# Philadelphia Financial Management of San Francisco, LLC: Form 13F holdings

An institutional investment manager in SAN FRANCISCO, CA. SEC CIK 1351407.

- Quarter ended: 2026-06-30
- Filed: 2026-08-14
- Reported value: $495.8m
- Positions: 45 (45 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1351407/000121465926010380/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| ISHARES TR | RUSSELL 2000 ETF | $75.1m | 15.2% | 250,000 | Put | New +250,000 |
| [STATE STR SPDR S&P 500 ETF T (SPY)](/companies/spy.md) | TR UNIT | $56.0m | 11.3% | 75,000 | Put | New +75,000 |
| [U S GOLD CORP (USAU)](/companies/usau.md) | COM NEW | $17.6m | 3.5% | 1,145,546 |  | Added +175,754 |
| [WILLIS LEASE FIN CORP (WLFC)](/companies/wlfc.md) | COM | $16.6m | 3.4% | 72,763 |  | New +72,763 |
| [HARTFORD INSURANCE GROUP INC (HIG)](/companies/hig.md) | COM | $15.7m | 3.2% | 118,700 |  | New +118,700 |
| [CORECIVIC INC (CXW)](/companies/cxw.md) | COM | $14.6m | 2.9% | 479,235 |  | New +479,235 |
| FTAI AVIATION LTD | SHS | $14.5m | 2.9% | 53,419 |  | New +53,419 |
| [GEO GROUP INC (GEO)](/companies/geo.md) | COM | $14.3m | 2.9% | 484,100 |  | New +484,100 |
| [AMERICAN INTL GROUP INC (AIG)](/companies/aig.md) | COM NEW | $13.2m | 2.7% | 176,449 |  | Added +11,449 |
| [LEGACY HOUSING CORP (LEGH)](/companies/legh.md) | COM | $11.9m | 2.4% | 454,425 |  | Added +39,262 |
| [GALLAGHER ARTHUR J & CO (AJG)](/companies/ajg.md) | COM | $11.4m | 2.3% | 49,500 |  | Added +16,500 |
| [LGI HOMES INC (LGIH)](/companies/lgih.md) | COM | $11.2m | 2.2% | 175,175 |  | New +175,175 |
| AXIS CAP HLDGS LTD | SHS | $10.7m | 2.2% | 99,564 |  | Reduced −48,436 |
| CHUBB LIMITED | COM | $10.3m | 2.1% | 30,300 |  | New +30,300 |
| [EQUITABLE HLDGS INC (EQH)](/companies/eqh.md) | COM | $9.9m | 2.0% | 226,030 |  | New +226,030 |
| [WABASH NATL CORP (WNC)](/companies/wnc.md) | COM | $9.8m | 2.0% | 726,847 |  | New +726,847 |
| [ATLANTICUS HOLDINGS CORP (ATLC)](/companies/atlc.md) | COM | $9.2m | 1.8% | 89,597 |  | New +89,597 |
| [GATX CORP (GATX)](/companies/gatx.md) | COM | $8.9m | 1.8% | 50,500 |  | Reduced −311 |
| [CUSTOMERS BANCORP INC (CUBI)](/companies/cubi.md) | COM | $8.9m | 1.8% | 112,143 |  | Reduced −11,957 |
| [FAIR ISAAC CORP (FICO)](/companies/fico.md) | COM | $8.8m | 1.8% | 7,340 |  | New +7,340 |
| [ASP ISOTOPES INC (ASPI)](/companies/aspi.md) | COM | $8.4m | 1.7% | 1,343,007 |  | Added +694,666 |
| [MIAMI INTL HLDGS INC (MIAX)](/companies/miax.md) | COM | $8.3m | 1.7% | 223,715 |  | New +223,715 |
