Philadelphia Financial Management of San Francisco, LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Philadelphia Financial Management of San Francisco, LLC reported 45 stock positions worth $499.2 million . Its top holding was Pennymac Financial Services (PFSI) at 5.7% of the portfolio, followed by Slide Insurance (SLDE, 5.3% ) and Target Hospitality (TH, 4.2% ). Compared with Q2 2025, it opened 26 new positions, sold out of 24, added to 8 and reduced 11. The biggest buy was a new position in Pennymac Financial Services (PFSI) and the biggest sale an exit from Navient (NAVI).
Location SAN FRANCISCO, CA
CIK 0001351407
Portfolio Value $499.2M (Q3 2025) Holdings 45 stocks · $499.2M 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 Q2 2025 PFSI Pennymac Financial Services 227,772 $28.2M New SLDE Slide Insurance Holdings Inc. 1,674,429 $26.4M New TH Target Hospitality Corp. 2,497,669 $21.2M Add +24.2% MCHB Mechanics Bancorp Class A 1,503,724 $20.0M Reduce -2.7% PGR Progressive Corp. 77,239 $19.1M New SIGI Selective Insurance Group 223,959 $18.2M New HOOD Robinhood Markets Inc. Class A 125,000 $17.9M New CUBI Customers Bancorp Inc. 265,645 $17.4M Reduce -1.4% ASPI Asp Isotopes Inc. 1,661,494 $16.0M Reduce -37.8% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 91,610 $15.9M New MP MP Materials Corp. 223,062 $15.0M Reduce -15.9% AZ A2Z CUST2MATE Solutions Corp. 1,861,046 $14.9M Add +81.6% DB Deutsche Bank AG-Registered 415,962 $14.7M New SKY Champion Homes Inc. 190,241 $14.5M New HG Hamilton Insurance Grou Class B 584,846 $14.5M Add +147.0% ONEW Onewater Marine Inc. Class A 899,324 $14.2M Add +14.2% USAU US Gold Corp. 857,708 $14.1M Add +24.6% ALL Allstate Corp. 65,631 $14.1M Reduce -30.1% BOW Bowhead Specialty Holdings I 519,833 $14.1M Add +220.5% CXW Corecivic Inc. 634,996 $12.9M Reduce -16.2% FNF Fidelity National Financial 208,824 $12.6M New AXS Axis Capital Holdings Ltd. 124,588 $11.9M New JEF Jefferies Financial Group Inc. 181,444 $11.9M New GATX Gatx Corp. 62,752 $11.0M Reduce -34.8% ARR Armour Residential REIT Inc. 716,000 $10.7M New BPOP Popular Inc. 76,564 $9.7M New TPG TPG Inc. 159,000 $9.1M New AFG American Financial Group Inc. 61,740 $9.0M New COLB Columbia Banking System Inc. 341,959 $8.8M New MHO M/I Homes Inc. 58,618 $8.5M Add +8.2% PLMR Palomar Holdings Inc. 55,885 $6.5M New BCS Barclays PLC-Spons ADR 310,571 $6.4M Reduce -24.1% FIGR Figure Technology Solut Class A 150,000 $5.5M New EVER Everquote Inc. Class A 236,077 $5.4M New SUNS Sunrise Realty Trust Inc. 491,077 $5.1M Reduce -19.5% DYNC Dynamix Corp. 472,389 $4.9M New KKR KKR & Co. Inc. 33,900 $4.4M New AII American Integrity Insurance 191,273 $4.3M New SII Sprott Inc. 26,921 $2.2M Reduce -77.1% CYTK Cytokinetics Inc. 39,523 $2.2M New NODK Ni Holdings Inc. filed as NI HLDGS INC 152,719 $2.1M Add +1.6% MBI Mbia Inc. 211,534 $1.6M New BLSH Bullish 17,500 $1.1M New NFE New Fortress Energy Inc. 359,925 $795K Reduce -10.1% KAZR Skyline Builders Group Hol-A 64,800 $222K New
Options reported separately and not counted above: CRCL puts ($74.9M), COIN puts ($55.7M), IWM puts ($48.4M), GS puts ($39.8M), PLTR puts ($36.5M), EG calls ($26.3M), TLN puts ($21.3M), GPI puts ($15.3M), FUTU puts ($14.8M), HOOD puts ($14.3M), MP puts ($11.4M), COF puts ($10.6M), and 3 more.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ NAVI Navient Corp. Sold out 0.00% −5.31 EG Everest Group Ltd. Sold out 0.00% −5.13 MCB Metropolitan Bank Holding Co. Sold out 0.00% −4.84 AHL Aspen Insurance Holdings Class A Sold out 0.00% −3.57 SLM SLM Corp. Sold out 0.00% −3.40 XYZ Block Inc. Sold out 0.00% −3.38 GEO The Geo Group Inc. Sold out 0.00% −3.23 COF Capital One Financial Corp. Sold out 0.00% −2.71 PLGO Pelagos Insurance Capital LT Sold out 0.00% −2.35 UEC Uranium Energy Corp. Sold out 0.00% −2.20 AGO Assured Guaranty Ltd. Sold out 0.00% −2.17 IPX Iperionx Ltd. - ADR Sold out 0.00% −2.07 RNR Renaissancere Holdings Ltd. Sold out 0.00% −2.01 PHM Pultegroup Inc. Sold out 0.00% −1.92 HCI Hci Group