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Philadelphia Financial Management of San Francisco, LLC

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13F filer, CIK 1351407, SAN FRANCISCO, CA

Philadelphia Financial Management of San Francisco, LLC reported $510,480,853 across 45 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 40.74% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001214659-25-007833

Period
2025-03-31
Reported value
$510M
Holdings
45
Top 10 weight
40.74%
New
28
Sold out
21

Largest buys vs the previous quarter

SecurityShares changeApprox. value
EQHnew+474,225$24.7M
PFSInew+186,804$18.7M
CACCnew+35,791$18.5M
CXWnew+896,290$18.2M
KMXnew+210,082$16.4M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
AJGexited-96,216-$27.3M
SLMreduced-777,670-$22.8M
UECexited-2,813,583-$18.8M
APOexited-108,350-$17.9M
ALLreduced-78,904-$16.3M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001214659-25-007833, largest first. % of portfolio is the value over $449,984,153, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
EQHEQUITABLE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 474,225 shares 474,225$24.7M5.49%newTimeline
MCHBMECHANICS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,562,434 shares; 2024Q4: 1,868,053 shares; 2025Q1: 1,826,048 shares 1,826,048$21.4M4.76%-42,005Timeline
PFSIPENNYMAC FINL SVCS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 192,066 shares; 2024Q4: not reported; 2025Q1: 186,804 shares 186,804$18.7M4.16%newTimeline
CACCCREDIT ACCEP CORP MICHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 35,791 shares 35,791$18.5M4.11%newTimeline
CXWCORECIVIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 896,290 shares 896,290$18.2M4.04%newTimeline
GLNGGOLAR LNG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 761,194 shares; 2024Q4: 511,361 shares; 2025Q1: 458,586 shares 458,586$17.4M3.87%-52,775Timeline
ASPIASP ISOTOPES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 991,863 shares; 2024Q4: 3,153,545 shares; 2025Q1: 3,508,062 shares 3,508,062$16.5M3.66%+354,517Timeline
KMXCARMAX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 210,082 shares 210,082$16.4M3.64%newTimeline
SLMSLM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,324,485 shares; 2025Q1: 546,815 shares 546,815$16.1M3.57%-777,670Timeline
ABXABACUS GLOBAL MGMT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,210,243 shares; 2025Q1: 2,069,221 shares 2,069,221$15.5M3.44%-141,022Timeline
EGEVEREST GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,340 shares; 2024Q4: not reported; 2025Q1: 42,199 shares 42,199$15.3M3.41%newTimeline
GEOGEO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 665,697 shares; 2025Q1: 515,749 shares 515,749$15.1M3.35%-149,948Timeline
HGHAMILTON INSURANCE GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 816,119 shares; 2025Q1: 713,798 shares 713,798$14.8M3.29%-102,321Timeline
AGOASSURED GUARANTY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 231,347 shares; 2024Q4: 230,549 shares; 2025Q1: 164,818 shares 164,818$14.5M3.23%-65,731Timeline
ACVAACV AUCTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,023,871 shares 1,023,871$14.4M3.21%newTimeline
SIISPROTT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 354,475 shares; 2024Q4: 383,507 shares; 2025Q1: 296,235 shares 296,235$13.3M2.95%-87,272Timeline
MCBMETROPOLITAN BK HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 225,072 shares 225,072$12.6M2.8%newTimeline
AMTBAMERANT BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 637,032 shares; 2024Q4: 561,164 shares; 2025Q1: 563,973 shares 563,973$11.6M2.59%+2,809Timeline
THTARGET HOSPITALITY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,738,716 shares 1,738,716$11.4M2.54%newTimeline
AONAON PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 27,289 shares 27,289$10.9M2.42%newTimeline
RNRRENAISSANCERE HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,636 shares; 2024Q4: not reported; 2025Q1: 44,178 shares 44,178$10.6M2.36%newTimeline
ALLALLSTATE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 84,978 shares; 2024Q4: 129,919 shares; 2025Q1: 51,015 shares 51,015$10.6M2.35%-78,904Timeline
CCITIGROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 147,010 shares 147,010$10.4M2.32%newTimeline
FIPFTAI INFRASTRUCTURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 251,252 shares; 2024Q4: 3,552,741 shares; 2025Q1: 2,192,479 shares 2,192,479$9.93M2.21%-1,360,262Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 18,910 shares 18,910$9.9M2.2%newTimeline
SFSTIFEL FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 150,143 shares; 2025Q1: 98,988 shares 98,988$9.33M2.07%-51,155Timeline
IPXIPERIONX LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 663,087 shares; 2024Q4: 502,108 shares; 2025Q1: 442,659 shares 442,659$7.96M1.77%-59,449Timeline
EWBCEAST WEST BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 81,579 shares 81,579$7.32M1.63%newTimeline
SUNSSUNRISE RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 598,865 shares 598,865$6.63M1.47%newTimeline
SOCSABLE OFFSHORE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 261,212 shares 261,212$6.63M1.47%newTimeline
BUSEFIRST BUSEY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 302,289 shares 302,289$6.53M1.45%newTimeline
PGRPROGRESSIVE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,522 shares; 2024Q4: not reported; 2025Q1: 22,617 shares 22,617$6.4M1.42%newTimeline
RNSTRENASANT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 461,823 shares; 2024Q4: 255,628 shares; 2025Q1: 180,039 shares 180,039$6.11M1.36%-75,589Timeline
LGIHLGI HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 77,068 shares 77,068$5.12M1.14%newTimeline
ONEWONEWATER MARINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 250,505 shares 250,505$4.05M0.9%newTimeline
MR COOPER GROUP INCMR COOPER GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 33,832 shares 33,832$4.05M0.9%new
HIPOHIPPO HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 103,135 shares 103,135$2.64M0.59%newTimeline
AZA2Z CUST2MATE SOLUTIONS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 317,634 shares 317,634$2.24M0.5%newTimeline
USAUU S GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 237,931 shares 237,931$2.16M0.48%newTimeline
NODKNI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 118,822 shares; 2025Q1: 125,678 shares 125,678$1.79M0.4%+6,856Timeline
LDILOANDEPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,234,576 shares 1,234,576$1.47M0.33%newTimeline
NFENEW FORTRESS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,481,414 shares; 2025Q1: 95,277 shares 95,277$792K0.18%-1,386,137Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
SLMSLM CORP Stockcall1,010,000$29.7Mnew
TSLATESLA INC COMput75,000$19.4Mnew
EUFNISHARES TR MSCI EURO FL ETFput400,000$11.4Mnew

