Philadelphia Financial Management of San Francisco, LLC In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Philadelphia Financial Management of San Francisco, LLC reported 40 stock positions worth $478.4 million . Its top holding was Geo (GEO) at 5.9% of the portfolio, followed by Nexgen Energy (NXE, 5.0% ) and Assured Guaranty (AGO, 4.0% ). Compared with Q4 2023, it opened 17 new positions, sold out of 9, added to 8 and reduced 15. The biggest buy was a new position in Mechanics Bancorp Class A (MCHB) and the biggest sale Assured Guaranty (AGO, shares −52% ).
Location SAN FRANCISCO, CA
CIK 0001351407
Portfolio Value $478.4M (Q1 2024) Holdings 40 stocks · $478.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 GEO The Geo Group Inc. 1,982,315 $28.0M Reduce -43.4% NXE Nexgen Energy Ltd. 3,106,580 $24.1M Add +2.8% AGO Assured Guaranty Ltd. 219,935 $19.2M Reduce -51.7% CXW Corecivic Inc. 1,147,513 $17.9M Reduce -18.1% MUFG Mitsubishi Ufj Finl-Spon ADR 1,716,193 $17.6M Reduce -8.6% SLM SLM Corp. 771,245 $16.8M Reduce -30.2% MCHB Mechanics Bancorp Class A filed as HOMESTREET INC 1,107,102 $16.7M New MS Morgan Stanley 176,724 $16.6M New SII Sprott Inc. 442,099 $16.3M Reduce -20.9% PWP Perella Weinberg Partners 1,139,934 $16.1M New AER Aercap Holdings NV 183,929 $16.0M Add +36.5% AIG American International Group 203,947 $15.9M New CUBI Customers Bancorp Inc. 299,013 $15.9M Add +47.2% HG Hamilton Insurance Grou Class B 1,102,531 $15.4M Add +58.7% GS Goldman Sachs Group Inc. 31,227 $13.0M New APO Apollo Global Management Inc. 110,995 $12.5M Reduce -14.2% UEC Uranium Energy Corp. 1,742,390 $11.8M Add +23.7% F Ford Motor Co. filed as FORD MTR CO DEL 879,794 $11.7M New IPX Iperionx Ltd. - ADR 738,924 $11.0M New AXS Axis Capital Holdings Ltd. 165,419 $10.8M New UBS UBS Group AG-Reg 349,396 $10.7M Reduce -6.3% GM General Motors Co. 236,172 $10.7M New ALL Allstate Corp. 59,986 $10.4M Reduce -20.6% EG Everest Group Ltd. 24,998 $9.9M Reduce -46.2% RNR Renaissancere Holdings Ltd. 41,934 $9.9M Reduce -60.1% FFWM First Foundation Inc. 1,297,387 $9.8M Add +494.7% BRDG Bridge Investment Grp HDS-A 1,398,109 $9.6M Add +75.8% GLNG Golar LNG Ltd. 388,866 $9.4M New FCFS Firstcash Holdings Inc. 66,812 $8.5M Reduce -18.5% PGR Progressive Corp. 40,998 $8.5M Reduce -27.2% UPBD Upbound Group Inc. 236,029 $8.3M Add +5.4% BAC Bank of America Corp. filed as BANK AMERICA CORP 218,335 $8.3M New ANRO Alto Neuroscience Inc. 435,489 $6.7M New KKR KKR & Co. Inc. 63,331 $6.4M Reduce -49.9% LMND Lemonade Inc. 362,049 $5.9M New PFSI Pennymac Financial Services 59,884 $5.5M Reduce -25.1% BRK.B Berkshire Hathaway Inc. Class B 12,540 $5.3M New HIG Hartford Insurance Group Inc. 40,165 $4.1M New JRVR James River Group Holdings I 439,137 $4.1M New FIP Ftai Infrastructure Inc. 529,152 $3.3M New
Options reported separately and not counted above: QQQ puts ($50.6M), XHB puts ($31.2M), KRE puts ($25.1M).
