Philadelphia Financial Management of San Francisco, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Philadelphia Financial Management of San Francisco, LLC reported 35 stock positions worth $497.3 million. Its top holding was SLM (SLM) at 7.3% of the portfolio, followed by Arthur J Gallagher (AJG, 5.5%) and Ftai Infrastructure (FIP, 5.2%). Compared with Q3 2024, it opened 17 new positions, sold out of 27, added to 11 and reduced 7. The biggest buy was a new position in SLM (SLM) and the biggest sale an exit from Pennymac Financial Services (PFSI).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001351407
Portfolio Value
$497.3M (Q4 2024)
SEC Filing
0001214659-25-002844 ↗ filed Feb 14, 2025

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 $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 35 stocks · $497.3M
SLM SLM Corp. 7.35% 1,324,485 $36.5M New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 5.49% 96,216 $27.3M New
FIP Ftai Infrastructure Inc. 5.19% 3,552,741 $25.8M Add +1314.0%
ALL Allstate Corp. 5.04% 129,919 $25.0M Add +52.9%
NFE New Fortress Energy Inc. 4.50% 1,481,414 $22.4M New
GLNG Golar LNG Ltd. 4.35% 511,361 $21.6M Reduce -32.8%
MCHB Mechanics Bancorp Class A filed as HOMESTREET INC 4.29% 1,868,053 $21.3M Add +19.6%
AGO Assured Guaranty Ltd. 4.17% 230,549 $20.8M Reduce -0.3%
UEC Uranium Energy Corp. 3.78% 2,813,583 $18.8M Add +5.1%
GEO The Geo Group Inc. 3.75% 665,697 $18.6M New
APO Apollo Global Management Inc. 3.60% 108,350 $17.9M Add +64.3%
ABX Abacus Global Management Inc. 3.48% 2,210,243 $17.3M New
IPX Iperionx Ltd. - ADR 3.47% 502,108 $17.3M Reduce -24.3%
SII Sprott Inc. 3.25% 383,507 $16.2M Add +8.2%
SF Stifel Financial Corp. 3.20% 150,143 $15.9M New
HG Hamilton Insurance Grou Class B 3.12% 816,119 $15.5M New
LAZ Lazard Inc. 3.01% 291,226 $15.0M New
ASPI Asp Isotopes Inc. 2.87% 3,153,545 $14.3M Add +217.9%
AMTB Amerant Bancorp Inc. 2.53% 561,164 $12.6M Reduce -11.9%
AUB Atlantic Union Bankshares Co. 2.41% 316,909 $12.0M New
UPBD Upbound Group Inc. 2.29% 390,738 $11.4M Add +209.8%
EZPW Ezcorp Inc. Class A 2.24% 910,765 $11.1M Add +21.9%
RNST Renasant Corp. 1.84% 255,628 $9.1M Reduce -44.6%
CCB Coastal Financial Corp. 1.75% 102,351 $8.7M Add +171.7%
ARES Ares Management Corp. Class A 1.64% 46,183 $8.2M New
HOOD Robinhood Markets Inc. Class A 1.58% 210,685 $7.9M Reduce -68.5%
VLY Valley National Bancorp 1.49% 820,358 $7.4M New
MBI Mbia Inc. 1.46% 1,120,511 $7.2M Add +311.9%
CME Cme Group Inc. 1.45% 30,974 $7.2M New
EQBK Equity Bancshares Inc. Class A 1.30% 151,869 $6.4M New
HCI Hci Group Inc. 1.25% 53,352 $6.2M New
NXE Nexgen Energy Ltd. 1.06% 801,382 $5.3M Reduce -73.5%
ENVA Enova International Inc. 1.03% 53,199 $5.1M New
GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC 0.39% 70,938 $1.9M New
NODK Ni Holdings Inc. filed as NI HLDGS INC 0.38% 118,822 $1.9M New

Options reported separately and not counted above: IWM puts ($154.7M), KIE puts ($32.2M), EG calls ($22.3M).