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
IWMISHARES TR700,000$155Mput
KIESPDR SERIES TRUST570,000$32.2Mput
AJGGALLAGHER ARTHUR J & CO96,216$27.3Mshares
EGEVEREST GROUP LTD61,600$22.3Mcall
UECURANIUM ENERGY CORP2,813,583$18.8Mshares
APOAPOLLO GLOBAL MGMT INC108,350$17.9Mshares
LAZLAZARD INC291,226$15Mshares
AUBATLANTIC UN BANKSHARES CORP316,909$12Mshares
UPBDUPBOUND GROUP INC390,738$11.4Mshares
EZPWEZCORP INC910,765$11.1Mshares
CCBCOASTAL FINL CORP WA102,351$8.69Mshares
ARESARES MANAGEMENT CORPORATION46,183$8.18Mshares
HOODROBINHOOD MKTS INC210,685$7.85Mshares
VLYVALLEY NATL BANCORP820,358$7.43Mshares
MBIMBIA INC1,120,511$7.24Mshares
CMECME GROUP INC30,974$7.19Mshares
EQBKEQUITY BANCSHARES INC151,869$6.44Mshares
HCIHCI GROUP INC53,352$6.22Mshares
NXENEXGEN ENERGY LTD801,382$5.29Mshares
ENVAENOVA INTL INC53,199$5.1Mshares
GOLDGOLD COM INC70,938$1.94Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001214659-25-007833 base2025-05-15acceptance time not in the bulk data set