13F HOLDINGS REPORT
Philadelphia Financial Management of San Francisco, LLC
Quarter ended Q3 2025 · Filed November 14, 2025 · Accession 0001214659-25-016632
Total Value
$892.4M
Positions
60
Other Managers
3
Confidential Omitted
No
Holdings (60)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | CIRCLE INTERNET GROUP INC | CRCL | 565,000 | $74.9M | 8.39% |
| 2 | COINBASE GLOBAL INC | COIN | 165,000 | $55.7M | 6.24% |
| 3 | ISHARES TR | 464287655 | 200,000 | $48.4M | 5.42% |
| 4 | GOLDMAN SACHS GROUP INC | GSCE | 50,000 | $39.8M | 4.46% |
| 5 | PALANTIR TECHNOLOGIES INC | PLTR | 200,000 | $36.5M | 4.09% |
| 6 | PENNYMAC FINL SVCS INC NEW | 70932M107 | 227,772 | $28.2M | 3.16% |
| 7 | SLIDE INS HLDGS INC | 831349105 | 1,674,429 | $26.4M | 2.96% |
| 8 | EVEREST GROUP LTD | EG | 75,000 | $26.3M | 2.94% |
| 9 | TALEN ENERGY CORP | TLN | 50,000 | $21.3M | 2.38% |
| 10 | TARGET HOSPITALITY CORP | TH | 2,497,669 | $21.2M | 2.37% |
| 11 | MECHANICS BANCORP | MCHB | 1,503,724 | $20.0M | 2.24% |
| 12 | PROGRESSIVE CORP | 743315103 | 77,239 | $19.1M | 2.14% |
| 13 | SELECTIVE INS GROUP INC | 816300107 | 223,959 | $18.2M | 2.03% |
| 14 | ROBINHOOD MKTS INC | 770700102 | 125,000 | $17.9M | 2.01% |
| 15 | CUSTOMERS BANCORP INC | CUBB | 265,645 | $17.4M | 1.95% |
| 16 | ASP ISOTOPES INC | ASPI | 1,661,494 | $16.0M | 1.79% |
| 17 | FUTU HLDGS LTD | FUTU | 91,610 | $15.9M | 1.79% |
| 18 | GROUP 1 AUTOMOTIVE INC | GPI | 35,000 | $15.3M | 1.72% |
| 19 | MP MATERIALS CORP | MP | 223,062 | $15.0M | 1.68% |
| 20 | A2Z CUST2MATE SOLUTIONS CORP | AZ | 1,861,046 | $14.9M | 1.67% |
| 21 | FUTU HLDGS LTD | FUTU | 85,000 | $14.8M | 1.66% |
| 22 | DEUTSCHE BANK A G | D18190898 | 415,962 | $14.7M | 1.65% |
| 23 | CHAMPION HOMES INC | SKY | 190,241 | $14.5M | 1.63% |
| 24 | HAMILTON INSURANCE GROUP LTD | HG | 584,846 | $14.5M | 1.63% |
| 25 | ROBINHOOD MKTS INC | 770700102 | 100,000 | $14.3M | 1.60% |
| 26 | ONEWATER MARINE INC | ONEW | 899,324 | $14.2M | 1.60% |
| 27 | U S GOLD CORP | USAU | 857,708 | $14.1M | 1.58% |
| 28 | ALLSTATE CORP | ALL-PJ | 65,631 | $14.1M | 1.58% |
| 29 | BOWHEAD SPECIALTY HLDGS INC | BOW | 519,833 | $14.1M | 1.58% |
| 30 | CORECIVIC INC | CXW | 634,996 | $12.9M | 1.45% |
| 31 | FIDELITY NATIONAL FINANCIAL | FNF | 208,824 | $12.6M | 1.42% |
| 32 | AXIS CAP HLDGS LTD | G0692U109 | 124,588 | $11.9M | 1.34% |
| 33 | JEFFERIES FINL GROUP INC | 47233W109 | 181,444 | $11.9M | 1.33% |
| 34 | MP MATERIALS CORP | MP | 170,000 | $11.4M | 1.28% |
| 35 | GATX CORP | GATX | 62,752 | $11.0M | 1.23% |
| 36 | ARMOUR RESIDENTIAL REIT INC | ARR-PC | 716,000 | $10.7M | 1.20% |
| 37 | CAPITAL ONE FINL CORP | 14040H105 | 50,000 | $10.6M | 1.19% |
| 38 | POPULAR INC | BPOPM | 76,564 | $9.7M | 1.09% |
| 39 | GALAXY DIGITAL INC. | GLXY | 285,000 | $9.6M | 1.08% |
| 40 | TPG INC | TPGXL | 159,000 | $9.1M | 1.02% |
| 41 | AMERICAN FINL GROUP INC OHIO | 025932104 | 61,740 | $9.0M | 1.01% |
| 42 | COLUMBIA BKG SYS INC | 197236102 | 341,959 | $8.8M | 0.99% |
| 43 | M/I HOMES INC | MHO | 58,618 | $8.5M | 0.95% |
| 44 | BULLISH | BLSH | 120,000 | $7.6M | 0.86% |
| 45 | MP MATERIALS CORP | MP | 100,000 | $6.7M | 0.75% |
| 46 | PALOMAR HLDGS INC | PLMR | 55,885 | $6.5M | 0.73% |
| 47 | BARCLAYS PLC | BCLYF | 310,571 | $6.4M | 0.72% |
| 48 | FIGURE TECHNOLOGY SOLUTIO | FGRS | 150,000 | $5.5M | 0.61% |
| 49 | EVERQUOTE INC | EVER | 236,077 | $5.4M | 0.60% |
| 50 | SUNRISE RLTY TR INC | 867981102 | 491,077 | $5.1M | 0.57% |
| 51 | DYNAMIX CORP | ETHMW | 472,389 | $4.9M | 0.55% |
| 52 | KKR & CO INC | KKRT | 33,900 | $4.4M | 0.49% |
| 53 | AMERICAN INTEGRITY INS GROUP | 026948109 | 191,273 | $4.3M | 0.48% |
| 54 | SPROTT INC | SII | 26,921 | $2.2M | 0.25% |
| 55 | CYTOKINETICS INC | CYTK | 39,523 | $2.2M | 0.24% |
| 56 | NI HLDGS INC | NODK | 152,719 | $2.1M | 0.23% |
| 57 | MBIA INC | MBI | 211,534 | $1.6M | 0.18% |
| 58 | BULLISH | BLSH | 17,500 | $1.1M | 0.12% |
| 59 | NEW FORTRESS ENERGY INC | NFE | 359,925 | $795,434 | 0.09% |
| 60 | SKYLINE BLDRS GROUP HLDG LTD | G8193D104 | 64,800 | $221,616 | 0.02% |