Philadelphia Financial Management of San Francisco, LLC

CIK

1351407

Location

SAN FRANCISCO, CA

Portfolio Value

Small $912,123,840

Diversification

Diversified

Filing Date

Global Rank

#1,733 / 8,420 ▲ 202

Top Industry

Capital Markets 22.2%

3Y Alpha vs SPY

+1.8%

Period ended 6 months ago

Filed Feb 17, 2026 · 4mo

24 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+84.2%

SPY

+76.3%

Annualised alpha

+1.8%

Max drawdown

−25.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

55 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

11.6%

+2.7 pts

Top 5

35.3%

+6.9 pts

Top 10

52.2%

+6.7 pts

HHI

421

Diversified+97

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Financial Services	63.8%	$581,859,812	30
Technology	16.0%	$145,923,252	8
Consumer Cyclical	4.7%	$43,106,807	4
Industrials	4.4%	$39,932,924	3
Basic Materials	4.0%	$36,614,001	2
Unclassified	3.8%	$34,755,000	1
Real Estate	1.9%	$17,268,052	3
Communication Services	1.0%	$9,170,386	1
Energy	0.4%	$3,198,648	2
Healthcare	0.0%	$294,958	1

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

11 positions

Ticker	Company	Δ Shares	Shares	Value
TH	Target Hospitality Corp.	+806,755	3,304,424	$26,468,436
CRCL	Circle Internet Group, Inc.	+770,000	1,335,000	$105,865,500
SKBL	Skyline Builders Group Holding Ltd	+543,953	608,753	$1,789,733
USAU	U.S. Gold Corp.	+351,916	1,209,624	$23,478,801
BLSH	Bullish	+287,500	425,000	$16,094,750
COIN	Coinbase Global, Inc.	+235,000	400,000	$90,456,000
KKR	KKR & Co. Inc.	+44,663	78,563	$10,015,211
AFG	American Financial Group Inc	+29,870	91,610	$12,521,254
DB	Deutsche Bank Aktiengesellschaft	+20,300	436,262	$16,822,262
GATX	Gatx Corp	+6,085	68,837	$11,674,755
NODK	NI Holdings, Inc.	+5,000	157,719	$2,097,662
No positions match the current search.

