Philadelphia Financial Management of San Francisco, LLC

SAN FRANCISCO, CA · CIK 1351407 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2005 · limited liability company

Assets managed$730.0m
Staff9 · 7 in investment roles
Main clients (by assets)Private funds 100%
Private funds3 (3 hedge) · $730.0m gross assets
Form ADV · 2026-03-23SEC adviser record

Legal entityPHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LLC (US)

$364.7m reported value +16.8% vs Q1 2026

43positions

38.6%in top 10

30 new 7 added 5 reduced 29 sold out vs Q1 2026

Options: 0 call positions (— notional), 2 put positions ($131.1m notional) – listed below, not included above.

This report includes the holdings of 3 other managers that share the investment decisions:

BOATHOUSE ROW OFFSHORE MINYAN, LTD. – no 13F of its own this quarter
Boathouse Row I, L.P. – no 13F of its own this quarter
Boathouse Row II L P – no 13F of its own this quarter

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	U S GOLD CORP COM NEW USAU	USAU	1,145,546	$17.6m4.82%	4.82%	Added +175.8k	+175,754 18.1%
2	WILLIS LEASE FIN CORP COM WLFC	WLFC	72,763	$16.6m4.57%	4.57%	New
3	HARTFORD INSURANCE GROUP INC COM HIG	HIG	118,700	$15.7m4.31%	4.31%	New
4	CORECIVIC INC COM CXW	CXW	479,235	$14.6m3.99%	3.99%	New
5	FTAI AVIATION LTD SHS FTAI	FTAI	53,419	$14.5m3.96%	3.96%	New
6	GEO GROUP INC NEW COM GEO	GEO	484,100	$14.3m3.92%	3.92%	New
7	AMERICAN INTL GROUP INC COM NEW AIG	AIG	176,449	$13.2m3.61%	3.61%	Added +11.4k	+11,449 6.9%
8	LEGACY HOUSING CORP COM LEGH	LEGH	454,425	$11.9m3.27%	3.27%	Added +39.3k	+39,262 9.5%
9	GALLAGHER ARTHUR J & CO COM AJG	AJG	49,500	$11.4m3.12%	3.12%	Added +16.5k	+16,500 50.0%
10	LGI HOMES INC COM LGIH	LGIH	175,175	$11.2m3.06%	3.06%	New
11	AXIS CAP HLDGS LTD SHS AXS	AXS	99,564	$10.7m2.93%	2.93%	Reduced -48.4k	-48,436 -32.7%
12	CHUBB LIMITED COM CB	CB	30,300	$10.3m2.83%	2.83%	New
13	EQUITABLE HLDGS INC COM EQH	EQH	226,030	$9.9m2.72%	2.72%	New
14	WABASH NATL CORP COM WNC	WNC	726,847	$9.8m2.69%	2.69%	New
15	ATLANTICUS HOLDINGS CORP COM ATLC	ATLC	89,597	$9.2m2.51%	2.51%	New
16	GATX CORP COM GATX	GATX	50,500	$8.9m2.45%	2.45%	Reduced -311	-311 -0.6%
17	CUSTOMERS BANCORP INC COM CUBI	CUBI	112,143	$8.9m2.43%	2.43%	Reduced -12.0k	-11,957 -9.6%
18	FAIR ISAAC CORP COM FICO	FICO	7,340	$8.8m2.40%	2.40%	New
19	ASP ISOTOPES INC COM ASPI	ASPI	1,343,007	$8.4m2.29%	2.29%	Added +694.7k	+694,666 107.2%
20	MIAMI INTL HLDGS INC COM MIAX	MIAX	223,715	$8.3m2.28%	2.28%	New
21	FIRSTCASH HOLDINGS INC COM FCFS	FCFS	37,100	$8.0m2.20%	2.20%	New
22	HAMILTON INSURANCE GROUP LTD CL B HG	HG	234,448	$8.0m2.18%	2.18%	Added +11.2k	+11,157 5.0%
23	STATE STR CORP COM STT	STT	46,550	$7.9m2.16%	2.16%	New
24	ARES MANAGEMENT CORPORATION CL A COM STK ARES	ARES	70,500	$7.8m2.15%	2.15%	New
25	PAYPAY CORP SPONSORED ADS PAYP	PAYP	515,121	$7.4m2.02%	2.02%	New
26	EVERCORE INC CLASS A EVR	EVR	21,191	$7.2m1.98%	1.98%	New
27	FIGURE TECHNOLOGY SOLUTIO COM CL A FIGR	FIGR	233,900	$7.2m1.97%	1.97%	New
28	MERCURY GENL CORP NEW COM MCY	MCY	63,200	$6.7m1.85%	1.85%	New
