Philadelphia Financial Management of San Francisco, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Philadelphia Financial Management of San Francisco, LLC reported 42 stock positions worth $312.1 million. Its top holding was Axis Capital (AXS) at 4.8% of the portfolio, followed by Target Hospitality (TH, 4.8%) and Hci (HCI, 4.8%). Compared with Q4 2025, it opened 24 new positions, sold out of 28, added to 5 and reduced 13. The biggest buy was a new position in Axis Capital (AXS) and the biggest sale an exit from General Motors (GM).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001351407
- Portfolio Value
- $312.1M (Q1 2026)
- SEC Filing
- 0001214659-26-006198 ↗ filed May 14, 2026
Holdings Value
Holdings 42 stocks · $312.1M
| AXS Axis Capital Holdings Ltd. | 4.81% | 148,000 | $15.0M | New |
| TH Target Hospitality Corp. | 4.81% | 1,616,642 | $15.0M | Reduce -51.1% |
| HCI Hci Group Inc. | 4.76% | 96,023 | $14.8M | Reduce -40.0% |
| USAU US Gold Corp. | 4.72% | 969,792 | $14.7M | Reduce -19.8% |
| BFH Bread Financial Holdings Inc. | 4.13% | 172,156 | $12.9M | Reduce -10.3% |
| AIG American International Group | 3.98% | 165,000 | $12.4M | Reduce -24.8% |
| LNC Lincoln National Corp. | 3.24% | 285,000 | $10.1M | New |
| PNFP Pinnacle Financial Partners | 3.19% | 115,664 | $10.0M | New |
| EZPW Ezcorp Inc. Class A | 3.02% | 371,657 | $9.4M | Reduce -48.4% |
| OPLN Openlane Inc. | 3.01% | 321,800 | $9.4M | New |
| AON Aon PLC Class A | 2.90% | 28,000 | $9.0M | New |
| AER Aercap Holdings NV | 2.82% | 64,253 | $8.8M | New |
| BOH Bank of Hawaii Corp. filed as BANK HAWAII CORP | 2.80% | 117,700 | $8.7M | New |
| EWBC East West Bancorp Inc. | 2.79% | 81,600 | $8.7M | New |
| GATX Gatx Corp. | 2.78% | 50,811 | $8.7M | Reduce -26.2% |
| CUBI Customers Bancorp Inc. | 2.76% | 124,100 | $8.6M | Reduce -23.5% |
| LEGH Legacy Housing Corp. | 2.72% | 415,163 | $8.5M | Add +209.3% |
| SF Stifel Financial Corp. | 2.68% | 113,348 | $8.4M | New |
| MCHB Mechanics Bancorp Class A | 2.58% | 545,321 | $8.0M | Reduce -58.7% |
| CVCO Cavco Industries Inc. | 2.46% | 15,850 | $7.7M | New |
| MA Mastercard Inc. Class A | 2.43% | 15,200 | $7.6M | New |
| AX Axos Financial Inc. | 2.40% | 88,200 | $7.5M | New |
| SOC Sable Offshore Corp. | 2.40% | 453,722 | $7.5M | Add +38.3% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 2.29% | 33,000 | $7.1M | New |
| CACC Credit Acceptance Corp. | 2.24% | 16,538 | $7.0M | New |
| HG Hamilton Insurance Grou Class B | 2.13% | 223,291 | $6.7M | Reduce -54.9% |
| TFIN Triumph Financial Inc. | 2.11% | 110,527 | $6.6M | New |
| BPOP Popular Inc. | 2.09% | 48,500 | $6.5M | New |
| BKV BKV Corporation | 1.96% | 214,880 | $6.1M | New |
| PFSI Pennymac Financial Services | 1.94% | 69,366 | $6.1M | Add +58.4% |
| GLNG Golar LNG Ltd. | 1.90% | 109,400 | $5.9M | New |
| HOOD Robinhood Markets Inc. Class A | 1.75% | 78,883 | $5.5M | Reduce -0.0% |
| JXN Jackson Financial Inc. Class A | 1.69% | 50,000 | $5.3M | New |
| SLDE Slide Insurance Holdings Inc. | 1.61% | 280,000 | $5.0M | New |
| MAX Mediaalpha Inc. Class A | 1.43% | 480,000 | $4.5M | New |
| ASPI Asp Isotopes Inc. | 0.92% | 648,341 | $2.9M | New |
| ALM Almonty Industries Inc. | 0.67% | 145,000 | $2.1M | New |
| KAZR Skyline Builders Group Hol-A | 0.65% | 660,102 | $2.0M | Add +8.4% |
| NFE New Fortress Energy Inc. | 0.11% | 600,000 | $354K | Add +185.8% |
| AZ A2Z CUST2MATE Solutions Corp. | 0.11% | 53,047 | $354K | Reduce -91.5% |
| LDI Loandepot Inc. Class A | 0.11% | 243,001 | $345K | New |
| NODK Ni Holdings Inc. filed as NI HLDGS INC | 0.06% | 14,758 | $190K | Reduce -90.6% |
Options reported separately and not counted above: GS puts ($33.4M).