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ AGO Assured Guaranty Ltd. Reduce -51.7% 4.01% −4.42 GEO The Geo Group Inc. Reduce -43.4% 5.85% −3.53 KMPR Kemper Corp. Sold out 0.00% −3.07 HCI Hci Group Inc. Sold out 0.00% −3.07 RNR Renaissancere Holdings Ltd. Reduce -60.1% 2.06% −3.03 CCJ Cameco Corp. Sold out 0.00% −2.22 EG Everest Group Ltd. Reduce -46.2% 2.08% −1.99 MBI Mbia Inc. Sold out 0.00% −1.88 NNI Nelnet Inc. Class A Sold out 0.00% −1.73 SLM SLM Corp. Reduce -30.2% 3.51% −1.71 TOST Toast Inc. Class A Sold out 0.00% −1.39 CXW Corecivic Inc. Reduce -18.1% 3.74% −1.29 PLMR Palomar Holdings Inc. Sold out 0.00% −1.28 ARES Ares Management Corp. Class A Sold out 0.00% −1.28 SII Sprott Inc. Reduce -20.9% 3.42% −1.28 KKR KKR & Co. Inc. Reduce -49.9% 1.33% −1.26 XYZ Block Inc. Sold out 0.00% −1.24 UBS UBS Group AG-Reg Reduce -6.3% 2.24% −0.61 PFSI Pennymac Financial Services Reduce -25.1% 1.14% −0.61 PGR Progressive Corp. Reduce -27.2% 1.77% −0.45 ALL Allstate Corp. Reduce -20.6% 2.17% −0.45 FCFS Firstcash Holdings Inc. Reduce -18.5% 1.78% −0.42 APO Apollo Global Management Inc. Reduce -14.2% 2.61% −0.37 MUFG Mitsubishi Ufj Finl-Spon ADR Reduce -8.6% 3.67% −0.33
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ MCHB Mechanics Bancorp Class A New 3.48% +3.48 MS Morgan Stanley New 3.48% +3.48 PWP Perella Weinberg Partners New 3.37% +3.37 AIG American International Group New 3.33% +3.33 GS Goldman Sachs Group Inc. New 2.73% +2.73 F Ford Motor Co. New 2.44% +2.44 IPX Iperionx Ltd. - ADR New 2.30% +2.30 AXS Axis Capital Holdings Ltd. New 2.25% +2.25 GM General Motors Co. New 2.24% +2.24 GLNG Golar LNG Ltd. New 1.96% +1.96 BAC Bank of America Corp. New 1.73% +1.73 FFWM First Foundation Inc. Add +494.7% 2.05% +1.52 ANRO Alto Neuroscience Inc. New 1.40% +1.40 LMND Lemonade Inc. New 1.24% +1.24 BRK.B Berkshire Hathaway Inc. Class B New 1.10% +1.10 HIG Hartford Insurance Group Inc. New 0.87% +0.87 AER Aercap Holdings NV Add +36.5% 3.34% +0.86 JRVR James River Group Holdings I New 0.85% +0.85 FIP Ftai Infrastructure Inc. New 0.69% +0.69 HG Hamilton Insurance Grou Class B Add +58.7% 3.21% +0.64 CUBI Customers Bancorp Inc. Add +47.2% 3.32% +0.42 UEC Uranium Energy Corp. Add +23.7% 2.46% +0.23 BRDG Bridge Investment Grp HDS-A Add +75.8% 2.00% +0.08 UPBD Upbound Group Inc. Add +5.4% 1.74% −0.14 NXE Nexgen Energy Ltd. Add +2.8% 5.05% −0.19
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ XLF SS Financial Select Sector put Sold out 3,400,000 $127.8Mbefore exit QQQ Invesco QQQ Trust Series 1 put New 114,000 $50.6M XHB SS SPDR S&P Homebldrs ETF put New 280,000 $31.2M KRE SS SPDR S&P Regional Bank put Add +100.0% 500,000 $25.1M IWM iShares Russell 2000 ETF put Sold out 100,000 $20.1Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 43 $364.7M USAU, WLFC, HIG, CXW, FTAI Q1 2026 42 $312.1M AXS, TH, HCI, USAU, BFH Q4 2025 46 $484.0M HCI, TH, USAU, GM, PNFP Q3 2025 45 $499.2M PFSI, SLDE, TH, MCHB, PGR Q2 2025 43 $451.2M NAVI, EG, MCB, MCHB, ASPI Q1 2025 42 $450.0M EQH, MCHB, PFSI, CACC, CXW Q4 2024 35 $497.3M SLM, AJG, FIP, ALL, NFE Q3 2024 45 $467.5M GLNG, MCHB, PFSI, UWMC, NXE Q2 2024 36 $429.7M GEO, AGO, CUBI, UEC, GLNG Q1 2024 40 $478.4M GEO, NXE, AGO, CXW, MUFG