| [FIRSTCASH HOLDINGS INC (FCFS)](/companies/fcfs.md) | COM | $8.0m | 1.6% | 37,100 |  | New +37,100 |
| HAMILTON INSURANCE GROUP LTD | CL B | $8.0m | 1.6% | 234,448 |  | Added +11,157 |
| [STATE STR CORP (STT)](/companies/stt.md) | COM | $7.9m | 1.6% | 46,550 |  | New +46,550 |
| [ARES MANAGEMENT CORPORATION (ARES)](/companies/ares.md) | CL A COM STK | $7.8m | 1.6% | 70,500 |  | New +70,500 |
| [PAYPAY CORP (PAYP)](/companies/payp.md) | SPONSORED ADS | $7.4m | 1.5% | 515,121 |  | New +515,121 |
| [EVERCORE INC (EVR)](/companies/evr.md) | CLASS A | $7.2m | 1.5% | 21,191 |  | New +21,191 |
| [FIGURE TECHNOLOGY SOLUTIO (FIGR)](/companies/figr.md) | COM CL A | $7.2m | 1.4% | 233,900 |  | New +233,900 |
| [MERCURY GENL CORP NEW (MCY)](/companies/mcy.md) | COM | $6.7m | 1.4% | 63,200 |  | New +63,200 |
| [HANOVER INS GROUP INC (THG)](/companies/thg.md) | COM | $6.6m | 1.3% | 31,040 |  | New +31,040 |
| [CHAMPION HOMES INC (SKY)](/companies/sky.md) | COM | $6.3m | 1.3% | 71,102 |  | New +71,102 |
| [TRIUMPH FINANCIAL INC (TFIN)](/companies/tfin.md) | COM | $6.2m | 1.3% | 81,781 |  | Reduced −28,746 |
| [JEFFERSON CAPITAL INC (JCAP)](/companies/jcap.md) | COM | $6.2m | 1.2% | 316,853 |  | New +316,853 |
| [MORGAN STANLEY (MS)](/companies/ms.md) | COM NEW | $5.9m | 1.2% | 28,400 |  | New +28,400 |
| [ENOVA INTL INC (ENVA)](/companies/enva.md) | COM | $5.9m | 1.2% | 24,355 |  | New +24,355 |
| [BARCLAYS PLC (BCS)](/companies/bcs.md) | ADR | $5.6m | 1.1% | 207,000 |  | New +207,000 |
| WEBULL CORP | ORD SHS | $5.5m | 1.1% | 850,500 |  | New +850,500 |
| [CAVCO INDS INC DEL (CVCO)](/companies/cvco.md) | COM | $5.4m | 1.1% | 8,810 |  | Reduced −7,040 |
| [CAMECO CORP (CCJ)](/companies/ccj.md) | COM | $4.6m | 0.9% | 45,300 |  | New +45,300 |
| [FERMI INC (FRMI)](/companies/frmi.md) | COM | $3.9m | 0.8% | 425,000 |  | New +425,000 |
| ACV AUCTIONS INC | COM CL A | $3.7m | 0.7% | 511,900 |  | New +511,900 |
| SKYLINE BLDRS GROUP HLDG LTD | SHS CL A | $3.2m | 0.6% | 1,037,286 |  | Added +377,184 |
| [DOMINARI HOLDINGS INC (DOMH)](/companies/domh.md) | COM NEW | $1.1m | 0.2% | 358,183 |  | New +358,183 |
| NEW FORTRESS ENERGY INC | COM CL A | $217.9k | <0.1% | 600,000 |  | Unchanged |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [A2Z CUST2MATE SOLUTIONS CORP (AZ)](/companies/az.md) | COM | $0 | 0.0% | 0 |  | Sold out −53,047 |
| AERCAP HOLDINGS NV | SHS | $0 | 0.0% | 0 |  | Sold out −64,253 |
| [ALMONTY INDS INC (ALM)](/companies/alm.md) | COM NEW | $0 | 0.0% | 0 |  | Sold out −145,000 |
| AON PLC | SHS CL A | $0 | 0.0% | 0 |  | Sold out −28,000 |
