Fund HoldingsPhiladelphia Financial Management of San Francisco, LLC

Total Portfolio Value
$931.79M
Total Bought
$587.61M
Total Sold
$549.87M
Net Transaction
+$37.74M
Filing Period:
Securities
SharesValue ($K)
Q3 2025
Q4 2025
Change
Q3 2025
Q4 2025
Weight (%)
Change
STRATEGY INC(MSTR)(Put)0300,000+300,000045,585+45,585
BITMINE IMMERSION TECNOLOGIE(BMNP)(Put)01,500,000+1,500,000040,725+40,725
COREWEAVE INC(CRWV)(Put)0550,000+550,000039,386+39,386
COINBASE GLOBAL INC(COIN)(Put)165,000400,000+235,00055,68690,456+34,770
ISHARES BITCOIN TRUST ETF(IBIT)(Call)0700,000+700,000034,755+34,755
CIRCLE INTERNET GROUP INC(CRCL)(Put)565,0001,335,000+770,00074,908105,866+30,958
HCI GROUP INC0160,000+160,000030,6703.29%+30,670
GENERAL MTRS CO(GM)0254,590+254,590020,7032.22%+20,703
AMERICAN INTL GROUP INC(Call)0230,300+230,300019,702+19,702
PINNACLE FINL PARTNERS INC0206,171+206,171019,6712.11%+19,671
AMERICAN INTL GROUP INC0219,361+219,361018,7662.01%+18,766
HUT 8 CORP(HUT)(Put)0400,000+400,000018,376+18,376
EXZEO GROUP INC(XZO)0710,000+710,000017,2181.85%+17,218
APPLIED DIGITAL CORP(Put)0700,000+700,000017,164+17,164
BREAD FINANCIAL HOLDINGS INC0191,939+191,939014,2091.52%+14,209
EZCORP INC(EZPW)0719,529+719,529013,9731.50%+13,973
HARTFORD INSURANCE GROUP INC(HIG)099,471+99,471013,7071.47%+13,707
THE BALDWIN INSURANCE GRP IN(BWIN)0556,299+556,299013,3681.43%+13,368
LENDINGTREE INC NEW0251,459+251,459013,3501.43%+13,350
BLOCK INC(XYZ)0183,743+183,743011,9601.28%+11,960
IREN LIMITED(Put)
ORDINARY SHARES
0300,000+300,000011,331+11,331
U S GOLD CORP857,7081,209,624+351,91614,13523,4792.52%+9,344
CARS COM INC0751,671+751,67109,1700.98%+9,170
TOAST INC(TOST)0257,848+257,84809,1560.98%+9,156
BANK OZK LITTLE ROCK ARK(OZK)0189,226+189,22608,7080.93%+8,708
ENOVA INTL INC(ENVA)050,311+50,31107,9090.85%+7,909
CAPITAL ONE FINL CORP(COF)027,643+27,64306,7000.72%+6,700
MP MATERIALS CORP(MP)(Call)100,000260,000+160,0006,70713,135+6,428
NELNET INC(NNI)046,910+46,91006,2370.67%+6,237
KKR & CO INC(KKR)33,90078,563+44,6634,40510,0151.07%+5,610
FERMI INC(FRMI)0677,866+677,86605,4230.58%+5,423
TARGET HOSPITALITY CORP(TH)2,497,6693,304,424+806,75521,18026,4682.84%+5,288
BULLISH(BLSH)(Put)120,000300,000+180,0007,63311,361+3,728
NEPTUNE INS HLDGS INC(NP)0125,000+125,00003,6450.39%+3,645
BULLISH(BLSH)17,500125,000+107,5001,1134,7340.51%+3,621
AMERICAN FINL GROUP INC OHIO61,74091,610+29,8708,99712,5211.34%+3,525
SABLE OFFSHORE CORP0328,081+328,08102,9590.32%+2,959
LEGACY HOUSING CORP0134,227+134,22702,6200.28%+2,620
PAR TECHNOLOGY CORP069,100+69,10002,5070.27%+2,507
DEUTSCHE BANK A G
NAMEN AKT
415,962436,262+20,30014,72916,8221.81%+2,093
SKYLINE BLDRS GROUP HLDG LTD
SHS CL A
64,800608,753+543,9532221,7900.19%+1,568
TPG INC(TPG)159,000155,699-3,3019,1359,9401.07%+805
GATX CORP(GATX)62,75268,837+6,08510,96911,6751.25%+706