29	HANOVER INS GROUP INC COM THG	THG	31,040	$6.6m1.82%	1.82%	New
30	CHAMPION HOMES INC COM SKY	SKY	71,102	$6.3m1.72%	1.72%	New
31	TRIUMPH FINANCIAL INC COM TFIN	TFIN	81,781	$6.2m1.71%	1.71%	Reduced -28.7k	-28,746 -26.0%
32	JEFFERSON CAPITAL INC COM JCAP	JCAP	316,853	$6.2m1.69%	1.69%	New
33	MORGAN STANLEY COM NEW MS	MS	28,400	$5.9m1.63%	1.63%	New
34	ENOVA INTL INC COM ENVA	ENVA	24,355	$5.9m1.61%	1.61%	New
35	BARCLAYS PLC ADR BCS	BCS	207,000	$5.6m1.52%	1.52%	New
36	WEBULL CORP ORD SHS BULL	BULL	850,500	$5.5m1.52%	1.52%	New
37	CAVCO INDS INC DEL COM CVCO	CVCO	8,810	$5.4m1.48%	1.48%	Reduced -7.0k	-7,040 -44.4%
38	CAMECO CORP COM CCJ	CCJ	45,300	$4.6m1.27%	1.27%	New
39	FERMI INC COM FRMI	FRMI	425,000	$3.9m1.07%	1.07%	New
40	ACV AUCTIONS INC COM CL A COM CL A		511,900	$3.7m1.01%	1.01%	New
41	SKYLINE BLDRS GROUP HLDG LTD SHS CL A KAZR	KAZR	1,037,286	$3.2m0.88%	0.88%	Added +377.2k	+377,184 57.1%
42	DOMINARI HOLDINGS INC COM NEW DOMH	DOMH	358,183	$1.1m0.31%	0.31%	New
43	NEW FORTRESS ENERGY INC COM CL A COM CL A		600,000	$217.9k0.06%	0.06%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
TARGET HOSPITALITY CORP TH	TH	1,616,642	$15.0m1.6m shares
HCI GROUP INC HCI	HCI	96,023	$14.8m96.0k shares
BREAD FINANCIAL HOLDINGS INC BFH	BFH	172,156	$12.9m172.2k shares
LINCOLN NATL CORP IND LNC	LNC	285,000	$10.1m285.0k shares
PINNACLE FINL PARTNERS INC PNFP	PNFP	115,664	$10.0m115.7k shares
EZCORP INC EZPW	EZPW	371,657	$9.4m371.7k shares
OPENLANE INC OPLN	OPLN	321,800	$9.4m321.8k shares
AON PLC AON	AON	28,000	$9.0m28.0k shares
AERCAP HOLDINGS NV AER	AER	64,253	$8.8m64.3k shares
BANK HAWAII CORP BOH	BOH	117,700	$8.7m117.7k shares
EAST WEST BANCORP INC EWBC	EWBC	81,600	$8.7m81.6k shares
STIFEL FINL CORP SF	SF	113,348	$8.4m113.3k shares
HOMESTREET INC MCHB	MCHB	545,321	$8.0m545.3k shares
MASTERCARD INCORPORATED MA	MA	15,200	$7.6m15.2k shares
AXOS FINANCIAL INC AX	AX	88,200	$7.5m88.2k shares
SABLE OFFSHORE CORP SOC	SOC	453,722	$7.5m453.7k shares
CREDIT ACCEP CORP MICH CACC	CACC	16,538	$7.0m16.5k shares
POPULAR INC BPOP	BPOP	48,500	$6.5m48.5k shares
BKV CORP BKV	BKV	214,880	$6.1m214.9k shares
PENNYMAC FINL SVCS INC NEW PFSI	PFSI	69,366	$6.1m69.4k shares
GOLAR LNG LTD GLNG	GLNG	109,400	$5.9m109.4k shares
ROBINHOOD MKTS INC HOOD	HOOD	78,883	$5.5m78.9k shares
JACKSON FINANCIAL INC JXN	JXN	50,000	$5.3m50.0k shares
SLIDE INS HLDGS INC SLDE	SLDE	280,000	$5.0m280.0k shares
MEDIAALPHA INC MAX	MAX	480,000	$4.5m480.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES TR IWM · Put	IWM	Put	250,000	$75.1m250.0k shares	New
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	75,000	$56.0m75.0k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
HOMESTREET INC MCHB · 13G · filed 2025-08-14	MCHB	8.2%≈ $24.6m	-1.7 pts	13G	2025-08-14
SKYLINE BLDRS GROUP HLDG LTD KAZR · 13G · filed 2026-08-14	KAZR	8.2%≈ $3.1m	+2.6 pts	13G	2026-08-14
U S GOLD CORP USAU · 13G · filed 2026-08-14	USAU	8.0%≈ $20.1m	+2.1 pts	13G	2026-08-14
ONEWATER MARINE INC ONEW · 13G · filed 2025-10-16	ONEW	5.5%≈ $10.1m	new	13G	2025-10-16
SUNRISE RLTY TR INC SUNS · 13G · filed 2025-02-03	SUNS	5.4%≈ $5.4m	new	13G	2025-02-03