North Reef reports 5.62% Stellar Bancorp (STEL) stake in Schedule 13G

Rhea-AI Filing Summary

North Reef Capital Management LP, its general partner and principal James Hanna III reported a passive stake in Stellar Bancorp, Inc. common stock. They beneficially own 2,875,245 shares, representing 5.62% of the outstanding common stock as of 12/31/2025.

The filing shows shared voting and dispositive power over all reported shares and no sole voting or dispositive power. The group certifies the position was acquired and is held in the ordinary course of business, not for the purpose of changing or influencing control of Stellar Bancorp.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Stellar Bancorp, Inc.

(Name of Issuer)

Common Stock, par value, $0.01 per share

(Title of Class of Securities)

858927106

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 858927106

1

Names of Reporting Persons

North Reef Capital Management LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,875,245.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,875,245.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,875,245.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.62 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 858927106

1

Names of Reporting Persons

North Reef Capital Management GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,875,245.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,875,245.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,875,245.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.62 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 858927106

1

Names of Reporting Persons

James Hanna, III

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,875,245.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,875,245.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,875,245.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.62 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Stellar Bancorp, Inc.
(b)	Address of issuer's principal executive offices: 9 Greenway Plaza, Suite 110, Houston, TX, 77046
Item 2.
(a)	Name of person filing: North Reef Capital Management LP North Reef Capital Management GP LLC James Hanna, III
(b)	Address or principal business office or, if none, residence: c/o North Reef Capital Management LP 1833 South Coast Highway Suite 210 Laguna Beach, California 92651
(c)	Citizenship: North Reef Capital Management LP - Delaware North Reef Capital Management GP LLC - Delaware James Hanna, III - California
(d)	Title of class of securities: Common Stock, par value, $0.01 per share
(e)	CUSIP No.: 858927106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,875,245
(b)	Percent of class: 5.62 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 2,875,245
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 2,875,245
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

North Reef Capital Management LP

Signature:	/s/ Daniel Locasto
Name/Title:	Chief Compliance Officer
Date:	02/17/2026

North Reef Capital Management GP LLC

Signature:	/s/ James Hanna, III
Name/Title:	Managing Member
Date:	02/17/2026

James Hanna, III

Signature:	/s/ James Hanna, III
Name/Title:	James Hanna, III
Date:	02/17/2026

Exhibit Information

EXHIBIT 99.1 - JOINT FILING AGREEMENT

FAQ

What stake in Stellar Bancorp (STEL) does North Reef report on this Schedule 13G?

North Reef reports beneficial ownership of 2,875,245 Stellar Bancorp common shares, representing 5.62% of the class as of December 31, 2025. All of these shares are held with shared voting and shared dispositive power among the reporting persons.

Who are the reporting persons on the Stellar Bancorp (STEL) Schedule 13G?

The reporting persons are North Reef Capital Management LP, North Reef Capital Management GP LLC, and James Hanna III. Each reports the same 2,875,245 Stellar Bancorp shares, with shared voting and dispositive power, and no sole power over the reported common stock.

Is North Reef’s Stellar Bancorp (STEL) position filed as a passive investment?

Yes. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control, other than activities solely in connection with a nomination under Rule 240.14a-11.

How much voting power does North Reef report over Stellar Bancorp (STEL) shares?

The reporting persons disclose zero sole voting power and shared voting power over 2,875,245 Stellar Bancorp common shares. They also report zero sole dispositive power and shared dispositive power over the same 2,875,245 shares, reflecting coordinated control over the position.

What class of Stellar Bancorp (STEL) securities is covered by this Schedule 13G?

The filing covers Stellar Bancorp, Inc. common stock with a par value of $0.01 per share. The CUSIP number for this class of securities is 858927106, and the reported 5.62% ownership is calculated on this common equity class.

When did North Reef’s beneficial ownership in Stellar Bancorp (STEL) trigger this filing?

The date of the event requiring the filing is December 31, 2025. As of that date, the reporting persons collectively held 2,875,245 Stellar Bancorp common shares, equivalent to 5.62% of the outstanding class, requiring a Schedule 13G ownership disclosure.