Portfolio Sells Q4 2025 → Q1 2026
| GM General Motors Co. | Sold out | 0.00% | −4.28 |
| PNFP Pinnacle Financial Partners | Sold out | 0.00% | −4.06 |
| XZO Exzeo Group Inc. | Sold out | 0.00% | −3.56 |
| DB Deutsche Bank AG-Registered | Sold out | 0.00% | −3.48 |
| HIG Hartford Insurance Group Inc. | Sold out | 0.00% | −2.83 |
| BWIN Baldwin Insurance Group Inc./ | Sold out | 0.00% | −2.76 |
| TREE Lendingtree Inc. | Sold out | 0.00% | −2.76 |
| SKY Champion Homes Inc. | Sold out | 0.00% | −2.71 |
| AFG American Financial Group Inc. | Sold out | 0.00% | −2.59 |
| XYZ Block Inc. | Sold out | 0.00% | −2.47 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −2.07 |
| TPG TPG Inc. | Sold out | 0.00% | −2.05 |
| FUTU Futu Holdings Ltd.-ADR | Sold out | 0.00% | −2.04 |
| CARS Cars.com Inc. | Sold out | 0.00% | −1.89 |
| TOST Toast Inc. Class A | Sold out | 0.00% | −1.89 |
| OZK Bank Ozk | Sold out | 0.00% | −1.80 |
| ENVA Enova International Inc. | Sold out | 0.00% | −1.63 |
| ARR Armour Residential REIT Inc. | Sold out | 0.00% | −1.59 |
| HCI Hci Group Inc. | Reduce -40.0% | 4.76% | −1.58 |
| MCHB Mechanics Bancorp Class A | Reduce -58.7% | 2.58% | −1.41 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −1.38 |
| ONEW Onewater Marine Inc. Class A | Sold out | 0.00% | −1.37 |
| NNI Nelnet Inc. Class A | Sold out | 0.00% | −1.29 |
| COLB Columbia Banking System Inc. | Sold out | 0.00% | −1.24 |
| FRMI Fermi Inc. | Sold out | 0.00% | −1.12 |
| BLSH Bullish | Sold out | 0.00% | −0.98 |
| SUNS Sunrise Realty Trust Inc. | Sold out | 0.00% | −0.86 |
| NP Neptune Insurance Holdi Class A | Sold out | 0.00% | −0.75 |
| AZ A2Z CUST2MATE Solutions Corp. | Reduce -91.5% | 0.11% | −0.73 |
| HG Hamilton Insurance Grou Class B | Reduce -54.9% | 2.13% | −0.72 |
| TH Target Hospitality Corp. | Reduce -51.1% | 4.81% | −0.66 |
| PAR Par Technology Corp. | Sold out | 0.00% | −0.52 |
| NODK Ni Holdings Inc. | Reduce -90.6% | 0.06% | −0.37 |
| USAU US Gold Corp. | Reduce -19.8% | 4.72% | −0.13 |
| HOOD Robinhood Markets Inc. Class A | Reduce -0.0% | 1.75% | −0.09 |
| TNGX Tango Therapeutics Inc. | Sold out | 0.00% | −0.06 |
| AIG American International Group | Reduce -24.8% | 3.98% | +0.10 |
| EZPW Ezcorp Inc. Class A | Reduce -48.4% | 3.02% | +0.14 |
| CUBI Customers Bancorp Inc. | Reduce -23.5% | 2.76% | +0.31 |
| GATX Gatx Corp. | Reduce -26.2% | 2.78% | +0.37 |
| BFH Bread Financial Holdings Inc. | Reduce -10.3% | 4.13% | +1.20 |
Portfolio Buys Q4 2025 → Q1 2026
| AXS Axis Capital Holdings Ltd. | New | 4.81% | +4.81 |
