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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 $850,794,332 across 58 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 42.32% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001214659-25-012226

Period
2025-06-30
Reported value
$851M
Holdings
58
Top 10 weight
42.32%
New
36
Sold out
23

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NAVInew+1,699,514$24M
ASPEN INSURANCE HOLDINGS-Anew+512,073$16.1M
CUBInew+269,491$15.8M
XYZnew+224,699$15.3M
GATXnew+96,174$14.8M

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
EQHexited-474,225-$24.7M
PFSIexited-186,804-$18.7M
CACCexited-35,791-$18.5M
GLNGexited-458,586-$17.4M
KMXexited-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.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001214659-25-012226, largest first. % of portfolio is the value over $451,180,516, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
NAVINAVIENT CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,699,514 shares 1,699,514$24M5.31%newTimeline
EGEVEREST GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,340 shares; 2024Q4: not reported; 2025Q1: 42,199 shares; 2025Q2: 68,086 shares 68,086$23.1M5.13%+25,887Timeline
MCBMETROPOLITAN BK HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 225,072 shares; 2025Q2: 311,781 shares 311,781$21.8M4.84%+86,709Timeline
MCHBMECHANICS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,562,434 shares; 2024Q4: 1,868,053 shares; 2025Q1: 1,826,048 shares; 2025Q2: 1,545,583 shares 1,545,583$20.2M4.48%-280,465Timeline
ASPIASP ISOTOPES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 991,863 shares; 2024Q4: 3,153,545 shares; 2025Q1: 3,508,062 shares; 2025Q2: 2,670,211 shares 2,670,211$19.7M4.36%-837,851Timeline
ALLALLSTATE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 84,978 shares; 2024Q4: 129,919 shares; 2025Q1: 51,015 shares; 2025Q2: 93,909 shares 93,909$18.9M4.19%+42,894Timeline
ASPEN INSURANCE HOLDINGS-AASPEN INSURANCE HOLDINGS-AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 512,073 shares 512,073$16.1M3.57%new
CXWCORECIVIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 896,290 shares; 2025Q2: 757,500 shares 757,500$16M3.54%-138,790Timeline
CUBICUSTOMERS BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,614 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 269,491 shares 269,491$15.8M3.51%newTimeline
SLMSLM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,324,485 shares; 2025Q1: 546,815 shares; 2025Q2: 468,012 shares 468,012$15.3M3.4%-78,803Timeline
XYZBLOCK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 224,699 shares 224,699$15.3M3.38%newTimeline
GATXGATX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 96,174 shares 96,174$14.8M3.27%newTimeline
GEOGEO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 665,697 shares; 2025Q1: 515,749 shares; 2025Q2: 608,775 shares 608,775$14.6M3.23%+93,026Timeline
THTARGET HOSPITALITY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,738,716 shares; 2025Q2: 2,010,780 shares 2,010,780$14.3M3.17%+272,064Timeline
COFCAPITAL ONE FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 57,548 shares 57,548$12.2M2.71%newTimeline
AZA2Z CUST2MATE SOLUTIONS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 317,634 shares; 2025Q2: 1,024,735 shares 1,024,735$10.8M2.4%+707,101Timeline
PLGOPELAGOS INS CAP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 639,293 shares 639,293$10.6M2.35%newTimeline
ONEWONEWATER MARINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 250,505 shares; 2025Q2: 787,475 shares 787,475$10.5M2.34%+536,970Timeline
UECURANIUM ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,676,145 shares; 2024Q4: 2,813,583 shares; 2025Q1: not reported; 2025Q2: 1,460,036 shares 1,460,036$9.93M2.2%newTimeline
AGOASSURED GUARANTY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 231,347 shares; 2024Q4: 230,549 shares; 2025Q1: 164,818 shares; 2025Q2: 112,306 shares 112,306$9.78M2.17%-52,512Timeline
IPXIPERIONX LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 663,087 shares; 2024Q4: 502,108 shares; 2025Q1: 442,659 shares; 2025Q2: 297,053 shares 297,053$9.36M2.07%-145,606Timeline
RNRRENAISSANCERE HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,636 shares; 2024Q4: not reported; 2025Q1: 44,178 shares; 2025Q2: 37,254 shares 37,254$9.05M2.01%-6,924Timeline
MPMP MATERIALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 265,345 shares 265,345$8.83M1.96%newTimeline
PHMPULTE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 82,191 shares 82,191$8.67M1.92%newTimeline
USAUU S GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 237,931 shares; 2025Q2: 688,161 shares 688,161$8.4M1.86%+450,230Timeline
SIISPROTT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 354,475 shares; 2024Q4: 383,507 shares; 2025Q1: 296,235 shares; 2025Q2: 117,546 shares 117,546$8.12M1.8%-178,689Timeline
BCSBARCLAYS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 409,211 shares 409,211$7.61M1.69%newTimeline
HCIHCI GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 53,352 shares; 2025Q1: not reported; 2025Q2: 43,242 shares 43,242$6.58M1.46%newTimeline
SUNSSUNRISE RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 598,865 shares; 2025Q2: 609,844 shares 609,844$6.46M1.43%+10,979Timeline
IGICINTL GNRL INSURANCE HLDNGS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 264,240 shares 264,240$6.35M1.41%newTimeline
CRCLCIRCLE INTERNET GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 35,000 shares 35,000$6.35M1.41%newTimeline
THGHANOVER INS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 36,766 shares 36,766$6.25M1.38%newTimeline
BOWBOWHEAD SPECIALTY HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 162,189 shares 162,189$6.09M1.35%newTimeline
MHOM/I HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 54,168 shares 54,168$6.07M1.35%newTimeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 19,672 shares 19,672$5.7M1.26%newTimeline
TMHCTAYLOR MORRISON HOME CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 86,600 shares 86,600$5.32M1.18%newTimeline
HGHAMILTON INSURANCE GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 816,119 shares; 2025Q1: 713,798 shares; 2025Q2: 236,739 shares 236,739$5.12M1.13%-477,059Timeline
GOLDGOLD COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 70,938 shares; 2025Q1: not reported; 2025Q2: 188,962 shares 188,962$4.19M0.93%newTimeline
CORZCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 231,400 shares 231,400$3.95M0.88%newTimeline
FIPFTAI INFRASTRUCTURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 251,252 shares; 2024Q4: 3,552,741 shares; 2025Q1: 2,192,479 shares; 2025Q2: 575,417 shares 575,417$3.55M0.79%-1,617,062Timeline
HIPOHIPPO HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 103,135 shares; 2025Q2: 76,618 shares 76,618$2.14M0.47%-26,517Timeline
NODKNI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 118,822 shares; 2025Q1: 125,678 shares; 2025Q2: 150,319 shares 150,319$1.92M0.42%+24,641Timeline
NFENEW FORTRESS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,481,414 shares; 2025Q1: 95,277 shares; 2025Q2: 400,228 shares 400,228$1.33M0.29%+304,951Timeline

