Philadelphia Financial Management of San Francisco, LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Philadelphia Financial Management of San Francisco, LLC reported 42 stock positions worth $450.0 million . Its top holding was Equitable (EQH) at 5.5% of the portfolio, followed by Mechanics Bancorp Class A (MCHB, 4.8% ) and Pennymac Financial Services (PFSI, 4.2% ). Compared with Q4 2024, it opened 25 new positions, sold out of 18, added to 3 and reduced 14. The biggest buy was a new position in Equitable (EQH) and the biggest sale an exit from Arthur J Gallagher (AJG).
Location SAN FRANCISCO, CA
CIK 0001351407
Portfolio Value $450.0M (Q1 2025) Holdings 42 stocks · $450.0M 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 2024 EQH Equitable Holdings Inc. 474,225 $24.7M New MCHB Mechanics Bancorp Class A filed as HOMESTREET INC 1,826,048 $21.4M Reduce -2.3% PFSI Pennymac Financial Services 186,804 $18.7M New CACC Credit Acceptance Corp. 35,791 $18.5M New CXW Corecivic Inc. 896,290 $18.2M New GLNG Golar LNG Ltd. 458,586 $17.4M Reduce -10.3% ASPI Asp Isotopes Inc. 3,508,062 $16.5M Add +11.2% KMX Carmax Inc. 210,082 $16.4M New SLM SLM Corp. 546,815 $16.1M Reduce -58.7% ABX Abacus Global Management Inc. 2,069,221 $15.5M Reduce -6.4% EG Everest Group Ltd. 42,199 $15.3M New GEO The Geo Group Inc. 515,749 $15.1M Reduce -22.5% HG Hamilton Insurance Grou Class B 713,798 $14.8M Reduce -12.5% AGO Assured Guaranty Ltd. 164,818 $14.5M Reduce -28.5% ACVA Acv Auctions Inc. Class A 1,023,871 $14.4M New SII Sprott Inc. 296,235 $13.3M Reduce -22.8% MCB Metropolitan Bank Holding Co. 225,072 $12.6M New AMTB Amerant Bancorp Inc. 563,973 $11.6M Add +0.5% TH Target Hospitality Corp. 1,738,716 $11.4M New AON Aon PLC Class A 27,289 $10.9M New RNR Renaissancere Holdings Ltd. 44,178 $10.6M New ALL Allstate Corp. 51,015 $10.6M Reduce -60.7% C Citigroup Inc. 147,010 $10.4M New FIP Ftai Infrastructure Inc. 2,192,479 $9.9M Reduce -38.3% UNH Unitedhealth Group Inc. 18,910 $9.9M New SF Stifel Financial Corp. 98,988 $9.3M Reduce -34.1% IPX Iperionx Ltd. - ADR 442,659 $8.0M Reduce -11.8% EWBC East West Bancorp Inc. 81,579 $7.3M New SUNS Sunrise Realty Trust Inc. 598,865 $6.6M New SOC Sable Offshore Corp. 261,212 $6.6M New BUSE First Busey Corp. 302,289 $6.5M New PGR Progressive Corp. 22,617 $6.4M New RNST Renasant Corp. 180,039 $6.1M Reduce -29.6% LGIH Lgi Homes Inc. 77,068 $5.1M New ONEW Onewater Marine Inc. Class A 250,505 $4.1M New COOP Mr Cooper Group Inc. 33,832 $4.0M New HIPO Hippo Holdings Inc. 103,135 $2.6M New AZ A2Z CUST2MATE Solutions Corp. 317,634 $2.2M New USAU US Gold Corp. 237,931 $2.2M New NODK Ni Holdings Inc. filed as NI HLDGS INC 125,678 $1.8M Add +5.8% LDI Loandepot Inc. Class A 1,234,576 $1.5M New NFE New Fortress Energy Inc. 95,277 $792K Reduce -93.6%
Options reported separately and not counted above: SLM calls ($29.7M), TSLA puts ($19.4M), EUFN puts ($11.4M).