Trimmed

Positions the filer reduced

16 positions

Ticker	Company	Δ Shares	Shares	Value
AZ	A2z Cust2mate Solutions Corp.	−1,235,694	625,352	$4,071,041
ONEW	OneWater Marine Inc.	−284,719	614,605	$6,650,026
ARR	Armour Residential REIT, Inc.	−281,291	434,709	$7,690,002
MP	MP Materials Corp. / DE	−233,062	260,000	$13,135,200
MCHB	Mechanics Bancorp	−184,238	1,319,486	$19,304,080
PFSI	PennyMac Financial Services, Inc.	−183,985	43,787	$5,772,878
NFE	New Fortress Energy Inc.	−149,961	209,964	$239,358
HOOD	Robinhood Markets, Inc.	−146,111	78,889	$8,922,345
COLB	Columbia Banking System, Inc.	−126,491	215,468	$6,022,330
FUTU	Futu Holdings Ltd	−116,610	60,000	$9,852,600
CUBI	Customers Bancorp, Inc.	−103,516	162,129	$11,854,872
HG	Hamilton Insurance Group, Ltd.	−89,563	495,283	$13,818,395
SUNS	Sunrise Realty Trust, Inc.	−50,449	440,628	$4,155,122
SKY	Champion Homes, Inc.	−34,816	155,425	$13,133,412
COF	Capital One Financial Corp	−22,357	27,643	$6,699,557
TPG	TPG Inc.	−3,301	155,699	$9,939,824
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
MSTR	Strategy Inc	300,000	$45,585,000
BMNR	Bitmine Immersion Technologies, Inc.	1,500,000	$40,725,000
CRWV	CoreWeave, Inc.	550,000	$39,385,500
AIG	American International Group, Inc.	449,661	$38,468,498
IBIT	iShares Bitcoin Trust ETF	700,000	$34,755,000
HCI	HCI Group, Inc.	160,000	$30,670,400
GM	General Motors Co	254,590	$20,703,258
HUT	Hut 8 Corp.	400,000	$18,376,000
XZO	Exzeo Group, Inc.	710,000	$17,217,500
APLD	Applied Digital Corp.	700,000	$17,164,000
BFH	Bread Financial Holdings, Inc.	191,939	$14,209,244
EZPW	Ezcorp Inc	719,529	$13,973,253
HIG	Hartford Insurance Group, Inc.	99,471	$13,707,103
BWIN	Baldwin Insurance Group, Inc.	556,299	$13,367,864
TREE	LendingTree, Inc.	251,459	$13,349,958
XYZ	Block, Inc.	183,743	$11,959,831
IREN	IREN Ltd	300,000	$11,331,000
CARS	Cars.com Inc.	751,671	$9,170,386
TOST	Toast, Inc.	257,848	$9,156,182
OZK	Bank OZK	189,226	$8,708,180
ENVA	Enova International, Inc.	50,311	$7,908,889
NNI	Nelnet Inc	46,910	$6,237,153
FRMI	Fermi Inc.	677,866	$5,422,928
NP	Neptune Insurance Holdings Inc.	125,000	$3,645,000
SOC	Sable Offshore Corp.	328,081	$2,959,290
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
GS	Goldman Sachs Group Inc	50,000	$39,817,500
PLTR	Palantir Technologies Inc.	200,000	$36,484,000
SLDE	Slide Insurance Holdings, Inc.	1,674,429	$26,430,861
EG	Everest Group, Ltd.	75,000	$26,267,250
TLN	Talen Energy Corp	50,000	$21,269,000
PGR	Progressive Corp/Oh/	77,239	$19,074,171
SIGI	Selective Insurance Group Inc	223,959	$18,156,356
ASPI	ASP Isotopes Inc.	1,661,494	$15,983,572
GPI	Group 1 Automotive Inc	35,000	$15,312,850
ALL	Allstate Corp	65,631	$14,087,694
BOW	Bowhead Specialty Holdings Inc.	519,833	$14,056,284
CXW	CoreCivic, Inc.	634,996	$12,922,168
FNF	Fidelity National Financial, Inc.	208,824	$12,181,058
AXS	Axis Capital Holdings Ltd	124,588	$11,935,530
JEF	Jefferies Financial Group Inc.	181,444	$11,870,066
BPOP	Popular, Inc.	76,564	$9,724,393
GLXY	Galaxy Digital Inc.	285,000	$9,635,850
MHO	M/I Homes, Inc.	58,618	$8,466,783
PLMR	Palomar Holdings, Inc.	55,885	$6,524,573
BCS	Barclays PLC	310,571	$6,419,502
FIGR	Figure Technology Solutions, Inc.	150,000	$5,455,500
EVER	EverQuote, Inc.	236,077	$5,399,080
DYNC	Dynamix Corp	472,389	$4,917,569
AII	American Integrity Insurance Group, Inc.	191,273	$4,267,300
SII	Sprott Inc.	26,921	$2,239,557
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

55 positions · $912,123,840 total · as of Dec 31, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Energy Financial Services Healthcare Industrials Real Estate Technology

