# EDGAR Filing Document

**Accession Number:** 0001351407
**File Stem:** 0001214659-25-012226
**Filing Date:** 2025-8
**Character Count:** 10087
**Document Hash:** aed4dca6ad7328d2aaeb970efae946da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-25-012226.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001214659-25-012226

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Philadelphia Financial Management of San Francisco, LLC
- **CENTRAL INDEX KEY:** 0001351407

**ORGANIZATION NAME:**
- **EIN:** 200912242
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11642
- **FILM NUMBER:** 251218319

**BUSINESS ADDRESS:**
- **STREET 1:** 450 SANSOME STREET
- **STREET 2:** SUITE 1500
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 415.352.4460

**MAIL ADDRESS:**
- **STREET 1:** 450 SANSOME STREET
- **STREET 2:** SUITE 1500
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Philadelphia Financial Management of San Francisco LLC<br>**Address:** 450 SANSOME STREET<br>SUITE 1500<br>SAN FRANCISCO, CA 94111

**Form 13F File Number:** 028-11642

**CRD Number (if applicable):** 000131413

**SEC File Number (if applicable):** 801-63788

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jeff Bowers<br>**Title:** CFO<br>**Phone:** 415-505-3354

**Signature, Place, and Date of Signing:**

/s/ Jeff Bowers  San Francisco, CA  08-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 3