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ AJG Arthur J Gallagher & Co. Sold out 0.00% −5.49 NFE New Fortress Energy Inc. Reduce -93.6% 0.18% −4.33 UEC Uranium Energy Corp. Sold out 0.00% −3.78 SLM SLM Corp. Reduce -58.7% 3.57% −3.78 APO Apollo Global Management Inc. Sold out 0.00% −3.60 LAZ Lazard Inc. Sold out 0.00% −3.01 FIP Ftai Infrastructure Inc. Reduce -38.3% 2.21% −2.98 ALL Allstate Corp. Reduce -60.7% 2.35% −2.69 AUB Atlantic Union Bankshares Co. Sold out 0.00% −2.41 UPBD Upbound Group Inc. Sold out 0.00% −2.29 EZPW Ezcorp Inc. Class A Sold out 0.00% −2.24 CCB Coastal Financial Corp. Sold out 0.00% −1.75 IPX Iperionx Ltd. - ADR Reduce -11.8% 1.77% −1.70 ARES Ares Management Corp. Class A Sold out 0.00% −1.64 HOOD Robinhood Markets Inc. Class A Sold out 0.00% −1.58 VLY Valley National Bancorp Sold out 0.00% −1.49 MBI Mbia Inc. Sold out 0.00% −1.46 CME Cme Group Inc. Sold out 0.00% −1.45 EQBK Equity Bancshares Inc. Class A Sold out 0.00% −1.30 HCI Hci Group Inc. Sold out 0.00% −1.25 SF Stifel Financial Corp. Reduce -34.1% 2.07% −1.13 NXE Nexgen Energy Ltd. Sold out 0.00% −1.06 ENVA Enova International Inc. Sold out 0.00% −1.03 AGO Assured Guaranty Ltd. Reduce -28.5% 3.23% −0.95 RNST Renasant Corp. Reduce -29.6% 1.36% −0.48 GLNG Golar LNG Ltd. Reduce -10.3% 3.87% −0.48 GEO The Geo Group Inc. Reduce -22.5% 3.35% −0.40 GOLD Gold.com Inc. Sold out 0.00% −0.39 SII Sprott Inc. Reduce -22.8% 2.95% −0.30 ABX Abacus Global Management Inc. Reduce -6.4% 3.44% −0.04 HG Hamilton Insurance Grou Class B Reduce -12.5% 3.29% +0.17 MCHB Mechanics Bancorp Class A Reduce -2.3% 4.76% +0.47
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ EQH Equitable Holdings Inc. New 5.49% +5.49 PFSI Pennymac Financial Services New 4.16% +4.16 CACC Credit Acceptance Corp. New 4.11% +4.11 CXW Corecivic Inc. New 4.04% +4.04 KMX Carmax Inc. New 3.64% +3.64 EG Everest Group Ltd. New 3.41% +3.41 ACVA Acv Auctions Inc. Class A New 3.21% +3.21 MCB Metropolitan Bank Holding Co. New 2.80% +2.80 TH Target Hospitality Corp. New 2.54% +2.54 AON Aon PLC Class A New 2.42% +2.42 RNR Renaissancere Holdings Ltd. New 2.36% +2.36 C Citigroup Inc. New 2.32% +2.32 UNH Unitedhealth Group Inc. New 2.20% +2.20 EWBC East West Bancorp Inc. New 1.63% +1.63 SUNS Sunrise Realty Trust Inc. New 1.47% +1.47 SOC Sable Offshore Corp. New 1.47% +1.47 BUSE First Busey Corp. New 1.45% +1.45 PGR Progressive Corp. New 1.42% +1.42 LGIH Lgi Homes Inc. New 1.14% +1.14 ONEW Onewater Marine Inc. Class A New 0.90% +0.90 COOP Mr Cooper Group Inc. New 0.90% +0.90 ASPI Asp Isotopes Inc. Add +11.2% 3.66% +0.78 HIPO Hippo Holdings Inc. New 0.59% +0.59 AZ A2Z CUST2MATE Solutions Corp. New 0.50% +0.50 USAU US Gold Corp. New 0.48% +0.48 LDI Loandepot Inc. Class A New 0.33% +0.33 AMTB Amerant Bancorp Inc. Add +0.5% 2.59% +0.06 NODK Ni Holdings Inc. Add +5.8% 0.40% +0.02
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Sold out 700,000 $154.7Mbefore exit KIE SS SPDR S&P Insurance ETF put Sold out 570,000 $32.2Mbefore exit SLM SLM Corp. call New 1,010,000 $29.7M EG Everest Group Ltd. call Sold out 61,600 $22.3Mbefore exit TSLA Tesla Inc. put New 75,000 $19.4M EUFN iShares MSCI Europe Financia put New 400,000 $11.4M
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