Skip to content
Disclosery

Philadelphia Financial Management of San Francisco, LLC

Follow

13F filer, CIK 1351407, SAN FRANCISCO, CA

Philadelphia Financial Management of San Francisco, LLC reported $931,794,633 across 58 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 42.84% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001214659-26-001977

Period
2025-12-31
Reported value
$932M
Holdings
58
Top 10 weight
42.84%
New
31
Sold out
33

Largest buys vs the previous quarter

SecurityShares changeApprox. value
HCInew+160,000$30.7M
GMnew+254,590$20.7M
PNFPnew+206,171$19.7M
AIGnew+219,361$18.8M
XZOnew+710,000$17.2M

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
SLDEexited-1,674,429-$26.4M
PFSIreduced-183,985-$24.3M
PGRexited-77,239-$19.1M
SIGIexited-223,959-$18.2M
ASPIexited-1,661,494-$16M

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, Q4 2025

Share positions as resolved from 13F-HR 0001214659-26-001977, largest first. % of portfolio is the value over $483,953,268, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
HCIHCI GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 53,352 shares; 2025Q1: not reported; 2025Q2: 43,242 shares; 2025Q3: not reported; 2025Q4: 160,000 shares 160,000$30.7M6.34%newTimeline
THTARGET HOSPITALITY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,304,424 shares 3,304,424$26.5M5.47%+806,755Timeline
USAUU S GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 237,931 shares; 2025Q2: 688,161 shares; 2025Q3: 857,708 shares; 2025Q4: 1,209,624 shares 1,209,624$23.5M4.85%+351,916Timeline
GMGENERAL MTRS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 254,590 shares 254,590$20.7M4.28%newTimeline
PNFPPINNACLE FINANCIAL PARTNERSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 206,171 shares 206,171$19.7M4.06%newTimeline
MCHBMECHANICS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,319,486 shares 1,319,486$19.3M3.99%-184,238Timeline
AIGAMERICAN INTL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 219,361 shares 219,361$18.8M3.88%newTimeline
XZOEXZEO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 710,000 shares 710,000$17.2M3.56%newTimeline
DBDEUTSCHE BK AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 415,962 shares; 2025Q4: 436,262 shares 436,262$16.8M3.48%+20,300Timeline
BFHBREAD FINANCIAL HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 191,939 shares 191,939$14.2M2.94%newTimeline
EZPWEZCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 746,844 shares; 2024Q4: 910,765 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 719,529 shares 719,529$14M2.89%newTimeline
HGHAMILTON INSURANCE GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 816,119 shares; 2025Q1: 713,798 shares; 2025Q2: 236,739 shares; 2025Q3: 584,846 shares; 2025Q4: 495,283 shares 495,283$13.8M2.86%-89,563Timeline
HIGHARTFORD INSURANCE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 99,471 shares 99,471$13.7M2.83%newTimeline
BWINTHE BALDWIN INSURANCE GRP INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 556,299 shares 556,299$13.4M2.76%newTimeline
TREELENDINGTREE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 251,459 shares 251,459$13.3M2.76%newTimeline
SKYCHAMPION HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 190,241 shares; 2025Q4: 155,425 shares 155,425$13.1M2.71%-34,816Timeline
AFGAMERICAN FINANCIAL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 61,740 shares; 2025Q4: 91,610 shares 91,610$12.5M2.59%+29,870Timeline
XYZBLOCK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 224,699 shares; 2025Q3: not reported; 2025Q4: 183,743 shares 183,743$12M2.47%newTimeline
CUBICUSTOMERS BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,614 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 269,491 shares; 2025Q3: 265,645 shares; 2025Q4: 162,129 shares 162,129$11.9M2.45%-103,516Timeline
GATXGATX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 96,174 shares; 2025Q3: 62,752 shares; 2025Q4: 68,837 shares 68,837$11.7M2.41%+6,085Timeline
KKRKKR & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 33,900 shares; 2025Q4: 78,563 shares 78,563$10M2.07%+44,663Timeline
TPGTPG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 159,000 shares; 2025Q4: 155,699 shares 155,699$9.94M2.05%-3,301Timeline
FUTUFUTU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 91,610 shares; 2025Q4: 60,000 shares 60,000$9.85M2.04%-31,610Timeline
CARSCARS COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 751,671 shares 751,671$9.17M1.89%newTimeline
TOSTTOAST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 257,848 shares 257,848$9.16M1.89%newTimeline
HOODROBINHOOD MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 668,397 shares; 2024Q4: 210,685 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 125,000 shares; 2025Q4: 78,889 shares 78,889$8.92M1.84%-46,111Timeline
OZKBANK OZK LITTLE ROCK ARKQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 189,226 shares 189,226$8.71M1.8%newTimeline
ENVAENOVA INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 53,199 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 50,311 shares 50,311$7.91M1.63%newTimeline
ARRARMOUR RESIDENTIAL REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 716,000 shares; 2025Q4: 434,709 shares 434,709$7.69M1.59%-281,291Timeline
COFCAPITAL ONE FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 57,548 shares; 2025Q3: not reported; 2025Q4: 27,643 shares 27,643$6.7M1.38%newTimeline
ONEWONEWATER MARINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 250,505 shares; 2025Q2: 787,475 shares; 2025Q3: 899,324 shares; 2025Q4: 614,605 shares 614,605$6.65M1.37%-284,719Timeline
NNINELNET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 46,910 shares 46,910$6.24M1.29%newTimeline
COLBCOLUMBIA BKG SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 341,959 shares; 2025Q4: 215,468 shares 215,468$6.02M1.24%-126,491Timeline
PFSIPENNYMAC FINL SVCS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 192,066 shares; 2024Q4: not reported; 2025Q1: 186,804 shares; 2025Q2: not reported; 2025Q3: 227,772 shares; 2025Q4: 43,787 shares 43,787$5.77M1.19%-183,985Timeline
FRMIFERMI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 677,866 shares 677,866$5.42M1.12%newTimeline
BLSHBULLISHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 17,500 shares; 2025Q4: 125,000 shares 125,000$4.73M0.98%+107,500Timeline
SUNSSUNRISE RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 598,865 shares; 2025Q2: 609,844 shares; 2025Q3: 491,077 shares; 2025Q4: 440,628 shares 440,628$4.16M0.86%-50,449Timeline
AZA2Z CUST2MATE SOLUTIONS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 317,634 shares; 2025Q2: 1,024,735 shares; 2025Q3: 1,861,046 shares; 2025Q4: 625,352 shares 625,352$4.07M0.84%-1,235,694Timeline
NPNEPTUNE INS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 125,000 shares 125,000$3.65M0.75%newTimeline
SOCSABLE OFFSHORE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 261,212 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 328,081 shares 328,081$2.96M0.61%newTimeline
LEGHLEGACY HOUSING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 134,227 shares 134,227$2.62M0.54%newTimeline
PARPAR TECHNOLOGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 69,100 shares 69,100$2.51M0.52%newTimeline
NODKNI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 118,822 shares; 2025Q1: 125,678 shares; 2025Q2: 150,319 shares; 2025Q3: 152,719 shares; 2025Q4: 157,719 shares 157,719$2.1M0.43%+5,000Timeline
KAZRSKYLINE BLDRS GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 64,800 shares; 2025Q4: 608,753 shares 608,753$1.79M0.37%+543,953Timeline
TNGXTANGO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 33,291 shares 33,291$295K0.06%newTimeline
NFENEW FORTRESS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,481,414 shares; 2025Q1: 95,277 shares; 2025Q2: 400,228 shares; 2025Q3: 359,925 shares; 2025Q4: 209,964 shares 209,964$239K0.05%-149,961Timeline

