# EDGAR Filing Document

**Accession Number:** 0001351407
**File Stem:** 0001351407-25-000007
**Filing Date:** 2025-8
**Character Count:** 16905
**Document Hash:** 1edc071ae04df180c7d31d2a8df5a121
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001351407-25-000007.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001351407-25-000007

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250811

**EFFECTIVENESS DATE**: 20250811

**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:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11642
- **FILM NUMBER:** 251200737

**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 N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001351407

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Philadelphia Financial Management of San Francisco, LLC

**Address:** 450 Sansome St, San Francisco, CA 94111

**Telephone number:** 415-352-4469

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-11642

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                        | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                  | VOTE CATEGORY                |     SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Uranium Energy Corp.                  | 916896103 | 07/16/2024     | To approve, on a non-binding advisory basis, the compensation of our named executive officers.                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |     11           |                0 | FOR         |                             11           | FOR                         |  |
| Renasant Corporation                  | 75970E107 | 04/22/2025     | Adoption, in a non-binding advisory vote, of a resolution approving the compensation of our named executive officers.                                                                             | SECTION 14A SAY-ON-PAY VOTES |  65856           |             1543 | FOR         |                          65856           | FOR                         |  |
| LGI Homes, Inc.                       | 50187T106 | 04/24/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |  64444           |            18191 | FOR         |                          64444           | FOR                         |  |
| U.S. Gold Corp.                       | 90291C201 | 04/28/2025     | To approve, by a non-binding advisory vote, the compensation of the Company's named executive officers, as described in the proxy statement.                                                      | SECTION 14A SAY-ON-PAY VOTES |  56432           |                0 | FOR         |                          56432           | FOR                         |  |
| U.S. Gold Corp.                       | 90291C201 | 04/28/2025     | To approve, by a non-binding advisory vote, the frequency of future advisory votes on the compensation of the Company's named executive officers, as described in the proxy statement.            | SECTION 14A SAY-ON-PAY VOTES |  56432           |                0 | ONE YEAR    |                          56432           | AGAINST                     |  |
| Citigroup Inc.                        | 172967424 | 04/29/2025     | Advisory vote to approve our 2024 Executive Compensation.                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES | 171932           |                0 | FOR         |                         171932           | FOR                         |  |
| The GEO Group, Inc.                   | 36162J106 | 04/29/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 677615           |            17476 | FOR         |                         677615           | FOR                         |  |
| Assured Guaranty Ltd.                 | G0585R106 | 05/02/2025     | Advisory vote on the compensation paid to the Company's named executive officers                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES | 191908           |                0 | FOR         |                         191908           | FOR                         |  |
| Atlantic Union Bankshares Corporation | 04911A107 | 05/06/2025     | To approve the compensation of our named executive officers (an advisory, non-binding "Say on Pay" resolution)                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 230474           |                0 | FOR         |                         230474           | FOR                         |  |
| RenaissanceRe Holdings Ltd.           | G7496G103 | 05/06/2025     | To approve, by a non-binding advisory vote, the compensation of the named executive officers of RenaissanceRe Holdings Ltd. as disclosed in the proxy statement.                                  | SECTION 14A SAY-ON-PAY VOTES |  22643           |            11970 | FOR         |                          22643           | FOR                         |  |
| Amerant Bancorp Inc.                  | 023576101 | 05/07/2025     | To approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers - Say-on-Pay.                                                                            | SECTION 14A SAY-ON-PAY VOTES | 563973           |                0 | FOR         |                         563973           | FOR                         |  |
| Arthur J. Gallagher  Co.              | 363576109 | 05/13/2025     | Approval, on an Advisory Basis, of the Compensation of our Named Executive Officers.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |  24732           |                0 | FOR         |                          24732           | FOR                         |  |
