Philadelphia Financial Management of San Francisco, LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Philadelphia Financial Management of San Francisco, LLC reported 43 stock positions worth $451.2 million . Its top holding was Navient (NAVI) at 5.3% of the portfolio, followed by Everest (EG, 5.1% ) and Metropolitan Bank (MCB, 4.8% ). Compared with Q1 2025, it opened 21 new positions, sold out of 20, added to 11 and reduced 11. The biggest buy was a new position in Navient (NAVI) and the biggest sale an exit from Equitable (EQH).
Location SAN FRANCISCO, CA
CIK 0001351407
Portfolio Value $451.2M (Q2 2025) Holdings 43 stocks · $451.2M 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 Q1 2025 NAVI Navient Corp. 1,699,514 $24.0M New EG Everest Group Ltd. 68,086 $23.1M Add +61.4% MCB Metropolitan Bank Holding Co. 311,781 $21.8M Add +38.5% MCHB Mechanics Bancorp Class A filed as HOMESTREET INC 1,545,583 $20.2M Reduce -15.4% ASPI Asp Isotopes Inc. 2,670,211 $19.7M Reduce -23.9% ALL Allstate Corp. 93,909 $18.9M Add +84.1% AHL Aspen Insurance Holdings Class A 512,073 $16.1M New CXW Corecivic Inc. 757,500 $16.0M Reduce -15.5% CUBI Customers Bancorp Inc. 269,491 $15.8M New SLM SLM Corp. 468,012 $15.3M Reduce -14.4% XYZ Block Inc. 224,699 $15.3M New GATX Gatx Corp. 96,174 $14.8M New GEO The Geo Group Inc. 608,775 $14.6M Add +18.0% TH Target Hospitality Corp. 2,010,780 $14.3M Add +15.7% COF Capital One Financial Corp. 57,548 $12.2M New AZ A2Z CUST2MATE Solutions Corp. 1,024,735 $10.8M Add +222.6% PLGO Pelagos Insurance Capital LT filed as FIDELIS INSURANCE HOLDINGS L 639,293 $10.6M New ONEW Onewater Marine Inc. Class A 787,475 $10.5M Add +214.4% UEC Uranium Energy Corp. 1,460,036 $9.9M New AGO Assured Guaranty Ltd. 112,306 $9.8M Reduce -31.9% IPX Iperionx Ltd. - ADR 297,053 $9.4M Reduce -32.9% RNR Renaissancere Holdings Ltd. 37,254 $9.0M Reduce -15.7% MP MP Materials Corp. 265,345 $8.8M New PHM Pultegroup Inc. 82,191 $8.7M New USAU US Gold Corp. 688,161 $8.4M Add +189.2% SII Sprott Inc. 117,546 $8.1M Reduce -60.3% BCS Barclays PLC-Spons ADR 409,211 $7.6M New HCI Hci Group Inc. 43,242 $6.6M New SUNS Sunrise Realty Trust Inc. 609,844 $6.5M Add +1.8% IGIC International General Insura filed as INTL GNRL INSURANCE HLDNGS L 264,240 $6.3M New CRCL Circle Internet Group Inc. 35,000 $6.3M New THG Hanover Insurance Group Inc./ 36,766 $6.2M New BOW Bowhead Specialty Holdings I 162,189 $6.1M New MHO M/I Homes Inc. 54,168 $6.1M New JPM JPMorgan Chase & Co. 19,672 $5.7M New TMHC Taylor Morrison Home Corp. 86,600 $5.3M New HG Hamilton Insurance Grou Class B 236,739 $5.1M Reduce -66.8% GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC 188,962 $4.2M New CORZ Core Scientific Inc. 231,400 $3.9M New FIP Ftai Infrastructure Inc. 575,417 $3.6M Reduce -73.8% HIPO Hippo Holdings Inc. 76,618 $2.1M Reduce -25.7% NODK Ni Holdings Inc. filed as NI HLDGS INC 150,319 $1.9M Add +19.6% NFE New Fortress Energy Inc. 400,228 $1.3M Add +320.1%
Options reported separately and not counted above: IWM puts ($97.1M), ALL calls ($42.4M), EQH puts ($42.1M), COIN puts ($35.0M), GS puts ($28.3M), EQH calls ($28.1M), EG calls ($25.5M), TOST puts ($18.6M), RNR calls ($18.0M), HOOD puts ($17.8M), HOOD calls ($14.0M), MP calls ($13.0M), and 3 more.