Philadelphia Financial Management of San Francisco, LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Philadelphia Financial Management of San Francisco, LLC reported 43 stock positions worth $364.7 million. Its top holding was US Gold (USAU) at 4.8% of the portfolio, followed by Willis Lease Finance (WLFC, 4.6%) and Hartford Insurance (HIG, 4.3%). Compared with Q1 2026, it opened 30 new positions, sold out of 29, added to 7 and reduced 5. The biggest buy was a new position in Willis Lease Finance (WLFC) and the biggest sale an exit from Target Hospitality (TH).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001351407
Portfolio Value
$364.7M (Q2 2026)
SEC Filing
0001214659-26-010380 ↗ filed Aug 14, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $478.4M Q1 2024 Q2 2024: $429.7M Q2 2024 Q3 2024: $467.5M Q3 2024 Q4 2024: $497.3M Q4 2024 Q1 2025: $450.0M Q1 2025 Q2 2025: $451.2M Q2 2025 Q3 2025: $499.2M Q3 2025 Q4 2025: $484.0M Q4 2025 Q1 2026: $312.1M Q1 2026 Q2 2026: $364.7M $364.7M Q2 2026

Holdings 43 stocks · $364.7M
USAU US Gold Corp. 4.82% 1,145,546 $17.6M Add +18.1%
WLFC Willis Lease Finance Corp. 4.57% 72,763 $16.6M New
HIG Hartford Insurance Group Inc. 4.31% 118,700 $15.7M New
CXW Corecivic Inc. 3.99% 479,235 $14.6M New
FTAI Ftai Aviation Ltd. 3.96% 53,419 $14.5M New
GEO The Geo Group Inc. 3.92% 484,100 $14.3M New
AIG American International Group 3.61% 176,449 $13.2M Add +6.9%
LEGH Legacy Housing Corp. 3.27% 454,425 $11.9M Add +9.5%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 3.12% 49,500 $11.4M Add +50.0%
LGIH Lgi Homes Inc. 3.06% 175,175 $11.2M New
AXS Axis Capital Holdings Ltd. 2.93% 99,564 $10.7M Reduce -32.7%
CB Chubb Ltd. 2.83% 30,300 $10.3M New
EQH Equitable Holdings Inc. 2.72% 226,030 $9.9M New
WNC Wabash National Corp. 2.69% 726,847 $9.8M New
ATLC Atlanticus Holdings Corp. 2.51% 89,597 $9.2M New
GATX Gatx Corp. 2.45% 50,500 $8.9M Reduce -0.6%
CUBI Customers Bancorp Inc. 2.43% 112,143 $8.9M Reduce -9.6%
FICO Fair Isaac Corp. 2.40% 7,340 $8.8M New
ASPI Asp Isotopes Inc. 2.29% 1,343,007 $8.4M Add +107.2%
MIAX Miami International Holdings 2.28% 223,715 $8.3M New
FCFS Firstcash Holdings Inc. 2.20% 37,100 $8.0M New
HG Hamilton Insurance Grou Class B 2.18% 234,448 $8.0M Add +5.0%
STT State Street Corp. 2.16% 46,550 $7.9M New
ARES Ares Management Corp. Class A 2.15% 70,500 $7.8M New
PAYP Paypay Corp. 2.02% 515,121 $7.4M New
EVR Evercore Inc. Class A 1.98% 21,191 $7.2M New
FIGR Figure Technology Solut Class A 1.97% 233,900 $7.2M New
MCY Mercury General Corp. 1.85% 63,200 $6.7M New
THG Hanover Insurance Group Inc./ 1.82% 31,040 $6.6M New
SKY Champion Homes Inc. 1.72% 71,102 $6.3M New
TFIN Triumph Financial Inc. 1.71% 81,781 $6.2M Reduce -26.0%
JCAP Jefferson Capital Inc. 1.69% 316,853 $6.2M New
MS Morgan Stanley 1.63% 28,400 $5.9M New
ENVA Enova International Inc. 1.61% 24,355 $5.9M New
BCS Barclays PLC-Spons ADR 1.52% 207,000 $5.6M New
BULL Webull Corp. 1.52% 850,500 $5.5M New
CVCO Cavco Industries Inc. 1.48% 8,810 $5.4M Reduce -44.4%
CCJ Cameco Corp. 1.27% 45,300 $4.6M New
FRMI Fermi Inc. 1.07% 425,000 $3.9M New
ACVA Acv Auctions Inc. Class A 1.01% 511,900 $3.7M New
KAZR Skyline Builders Group Hol-A 0.88% 1,037,286 $3.2M Add +57.1%
DOMH Dominari Holdings Inc. 0.31% 358,183 $1.1M New
NFE New Fortress Energy Inc. 0.06% 600,000 $218K No change

Options reported separately and not counted above: IWM puts ($75.1M), SPY puts ($56.0M).