TANGO THERAPEUTICS INC(TNGX)033,291+33,29102950.03%+295
NI HLDGS INC152,719157,719+5,0002,0712,0980.23%+27
NEW FORTRESS ENERGY INC359,925209,964-149,9617952390.03%-556
HAMILTON INSURANCE GROUP LTD(HG)584,846495,283-89,56314,50413,8181.48%-686
MECHANICS BANCORP(MCHB)1,503,7241,319,486-184,23820,01519,3042.07%-710
SUNRISE RLTY TR INC491,077440,628-50,4495,1024,1550.45%-947
CHAMPION HOMES INC(SKY)190,241155,425-34,81614,52913,1331.41%-1,395
MBIA INC211,5340-211,5341,5760-1,576
CYTOKINETICS INC(CYTK)39,5230-39,5232,1720-2,172
SPROTT INC(SII)26,9210-26,9212,2400-2,240
COLUMBIA BKG SYS INC(COLB)341,959215,468-126,4918,8026,0220.65%-2,780
ARMOUR RESIDENTIAL REIT INC716,000434,709-281,29110,6977,6900.83%-3,007
AMERICAN INTEGRITY INS GROUP191,2730-191,2734,2670-4,267
DYNAMIX CORP472,3890-472,3894,9180-4,918
EVERQUOTE INC(EVER)236,0770-236,0775,3990-5,399
FIGURE TECHNOLOGY SOLUTIO(FGRS)150,0000-150,0005,4560-5,455
CUSTOMERS BANCORP INC(CUBB)265,645162,129-103,51617,36511,8551.27%-5,510
FUTU HLDGS LTD(FUTU)91,61060,000-31,61015,9329,8531.06%-6,079
BARCLAYS PLC310,5710-310,5716,4200-6,420
PALOMAR HLDGS INC(PLMR)55,8850-55,8856,5250-6,525
ONEWATER MARINE INC899,324614,605-284,71914,2456,6500.71%-7,595
M/I HOMES INC(MHO)58,6180-58,6188,4670-8,467
ROBINHOOD MKTS INC(HOOD)125,00078,889-46,11117,8988,9220.96%-8,975
GALAXY DIGITAL INC.(GLXY)(Put)285,0000-285,0009,6360-9,636
POPULAR INC(BPOP)76,5640-76,5649,7240-9,724
CAPITAL ONE FINL CORP(COF)(Put)50,0000-50,00010,6290-10,629
A2Z CUST2MATE SOLUTIONS CORP1,861,046625,352-1,235,69414,8704,0710.44%-10,799
MP MATERIALS CORP(MP)(Put)170,0000-170,00011,4020-11,402
JEFFERIES FINL GROUP INC(JEF)181,4440-181,44411,8700-11,870
AXIS CAP HLDGS LTD
SHS
124,5880-124,58811,9360-11,936
FIDELITY NATIONAL FINANCIAL(FNF)208,8240-208,82412,6320-12,632
CORECIVIC INC(CXW)634,9960-634,99612,9220-12,922
BOWHEAD SPECIALTY HLDGS INC(BOW)519,8330-519,83314,0560-14,056
ALLSTATE CORP(ALL)65,6310-65,63114,0880-14,088
ROBINHOOD MKTS INC(HOOD)(Put)100,0000-100,00014,3180-14,318
FUTU HLDGS LTD(FUTU)(Put)85,0000-85,00014,7820-14,782
MP MATERIALS CORP(MP)223,0620-223,06214,9610-14,961
GROUP 1 AUTOMOTIVE INC(GPI)(Put)35,0000-35,00015,3130-15,313
ASP ISOTOPES INC1,661,4940-1,661,49415,9840-15,984
SELECTIVE INS GROUP INC(SIGI)223,9590-223,95918,1560-18,156
PROGRESSIVE CORP(PGR)77,2390-77,23919,0740-19,074
TALEN ENERGY CORP(TLN)(Put)50,0000-50,00021,2690-21,269
PENNYMAC FINL SVCS INC NEW(PFSI)227,77243,787-183,98528,2165,7730.62%-22,444
EVEREST GROUP LTD(EG)(Call)75,0000-75,00026,2670-26,267
SLIDE INS HLDGS INC(SLDE)1,674,4290-1,674,42926,4310-26,431
PALANTIR TECHNOLOGIES INC(PLTR)(Put)200,0000-200,00036,4840-36,484
GOLDMAN SACHS GROUP INC(GS)(Put)50,0000-50,00039,8180-39,817
ISHARES TR(Put)200,0000-200,00048,3920-48,392
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