FJ Capital Management LLC, Financial Opportunity Fund LLC, and Martin Friedman filed Amendment No. 3 to a Schedule 13G with the SEC on November 13, 2026, disclosing a combined beneficial ownership position in Southern First Bancshares, Inc. (NASDAQ:SFST) as of September 30, 2026.

Key Highlights

  • 923,915 shares reported: Each of the three reporting persons - FJ Capital Management LLC, Financial Opportunity Fund LLC, and Martin Friedman - reported beneficial ownership of 923,915 shares of Southern First Bancshares common stock.
  • 9.77% of class: The 923,915 shares represent 9.77% of Southern First Bancshares' outstanding common stock, according to the filing.
  • Shared voting and dispositive power only: All three reporting persons report zero sole voting power and zero sole dispositive power; all 923,915 shares are held with shared voting and shared dispositive power.
  • Shares held through Financial Opportunity Fund LLC: According to the filing, the 923,915 shares are held by Financial Opportunity Fund LLC, of which FJ Capital Management LLC is the managing member, and Martin Friedman is the Managing Member of FJ Capital Management LLC.
  • Beneficial ownership disclaimed: The filing states that FJ Capital Management LLC and Martin Friedman "may be deemed to be a beneficial owner of reported shares but as to which the Reporting Person disclaims beneficial ownership."
  • Event date September 30, 2026: The date of the event requiring the filing is listed as September 30, 2026, with the statement signed on November 5, 2026.

FJ Capital Management and Martin Friedman Detail 9.77% Position in Southern First Bancshares

FJ Capital Management LLC, Financial Opportunity Fund LLC, and Martin Friedman jointly filed Amendment No. 3 to Schedule 13G disclosing their position in Southern First Bancshares, Inc. (NASDAQ:SFST), headquartered at 6 Verdae Boulevard, Greenville, SC 29607. The triggering event date is listed as September 30, 2026, and all three reporting parties are based at 7901 Jones Branch Drive, Suite 210, McLean, VA 22102, according to the filing.

The filing reports that 923,915 shares of Southern First Bancshares common stock (CUSIP 842873101) are physically held by Financial Opportunity Fund LLC. FJ Capital Management LLC, organized in Delaware, serves as the managing member of Financial Opportunity Fund LLC and is classified as an investment adviser (type "IA") in the filing. Financial Opportunity Fund LLC is also organized in Delaware and is classified as type "OO." Martin Friedman, a United States citizen, is identified as the Managing Member of FJ Capital Management LLC and is classified as an individual (type "IN").

As reported in the filing, none of the three reporting persons holds sole voting or sole dispositive power over any of the 923,915 shares. All voting and dispositive power is reported as shared among the reporting persons. The filing further includes a certification that the securities "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer," except potentially in connection with a nomination under Rule 240.14a-11.

What Was Disclosed

Amendment No. 3 to Schedule 13G discloses that FJ Capital Management LLC, Financial Opportunity Fund LLC, and Martin Friedman collectively report 923,915 shares, representing 9.77% of Southern First Bancshares common stock, as of September 30, 2026, all held with shared voting and dispositive power through Financial Opportunity Fund LLC.