Portfolio Sells Q3 2024 → Q4 2024
PFSI Pennymac Financial Services Sold out 0.00% −4.68
UWMC Uwm Holdings Corp. Sold out 0.00% −4.66
RNR Renaissancere Holdings Ltd. Sold out 0.00% −4.06
HOV Hovnanian Enterprises-A Sold out 0.00% −3.73
EG Everest Group Ltd. Sold out 0.00% −3.55
WAL Western Alliance Bancorp Sold out 0.00% −3.48
NXE Nexgen Energy Ltd. Reduce -73.5% 1.06% −3.16
AER Aercap Holdings NV Sold out 0.00% −2.48
PGR Progressive Corp. Sold out 0.00% −2.31
EMBJ Embraer SA-Spon ADR Sold out 0.00% −2.30
ZG Zillow Group Inc. Class A Sold out 0.00% −2.10
ACGL Arch Capital Group Ltd. Sold out 0.00% −2.00
AXS Axis Capital Holdings Ltd. Sold out 0.00% −1.77
HOOD Robinhood Markets Inc. Class A Reduce -68.5% 1.58% −1.77
RITM Rithm Capital Corp. Sold out 0.00% −1.77
MCY Mercury General Corp. Sold out 0.00% −1.76
GLNG Golar LNG Ltd. Reduce -32.8% 4.35% −1.63
MUFG Mitsubishi Ufj Finl-Spon ADR Sold out 0.00% −1.46
RNST Renasant Corp. Reduce -44.6% 1.84% −1.37
PIPR Piper Sandler Cos Sold out 0.00% −1.31
PJT PJT Partners Inc. Class A Sold out 0.00% −1.21
MAX Mediaalpha Inc. Class A Sold out 0.00% −1.16
ANRO Alto Neuroscience Inc. Sold out 0.00% −1.10
SASR Sandy Spring Bancorp Inc. Sold out 0.00% −1.03
FFWM First Foundation Inc. Sold out 0.00% −0.95
CPF Central Pacific Financial Co. Sold out 0.00% −0.94
BRDG Bridge Investment Grp HDS-A Sold out 0.00% −0.88
AMTB Amerant Bancorp Inc. Reduce -11.9% 2.53% −0.38
KINS Kingstone Cos Inc. Sold out 0.00% −0.35
PKX Posco Holdings Inc. -Spon ADR Sold out 0.00% −0.22
FSUN Firstsun Capital Bancorp Sold out 0.00% −0.19
CUBI Customers Bancorp Inc. Sold out 0.00% −0.07
AGO Assured Guaranty Ltd. Reduce -0.3% 4.17% +0.24
IPX Iperionx Ltd. - ADR Reduce -24.3% 3.47% +0.31

Portfolio Buys Q3 2024 → Q4 2024
SLM SLM Corp. New 7.35% +7.35
AJG Arthur J Gallagher & Co. New 5.49% +5.49
FIP Ftai Infrastructure Inc. Add +1314.0% 5.19% +4.68
NFE New Fortress Energy Inc. New 4.50% +4.50
GEO The Geo Group Inc. New 3.75% +3.75
ABX Abacus Global Management Inc. New 3.48% +3.48
SF Stifel Financial Corp. New 3.20% +3.20
HG Hamilton Insurance Grou Class B New 3.12% +3.12
LAZ Lazard Inc. New 3.01% +3.01
AUB Atlantic Union Bankshares Co. New 2.41% +2.41
ASPI Asp Isotopes Inc. Add +217.9% 2.87% +2.28
APO Apollo Global Management Inc. Add +64.3% 3.60% +1.84
ARES Ares Management Corp. Class A New 1.64% +1.64
ALL Allstate Corp. Add +52.9% 5.04% +1.59
VLY Valley National Bancorp New 1.49% +1.49
CME Cme Group Inc. New 1.45% +1.45
UPBD Upbound Group Inc. Add +209.8% 2.29% +1.43
CCB Coastal Financial Corp. Add +171.7% 1.75% +1.31
EQBK Equity Bancshares Inc. Class A New 1.30% +1.30
HCI Hci Group Inc. New 1.25% +1.25
MBI Mbia Inc. Add +311.9% 1.46% +1.25
ENVA Enova International Inc. New 1.03% +1.03
EZPW Ezcorp Inc. Class A Add +21.9% 2.24% +0.45
GOLD Gold.com Inc. New 0.39% +0.39
NODK Ni Holdings Inc. New 0.38% +0.38
UEC Uranium Energy Corp. Add +5.1% 3.78% +0.23
SII Sprott Inc. Add +8.2% 3.25% −0.03
MCHB Mechanics Bancorp Class A Add +19.6% 4.29% −0.98

Options Activity Q3 2024 → Q4 2024
IWM iShares Russell 2000 ETF put Add +75.0% 700,000 $154.7M
QQQ Invesco QQQ Trust Series 1 put Sold out 100,000 $48.8Mbefore exit
KIE SS SPDR S&P Insurance ETF put Add +27.4% 570,000 $32.2M
EG Everest Group Ltd. call New 61,600 $22.3M

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