Philadelphia Financial Management of San Francisco, LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Philadelphia Financial Management of San Francisco, LLC reported 46 stock positions worth $484.0 million . Its top holding was Hci (HCI) at 6.3% of the portfolio, followed by Target Hospitality (TH, 5.5% ) and US Gold (USAU, 4.9% ). Compared with Q3 2025, it opened 23 new positions, sold out of 22, added to 9 and reduced 14. The biggest buy was a new position in Hci (HCI) and the biggest sale an exit from Slide Insurance (SLDE).
Location SAN FRANCISCO, CA
CIK 0001351407
Portfolio Value $484.0M (Q4 2025) Holdings 46 stocks · $484.0M 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 Q3 2025 HCI Hci Group Inc. 160,000 $30.7M New TH Target Hospitality Corp. 3,304,424 $26.5M Add +32.3% USAU US Gold Corp. 1,209,624 $23.5M Add +41.0% GM General Motors Co. 254,590 $20.7M New PNFP Pinnacle Financial Partners 206,171 $19.7M New MCHB Mechanics Bancorp Class A 1,319,486 $19.3M Reduce -12.3% AIG American International Group 219,361 $18.8M New XZO Exzeo Group Inc. 710,000 $17.2M New DB Deutsche Bank AG-Registered 436,262 $16.8M Add +4.9% BFH Bread Financial Holdings Inc. 191,939 $14.2M New EZPW Ezcorp Inc. Class A 719,529 $14.0M New HG Hamilton Insurance Grou Class B 495,283 $13.8M Reduce -15.3% HIG Hartford Insurance Group Inc. 99,471 $13.7M New BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN 556,299 $13.4M New TREE Lendingtree Inc. 251,459 $13.3M New SKY Champion Homes Inc. 155,425 $13.1M Reduce -18.3% AFG American Financial Group Inc. 91,610 $12.5M Add +48.4% XYZ Block Inc. 183,743 $12.0M New CUBI Customers Bancorp Inc. 162,129 $11.9M Reduce -39.0% GATX Gatx Corp. 68,837 $11.7M Add +9.7% KKR KKR & Co. Inc. 78,563 $10.0M Add +131.8% TPG TPG Inc. 155,699 $9.9M Reduce -2.1% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 60,000 $9.9M Reduce -34.5% CARS Cars.com Inc. 751,671 $9.2M New TOST Toast Inc. Class A 257,848 $9.2M New HOOD Robinhood Markets Inc. Class A 78,889 $8.9M Reduce -36.9% OZK Bank Ozk 189,226 $8.7M New ENVA Enova International Inc. 50,311 $7.9M New ARR Armour Residential REIT Inc. 434,709 $7.7M Reduce -39.3% COF Capital One Financial Corp. 27,643 $6.7M New ONEW Onewater Marine Inc. Class A 614,605 $6.7M Reduce -31.7% NNI Nelnet Inc. Class A 46,910 $6.2M New COLB Columbia Banking System Inc. 215,468 $6.0M Reduce -37.0% PFSI Pennymac Financial Services 43,787 $5.8M Reduce -80.8% FRMI Fermi Inc. 677,866 $5.4M New BLSH Bullish 125,000 $4.7M Add +614.3% SUNS Sunrise Realty Trust Inc. 440,628 $4.2M Reduce -10.3% AZ A2Z CUST2MATE Solutions Corp. 625,352 $4.1M Reduce -66.4% NP Neptune Insurance Holdi Class A 125,000 $3.6M New SOC Sable Offshore Corp. 328,081 $3.0M New LEGH Legacy Housing Corp. 134,227 $2.6M New PAR Par Technology Corp. 69,100 $2.5M New NODK Ni Holdings Inc. filed as NI HLDGS INC 157,719 $2.1M Add +3.3% KAZR Skyline Builders Group Hol-A 608,753 $1.8M Add +839.4% TNGX Tango Therapeutics Inc. 33,291 $295K New NFE New Fortress Energy Inc. 209,964 $239K Reduce -41.7%
Options reported separately and not counted above: CRCL puts ($105.9M), COIN puts ($90.5M), MSTR puts ($45.6M), BMNR puts ($40.7M), CRWV puts ($39.4M), IBIT calls ($34.8M), AIG calls ($19.7M), HUT puts ($18.4M), APLD puts ($17.2M), MP calls ($13.1M), BLSH puts ($11.4M), IREN puts ($11.3M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ SLDE Slide Insurance Holdings Inc. Sold out 0.00% −5.29 PFSI Pennymac Financial Services Reduce -80.8% 1.19% −4.46 PGR Progressive Corp. Sold out 0.00% −3.82 SIGI Selective Insurance Group Sold out 0.00% −3.64 ASPI Asp Isotopes Inc. Sold out 0.00% −3.20 MP MP Materials Corp. Sold out 0.00% −3.00 ALL Allstate Corp. Sold out 0.00% −2.82 BOW Bowhead Specialty Holdings I Sold out 0.00% −2.82 CXW Corecivic Inc. Sold out 0.00% −2.59 FNF Fidelity National Financial Sold out 0.00% −2.53 AXS Axis Capital Holdings Ltd. Sold out 0.00% −2.39 JEF Jefferies Financial Group Inc. Sold out 0.00% −2.38 AZ A2Z CUST2MATE Solutions Corp. Reduce -66.4% 0.84% −2.14 BPOP Popular Inc. Sold out 0.00% −1.95 HOOD Robinhood Markets Inc. Class A Reduce -36.9% 1.84% −1.74 MHO M/I Homes Inc. Sold out 0.00% −1.70 ONEW Onewater Marine Inc. Class A Reduce -31.7% 1.37% −1.48 PLMR Palomar Holdings Inc. Sold out 0.00% −1.31 BCS Barclays PLC-Spons ADR Sold out 0.00% −1.29 FUTU Futu Holdings Ltd.