Portfolio Sells Q1 2026 → Q2 2026
TH Target Hospitality Corp. Sold out 0.00% −4.81
HCI Hci Group Inc. Sold out 0.00% −4.76
BFH Bread Financial Holdings Inc. Sold out 0.00% −4.13
LNC Lincoln National Corp. Sold out 0.00% −3.24
PNFP Pinnacle Financial Partners Sold out 0.00% −3.19
EZPW Ezcorp Inc. Class A Sold out 0.00% −3.02
OPLN Openlane Inc. Sold out 0.00% −3.01
AON Aon PLC Class A Sold out 0.00% −2.90
AER Aercap Holdings NV Sold out 0.00% −2.82
BOH Bank of Hawaii Corp. Sold out 0.00% −2.80
EWBC East West Bancorp Inc. Sold out 0.00% −2.79
SF Stifel Financial Corp. Sold out 0.00% −2.68
MCHB Mechanics Bancorp Class A Sold out 0.00% −2.58
MA Mastercard Inc. Class A Sold out 0.00% −2.43
AX Axos Financial Inc. Sold out 0.00% −2.40
SOC Sable Offshore Corp. Sold out 0.00% −2.40
CACC Credit Acceptance Corp. Sold out 0.00% −2.24
BPOP Popular Inc. Sold out 0.00% −2.09
BKV BKV Corporation Sold out 0.00% −1.96
PFSI Pennymac Financial Services Sold out 0.00% −1.94
GLNG Golar LNG Ltd. Sold out 0.00% −1.90
AXS Axis Capital Holdings Ltd. Reduce -32.7% 2.93% −1.88
HOOD Robinhood Markets Inc. Class A Sold out 0.00% −1.75
JXN Jackson Financial Inc. Class A Sold out 0.00% −1.69
SLDE Slide Insurance Holdings Inc. Sold out 0.00% −1.61
MAX Mediaalpha Inc. Class A Sold out 0.00% −1.43
CVCO Cavco Industries Inc. Reduce -44.4% 1.48% −0.98
ALM Almonty Industries Inc. Sold out 0.00% −0.67
TFIN Triumph Financial Inc. Reduce -26.0% 1.71% −0.40
CUBI Customers Bancorp Inc. Reduce -9.6% 2.43% −0.33
GATX Gatx Corp. Reduce -0.6% 2.45% −0.33
AZ A2Z CUST2MATE Solutions Corp. Sold out 0.00% −0.11
LDI Loandepot Inc. Class A Sold out 0.00% −0.11
NODK Ni Holdings Inc. Sold out 0.00% −0.06

Portfolio Buys Q1 2026 → Q2 2026
WLFC Willis Lease Finance Corp. New 4.57% +4.57
HIG Hartford Insurance Group Inc. New 4.31% +4.31
CXW Corecivic Inc. New 3.99% +3.99
FTAI Ftai Aviation Ltd. New 3.96% +3.96
GEO The Geo Group Inc. New 3.92% +3.92
LGIH Lgi Homes Inc. New 3.06% +3.06
CB Chubb Ltd. New 2.83% +2.83
EQH Equitable Holdings Inc. New 2.72% +2.72
WNC Wabash National Corp. New 2.69% +2.69
ATLC Atlanticus Holdings Corp. New 2.51% +2.51
FICO Fair Isaac Corp. New 2.40% +2.40
MIAX Miami International Holdings New 2.28% +2.28
FCFS Firstcash Holdings Inc. New 2.20% +2.20
STT State Street Corp. New 2.16% +2.16
ARES Ares Management Corp. Class A New 2.15% +2.15
PAYP Paypay Corp. New 2.02% +2.02
EVR Evercore Inc. Class A New 1.98% +1.98
FIGR Figure Technology Solut Class A New 1.97% +1.97
MCY Mercury General Corp. New 1.85% +1.85
THG Hanover Insurance Group Inc./ New 1.82% +1.82
SKY Champion Homes Inc. New 1.72% +1.72
JCAP Jefferson Capital Inc. New 1.69% +1.69
MS Morgan Stanley New 1.63% +1.63
ENVA Enova International Inc. New 1.61% +1.61
BCS Barclays PLC-Spons ADR New 1.52% +1.52
BULL Webull Corp. New 1.52% +1.52
ASPI Asp Isotopes Inc. Add +107.2% 2.29% +1.37
CCJ Cameco Corp. New 1.27% +1.27
FRMI Fermi Inc. New 1.07% +1.07
ACVA Acv Auctions Inc. Class A New 1.01% +1.01
AJG Arthur J Gallagher & Co. Add +50.0% 3.12% +0.83
LEGH Legacy Housing Corp. Add +9.5% 3.27% +0.56
DOMH Dominari Holdings Inc. New 0.31% +0.31
KAZR Skyline Builders Group Hol-A Add +57.1% 0.88% +0.23
USAU US Gold Corp. Add +18.1% 4.82% +0.10
HG Hamilton Insurance Grou Class B Add +5.0% 2.18% +0.05
AIG American International Group Add +6.9% 3.61% −0.37

Options Activity Q1 2026 → Q2 2026
IWM iShares Russell 2000 ETF put New 250,000 $75.1M
SPY SS SPDR S&P 500 ETF Trust-US put New 75,000 $56.0M
GS Goldman Sachs Group Inc. put Sold out 39,500 $33.4Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 43$364.7MUSAU, WLFC, HIG, CXW, FTAI
Q1 2026 42$312.1MAXS, TH, HCI, USAU, BFH
Q4 2025 46$484.0MHCI, TH, USAU, GM, PNFP
Q3 2025 45$499.2MPFSI, SLDE, TH, MCHB, PGR
Q2 2025 43$451.2MNAVI, EG, MCB, MCHB, ASPI
Q1 2025 42$450.0MEQH, MCHB, PFSI, CACC, CXW
Q4 2024 35$497.3MSLM, AJG, FIP, ALL, NFE
Q3 2024 45$467.5MGLNG, MCHB, PFSI, UWMC, NXE
Q2 2024 36$429.7MGEO, AGO, CUBI, UEC, GLNG
Q1 2024 40$478.4MGEO, NXE, AGO, CXW, MUFG