Philadelphia Financial Management of San Francisco, LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Philadelphia Financial Management of San Francisco, LLC reported 45 stock positions worth $467.5 million. Its top holding was Golar LNG (GLNG) at 6.0% of the portfolio, followed by Mechanics Bancorp Class A (MCHB, 5.3%) and Pennymac Financial Services (PFSI, 4.7%). Compared with Q2 2024, it opened 23 new positions, sold out of 14, added to 8 and reduced 14. The biggest buy was a new position in Pennymac Financial Services (PFSI) and the biggest sale an exit from Geo (GEO).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001351407
Portfolio Value
$467.5M (Q3 2024)
SEC Filing
0001214659-24-019142 ↗ filed Nov 14, 2024

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 $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 Q2 2026

Holdings 45 stocks · $467.5M
GLNG Golar LNG Ltd. 5.99% 761,194 $28.0M Add +32.8%
MCHB Mechanics Bancorp Class A filed as HOMESTREET INC 5.27% 1,562,434 $24.6M Add +4.6%
PFSI Pennymac Financial Services 4.68% 192,066 $21.9M New
UWMC Uwm Holdings Corp. 4.66% 2,558,279 $21.8M New
NXE Nexgen Energy Ltd. 4.22% 3,022,615 $19.7M Add +18.0%
RNR Renaissancere Holdings Ltd. 4.06% 69,636 $19.0M New
AGO Assured Guaranty Ltd. 3.93% 231,347 $18.4M Reduce -38.9%
HOV Hovnanian Enterprises-A 3.73% 85,379 $17.4M New
UEC Uranium Energy Corp. 3.55% 2,676,145 $16.6M Reduce -13.8%
EG Everest Group Ltd. 3.55% 42,340 $16.6M New
WAL Western Alliance Bancorp 3.48% 187,885 $16.3M New
ALL Allstate Corp. 3.45% 84,978 $16.1M New
HOOD Robinhood Markets Inc. Class A 3.35% 668,397 $15.7M Add +47.7%
SII Sprott Inc. 3.28% 354,475 $15.4M Reduce -2.7%
RNST Renasant Corp. 3.21% 461,823 $15.0M New
IPX Iperionx Ltd. - ADR 3.16% 663,087 $14.8M Reduce -18.3%
AMTB Amerant Bancorp Inc. 2.91% 637,032 $13.6M New
AER Aercap Holdings NV 2.48% 122,612 $11.6M Add +3.5%
PGR Progressive Corp. 2.31% 42,522 $10.8M Reduce -31.5%
EMBJ Embraer SA-Spon ADR 2.30% 304,410 $10.8M New
ZG Zillow Group Inc. Class A 2.10% 158,458 $9.8M New
ACGL Arch Capital Group Ltd. 2.00% 83,610 $9.4M Reduce -8.0%
EZPW Ezcorp Inc. Class A 1.79% 746,844 $8.4M New
AXS Axis Capital Holdings Ltd. 1.77% 104,208 $8.3M Reduce -21.7%
RITM Rithm Capital Corp. 1.77% 728,347 $8.3M New
MCY Mercury General Corp. 1.76% 130,876 $8.2M New
APO Apollo Global Management Inc. 1.76% 65,963 $8.2M Reduce -20.7%
MUFG Mitsubishi Ufj Finl-Spon ADR 1.46% 672,075 $6.8M Reduce -36.3%
PIPR Piper Sandler Cos 1.31% 21,514 $6.1M New
PJT PJT Partners Inc. Class A 1.21% 42,562 $5.7M New
MAX Mediaalpha Inc. Class A 1.16% 299,399 $5.4M Reduce -58.9%
ANRO Alto Neuroscience Inc. 1.10% 449,952 $5.1M Add +1.5%
SASR Sandy Spring Bancorp Inc. 1.03% 152,902 $4.8M New
FFWM First Foundation Inc. 0.95% 709,653 $4.4M New
CPF Central Pacific Financial Co. 0.94% 148,509 $4.4M Reduce -74.5%
BRDG Bridge Investment Grp HDS-A 0.88% 416,791 $4.1M Reduce -54.7%
UPBD Upbound Group Inc. 0.86% 126,139 $4.0M New
ASPI Asp Isotopes Inc. 0.59% 991,863 $2.8M Add +158.3%
FIP Ftai Infrastructure Inc. 0.50% 251,252 $2.4M Add +13.4%
CCB Coastal Financial Corp. 0.43% 37,668 $2.0M New
KINS Kingstone Cos Inc. 0.35% 181,158 $1.7M New
PKX Posco Holdings Inc. -Spon ADR 0.22% 15,024 $1.1M New
MBI Mbia Inc. 0.21% 272,008 $971K Reduce -11.9%
FSUN Firstsun Capital Bancorp 0.19% 20,500 $873K New
CUBI Customers Bancorp Inc. 0.07% 6,614 $307K Reduce -98.7%

Options reported separately and not counted above: IWM puts ($88.4M), QQQ puts ($48.8M), KIE puts ($25.4M).