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 Aput1,335,000$106M+770,000
COINCOINBASE GLOBAL INC Stockput400,000$90.5M+235,000
MSTRSTRATEGY INC Stockput300,000$45.6Mnew
BMNRBITMINE IMMERSION TECHS INC COM NEWput1,500,000$40.7Mnew
CRWVCOREWEAVE INC COMput550,000$39.4Mnew
IBITISHARES BITCOIN TRUST ETF SHScall700,000$34.8Mnew
AIGAMERICAN INTL GROUP INC Stockcall230,300$19.7Mnew
HUTHUT 8 CORP COMput400,000$18.4Mnew
APLDAPPLIED DIGITAL CORP Stockput700,000$17.2Mnew
MPMP MATERIALS CORP COM CL Acall260,000$13.1M+160,000
BLSHBULLISH ORD SHSput300,000$11.4M+180,000
IRENIREN LIMITED STOKput300,000$11.3Mnew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
IWMISHARES TR200,000$48.4Mput
GSGOLDMAN SACHS GROUP INC50,000$39.8Mput
PLTRPALANTIR TECHNOLOGIES INC200,000$36.5Mput
SLDESLIDE INS HLDGS INC1,674,429$26.4Mshares
EGEVEREST GROUP LTD75,000$26.3Mcall
TLNTALEN ENERGY CORP50,000$21.3Mput
PGRPROGRESSIVE CORP77,239$19.1Mshares
SIGISELECTIVE INS GROUP INC223,959$18.2Mshares
ASPIASP ISOTOPES INC1,661,494$16Mshares
GPIGROUP 1 AUTOMOTIVE INC35,000$15.3Mput
MPMP MATERIALS CORP223,062$15Mshares
FUTUFUTU HLDGS LTD85,000$14.8Mput
HOODROBINHOOD MKTS INC100,000$14.3Mput
ALLALLSTATE CORP65,631$14.1Mshares
BOWBOWHEAD SPECIALTY HLDGS INC519,833$14.1Mshares
CXWCORECIVIC INC634,996$12.9Mshares
FNFFIDELITY NATL FINL INC208,824$12.6Mshares
AXSAXIS CAP HLDGS LTD124,588$11.9Mshares
JEFJEFFERIES FINANCIAL GROUP IN181,444$11.9Mshares
MPMP MATERIALS CORP170,000$11.4Mput
COFCAPITAL ONE FINL CORP50,000$10.6Mput
BPOPPOPULAR INC76,564$9.72Mshares
GLXYGALAXY DIGITAL INC.285,000$9.64Mput
MHOM/I HOMES INC58,618$8.47Mshares
PLMRPALOMAR HLDGS INC55,885$6.52Mshares
BCSBARCLAYS PLC310,571$6.42Mshares
FIGRFIGURE TECHNOLOGY SOLUTIO150,000$5.46Mshares
EVEREVERQUOTE INC236,077$5.4Mshares
DYNCDYNAMIX CORP472,389$4.92Mshares
AIIAMERICAN INTEGRITY INS GROUP191,273$4.27Mshares
SIISPROTT INC26,921$2.24Mshares
CYTKCYTOKINETICS INC39,523$2.17Mshares
MBIMBIA INC211,534$1.58Mshares

How Q4 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 0001214659-26-001977 base2026-02-17acceptance time not in the bulk data set