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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 $892,441,151 across 60 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 40.11% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001214659-25-016632

Period
2025-09-30
Reported value
$892M
Holdings
60
Top 10 weight
40.11%
New
34
Sold out
32

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PFSInew+227,772$28.2M
SLDEnew+1,674,429$26.4M
PGRnew+77,239$19.1M
SIGInew+223,959$18.2M
HOODnew+125,000$17.9M

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
NAVIexited-1,699,514-$24M
EGexited-68,086-$23.1M
MCBexited-311,781-$21.8M
ASPEN INSURANCE HOLDINGS-Aexited-512,073-$16.1M
SLMexited-468,012-$15.3M

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, Q3 2025

Share positions as resolved from 13F-HR 0001214659-25-016632, largest first. % of portfolio is the value over $499,197,701, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
PFSIPENNYMAC FINL SVCS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 192,066 shares; 2024Q4: not reported; 2025Q1: 186,804 shares; 2025Q2: not reported; 2025Q3: 227,772 shares 227,772$28.2M5.65%newTimeline
SLDESLIDE INS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,674,429 shares 1,674,429$26.4M5.29%newTimeline
THTARGET HOSPITALITY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,738,716 shares; 2025Q2: 2,010,780 shares; 2025Q3: 2,497,669 shares 2,497,669$21.2M4.24%+486,889Timeline
MCHBMECHANICS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,503,724 shares 1,503,724$20M4.01%-41,859Timeline
PGRPROGRESSIVE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,522 shares; 2024Q4: not reported; 2025Q1: 22,617 shares; 2025Q2: not reported; 2025Q3: 77,239 shares 77,239$19.1M3.82%newTimeline
SIGISELECTIVE INS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 223,959 shares 223,959$18.2M3.64%newTimeline
HOODROBINHOOD MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 668,397 shares; 2024Q4: 210,685 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 125,000 shares 125,000$17.9M3.59%newTimeline
CUBICUSTOMERS BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,614 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 269,491 shares; 2025Q3: 265,645 shares 265,645$17.4M3.48%-3,846Timeline
ASPIASP ISOTOPES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,661,494 shares 1,661,494$16M3.2%-1,008,717Timeline
FUTUFUTU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 91,610 shares 91,610$15.9M3.19%newTimeline
MPMP MATERIALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 265,345 shares; 2025Q3: 223,062 shares 223,062$15M3%-42,283Timeline
AZA2Z CUST2MATE SOLUTIONS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 317,634 shares; 2025Q2: 1,024,735 shares; 2025Q3: 1,861,046 shares 1,861,046$14.9M2.98%+836,311Timeline
DBDEUTSCHE BK AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 415,962 shares 415,962$14.7M2.95%newTimeline
SKYCHAMPION HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 190,241 shares 190,241$14.5M2.91%newTimeline
HGHAMILTON INSURANCE GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 816,119 shares; 2025Q1: 713,798 shares; 2025Q2: 236,739 shares; 2025Q3: 584,846 shares 584,846$14.5M2.91%+348,107Timeline
ONEWONEWATER MARINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 250,505 shares; 2025Q2: 787,475 shares; 2025Q3: 899,324 shares 899,324$14.2M2.85%+111,849Timeline
USAUU S GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 237,931 shares; 2025Q2: 688,161 shares; 2025Q3: 857,708 shares 857,708$14.1M2.83%+169,547Timeline
ALLALLSTATE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 84,978 shares; 2024Q4: 129,919 shares; 2025Q1: 51,015 shares; 2025Q2: 93,909 shares; 2025Q3: 65,631 shares 65,631$14.1M2.82%-28,278Timeline
BOWBOWHEAD SPECIALTY HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 162,189 shares; 2025Q3: 519,833 shares 519,833$14.1M2.82%+357,644Timeline
CXWCORECIVIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 896,290 shares; 2025Q2: 757,500 shares; 2025Q3: 634,996 shares 634,996$12.9M2.59%-122,504Timeline
FNFFIDELITY NATL FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 208,824 shares 208,824$12.6M2.53%newTimeline
AXSAXIS CAP HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 104,208 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 124,588 shares 124,588$11.9M2.39%newTimeline
JEFJEFFERIES FINANCIAL GROUP INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 181,444 shares 181,444$11.9M2.38%newTimeline
GATXGATX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 96,174 shares; 2025Q3: 62,752 shares 62,752$11M2.2%-33,422Timeline
ARRARMOUR RESIDENTIAL REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 716,000 shares 716,000$10.7M2.14%newTimeline
BPOPPOPULAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 76,564 shares 76,564$9.72M1.95%newTimeline
TPGTPG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 159,000 shares 159,000$9.13M1.83%newTimeline
AFGAMERICAN FINANCIAL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 61,740 shares 61,740$9M1.8%newTimeline
COLBCOLUMBIA BKG SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 341,959 shares 341,959$8.8M1.76%newTimeline
MHOM/I HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 54,168 shares; 2025Q3: 58,618 shares 58,618$8.47M1.7%+4,450Timeline
PLMRPALOMAR HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 55,885 shares 55,885$6.52M1.31%newTimeline
BCSBARCLAYS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 409,211 shares; 2025Q3: 310,571 shares 310,571$6.42M1.29%-98,640Timeline
FIGRFIGURE TECHNOLOGY SOLUTIOQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 150,000 shares 150,000$5.46M1.09%newTimeline
EVEREVERQUOTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 236,077 shares 236,077$5.4M1.08%newTimeline
SUNSSUNRISE RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 598,865 shares; 2025Q2: 609,844 shares; 2025Q3: 491,077 shares 491,077$5.1M1.02%-118,767Timeline
DYNCDYNAMIX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 472,389 shares 472,389$4.92M0.99%newTimeline
KKRKKR & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 33,900 shares 33,900$4.41M0.88%newTimeline
AIIAMERICAN INTEGRITY INS GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 191,273 shares 191,273$4.27M0.85%newTimeline
SIISPROTT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 354,475 shares; 2024Q4: 383,507 shares; 2025Q1: 296,235 shares; 2025Q2: 117,546 shares; 2025Q3: 26,921 shares 26,921$2.24M0.45%-90,625Timeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 39,523 shares 39,523$2.17M0.44%newTimeline
NODKNI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 118,822 shares; 2025Q1: 125,678 shares; 2025Q2: 150,319 shares; 2025Q3: 152,719 shares 152,719$2.07M0.41%+2,400Timeline
MBIMBIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 272,008 shares; 2024Q4: 1,120,511 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 211,534 shares 211,534$1.58M0.32%newTimeline
BLSHBULLISHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 17,500 shares 17,500$1.11M0.22%newTimeline
NFENEW FORTRESS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,481,414 shares; 2025Q1: 95,277 shares; 2025Q2: 400,228 shares; 2025Q3: 359,925 shares 359,925$795K0.16%-40,303Timeline
KAZRSKYLINE BLDRS GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 64,800 shares 64,800$222K0.04%newTimeline