Showing 1–50 of 55 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CRCL	Circle Internet Group, Inc. Financial Services	Added	1,335,000	+770,000	$105,865,500	+41.3%	11.61%
COIN	Coinbase Global, Inc. Financial Services	Added	400,000	+235,000	$90,456,000	+62.4%	9.92%
MSTR	Strategy Inc Technology	NEW	300,000	NEW	$45,585,000	NEW	5.00%
BMNR	Bitmine Immersion Technologies, Inc. Financial Services	NEW	1,500,000	NEW	$40,725,000	NEW	4.46%
CRWV	CoreWeave, Inc. Technology	NEW	550,000	NEW	$39,385,500	NEW	4.32%
AIG	American International Group, Inc. Financial Services	NEW	449,661	NEW	$38,468,498	NEW	4.22%
IBIT	iShares Bitcoin Trust ETF	NEW	700,000	NEW	$34,755,000	NEW	3.81%
HCI	HCI Group, Inc. Financial Services	NEW	160,000	NEW	$30,670,400	NEW	3.36%
TH	Target Hospitality Corp. Industrials	Added	3,304,424	+806,755	$26,468,436	+25.0%	2.90%
USAU	U.S. Gold Corp. Basic Materials	Reduced	1,209,624	-505,792	$23,478,801	−16.9%	2.57%
GM	General Motors Co Consumer Cyclical	NEW	254,590	NEW	$20,703,258	NEW	2.27%
MCHB	Mechanics Bancorp Financial Services	Reduced	1,319,486	-184,238	$19,304,080	−3.5%	2.12%
HUT	Hut 8 Corp. Financial Services	NEW	400,000	NEW	$18,376,000	NEW	2.01%
XZO	Exzeo Group, Inc. Financial Services	NEW	710,000	NEW	$17,217,500	NEW	1.89%
APLD	Applied Digital Corp. Technology	NEW	700,000	NEW	$17,164,000	NEW	1.88%
DB	Deutsche Bank Aktiengesellschaft Financial Services	Added	436,262	+20,300	$16,822,262	+14.2%	1.84%
BLSH	Bullish Technology	Added	425,000	+287,500	$16,094,750	+84.0%	1.76%
BFH	Bread Financial Holdings, Inc. Financial Services	NEW	191,939	NEW	$14,209,244	NEW	1.56%
EZPW	Ezcorp Inc Financial Services	NEW	719,529	NEW	$13,973,253	NEW	1.53%
HG	Hamilton Insurance Group, Ltd. Financial Services	Reduced	495,283	-89,563	$13,818,395	−4.7%	1.51%
HIG	Hartford Insurance Group, Inc. Financial Services	NEW	99,471	NEW	$13,707,103	NEW	1.50%
BWIN	Baldwin Insurance Group, Inc. Financial Services	NEW	556,299	NEW	$13,367,864	NEW	1.47%
TREE	LendingTree, Inc. Financial Services	NEW	251,459	NEW	$13,349,958	NEW	1.46%
MP	MP Materials Corp. / DE Basic Materials	Reduced	260,000	-233,062	$13,135,200	−60.3%	1.44%
SKY	Champion Homes, Inc. Consumer Cyclical	Reduced	155,425	-34,816	$13,133,412	−9.6%	1.44%
AFG	American Financial Group Inc Financial Services	Added	91,610	+29,870	$12,521,254	+39.2%	1.37%
XYZ	Block, Inc. Technology	NEW	183,743	NEW	$11,959,831	NEW	1.31%
CUBI	Customers Bancorp, Inc. Financial Services	Reduced	162,129	-103,516	$11,854,872	−31.7%	1.30%
GATX	Gatx Corp Industrials	Added	68,837	+6,085	$11,674,755	+6.4%	1.28%
IREN	IREN Ltd Financial Services	NEW	300,000	NEW	$11,331,000	NEW	1.24%
KKR	KKR & Co. Inc. Financial Services	Added	78,563	+44,663	$10,015,211	+127.3%	1.10%
TPG	TPG Inc. Financial Services	Reduced	155,699	-3,301	$9,939,824	+8.8%	1.09%
FUTU	Futu Holdings Ltd Financial Services	Reduced	60,000	-116,610	$9,852,600	−67.9%	1.08%
CARS	Cars.com Inc. Communication Services	NEW	751,671	NEW	$9,170,386	NEW	1.01%
TOST	Toast, Inc. Technology	NEW	257,848	NEW	$9,156,182	NEW	1.00%
HOOD	Robinhood Markets, Inc. Financial Services	Reduced	78,889	-146,111	$8,922,345	−72.3%	0.98%
OZK	Bank OZK Financial Services	NEW	189,226	NEW	$8,708,180	NEW	0.95%
ENVA	Enova International, Inc. Financial Services	NEW	50,311	NEW	$7,908,889	NEW	0.87%
ARR	Armour Residential REIT, Inc. Real Estate	Reduced	434,709	-281,291	$7,690,002	−28.1%	0.84%
COF	Capital One Financial Corp Financial Services	Reduced	27,643	-22,357	$6,699,557	−37.0%	0.73%
ONEW	OneWater Marine Inc. Consumer Cyclical	Reduced	614,605	-284,719	$6,650,026	−53.3%	0.73%
NNI	Nelnet Inc Financial Services	NEW	46,910	NEW	$6,237,153	NEW	0.68%
COLB	Columbia Banking System, Inc. Financial Services	Reduced	215,468	-126,491	$6,022,330	−31.6%	0.66%
PFSI	PennyMac Financial Services, Inc. Financial Services	Reduced	43,787	-183,985	$5,772,878	−79.5%	0.63%
FRMI	Fermi Inc. Real Estate	NEW	677,866	NEW	$5,422,928	NEW	0.59%
SUNS	Sunrise Realty Trust, Inc. Real Estate	Reduced	440,628	-50,449	$4,155,122	−18.6%	0.46%
AZ	A2z Cust2mate Solutions Corp. Technology	Reduced	625,352	-1,235,694	$4,071,041	−72.6%	0.45%
NP	Neptune Insurance Holdings Inc. Financial Services	NEW	125,000	NEW	$3,645,000	NEW	0.40%
SOC	Sable Offshore Corp. Energy	NEW	328,081	NEW	$2,959,290	NEW	0.32%
LEGH	Legacy Housing Corp Consumer Cyclical	NEW	134,227	NEW	$2,620,111	NEW	0.29%