Q4 2025 · 13F-HR
Philadelphia Financial Management of San Francisco, LLCholdings as filed
Filed 2026-02-17 · accession 0001214659-26-001977
$931.8M
Reported value
58
Positions
2025-12-31
Period end
The Brief · Philadelphia Financial Management of San Francisco, LLC · Q4 2025
AI · grounded in 13F
Philadelphia Financial Management of San Francisco, LLC closed its position in IWM, reducing exposure by $48.4M. The fund established new positions in MSTR for $45.6M and BMNR for $40.7M. Other notable moves include new entries into CRWV and AIG, and a full exit from GS.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 172573107 | CRCL | CIRCLE INTERNET GROUP INC | $105.9M | 11.4% | 1,335,000 | PUT | SOLE |
| 19260Q107 | COIN | COINBASE GLOBAL INC | $90.5M | 9.71% | 400,000 | PUT | SOLE |
| 594972408 | MSTR | STRATEGY INC | $45.6M | 4.89% | 300,000 | PUT | SOLE |
| 09175A206 | BMNR | BITMINE IMMERSION TECNOLOGIE | $40.7M | 4.37% | 1,500,000 | PUT | SOLE |
| 21873S108 | CRWV | COREWEAVE INC | $39.4M | 4.23% | 550,000 | PUT | SOLE |
| 46438F101 | IBIT | ISHARES BITCOIN TRUST ETF | $34.8M | 3.73% | 700,000 | CALL | SOLE |
| 40416E103 | HCI | HCI GROUP INC | $30.7M | 3.29% | 160,000 | Common | SOLE |
| 87615L107 | TH | TARGET HOSPITALITY CORP | $26.5M | 2.84% | 3,304,424 | Common | SOLE |
| 90291C201 | USAU | U S GOLD CORP | $23.5M | 2.52% | 1,209,624 | Common | SOLE |
| 37045V100 | GM | GENERAL MTRS CO | $20.7M | 2.22% | 254,590 | Common | SOLE |
| 026874784 | AIG | AMERICAN INTL GROUP INC | $19.7M | 2.11% | 230,300 | CALL | SOLE |
| 72346Q104 | — | PINNACLE FINL PARTNERS INC | $19.7M | 2.11% | 206,171 | Common | SOLE |
| 43785V102 | MCHB | MECHANICS BANCORP | $19.3M | 2.07% | 1,319,486 | Common | SOLE |
| 026874784 | AIG | AMERICAN INTL GROUP INC | $18.8M | 2.01% | 219,361 | Common | SOLE |
| 44812J104 | HUT | HUT 8 CORP | $18.4M | 1.97% | 400,000 | PUT | SOLE |
| 30234F101 | XZO | EXZEO GROUP INC | $17.2M | 1.85% | 710,000 | Common | SOLE |
| 038169207 | APLD | APPLIED DIGITAL CORP | $17.2M | 1.84% | 700,000 | PUT | SOLE |
| D18190898 | DB | DEUTSCHE BANK A G | $16.8M | 1.81% | 436,262 | Common | SOLE |
| 018581108 | BFH | BREAD FINANCIAL HOLDINGS INC | $14.2M | 1.52% | 191,939 | Common | SOLE |
| 302301106 | EZPW | EZCORP INC | $14.0M | 1.50% | 719,529 | Common | SOLE |
| G42706104 | HG | HAMILTON INSURANCE GROUP LTD | $13.8M | 1.48% | 495,283 | Common | SOLE |
| 416515104 | HIG | HARTFORD INSURANCE GROUP INC | $13.7M | 1.47% | 99,471 | Common | SOLE |
| 05589G102 | BWIN | THE BALDWIN INSURANCE GRP IN | $13.4M | 1.43% | 556,299 | Common | SOLE |
| 52603B107 | TREE | LENDINGTREE INC NEW | $13.3M | 1.43% | 251,459 | Common | SOLE |
| 553368101 | MP | MP MATERIALS CORP | $13.1M | 1.41% | 260,000 | CALL | SOLE |