| LNC Lincoln National Corp. | New | 3.24% | +3.24 |
| PNFP Pinnacle Financial Partners | New | 3.19% | +3.19 |
| OPLN Openlane Inc. | New | 3.01% | +3.01 |
| AON Aon PLC Class A | New | 2.90% | +2.90 |
| AER Aercap Holdings NV | New | 2.82% | +2.82 |
| BOH Bank of Hawaii Corp. | New | 2.80% | +2.80 |
| EWBC East West Bancorp Inc. | New | 2.79% | +2.79 |
| SF Stifel Financial Corp. | New | 2.68% | +2.68 |
| CVCO Cavco Industries Inc. | New | 2.46% | +2.46 |
| MA Mastercard Inc. Class A | New | 2.43% | +2.43 |
| AX Axos Financial Inc. | New | 2.40% | +2.40 |
| AJG Arthur J Gallagher & Co. | New | 2.29% | +2.29 |
| CACC Credit Acceptance Corp. | New | 2.24% | +2.24 |
| LEGH Legacy Housing Corp. | Add +209.3% | 2.72% | +2.18 |
| TFIN Triumph Financial Inc. | New | 2.11% | +2.11 |
| BPOP Popular Inc. | New | 2.09% | +2.09 |
| BKV BKV Corporation | New | 1.96% | +1.96 |
| GLNG Golar LNG Ltd. | New | 1.90% | +1.90 |
| SOC Sable Offshore Corp. | Add +38.3% | 2.40% | +1.79 |
| JXN Jackson Financial Inc. Class A | New | 1.69% | +1.69 |
| SLDE Slide Insurance Holdings Inc. | New | 1.61% | +1.61 |
| MAX Mediaalpha Inc. Class A | New | 1.43% | +1.43 |
| ASPI Asp Isotopes Inc. | New | 0.92% | +0.92 |
| PFSI Pennymac Financial Services | Add +58.4% | 1.94% | +0.75 |
| ALM Almonty Industries Inc. | New | 0.67% | +0.67 |
| KAZR Skyline Builders Group Hol-A | Add +8.4% | 0.65% | +0.28 |
| LDI Loandepot Inc. Class A | New | 0.11% | +0.11 |
| NFE New Fortress Energy Inc. | Add +185.8% | 0.11% | +0.06 |
Options Activity Q4 2025 → Q1 2026
| CRCL Circle Internet Group Inc. | put | Sold out | 1,335,000 | $105.9Mbefore exit |
| COIN Coinbase Global Inc. Class A | put | Sold out | 400,000 | $90.5Mbefore exit |
| MSTR Strategy Inc. | put | Sold out | 300,000 | $45.6Mbefore exit |
| BMNR Bitmine Immersion Technologi | put | Sold out | 1,500,000 | $40.7Mbefore exit |
| CRWV Coreweave Inc. Class A | put | Sold out | 550,000 | $39.4Mbefore exit |
| IBIT iShares Bitcoin Trust ETF | call | Sold out | 700,000 | $34.8Mbefore exit |
| GS Goldman Sachs Group Inc. | put | New | 39,500 | $33.4M |
| AIG American International Group | call | Sold out | 230,300 | $19.7Mbefore exit |
| HUT Hut 8 Corp. | put | Sold out | 400,000 | $18.4Mbefore exit |
| APLD Applied Digital Corp. | put | Sold out | 700,000 | $17.2Mbefore exit |
| MP MP Materials Corp. | call | Sold out | 260,000 | $13.1Mbefore exit |
| BLSH Bullish | put | Sold out | 300,000 | $11.4Mbefore exit |
| IREN Iren Ltd. | put | Sold out | 300,000 | $11.3Mbefore 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 |