**Form 13F Information Table Entry Total:** 58

**Form 13F Information Table Value Total:** $850794332

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                               | Form 13F File Number   |
|:---|:---|:---|
|  | Boathouse Row I L.P.               |  |
|  | Boathouse Row II L P               |  |
|  | BOATHOUSE ROW OFFSHORE MINYAN LTD. |  |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| A-MARK PRECIOUS METALS INC | COM | 00181T107 |  | 4191177 | 188962 | SH |  | SOLE | 12 | 188962 | 0 | 0 |
| A2Z CUST2MATE SOLUTIONS CORP | COM | 002205102 |  | 10831449 | 1024735 | SH |  | SOLE | 123 | 1024735 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 18904821 | 93909 | SH |  | SOLE | 123 | 93909 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 42395886 | 210600 | SH | Call | SOLE | 123 | 210600 | 0 | 0 |
| ASP ISOTOPES INC | COM | 00218A105 |  | 19652753 | 2670211 | SH |  | SOLE | 123 | 2670211 | 0 | 0 |
| ASPEN INSURANCE HOLDINGS LTD | ORD SHS CL A | G05384501 |  | 16114937 | 512073 | SH |  | SOLE | 123 | 512073 | 0 | 0 |
| ASSURED GUARANTY LTD | COM | G0585R106 |  | 9781853 | 112306 | SH |  | SOLE | 12 | 112306 | 0 | 0 |
| BARCLAYS PLC | ADR | 06738E204 |  | 7607232 | 409211 | SH |  | SOLE | 12 | 409211 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 15263803 | 224699 | SH |  | SOLE | 123 | 224699 | 0 | 0 |
| BOWHEAD SPECIALTY HLDGS INC | COM SHS | 10240L102 |  | 6086953 | 162189 | SH |  | SOLE | 123 | 162189 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 12243912 | 57548 | SH |  | SOLE | 12 | 57548 | 0 | 0 |
| CIRCLE INTERNET GROUP INC | COM CL A | 172573107 |  | 5438700 | 30000 | SH | Put | SOLE | 123 | 30000 | 0 | 0 |
| CIRCLE INTERNET GROUP INC | COM CL A | 172573107 |  | 6345150 | 35000 | SH |  | SOLE | 123 | 35000 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 35049000 | 100000 | SH | Put | SOLE | 123 | 100000 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 |  | 3949998 | 231400 | SH |  | SOLE | 12 | 231400 | 0 | 0 |
| CORECIVIC INC | COM | 21871N101 |  | 15960525 | 757500 | SH |  | SOLE | 123 | 757500 | 0 | 0 |
| CUSTOMERS BANCORP INC | COM | 23204G100 |  | 15829901 | 269491 | SH |  | SOLE | 123 | 269491 | 0 | 0 |
| EQUITABLE HLDGS INC | COM | 29452E101 |  | 28050000 | 500000 | SH | Call | SOLE | 123 | 500000 | 0 | 0 |
| EQUITABLE HLDGS INC | COM | 29452E101 |  | 42075000 | 750000 | SH | Put | SOLE | 123 | 750000 | 0 | 0 |
| EVEREST GROUP LTD | COM | G3223R108 |  | 25488750 | 75000 | SH | Call | SOLE | 123 | 75000 | 0 | 0 |
| EVEREST GROUP LTD | COM | G3223R108 |  | 23139027 | 68086 | SH |  | SOLE | 123 | 68086 | 0 | 0 |
| FIDELIS INSURANCE HOLDINGS L | COM | G3398L118 |  | 10599478 | 639293 | SH |  | SOLE | 12 | 639293 | 0 | 0 |
| FTAI INFRASTRUCTURE INC | COMMON STOCK | 35953C106 |  | 3550323 | 575417 | SH |  | SOLE | 3 | 575417 | 0 | 0 |
| GATX CORP | COM | 361448103 |  | 14768479 | 96174 | SH |  | SOLE | 123 | 96174 | 0 | 0 |
| GEO GROUP INC NEW | COM | 36162J106 |  | 14580161 | 608775 | SH |  | SOLE | 123 | 608775 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 28310000 | 40000 | SH | Put | SOLE | 123 | 40000 | 0 | 0 |
| HAMILTON INSURANCE GROUP LTD | CL B | G42706104 |  | 5118297 | 236739 | SH |  | SOLE | 12 | 236739 | 0 | 0 |
| HANOVER INS GROUP INC | COM | 410867105 |  | 6245440 | 36766 | SH |  | SOLE | 12 | 36766 | 0 | 0 |
| HCI GROUP INC | COM | 40416E103 |  | 6581432 | 43242 | SH |  | SOLE | 12 | 43242 | 0 | 0 |
| HIPPO HLDGS INC | COM NEW | 433539202 |  | 2139941 | 76618 | SH |  | SOLE | 3 | 76618 | 0 | 0 |
| HOMESTREET INC | COM | 43785V102 |  | 20200770 | 1545583 | SH |  | SOLE | 123 | 1545583 | 0 | 0 |
| INTL GNRL INSURANCE HLDNGS L | SHS | G4809J106 |  | 6347045 | 264240 | SH |  | SOLE | 12 | 264240 | 0 | 0 |
| IPERIONX LTD | SPONSORED ADS | 44916E100 |  | 9357170 | 297053 | SH |  | SOLE | 123 | 297053 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 97105500 | 450000 | SH | Put | SOLE | 123 | 450000 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 5703110 | 19672 | SH |  | SOLE | 12 | 19672 | 0 | 0 |
| M/I HOMES INC | COM | 55305B101 |  | 6073316 | 54168 | SH |  | SOLE | 12 | 54168 | 0 | 0 |
| METROPOLITAN BK HLDG CORP | COM | 591774104 |  | 21824670 | 311781 | SH |  | SOLE | 123 | 311781 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 8828028 | 265345 | SH |  | SOLE | 123 | 265345 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 12975300 | 390000 | SH | Call | SOLE | 123 | 390000 | 0 | 0 |
| NAVIENT CORPORATION | COM | 63938C108 |  | 23963147 | 1699514 | SH |  | SOLE | 123 | 1699514 | 0 | 0 |
| NEW FORTRESS ENERGY INC | COM CL A | 644393100 |  | 1328757 | 400228 | SH |  | SOLE | 3 | 400228 | 0 | 0 |
| NI HLDGS INC | COM | 65342T106 |  | 1915064 | 150319 | SH |  | SOLE | 3 | 150319 | 0 | 0 |
| ONEWATER MARINE INC | CL A COM | 68280L101 |  | 10544290 | 787475 | SH |  | SOLE | 123 | 787475 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 8667863 | 82191 | SH |  | SOLE | 123 | 82191 | 0 | 0 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 18023180 | 74200 | SH | Call | SOLE | 12 | 74200 | 0 | 0 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 9048997 | 37254 | SH |  | SOLE | 12 | 37254 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 14044500 | 150000 | SH | Call | SOLE | 123 | 150000 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 17789700 | 190000 | SH | Put | SOLE | 123 | 190000 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 11535000 | 100000 | SH | Put | SOLE | 123 | 100000 | 0 | 0 |
| SLM CORP | COM | 78442P106 |  | 15346113 | 468012 | SH |  | SOLE | 123 | 468012 | 0 | 0 |
| SOFI TECHNOLOGIES INC | COM | 83406F102 |  | 2731500 | 150000 | SH | Put | SOLE | 123 | 150000 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 8121253 | 117546 | SH |  | SOLE | 12 | 117546 | 0 | 0 |
| SUNRISE RLTY TR INC | COM | 867981102 |  | 6464346 | 609844 | SH |  | SOLE | 12 | 609844 | 0 | 0 |
| TARGET HOSPITALITY CORP | COM | 87615L107 |  | 14316754 | 2010780 | SH |  | SOLE | 123 | 2010780 | 0 | 0 |
| TAYLOR MORRISON HOME CORP | COM | 87724P106 |  | 5318972 | 86600 | SH |  | SOLE | 12 | 86600 | 0 | 0 |
| TOAST INC | CL A | 888787108 |  | 18601800 | 420000 | SH | Put | SOLE | 123 | 420000 | 0 | 0 |
| U S GOLD CORP | COM NEW | 90291C201 |  | 8395564 | 688161 | SH |  | SOLE | 123 | 688161 | 0 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 9928245 | 1460036 | SH |  | SOLE | 123 | 1460036 | 0 | 0 |

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