# EDGAR Filing Document

**Accession Number:** 0001867831
**File Stem:** 0001214659-26-001902
**Filing Date:** 2026-2
**Character Count:** 9500
**Document Hash:** 66c7675941b988918a6afafcef41c12d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-001902.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001214659-26-001902

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** North Reef Capital Management LP
- **CENTRAL INDEX KEY:** 0001867831

**ORGANIZATION NAME:**
- **EIN:** 852858118
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21832
- **FILM NUMBER:** 26639460

**BUSINESS ADDRESS:**
- **STREET 1:** 1833 SOUTH COAST HIGHWAY, SUITE 210
- **CITY:** LAGUNA BEACH
- **STATE:** CA
- **ZIP:** 92651
- **BUSINESS PHONE:** 949-482-2121

**MAIL ADDRESS:**
- **STREET 1:** 1833 SOUTH COAST HIGHWAY, SUITE 210
- **CITY:** LAGUNA BEACH
- **STATE:** CA
- **ZIP:** 92651

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** North Reef Capital Management LP<br>**Address:** 1833 SOUTH COAST HIGHWAY SUITE 210<br>LAGUNA BEACH, CA 92651

**Form 13F File Number:** 028-21832

**CRD Number (if applicable):** 000311056

**SEC File Number (if applicable):** 801-126191

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** James H. Hanna III<br>**Title:** Portfolio Manager Managing Member<br>**Phone:** 949-482-2121

**Signature, Place, and Date of Signing:**

/s/ James H. Hanna III  Laguna Beach, CA  02-17-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 56