Portfolio Sells Q2 2024 → Q3 2024
GEO The Geo Group Inc. Sold out 0.00% −7.21
CUBI Customers Bancorp Inc. Reduce -98.7% 0.07% −5.42
AIG American International Group Sold out 0.00% −3.98
FCFS Firstcash Holdings Inc. Sold out 0.00% −3.53
HCI Hci Group Inc. Sold out 0.00% −3.33
GPI Group 1 Automotive Inc. Sold out 0.00% −3.31
AGO Assured Guaranty Ltd. Reduce -38.9% 3.93% −2.86
GM General Motors Co. Sold out 0.00% −2.85
HG Hamilton Insurance Grou Class B Sold out 0.00% −2.26
UMBF Umb Financial Corp. Sold out 0.00% −2.22
CPF Central Pacific Financial Co. Reduce -74.5% 0.94% −1.94
HIG Hartford Insurance Group Inc. Sold out 0.00% −1.89
RGA Reinsurance Group of America Sold out 0.00% −1.88
ONEW Onewater Marine Inc. Class A Sold out 0.00% −1.87
FCNCA First Citizens Bcshs Class A Sold out 0.00% −1.78
IIPR Innovative Industrial Proper Sold out 0.00% −1.63
MUFG Mitsubishi Ufj Finl-Spon ADR Reduce -36.3% 1.46% −1.19
MAX Mediaalpha Inc. Class A Reduce -58.9% 1.16% −1.07
CAR Avis Budget Group Inc. Sold out 0.00% −1.07
UEC Uranium Energy Corp. Reduce -13.8% 3.55% −0.79
BRDG Bridge Investment Grp HDS-A Reduce -54.7% 0.88% −0.71
PGR Progressive Corp. Reduce -31.5% 2.31% −0.69
APO Apollo Global Management Inc. Reduce -20.7% 1.76% −0.52
AXS Axis Capital Holdings Ltd. Reduce -21.7% 1.77% −0.41
SII Sprott Inc. Reduce -2.7% 3.28% −0.22
MBI Mbia Inc. Reduce -11.9% 0.21% −0.19
ACGL Arch Capital Group Ltd. Reduce -8.0% 2.00% −0.13
IPX Iperionx Ltd. - ADR Reduce -18.3% 3.16% +0.53

Portfolio Buys Q2 2024 → Q3 2024
PFSI Pennymac Financial Services New 4.68% +4.68
UWMC Uwm Holdings Corp. New 4.66% +4.66
RNR Renaissancere Holdings Ltd. New 4.06% +4.06
HOV Hovnanian Enterprises-A New 3.73% +3.73
EG Everest Group Ltd. New 3.55% +3.55
WAL Western Alliance Bancorp New 3.48% +3.48
ALL Allstate Corp. New 3.45% +3.45
RNST Renasant Corp. New 3.21% +3.21
AMTB Amerant Bancorp Inc. New 2.91% +2.91
EMBJ Embraer SA-Spon ADR New 2.30% +2.30
ZG Zillow Group Inc. Class A New 2.10% +2.10
GLNG Golar LNG Ltd. Add +32.8% 5.99% +1.80
EZPW Ezcorp Inc. Class A New 1.79% +1.79
RITM Rithm Capital Corp. New 1.77% +1.77
MCY Mercury General Corp. New 1.76% +1.76
PIPR Piper Sandler Cos New 1.31% +1.31
MCHB Mechanics Bancorp Class A Add +4.6% 5.27% +1.30
PJT PJT Partners Inc. Class A New 1.21% +1.21
SASR Sandy Spring Bancorp Inc. New 1.03% +1.03
HOOD Robinhood Markets Inc. Class A Add +47.7% 3.35% +0.96
FFWM First Foundation Inc. New 0.95% +0.95
UPBD Upbound Group Inc. New 0.86% +0.86
CCB Coastal Financial Corp. New 0.43% +0.43
KINS Kingstone Cos Inc. New 0.35% +0.35
ASPI Asp Isotopes Inc. Add +158.3% 0.59% +0.32
PKX Posco Holdings Inc. -Spon ADR New 0.22% +0.22
FSUN Firstsun Capital Bancorp New 0.19% +0.19
NXE Nexgen Energy Ltd. Add +18.0% 4.22% +0.06
FIP Ftai Infrastructure Inc. Add +13.4% 0.50% +0.06
ANRO Alto Neuroscience Inc. Add +1.5% 1.10% −0.00
AER Aercap Holdings NV Add +3.5% 2.48% −0.08

Options Activity Q2 2024 → Q3 2024
IWM iShares Russell 2000 ETF put Add +233.3% 400,000 $88.4M
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 100,000 $54.4Mbefore exit
QQQ Invesco QQQ Trust Series 1 put New 100,000 $48.8M
KIE SS SPDR S&P Insurance ETF put Reduce -40.3% 447,500 $25.4M
RSP Invesco S&P 500 Equal Weight put Sold out 150,000 $24.6Mbefore 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