North Reef Capital Management

Quarters on file

Each quarter on file, back to June 2016 when the filing exists. Net bought is the share change from the previous quarter at that quarter’s close. A split that leaves the dollar value in place counts as flat.

• Q2 20266 names$366M−$2.8M
• Q1 20267 names$322M+$161M
• Q4 20258 names$270M+$47.1M
• Q3 20256 names$242M+$52.0M
• Q2 20255 names$215M−$10.5M
• Q1 20259 names$233M+$18.1M
• Q4 20248 names$246M−$2.6M
• Q3 20247 names$220M−$7.0M
• Q2 20246 names$187M+$15.8M
• Q1 20243 names$153M−$12.1M
• Q4 20233 names$146M−$24.0M
• Q3 20233 names$133M+$25.0M
• Q2 20233 names$107M+$49.5M
• Q1 20233 names$54.7M−$13.4M
• Q4 20222 names$68.4M+$36.8M
• Q3 20224 names$38.6M+$23.5M
• Q2 20221 name$22.9M+$36.3M
• Q1 20221 name$315KFlat
• Q4 20210 names$0—

What moved the book

The five software lines with the largest share change this quarter.

• Q2QTWO−$17.9M$78.5M
• ACI WorldwideACIW+$16.8M$111M
• BILLBILL−$14.8M$800K
• Shift4 Payments, Inc.FOUR+$11.1M$13.0M
• FlywireFLYW+$5.1M$33.8M

Software held

• ACI WorldwideACIW2,141,000 shares · 45.3% of their software · price +$2.2M$111M+$16.8M
• Q2QTWO780,189 shares · 32.0% of their software · price +$16.3M$78.5M−$17.9M
• FlywireFLYW1,638,914 shares · 13.8% of their software · price +$6.9M$33.8M+$5.1M
• Shift4 Payments, Inc.FOUR124,998 shares · 5.3% of their software · price +$1.9M$13.0MNew · +$11.1M
• AlkamiALKT139,416 shares · 2.1% of their software · price +$717K$5.1M−$1.9M
• Repay Holdings CorporationRPAY280,684 shares · 0.9% of their software$2.1M−$973K
• i3 Verticals, Inc.IIIV46,069 shares · 0.4% of their software$1.1MFlat
• BILLBILL9,442 shares · 0.3% of their software$800K−$14.8M