**Form 13F Information Table Value Total:** $2484768027

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACADIAN ASSET MANAGEMENT INC | COM | 10948W103 |  | 20864334 | 443922 | SH |  | SOLE |  | 443922 | 0 | 0 |
| ACI WORLDWIDE INC | COM | 004498101 |  | 94185700 | 1970000 | SH |  | SOLE |  | 1970000 | 0 | 0 |
| ALKAMI TECHNOLOGY INC | COM | 01644J108 |  | 48447000 | 2100000 | SH |  | SOLE |  | 2100000 | 0 | 0 |
| AMERICAS CAR-MART INC | COM | 03062T105 |  | 6117644 | 242187 | SH |  | SOLE |  | 242187 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 203279070 | 2737028 | SH |  | SOLE |  | 2737028 | 0 | 0 |
| ATLANTIC UN BANKSHARES CORP | COM | 04911A107 |  | 161394777 | 4572090 | SH |  | SOLE |  | 4572090 | 0 | 0 |
| AVIDBANK HLDGS INC | COM | 05368J103 |  | 3284702 | 123671 | SH |  | SOLE |  | 123671 | 0 | 0 |
| BANC OF CALIFORNIA INC | COM | 05990K106 |  | 22312357 | 1156680 | SH |  | SOLE |  | 1156680 | 0 | 0 |
| BEACON FINANCIAL CORP. | COM | 084680107 |  | 1327571 | 50344 | SH |  | SOLE |  | 50344 | 0 | 0 |
| BULLISH | ORD SHS | G16910120 |  | 3078074 | 81280 | SH |  | SOLE |  | 81280 | 0 | 0 |
| CENTRAL BANCOMPANY | COM CL A | 152413100 |  | 31613433 | 1310673 | SH |  | SOLE |  | 1310673 | 0 | 0 |
| COASTALSOUTH BANCSHARES INC | COM NEW | 19058X207 |  | 6135675 | 263900 | SH |  | SOLE |  | 263900 | 0 | 0 |
| COLUMBIA BKG SYS INC | COM | 197236102 |  | 103415000 | 3700000 | SH |  | SOLE |  | 3700000 | 0 | 0 |
| CVB FINL CORP | COM | 126600105 |  | 1931126 | 103824 | SH |  | SOLE |  | 103824 | 0 | 0 |
| EAGLE BANCORP INC MD | COM | 268948106 |  | 62974800 | 2940000 | SH |  | SOLE |  | 2940000 | 0 | 0 |
| EASTERN BANKSHARES INC | COM | 27627N105 |  | 14678592 | 796451 | SH |  | SOLE |  | 796451 | 0 | 0 |
| FB FINL CORP | COM | 30257X104 |  | 49811823 | 892685 | SH |  | SOLE |  | 892685 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 39788500 | 850000 | SH |  | SOLE |  | 850000 | 0 | 0 |
| FIGURE TECHNOLOGY SOLUTIO | COM CL A | 349381103 |  | 5105000 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| FIRST FNDTN INC | COM | 32026V104 |  | 48124846 | 7812475 | SH |  | SOLE |  | 7812475 | 0 | 0 |
| FIRST HORIZON CORPORATION | COM | 320517105 |  | 275252476 | 11516840 | SH |  | SOLE |  | 11516840 | 0 | 0 |
| FIRST INTST BANCSYSTEM INC | COM | 32055Y201 |  | 68334965 | 1974999 | SH |  | SOLE |  | 1974999 | 0 | 0 |
| FIRST WESTN FINL INC | COM | 33751L105 |  | 18390427 | 685954 | SH |  | SOLE |  | 685954 | 0 | 0 |
| FLUSHING FINL CORP | COM | 343873105 |  | 2047950 | 135000 | SH |  | SOLE |  | 135000 | 0 | 0 |
| FLYWIRE CORPORATION | COM VTG | 302492103 |  | 8496014 | 600001 | SH |  | SOLE |  | 600001 | 0 | 0 |
| GCM GROSVENOR INC | COM CL A | 36831E108 |  | 6807339 | 601355 | SH |  | SOLE |  | 601355 | 0 | 0 |
| GEMINI SPACE STA INC | CL A COM | 36866J105 |  | 2976000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| I3 VERTICALS INC | COM CL A | 46571Y107 |  | 1907160 | 75711 | SH |  | SOLE |  | 75711 | 0 | 0 |
| JANUS HENDERSON GROUP PLC | ORD SHS | G4474Y214 |  | 7135500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| JEFFERSON CAPITAL INC | COM | 47248R103 |  | 5349827 | 239473 | SH |  | SOLE |  | 239473 | 0 | 0 |
| KLARNA GROUP PLC | SHS | G5279N105 |  | 4625484 | 159996 | SH |  | SOLE |  | 159996 | 0 | 0 |
| MAREX GROUP PLC | ORD | G5S37H101 |  | 7288400 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| MARKETAXESS HLDGS INC | COM | 57060D108 |  | 291691062 | 1609330 | SH |  | SOLE |  | 1609330 | 0 | 0 |
| MARQETA INC | CLASS A COM | 57142B104 |  | 28500000 | 6000000 | SH |  | SOLE |  | 6000000 | 0 | 0 |
| MIAMI INTL HLDGS INC | COM | 59356Q108 |  | 56140700 | 1265000 | SH |  | SOLE |  | 1265000 | 0 | 0 |
| NCR VOYIX CORPORATION | COM | 62886E108 |  | 8572029 | 840395 | SH |  | SOLE |  | 840395 | 0 | 0 |
| NEWTEKONE INC | COM NEW | 652526203 |  | 4391576 | 386923 | SH |  | SOLE |  | 386923 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 42426356 | 310611 | SH |  | SOLE |  | 310611 | 0 | 0 |
| NORTHPOINTE BANCSHARES INC. | COM SHS | 66661N886 |  | 4341859 | 258752 | SH |  | SOLE |  | 258752 | 0 | 0 |
| PIPER SANDLER COMPANIES | COM | 724078100 |  | 69606579 | 204900 | SH |  | SOLE |  | 204900 | 0 | 0 |
| PRIMIS FINANCIAL CORP | COM | 74167B109 |  | 16742132 | 1203604 | SH |  | SOLE |  | 1203604 | 0 | 0 |
| PROSPERITY BANCSHARES INC | COM | 743606105 |  | 30753950 | 445000 | SH |  | SOLE |  | 445000 | 0 | 0 |
| Q2 HLDGS INC | COM | 74736L109 |  | 87674400 | 1215000 | SH |  | SOLE |  | 1215000 | 0 | 0 |
| RENASANT CORP | COM | 75970E107 |  | 528335 | 15001 | SH |  | SOLE |  | 15001 | 0 | 0 |
| SEACOAST BKG CORP FLA | COM NEW | 811707801 |  | 183243796 | 5832075 | SH |  | SOLE |  | 5832075 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 |  | 9818849 | 155929 | SH |  | SOLE |  | 155929 | 0 | 0 |
| SMARTFINANCIAL INC | COM NEW | 83190L208 |  | 4988878 | 134871 | SH |  | SOLE |  | 134871 | 0 | 0 |
| SOUTHSTATE BK CORP | COM | 84472E102 |  | 8469900 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| STELLAR BANCORP INC | COM | 858927106 |  | 88960080 | 2875245 | SH |  | SOLE |  | 2875245 | 0 | 0 |
| TEXAS CAP BANCSHARES INC | COM | 88224Q107 |  | 3129968 | 34570 | SH |  | SOLE |  | 34570 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 |  | 33986834 | 316039 | SH |  | SOLE |  | 316039 | 0 | 0 |
| TRICO BANCSHARES | COM | 896095106 |  | 22994488 | 485423 | SH |  | SOLE |  | 485423 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 37683739 | 765774 | SH |  | SOLE |  | 765774 | 0 | 0 |
| USCB FINANCIAL HOLDINGS INC | CLASS A COM | 90355N101 |  | 2279309 | 123741 | SH |  | SOLE |  | 123741 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 94691700 | 270000 | SH |  | SOLE |  | 270000 | 0 | 0 |
| WEALTHFRONT CORP | COM | 947002101 |  | 16669942 | 1226633 | SH |  | SOLE |  | 1226633 | 0 | 0 |

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