Inc. Sold out 0.00% −1.46 IGIC International General Insura Sold out 0.00% −1.41 CRCL Circle Internet Group Inc. Sold out 0.00% −1.41 THG Hanover Insurance Group Inc./ Sold out 0.00% −1.38 ALL Allstate Corp. Reduce -30.1% 2.82% −1.37 SII Sprott Inc. Reduce -77.1% 0.45% −1.35 JPM JPMorgan Chase & Co. Sold out 0.00% −1.26 TMHC Taylor Morrison Home Corp. Sold out 0.00% −1.18 ASPI Asp Isotopes Inc. Reduce -37.8% 3.20% −1.15 GATX Gatx Corp. Reduce -34.8% 2.20% −1.08 CXW Corecivic Inc. Reduce -16.2% 2.59% −0.95 GOLD Gold.com Inc. Sold out 0.00% −0.93 CORZ Core Scientific Inc. Sold out 0.00% −0.88 FIP Ftai Infrastructure Inc. Sold out 0.00% −0.79 HIPO Hippo Holdings Inc. Sold out 0.00% −0.47 MCHB Mechanics Bancorp Class A Reduce -2.7% 4.01% −0.47 SUNS Sunrise Realty Trust Inc. Reduce -19.5% 1.02% −0.41 BCS Barclays PLC-Spons ADR Reduce -24.1% 1.29% −0.40 NFE New Fortress Energy Inc. Reduce -10.1% 0.16% −0.14 CUBI Customers Bancorp Inc. Reduce -1.4% 3.48% −0.03 MP MP Materials Corp. Reduce -15.9% 3.00% +1.04
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ PFSI Pennymac Financial Services New 5.65% +5.65 SLDE Slide Insurance Holdings Inc. New 5.29% +5.29 PGR Progressive Corp. New 3.82% +3.82 SIGI Selective Insurance Group New 3.64% +3.64 HOOD Robinhood Markets Inc. Class A New 3.59% +3.59 FUTU Futu Holdings Ltd.-ADR New 3.19% +3.19 DB Deutsche Bank AG-Registered New 2.95% +2.95 SKY Champion Homes Inc. New 2.91% +2.91 FNF Fidelity National Financial New 2.53% +2.53 AXS Axis Capital Holdings Ltd. New 2.39% +2.39 JEF Jefferies Financial Group Inc. New 2.38% +2.38 ARR Armour Residential REIT Inc. New 2.14% +2.14 BPOP Popular Inc. New 1.95% +1.95 TPG TPG Inc. New 1.83% +1.83 AFG American Financial Group Inc. New 1.80% +1.80 HG Hamilton Insurance Grou Class B Add +147.0% 2.91% +1.77 COLB Columbia Banking System Inc. New 1.76% +1.76 BOW Bowhead Specialty Holdings I Add +220.5% 2.82% +1.47 PLMR Palomar Holdings Inc. New 1.31% +1.31 FIGR Figure Technology Solut Class A New 1.09% +1.09 EVER Everquote Inc. Class A New 1.08% +1.08 TH Target Hospitality Corp. Add +24.2% 4.24% +1.07 DYNC Dynamix Corp. New 0.99% +0.99 USAU US Gold Corp. Add +24.6% 2.83% +0.97 KKR KKR & Co. Inc. New 0.88% +0.88 AII American Integrity Insurance New 0.85% +0.85 AZ A2Z CUST2MATE Solutions Corp. Add +81.6% 2.98% +0.58 ONEW Onewater Marine Inc. Class A Add +14.2% 2.85% +0.52 CYTK Cytokinetics Inc. New 0.44% +0.44 MHO M/I Homes Inc. Add +8.2% 1.70% +0.35 MBI Mbia Inc. New 0.32% +0.32 BLSH Bullish New 0.22% +0.22 KAZR Skyline Builders Group Hol-A New 0.04% +0.04 NODK Ni Holdings Inc. Add +1.6% 0.41% −0.01
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ CRCL Circle Internet Group Inc. put Add +1783.3% 565,000 $74.9M COIN Coinbase Global Inc. Class A put Add +65.0% 165,000 $55.7M IWM iShares Russell 2000 ETF put Reduce -55.6% 200,000 $48.4M ALL Allstate Corp. call Sold out 210,600 $42.4Mbefore exit EQH Equitable Holdings Inc. put Sold out 750,000 $42.1Mbefore exit GS Goldman Sachs Group Inc. put Add +25.0% 50,000 $39.8M PLTR Palantir Technologies Inc. Class A put New 200,000 $36.5M EQH Equitable Holdings Inc. call Sold out 500,000 $28.1Mbefore exit TLN Talen Energy Corp. put New 50,000 $21.3M TOST Toast Inc. Class A put Sold out 420,000 $18.6Mbefore exit RNR Renaissancere Holdings Ltd. call Sold out 74,200 $18.0Mbefore exit GPI Group 1 Automotive Inc. put New 35,000 $15.3M FUTU Futu Holdings Ltd.-ADR put New 85,000 $14.8M HOOD Robinhood Markets Inc. Class A put Reduce -47.4% 100,000 $14.3M HOOD Robinhood Markets Inc. Class A call Sold out 150,000 $14.0Mbefore exit SHOP Shopify Inc. Class A put Sold out 100,000 $11.5Mbefore exit MP MP Materials Corp. put New 170,000 $11.4M COF Capital One Financial Corp. put New 50,000 $10.6M GLXY Galaxy Digital Inc. Class A put New 285,000 $9.6M BLSH Bullish put New 120,000 $7.6M MP MP Materials Corp. call Reduce -74.4% 100,000 $6.7M SOFI Sofi Technologies Inc. put Sold out 150,000 $2.7Mbefore 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