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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 $345,502,942 across 43 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-14. Its ten largest share positions make up 39.67% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001214659-26-006198

Period
2026-03-31
Reported value
$346M
Holdings
43
Top 10 weight
39.67%
New
25
Sold out
40

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AXSnew+148,000$15M
LNCnew+285,000$10.1M
PNFPnew+115,664$9.96M
OPLNnew+321,800$9.38M
AONnew+28,000$9.04M

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
GMexited-254,590-$20.7M
PNFPexited-206,171-$19.7M
XZOexited-710,000-$17.2M
DBexited-436,262-$16.8M
THreduced-1,687,782-$15.7M

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 2026

Share positions as resolved from 13F-HR 0001214659-26-006198, largest first. % of portfolio is the value over $312,086,337, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
AXSAXIS CAP HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 104,208 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 124,588 shares; 2025Q4: not reported; 2026Q1: 148,000 shares 148,000$15M4.81%newTimeline
THTARGET HOSPITALITY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,616,642 shares 1,616,642$15M4.81%-1,687,782Timeline
HCIHCI GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 53,352 shares; 2025Q1: not reported; 2025Q2: 43,242 shares; 2025Q3: not reported; 2025Q4: 160,000 shares; 2026Q1: 96,023 shares 96,023$14.8M4.76%-63,977Timeline
USAUU S GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 969,792 shares 969,792$14.7M4.72%-239,832Timeline
BFHBREAD FINANCIAL HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 191,939 shares; 2026Q1: 172,156 shares 172,156$12.9M4.13%-19,783Timeline
AIGAMERICAN INTL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 219,361 shares; 2026Q1: 165,000 shares 165,000$12.4M3.98%-54,361Timeline
LNCLINCOLN NATL CORP INDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 285,000 shares 285,000$10.1M3.24%newTimeline
PNFPPINNACLE FINL PARTNERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 115,664 shares 115,664$9.96M3.19%newTimeline
EZPWEZCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 746,844 shares; 2024Q4: 910,765 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 719,529 shares; 2026Q1: 371,657 shares 371,657$9.43M3.02%-347,872Timeline
OPLNOPENLANE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 321,800 shares 321,800$9.38M3.01%newTimeline
AONAON PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 27,289 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 28,000 shares 28,000$9.04M2.9%newTimeline
AERAERCAP HOLDINGS NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 122,612 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 64,253 shares 64,253$8.81M2.82%newTimeline
BOHBANK OF HI CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 117,700 shares 117,700$8.74M2.8%newTimeline
EWBCEAST WEST BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 81,579 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 81,600 shares 81,600$8.71M2.79%newTimeline
GATXGATX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 96,174 shares; 2025Q3: 62,752 shares; 2025Q4: 68,837 shares; 2026Q1: 50,811 shares 50,811$8.68M2.78%-18,026Timeline
CUBICUSTOMERS BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 6,614 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 269,491 shares; 2025Q3: 265,645 shares; 2025Q4: 162,129 shares; 2026Q1: 124,100 shares 124,100$8.61M2.76%-38,029Timeline
LEGHLEGACY HOUSING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 134,227 shares; 2026Q1: 415,163 shares 415,163$8.48M2.72%+280,936Timeline
SFSTIFEL FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 150,143 shares; 2025Q1: 98,988 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 113,348 shares 113,348$8.38M2.68%newTimeline
MCHBMECHANICS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 545,321 shares 545,321$8.04M2.58%-774,165Timeline
CVCOCAVCO INDS INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 15,850 shares 15,850$7.68M2.46%newTimeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 15,200 shares 15,200$7.59M2.43%newTimeline
AXAXOS FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 88,200 shares 88,200$7.5M2.4%newTimeline
SOCSABLE OFFSHORE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 261,212 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 328,081 shares; 2026Q1: 453,722 shares 453,722$7.5M2.4%+125,641Timeline
AJGGALLAGHER ARTHUR J & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 96,216 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 33,000 shares 33,000$7.15M2.29%newTimeline
CACCCREDIT ACCEP CORP MICHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 35,791 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 16,538 shares 16,538$7M2.24%newTimeline
HGHAMILTON INSURANCE GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 223,291 shares 223,291$6.66M2.13%-271,992Timeline
TFINTRIUMPH FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 110,527 shares 110,527$6.59M2.11%newTimeline
BPOPPOPULAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 76,564 shares; 2025Q4: not reported; 2026Q1: 48,500 shares 48,500$6.51M2.09%newTimeline
BKVBKV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 214,880 shares 214,880$6.13M1.96%newTimeline
PFSIPENNYMAC FINL SVCS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 192,066 shares; 2024Q4: not reported; 2025Q1: 186,804 shares; 2025Q2: not reported; 2025Q3: 227,772 shares; 2025Q4: 43,787 shares; 2026Q1: 69,366 shares 69,366$6.06M1.94%+25,579Timeline
GLNGGOLAR LNG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 761,194 shares; 2024Q4: 511,361 shares; 2025Q1: 458,586 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 109,400 shares 109,400$5.92M1.9%newTimeline
HOODROBINHOOD MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 668,397 shares; 2024Q4: 210,685 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 125,000 shares; 2025Q4: 78,889 shares; 2026Q1: 78,883 shares 78,883$5.47M1.75%-6Timeline
JXNJACKSON FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 50,000 shares 50,000$5.29M1.69%newTimeline
SLDESLIDE INS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,674,429 shares; 2025Q4: not reported; 2026Q1: 280,000 shares 280,000$5.04M1.61%newTimeline
MAXMEDIAALPHA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 299,399 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 480,000 shares 480,000$4.46M1.43%newTimeline
ASPIASP ISOTOPES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: not reported; 2026Q1: 648,341 shares 648,341$2.87M0.92%newTimeline
ALMALMONTY INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 145,000 shares 145,000$2.1M0.67%newTimeline
KAZRSKYLINE BLDRS GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 64,800 shares; 2025Q4: 608,753 shares; 2026Q1: 660,102 shares 660,102$2.04M0.65%+51,349Timeline
NFENEW FORTRESS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 600,000 shares 600,000$354K0.11%+390,036Timeline
AZA2Z CUST2MATE SOLUTIONS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 53,047 shares 53,047$354K0.11%-572,305Timeline
LDILOANDEPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,234,576 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 243,001 shares 243,001$345K0.11%newTimeline
NODKNI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 14,758 shares 14,758$190K0.06%-142,961Timeline

