M Bought	3.56% 1.8M shares	Q1 2025 Held for 8 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in North Reef Capital Management LP's latest filing

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Market Value

$2.1B

Prior: $2.3B

Q/Q Change

-5.22%

-$117.8M

Net Flows % of MV

-23.42%

Turnover Ratio

35.1%

New Purchases

12 stocks

$109.0M

Added To

13 stocks

+$255.1M

Sold Out Of

13 stocks

$569.5M

Reduced Holdings

14 stocks

-$295.3M

Increased Positions

Position	Shares Δ	Change
1 MIAX Miami International Holdings, Inc. MIAX	New	0 → 725.8K +$29.2M
2 First Interstate BancSystem, Inc. FIBK	New	0 → 850.0K +$27.1M
3 Primis Financial Corp. FRST	New	0 → 974.9K +$10.2M
4 FIGR First National Bank Groton N Y FIGR	New	0 → 240.0K +$8.7M
5 GEMI Gemini Space Station, Inc. Class A Common Stock GEMI	New	0 → 245.3K +$5.9M

Decreased Positions

Position	Shares Δ	Change
1 Synovus Financial SNV	Sold	3.6M → 0 −$185.0M
2 Pinnacle Financial Partners PNFP	Sold	1.2M → 0 −$128.6M
3 Wells Fargo & Company WFC	Sold	1.5M → 0 −$118.2M
4 Citigroup C	Sold	450.0K → 0 −$38.3M
5 Hilltop Holdings HTH	Sold	1.2M → 0 −$36.0M