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
CRCLCIRCLE INTERNET GROUP INC COM CL Aput565,000$74.9M+535,000
COINCOINBASE GLOBAL INC Stockput165,000$55.7M+65,000
IWMISHARES TR SHSput200,000$48.4M-250,000
GSGOLDMAN SACHS GROUP INC COMput50,000$39.8M+10,000
PLTRPALANTIR TECHNOLOGIES INC COMput200,000$36.5Mnew
EGEVEREST GROUP LTD Stockcall75,000$26.3M0
TLNTALEN ENERGY CORP Stockput50,000$21.3Mnew
GPIGROUP 1 AUTOMOTIVE INC Stockput35,000$15.3Mnew
FUTUFUTU HLDGS LTD ADRput85,000$14.8Mnew
HOODROBINHOOD MKTS INC COMput100,000$14.3M-90,000
MPMP MATERIALS CORP COM CL Aput170,000$11.4Mnew
COFCAPITAL ONE FINL CORP COMput50,000$10.6Mnew
GLXYGALAXY DIGITAL INC. Stockput285,000$9.64Mnew
BLSHBULLISH ORD SHSput120,000$7.63Mnew
MPMP MATERIALS CORP COM CL Acall100,000$6.71M-290,000

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
ALLALLSTATE CORP210,600$42.4Mcall
EQHEQUITABLE HLDGS INC750,000$42.1Mput
EQHEQUITABLE HLDGS INC500,000$28.1Mcall
NAVINAVIENT CORPORATION1,699,514$24Mshares
EGEVEREST GROUP LTD68,086$23.1Mshares
MCBMETROPOLITAN BK HLDG CORP311,781$21.8Mshares
TOSTTOAST INC420,000$18.6Mput
RNRRENAISSANCERE HLDGS LTD74,200$18Mcall
ASPEN INSURANCE HOLDINGS-AASPEN INSURANCE HOLDINGS-A512,073$16.1Mshares
SLMSLM CORP468,012$15.3Mshares
XYZBLOCK INC224,699$15.3Mshares
GEOGEO GROUP INC608,775$14.6Mshares
HOODROBINHOOD MKTS INC150,000$14Mcall
COFCAPITAL ONE FINL CORP57,548$12.2Mshares
SHOPSHOPIFY INC100,000$11.5Mput
PLGOPELAGOS INS CAP LTD639,293$10.6Mshares
UECURANIUM ENERGY CORP1,460,036$9.93Mshares
AGOASSURED GUARANTY LTD112,306$9.78Mshares
IPXIPERIONX LTD297,053$9.36Mshares
RNRRENAISSANCERE HLDGS LTD37,254$9.05Mshares
PHMPULTE GROUP INC82,191$8.67Mshares
HCIHCI GROUP INC43,242$6.58Mshares
IGICINTL GNRL INSURANCE HLDNGS L264,240$6.35Mshares
CRCLCIRCLE INTERNET GROUP INC35,000$6.35Mshares
THGHANOVER INS GROUP INC36,766$6.25Mshares
JPMJPMORGAN CHASE & CO19,672$5.7Mshares
TMHCTAYLOR MORRISON HOME CORP86,600$5.32Mshares
GOLDGOLD COM INC188,962$4.19Mshares
CORZCORE SCIENTIFIC INC NEW231,400$3.95Mshares
FIPFTAI INFRASTRUCTURE INC575,417$3.55Mshares
SOFISOFI TECHNOLOGIES INC150,000$2.73Mput
HIPOHIPPO HLDGS INC76,618$2.14Mshares

How Q3 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 0001214659-25-016632 base2025-11-14acceptance time not in the bulk data set