| 830830105 | SKY | CHAMPION HOMES INC | $13.1M | 1.41% | 155,425 | Common | SOLE |
| 025932104 | AFG | AMERICAN FINL GROUP INC OHIO | $12.5M | 1.34% | 91,610 | Common | SOLE |
| 852234103 | XYZ | BLOCK INC | $12.0M | 1.28% | 183,743 | Common | SOLE |
| 23204G100 | CUBI | CUSTOMERS BANCORP INC | $11.9M | 1.27% | 162,129 | Common | SOLE |
| 361448103 | GATX | GATX CORP | $11.7M | 1.25% | 68,837 | Common | SOLE |
| G16910120 | BLSH | BULLISH | $11.4M | 1.22% | 300,000 | PUT | SOLE |
| Q4982L109 | IREN | IREN LIMITED | $11.3M | 1.22% | 300,000 | PUT | SOLE |
| 48251W104 | KKR | KKR & CO INC | $10.0M | 1.07% | 78,563 | Common | SOLE |
| 872657101 | TPG | TPG INC | $9.9M | 1.07% | 155,699 | Common | SOLE |
| 36118L106 | FUTU | FUTU HLDGS LTD | $9.9M | 1.06% | 60,000 | Common | SOLE |
| 14575E105 | CARS | CARS COM INC | $9.2M | 0.98% | 751,671 | Common | SOLE |
| 888787108 | TOST | TOAST INC | $9.2M | 0.98% | 257,848 | Common | SOLE |
| 770700102 | HOOD | ROBINHOOD MKTS INC | $8.9M | 0.96% | 78,889 | Common | SOLE |
| 06417N103 | OZK | BANK OZK LITTLE ROCK ARK | $8.7M | 0.93% | 189,226 | Common | SOLE |
| 29357K103 | ENVA | ENOVA INTL INC | $7.9M | 0.85% | 50,311 | Common | SOLE |
| 042315705 | ARR | ARMOUR RESIDENTIAL REIT INC | $7.7M | 0.83% | 434,709 | Common | SOLE |
| 14040H105 | COF | CAPITAL ONE FINL CORP | $6.7M | 0.72% | 27,643 | Common | SOLE |
| 68280L101 | ONEW | ONEWATER MARINE INC | $6.7M | 0.71% | 614,605 | Common | SOLE |
| 64031N108 | NNI | NELNET INC | $6.2M | 0.67% | 46,910 | Common | SOLE |
| 197236102 | COLB | COLUMBIA BKG SYS INC | $6.0M | 0.65% | 215,468 | Common | SOLE |
| 70932M107 | PFSI | PENNYMAC FINL SVCS INC NEW | $5.8M | 0.62% | 43,787 | Common | SOLE |
| 314911108 | FRMI | FERMI INC | $5.4M | 0.58% | 677,866 | Common | SOLE |
| G16910120 | BLSH | BULLISH | $4.7M | 0.51% | 125,000 | Common | SOLE |
| 867981102 | SUNS | SUNRISE RLTY TR INC | $4.2M | 0.45% | 440,628 | Common | SOLE |
| 002205102 | AZ | A2Z CUST2MATE SOLUTIONS CORP | $4.1M | 0.44% | 625,352 | Common | SOLE |
| 64073B103 | NP | NEPTUNE INS HLDGS INC | $3.6M | 0.39% | 125,000 | Common | SOLE |
| 78574H104 | SOC | SABLE OFFSHORE CORP | $3.0M | 0.32% | 328,081 | Common | SOLE |
| 52472M101 | LEGH | LEGACY HOUSING CORP | $2.6M | 0.28% | 134,227 | Common | SOLE |
| 698884103 | PAR | PAR TECHNOLOGY CORP | $2.5M | 0.27% | 69,100 | Common | SOLE |
| 65342T106 | NODK | NI HLDGS INC | $2.1M | 0.23% | 157,719 | Common | SOLE |
| G8193D104 | SKBL | SKYLINE BLDRS GROUP HLDG LTD | $1.8M | 0.19% | 608,753 | Common | SOLE |
| 87583X109 | TNGX | TANGO THERAPEUTICS INC | $294,958 | 0.03% | 33,291 | Common | SOLE |
| 644393100 | NFE | NEW FORTRESS ENERGY INC | $239,359 | 0.03% | 209,964 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.