| [AXOS FINANCIAL INC (AX)](/companies/ax.md) | COM | $0 | 0.0% | 0 |  | Sold out −88,200 |
| [BANK HAWAII CORP (BOH)](/companies/boh.md) | COM | $0 | 0.0% | 0 |  | Sold out −117,700 |
| [BKV CORP (BKV)](/companies/bkv.md) | COM | $0 | 0.0% | 0 |  | Sold out −214,880 |
| [BREAD FINANCIAL HOLDINGS INC (BFH)](/companies/bfh.md) | COM | $0 | 0.0% | 0 |  | Sold out −172,156 |
| [CREDIT ACCEP CORP MICH (CACC)](/companies/cacc.md) | COM | $0 | 0.0% | 0 |  | Sold out −16,538 |
| [EAST WEST BANCORP INC (EWBC)](/companies/ewbc.md) | COM | $0 | 0.0% | 0 |  | Sold out −81,600 |
| [EZCORP INC (EZPW)](/companies/ezpw.md) | CL A NON VTG | $0 | 0.0% | 0 |  | Sold out −371,657 |
| GOLAR LNG LTD | SHS | $0 | 0.0% | 0 |  | Sold out −109,400 |
| [GOLDMAN SACHS GROUP INC (GS)](/companies/gs.md) | COM | $0 | 0.0% | 0 | Put | Sold out −39,500 |
| [HCI GROUP INC (HCI)](/companies/hci.md) | COM | $0 | 0.0% | 0 |  | Sold out −96,023 |
| [JACKSON FINANCIAL INC (JXN)](/companies/jxn.md) | COM CL A | $0 | 0.0% | 0 |  | Sold out −50,000 |
| [LINCOLN NATL CORP IND (LNC)](/companies/lnc.md) | COM | $0 | 0.0% | 0 |  | Sold out −285,000 |
| [LOANDEPOT INC (LDI)](/companies/ldi.md) | COM CL A | $0 | 0.0% | 0 |  | Sold out −243,001 |
| [MASTERCARD INCORPORATED (MA)](/companies/ma.md) | CL A | $0 | 0.0% | 0 |  | Sold out −15,200 |
| [MECHANICS BANCORP (MCHB)](/companies/mchb.md) | CL A | $0 | 0.0% | 0 |  | Sold out −545,321 |
| [MEDIAALPHA INC (MAX)](/companies/max.md) | CL A | $0 | 0.0% | 0 |  | Sold out −480,000 |
| [NI HLDGS INC (NODK)](/companies/nodk.md) | COM | $0 | 0.0% | 0 |  | Sold out −14,758 |
| [OPENLANE INC (OPLN)](/companies/opln.md) | COM | $0 | 0.0% | 0 |  | Sold out −321,800 |
| [PENNYMAC FINL SVCS INC NEW (PFSI)](/companies/pfsi.md) | COM | $0 | 0.0% | 0 |  | Sold out −69,366 |
| [PINNACLE FINL PARTNERS INC (PNFP)](/companies/pnfp.md) | COM | $0 | 0.0% | 0 |  | Sold out −115,664 |
| [POPULAR INC (BPOP)](/companies/bpop.md) | COM NEW | $0 | 0.0% | 0 |  | Sold out −48,500 |
| [ROBINHOOD MKTS INC (HOOD)](/companies/hood.md) | COM CL A | $0 | 0.0% | 0 |  | Sold out −78,883 |
| [SABLE OFFSHORE CORP (SOC)](/companies/soc.md) | COM SHS | $0 | 0.0% | 0 |  | Sold out −453,722 |
| [SLIDE INS HLDGS INC (SLDE)](/companies/slde.md) | COM | $0 | 0.0% | 0 |  | Sold out −280,000 |
| [STIFEL FINL CORP (SF)](/companies/sf.md) | COM | $0 | 0.0% | 0 |  | Sold out −113,348 |
| [TARGET HOSPITALITY CORP (TH)](/companies/th.md) | COM | $0 | 0.0% | 0 |  | Sold out −1,616,642 |

Source: SEC EDGAR, Form 13F-HR, accession 0001214659-26-010380. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.