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
GSGOLDMAN SACHS GROUP INC COMput39,500$33.4Mnew

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
CRCLCIRCLE INTERNET GROUP INC1,335,000$106Mput
COINCOINBASE GLOBAL INC400,000$90.5Mput
MSTRSTRATEGY INC300,000$45.6Mput
BMNRBITMINE IMMERSION TECHS INC1,500,000$40.7Mput
CRWVCOREWEAVE INC550,000$39.4Mput
IBITISHARES BITCOIN TRUST ETF700,000$34.8Mcall
GMGENERAL MTRS CO254,590$20.7Mshares
AIGAMERICAN INTL GROUP INC230,300$19.7Mcall
PNFPPINNACLE FINANCIAL PARTNERS206,171$19.7Mshares
HUTHUT 8 CORP400,000$18.4Mput
XZOEXZEO GROUP INC710,000$17.2Mshares
APLDAPPLIED DIGITAL CORP700,000$17.2Mput
DBDEUTSCHE BK AG436,262$16.8Mshares
HIGHARTFORD INSURANCE GROUP INC99,471$13.7Mshares
BWINTHE BALDWIN INSURANCE GRP IN556,299$13.4Mshares
TREELENDINGTREE INC251,459$13.3Mshares
MPMP MATERIALS CORP260,000$13.1Mcall
SKYCHAMPION HOMES INC155,425$13.1Mshares
AFGAMERICAN FINANCIAL GROUP INC91,610$12.5Mshares
XYZBLOCK INC183,743$12Mshares
BLSHBULLISH300,000$11.4Mput
IRENIREN LIMITED300,000$11.3Mput
KKRKKR & CO INC78,563$10Mshares
TPGTPG INC155,699$9.94Mshares
FUTUFUTU HLDGS LTD60,000$9.85Mshares
CARSCARS COM INC751,671$9.17Mshares
TOSTTOAST INC257,848$9.16Mshares
OZKBANK OZK LITTLE ROCK ARK189,226$8.71Mshares
ENVAENOVA INTL INC50,311$7.91Mshares
ARRARMOUR RESIDENTIAL REIT INC434,709$7.69Mshares
COFCAPITAL ONE FINL CORP27,643$6.7Mshares
ONEWONEWATER MARINE INC614,605$6.65Mshares
NNINELNET INC46,910$6.24Mshares
COLBCOLUMBIA BKG SYS INC215,468$6.02Mshares
FRMIFERMI INC677,866$5.42Mshares
BLSHBULLISH125,000$4.73Mshares
SUNSSUNRISE RLTY TR INC440,628$4.16Mshares
NPNEPTUNE INS HLDGS INC125,000$3.65Mshares
PARPAR TECHNOLOGY CORP69,100$2.51Mshares
TNGXTANGO THERAPEUTICS INC33,291$295Kshares

How Q1 2026 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 0001214659-26-006198 base2026-05-14acceptance time not in the bulk data set