Q1 2026 · 13F-HR
Philadelphia Financial Management of San Francisco, LLCholdings as filed
Filed 2026-05-14 · accession 0001214659-26-006198
$345.5M
Reported value
43
Positions
2026-03-31
Period end
The Brief · Philadelphia Financial Management of San Francisco, LLC · Q1 2026
AI · grounded in 13F
Philadelphia Financial Management of San Francisco, LLC closed its position in CRCL for a reduction of $105.8M. The fund also exited positions in COIN and MSTR, reducing exposure by $90.4M and $45.5M respectively. To offset these sells, the fund established new positions in GS for $33.4M and AXS for $15M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 38141G104 | GS | GOLDMAN SACHS GROUP INC | $33.4M | 9.67% | 39,500 | PUT | SOLE |
| G0692U109 | AXS | AXIS CAP HLDGS LTD | $15.0M | 4.34% | 148,000 | Common | SOLE |
| 87615L107 | TH | TARGET HOSPITALITY CORP | $15.0M | 4.34% | 1,616,642 | Common | SOLE |
| 40416E103 | HCI | HCI GROUP INC | $14.8M | 4.30% | 96,023 | Common | SOLE |
| 90291C201 | USAU | U S GOLD CORP | $14.7M | 4.26% | 969,792 | Common | SOLE |
| 018581108 | BFH | BREAD FINANCIAL HOLDINGS INC | $12.9M | 3.73% | 172,156 | Common | SOLE |
| 026874784 | AIG | AMERICAN INTL GROUP INC | $12.4M | 3.59% | 165,000 | Common | SOLE |
| 534187109 | LNC | LINCOLN NATL CORP IND | $10.1M | 2.93% | 285,000 | Common | SOLE |
| 72348N109 | PNFP | PINNACLE FINL PARTNERS INC | $10.0M | 2.88% | 115,664 | Common | SOLE |
| 302301106 | EZPW | EZCORP INC | $9.4M | 2.73% | 371,657 | Common | SOLE |
| 48238T109 | OPLN | OPENLANE INC | $9.4M | 2.72% | 321,800 | Common | SOLE |
| G0403H108 | AON | AON PLC | $9.0M | 2.62% | 28,000 | Common | SOLE |
| N00985106 | AER | AERCAP HOLDINGS NV | $8.8M | 2.55% | 64,253 | Common | SOLE |
| 062540109 | BOH | BANK HAWAII CORP | $8.7M | 2.53% | 117,700 | Common | SOLE |
| 27579R104 | EWBC | EAST WEST BANCORP INC | $8.7M | 2.52% | 81,600 | Common | SOLE |
| 361448103 | GATX | GATX CORP | $8.7M | 2.51% | 50,811 | Common | SOLE |
| 23204G100 | CUBI | CUSTOMERS BANCORP INC | $8.6M | 2.49% | 124,100 | Common | SOLE |
| 52472M101 | LEGH | LEGACY HOUSING CORP | $8.5M | 2.45% | 415,163 | Common | SOLE |
| 860630102 | SF | STIFEL FINL CORP | $8.4M | 2.43% | 113,348 | Common | SOLE |
| 43785V102 | MCHB | MECHANICS BANCORP | $8.0M | 2.33% | 545,321 | Common | SOLE |
| 149568107 | CVCO | CAVCO INDS INC DEL | $7.7M | 2.22% | 15,850 | Common | SOLE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $7.6M | 2.20% | 15,200 | Common | SOLE |
| 05465C100 | AX | AXOS FINANCIAL INC | $7.5M | 2.17% | 88,200 | Common | SOLE |
| 78574H104 | SOC | SABLE OFFSHORE CORP | $7.5M | 2.17% | 453,722 | Common | SOLE |
| 363576109 | AJG | GALLAGHER ARTHUR J & CO | $7.1M | 2.07% | 33,000 | Common | SOLE |
| 225310101 | CACC | CREDIT ACCEP CORP MICH | $7.0M | 2.03% | 16,538 | Common | SOLE |
| G42706104 | HG | HAMILTON INSURANCE GROUP LTD | $6.7M | 1.93% | 223,291 | Common | SOLE |
| 89679E300 | TFIN | TRIUMPH FINANCIAL INC | $6.6M | 1.91% | 110,527 | Common | SOLE |
| 733174700 | BPOP | POPULAR INC | $6.5M | 1.88% | 48,500 | Common | SOLE |
| 05603J108 | BKV | BKV CORP | $6.1M | 1.77% | 214,880 | Common | SOLE |
| 70932M107 | PFSI | PENNYMAC FINL SVCS INC NEW | $6.1M | 1.75% | 69,366 | Common | SOLE |
| G9456A100 | GLNG | GOLAR LNG LTD | $5.9M | 1.71% | 109,400 | Common | SOLE |
| 770700102 | HOOD | ROBINHOOD MKTS INC | $5.5M | 1.58% | 78,883 | Common | SOLE |
| 46817M107 | JXN | JACKSON FINANCIAL INC | $5.3M | 1.53% | 50,000 | Common | SOLE |
| 831349105 | SLDE | SLIDE INS HLDGS INC | $5.0M | 1.46% | 280,000 | Common | SOLE |
| 58450V104 | MAX | MEDIAALPHA INC | $4.5M | 1.29% | 480,000 | Common | SOLE |
| 00218A105 | ASPI | ASP ISOTOPES INC | $2.9M | 0.83% | 648,341 | Common | SOLE |
| 020398707 | ALM | ALMONTY INDS INC | $2.1M | 0.61% | 145,000 | Common | SOLE |
| G8193D104 | SKBL | SKYLINE BLDRS GROUP HLDG LTD | $2.0M | 0.59% | 660,102 | Common | SOLE |
| 644393100 | NFE | NEW FORTRESS ENERGY INC | $354,000 | 0.10% | 600,000 | Common | SOLE |
| 002205102 | AZ | A2Z CUST2MATE SOLUTIONS CORP | $353,823 | 0.10% | 53,047 | Common | SOLE |
| 53946R106 | LDI | LOANDEPOT INC | $345,061 | 0.10% | 243,001 | Common | SOLE |
| 65342T106 | NODK | NI HLDGS INC | $190,231 | 0.06% | 14,758 | 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.