Data as of Q4 2025 (Dec 31, 2025)

Philadelphia Financial Management of San Francisco, LLC

โ€ขCIK: 1351407โ€ขFiling: Q4 2025

**Philadelphia Financial Management of San Francisco, LLC** manages $907M across a diversified portfolio of 56 holdings. The firm maintains significant exposure to technology and digital assets, highlighted by top positions in CRCL ($105.9M) and COIN ($90.5M). Further allocations include substantial stakes in MIGA ($45.6M) and BMNR ($40.7M). This concentrated approach suggests a focus on high-growth, sector-specific opportunities within its mandate.

Total AUM
$479.2M
+ $428.1M in options
QoQ Performance
-0.8%
Positions
45
+ 11 options
Top 10 Concentration
50.5%
Latest Filing
Q4 2025

Top Holdings Allocation

CRCL
COIN
MIGA
CRCL11.7%
COIN10.0%
MIGA5.0%
BMNR4.5%
CRWV4.3%
IBIT3.8%
HCI3.4%
TH2.9%

๐Ÿ“ˆ Biggest Buys

CRCLPUT
CIRCLE INTERNET GROUP INC
+136.3%
11.7% of portfolio
COINPUT
COINBASE GLOBAL INC
+142.4%
10.0% of portfolio
MIGAPUT
STRATEGY INC
NEW
5.0% of portfolio
BMNRPUT
BITMINE IMMERSION TECNOLOGIE
NEW
4.5% of portfolio
CRWVPUT
COREWEAVE INC
NEW
4.3% of portfolio

๐Ÿ“‰ Biggest Sells

PFSI
PENNYMAC FINL SVCS INC NEW
-80.8%
0.6% of portfolio
AZ
A2Z CUST2MATE SOLUTIONS CORP
-66.4%
0.4% of portfolio
CUBI
CUSTOMERS BANCORP INC
-39.0%
1.3% of portfolio
COF
CAPITAL ONE FINL CORP
-44.7%
0.7% of portfolio
HOOD
ROBINHOOD MKTS INC
-36.9%
1.0% of portfolio

Sector Breakdown

Other99.3%
Financial0.7%

๐Ÿšช Exited Positionssold since Q3 2025

IWM
ISHARES TR
SOLD
$48.4M
GS
GOLDMAN SACHS GROUP INC
SOLD
$39.8M
PLTR
PALANTIR TECHNOLOGIES INC
SOLD
$36.5M
SLDE
SLIDE INS HLDGS INC
SOLD
$26.4M
EG
EVEREST GROUP LTD
SOLD
$26.3M
+23 more exited positions

Changes from Q3 2025

NEW29 new positions
โ†‘12 increased
โ†“15 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023