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ EQH Equitable Holdings Inc. Sold out 0.00% −5.49 PFSI Pennymac Financial Services Sold out 0.00% −4.16 CACC Credit Acceptance Corp. Sold out 0.00% −4.11 GLNG Golar LNG Ltd. Sold out 0.00% −3.87 KMX Carmax Inc. Sold out 0.00% −3.64 ABX Abacus Global Management Inc. Sold out 0.00% −3.44 ACVA Acv Auctions Inc. Class A Sold out 0.00% −3.21 AMTB Amerant Bancorp Inc. Sold out 0.00% −2.59 AON Aon PLC Class A Sold out 0.00% −2.42 C Citigroup Inc. Sold out 0.00% −2.32 UNH Unitedhealth Group Inc. Sold out 0.00% −2.20 HG Hamilton Insurance Grou Class B Reduce -66.8% 1.13% −2.15 SF Stifel Financial Corp. Sold out 0.00% −2.07 EWBC East West Bancorp Inc. Sold out 0.00% −1.63 SOC Sable Offshore Corp. Sold out 0.00% −1.47 BUSE First Busey Corp. Sold out 0.00% −1.45 PGR Progressive Corp. Sold out 0.00% −1.42 FIP Ftai Infrastructure Inc. Reduce -73.8% 0.79% −1.42 RNST Renasant Corp. Sold out 0.00% −1.36 SII Sprott Inc. Reduce -60.3% 1.80% −1.15 LGIH Lgi Homes Inc. Sold out 0.00% −1.14 AGO Assured Guaranty Ltd. Reduce -31.9% 2.17% −1.06 COOP Mr Cooper Group Inc. Sold out 0.00% −0.90 CXW Corecivic Inc. Reduce -15.5% 3.54% −0.50 RNR Renaissancere Holdings Ltd. Reduce -15.7% 2.01% −0.35 LDI Loandepot Inc. Class A Sold out 0.00% −0.33 MCHB Mechanics Bancorp Class A Reduce -15.4% 4.48% −0.29 SLM SLM Corp. Reduce -14.4% 3.40% −0.17 HIPO Hippo Holdings Inc. Reduce -25.7% 0.47% −0.11 IPX Iperionx Ltd. - ADR Reduce -32.9% 2.07% +0.30 ASPI Asp Isotopes Inc. Reduce -23.9% 4.36% +0.70
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ NAVI Navient Corp. New 5.31% +5.31 AHL Aspen Insurance Holdings Class A New 3.57% +3.57 CUBI Customers Bancorp Inc. New 3.51% +3.51 XYZ Block Inc. New 3.38% +3.38 GATX Gatx Corp. New 3.27% +3.27 COF Capital One Financial Corp. New 2.71% +2.71 PLGO Pelagos Insurance Capital LT New 2.35% +2.35 UEC Uranium Energy Corp. New 2.20% +2.20 MCB Metropolitan Bank Holding Co. Add +38.5% 4.84% +2.04 MP MP Materials Corp. New 1.96% +1.96 PHM Pultegroup Inc. New 1.92% +1.92 AZ A2Z CUST2MATE Solutions Corp. Add +222.6% 2.40% +1.90 ALL Allstate Corp. Add +84.1% 4.19% +1.84 EG Everest Group Ltd. Add +61.4% 5.13% +1.72 BCS Barclays PLC-Spons ADR New 1.69% +1.69 HCI Hci Group Inc. New 1.46% +1.46 ONEW Onewater Marine Inc. Class A Add +214.4% 2.34% +1.44 IGIC International General Insura New 1.41% +1.41 CRCL Circle Internet Group Inc. New 1.41% +1.41 THG Hanover Insurance Group Inc./ New 1.38% +1.38 USAU US Gold Corp. Add +189.2% 1.86% +1.38 BOW Bowhead Specialty Holdings I New 1.35% +1.35 MHO M/I Homes Inc. New 1.35% +1.35 JPM JPMorgan Chase & Co. New 1.26% +1.26 TMHC Taylor Morrison Home Corp. New 1.18% +1.18 GOLD Gold.com Inc. New 0.93% +0.93 CORZ Core Scientific Inc. New 0.88% +0.88 TH Target Hospitality Corp. Add +15.7% 3.17% +0.63 NFE New Fortress Energy Inc. Add +320.1% 0.29% +0.12 NODK Ni Holdings Inc. Add +19.6% 0.42% +0.03 SUNS Sunrise Realty Trust Inc. Add +1.8% 1.43% −0.04 GEO The Geo Group Inc. Add +18.0% 3.23% −0.12
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put New 450,000 $97.1M ALL Allstate Corp. call New 210,600 $42.4M EQH Equitable Holdings Inc. put New 750,000 $42.1M COIN Coinbase Global Inc. Class A put New 100,000 $35.0M SLM SLM Corp. call Sold out 1,010,000 $29.7Mbefore exit GS Goldman Sachs Group Inc. put New 40,000 $28.3M EQH Equitable Holdings Inc. call New 500,000 $28.1M EG Everest Group Ltd. call New 75,000 $25.5M TSLA Tesla Inc. put Sold out 75,000 $19.4Mbefore exit TOST Toast Inc. Class A put New 420,000 $18.6M RNR Renaissancere Holdings Ltd. call New 74,200 $18.0M HOOD Robinhood Markets Inc. Class A put New 190,000 $17.8M HOOD Robinhood Markets Inc. Class A call New 150,000 $14.0M MP MP Materials Corp. call New 390,000 $13.0M SHOP Shopify Inc. Class A put New 100,000 $11.5M EUFN iShares MSCI Europe Financia put Sold out 400,000 $11.4Mbefore exit CRCL Circle Internet Group Inc. put New 30,000 $5.4M SOFI Sofi Technologies Inc. put New 150,000 $2.7M
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