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
IWMISHARES TR SHSput450,000$97.1Mnew
ALLALLSTATE CORP Stockcall210,600$42.4Mnew
EQHEQUITABLE HLDGS INC Stockput750,000$42.1Mnew
COINCOINBASE GLOBAL INC Stockput100,000$35Mnew
GSGOLDMAN SACHS GROUP INC COMput40,000$28.3Mnew
EQHEQUITABLE HLDGS INC Stockcall500,000$28.1Mnew
EGEVEREST GROUP LTD Stockcall75,000$25.5Mnew
TOSTTOAST INC STOKput420,000$18.6Mnew
RNRRENAISSANCERE HLDGS LTD Stockcall74,200$18Mnew
HOODROBINHOOD MKTS INC COMput190,000$17.8Mnew
HOODROBINHOOD MKTS INC COMcall150,000$14Mnew
MPMP MATERIALS CORP COM CL Acall390,000$13Mnew
SHOPSHOPIFY INC CL A SUB VTG SHSput100,000$11.5Mnew
CRCLCIRCLE INTERNET GROUP INC COM CL Aput30,000$5.44Mnew
SOFISOFI TECHNOLOGIES INC Stockput150,000$2.73Mnew

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
SLMSLM CORP1,010,000$29.7Mcall
EQHEQUITABLE HLDGS INC474,225$24.7Mshares
TSLATESLA INC75,000$19.4Mput
PFSIPENNYMAC FINL SVCS INC NEW186,804$18.7Mshares
CACCCREDIT ACCEP CORP MICH35,791$18.5Mshares
GLNGGOLAR LNG LTD458,586$17.4Mshares
KMXCARMAX INC210,082$16.4Mshares
ABXABACUS GLOBAL MGMT INC2,069,221$15.5Mshares
ACVAACV AUCTIONS INC1,023,871$14.4Mshares
AMTBAMERANT BANCORP INC563,973$11.6Mshares
EUFNISHARES TR400,000$11.4Mput
AONAON PLC27,289$10.9Mshares
CCITIGROUP INC147,010$10.4Mshares
UNHUNITEDHEALTH GROUP INC18,910$9.9Mshares
SFSTIFEL FINL CORP98,988$9.33Mshares
EWBCEAST WEST BANCORP INC81,579$7.32Mshares
SOCSABLE OFFSHORE CORP261,212$6.63Mshares
BUSEFIRST BUSEY CORP302,289$6.53Mshares
PGRPROGRESSIVE CORP22,617$6.4Mshares
RNSTRENASANT CORP180,039$6.11Mshares
LGIHLGI HOMES INC77,068$5.12Mshares
MR COOPER GROUP INCMR COOPER GROUP INC33,832$4.05Mshares
LDILOANDEPOT INC1,234,576$1.47Mshares

How Q2 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 0001214659-25-012226 base2025-08-14acceptance time not in the bulk data set