-ADR Reduce -34.5% 2.04% −1.16 FIGR Figure Technology Solut Class A Sold out 0.00% −1.09 EVER Everquote Inc. Class A Sold out 0.00% −1.08 CUBI Customers Bancorp Inc. Reduce -39.0% 2.45% −1.03 DYNC Dynamix Corp. Sold out 0.00% −0.99 AII American Integrity Insurance Sold out 0.00% −0.85 ARR Armour Residential REIT Inc. Reduce -39.3% 1.59% −0.55 COLB Columbia Banking System Inc. Reduce -37.0% 1.24% −0.52 SII Sprott Inc. Sold out 0.00% −0.45 CYTK Cytokinetics Inc. Sold out 0.00% −0.44 MBI Mbia Inc. Sold out 0.00% −0.32 SKY Champion Homes Inc. Reduce -18.3% 2.71% −0.20 SUNS Sunrise Realty Trust Inc. Reduce -10.3% 0.86% −0.16 NFE New Fortress Energy Inc. Reduce -41.7% 0.05% −0.11 HG Hamilton Insurance Grou Class B Reduce -15.3% 2.86% −0.05 MCHB Mechanics Bancorp Class A Reduce -12.3% 3.99% −0.02 TPG TPG Inc. Reduce -2.1% 2.05% +0.22
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ HCI Hci Group Inc. New 6.34% +6.34 GM General Motors Co. New 4.28% +4.28 PNFP Pinnacle Financial Partners New 4.06% +4.06 AIG American International Group New 3.88% +3.88 XZO Exzeo Group Inc. New 3.56% +3.56 BFH Bread Financial Holdings Inc. New 2.94% +2.94 EZPW Ezcorp Inc. Class A New 2.89% +2.89 HIG Hartford Insurance Group Inc. New 2.83% +2.83 BWIN Baldwin Insurance Group Inc./ New 2.76% +2.76 TREE Lendingtree Inc. New 2.76% +2.76 XYZ Block Inc. New 2.47% +2.47 USAU US Gold Corp. Add +41.0% 4.85% +2.02 CARS Cars.com Inc. New 1.89% +1.89 TOST Toast Inc. Class A New 1.89% +1.89 OZK Bank Ozk New 1.80% +1.80 ENVA Enova International Inc. New 1.63% +1.63 COF Capital One Financial Corp. New 1.38% +1.38 NNI Nelnet Inc. Class A New 1.29% +1.29 TH Target Hospitality Corp. Add +32.3% 5.47% +1.23 KKR KKR & Co. Inc. Add +131.8% 2.07% +1.19 FRMI Fermi Inc. New 1.12% +1.12 AFG American Financial Group Inc. Add +48.4% 2.59% +0.79 BLSH Bullish Add +614.3% 0.98% +0.76 NP Neptune Insurance Holdi Class A New 0.75% +0.75 SOC Sable Offshore Corp. New 0.61% +0.61 LEGH Legacy Housing Corp. New 0.54% +0.54 DB Deutsche Bank AG-Registered Add +4.9% 3.48% +0.53 PAR Par Technology Corp. New 0.52% +0.52 KAZR Skyline Builders Group Hol-A Add +839.4% 0.37% +0.33 GATX Gatx Corp. Add +9.7% 2.41% +0.21 TNGX Tango Therapeutics Inc. New 0.06% +0.06 NODK Ni Holdings Inc. Add +3.3% 0.43% +0.02
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ CRCL Circle Internet Group Inc. put Add +136.3% 1,335,000 $105.9M COIN Coinbase Global Inc. Class A put Add +142.4% 400,000 $90.5M IWM iShares Russell 2000 ETF put Sold out 200,000 $48.4Mbefore exit MSTR Strategy Inc. put New 300,000 $45.6M BMNR Bitmine Immersion Technologi put New 1,500,000 $40.7M GS Goldman Sachs Group Inc. put Sold out 50,000 $39.8Mbefore exit CRWV Coreweave Inc. Class A put New 550,000 $39.4M PLTR Palantir Technologies Inc. Class A put Sold out 200,000 $36.5Mbefore exit IBIT iShares Bitcoin Trust ETF call New 700,000 $34.8M EG Everest Group Ltd. call Sold out 75,000 $26.3Mbefore exit TLN Talen Energy Corp. put Sold out 50,000 $21.3Mbefore exit AIG American International Group call New 230,300 $19.7M HUT Hut 8 Corp. put New 400,000 $18.4M APLD Applied Digital Corp. put New 700,000 $17.2M GPI Group 1 Automotive Inc. put Sold out 35,000 $15.3Mbefore exit FUTU Futu Holdings Ltd.-ADR put Sold out 85,000 $14.8Mbefore exit HOOD Robinhood Markets Inc. Class A put Sold out 100,000 $14.3Mbefore exit MP MP Materials Corp. call Add +160.0% 260,000 $13.1M MP MP Materials Corp. put Sold out 170,000 $11.4Mbefore exit BLSH Bullish put Add +150.0% 300,000 $11.4M IREN Iren Ltd. put New 300,000 $11.3M COF Capital One Financial Corp. put Sold out 50,000 $10.6Mbefore exit GLXY Galaxy Digital Inc. Class A put Sold out 285,000 $9.6Mbefore 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