| Everest Group, Ltd.                   | G3223R108 | 05/14/2025     | To approve, by non-binding advisory vote, 2024 compensation paid to the Company's Named Executive Officers.                                                                                       | SECTION 14A SAY-ON-PAY VOTES |   6293           |                0 | FOR         |                           6293           | FOR                         |  |
| CoreCivic, Inc.                       | 21871N101 | 05/15/2025     | Advisory vote to approve the compensation of our Named Executive Officers.                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES | 820005           |            13699 | FOR         |                         820005           | FOR                         |  |
| Hamilton Insurance Group, Ltd.        | G42706104 | 05/15/2025     | Approve, on a non-binding, advisory basis, the fiscal 2024 compensation paid to our named executive officers.                                                                                     | SECTION 14A SAY-ON-PAY VOTES | 710148           |            10528 | FOR         |                         710148           | FOR                         |  |
| East West Bancorp, Inc.               | 27579R104 | 05/20/2025     | To approve, on a non-binding advisory basis, the compensation of the Company's named executive officers for 2024.                                                                                 | SECTION 14A SAY-ON-PAY VOTES |  62536           |             8955 | FOR         |                          62536           | FOR                         |  |
| NI Holdings, Inc.                     | 65342T106 | 05/20/2025     | Proposal to approve the compensation of our Named Executive Officers.                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |  83349           |                0 | FOR         |                          83349           | FOR                         |  |
| Equitable Holdings, Inc.              | 29452E101 | 05/21/2025     | Advisory vote to approve the compensation paid to our named executive officers;                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES | 366674           |            30211 | FOR         |                         366674           | FOR                         |  |
| Equitable Holdings, Inc.              | 29452E101 | 05/21/2025     | Advisory vote on the frequency of future advisory votes on executive compensation;                                                                                                                | SECTION 14A SAY-ON-PAY VOTES | 366674           |            30211 | ONE YEAR    |                         366674           | FOR                         |  |
| Target Hospitality Corp.              | 87615L107 | 05/22/2025     | Advisory Vote on the Compensation of our Named Executive Officers (Say on Pay).                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |      1.33548e+06 |             6546 | FOR         |                              1.33548e+06 | FOR                         |  |
| ACV Auctions Inc.                     | 00091G104 | 05/28/2025     | Approve, on a non-binding, advisory basis, the compensation of our named executive officers; and                                                                                                  | SECTION 14A SAY-ON-PAY VOTES | 879351           |            74854 | FOR         |                         879351           | FOR                         |  |
| Metropolitan Bank Holding Corp.       | 591774104 | 05/28/2025     | Non-binding Advisory Vote on Named Executive Officer Compensation for 2024.                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES | 192957           |             3140 | AGAINST     |                         192957           | AGAINST                     |  |
| First Busey Corporation               | 319383204 | 05/29/2025     | To approve, in a non-binding, advisory vote, the compensation of our named executive officers, as described in the accompanying proxy statement, which is referred to as a "say-on-pay" proposal. | SECTION 14A SAY-ON-PAY VOTES | 279968           |            22321 | FOR         |                         279968           | FOR                         |  |
| HomeStreet, Inc.                      | 43785V102 | 05/29/2025     | To approve, on an advisory (non-binding) basis, the executive compensation of HomeStreet's named executive officers for 2024.                                                                     | SECTION 14A SAY-ON-PAY VOTES |      1.56858e+06 |            86219 | FOR         |                              1.56858e+06 | FOR                         |  |
| The Allstate Corporation              | 020002101 | 05/29/2025     | Advisory vote to approve the compensation of the named executives.                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |  44258           |                0 | FOR         |                          44258           | FOR                         |  |
| UnitedHealth Group Incorporated       | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |   9593           |                0 | FOR         |                           9593           | FOR                         |  |
| Credit Acceptance Corporation         | 225310101 | 06/04/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |  19947           |             9653 | FOR         |                          19947           | FOR                         |  |
| loanDepot, Inc.                       | 53946R106 | 06/04/2025     | To approve, on a non-binding, advisory basis, the compensation of our named executive officers.                                                                                                   | SECTION 14A SAY-ON-PAY VOTES | 780625           |                0 | FOR         |                         780625           | FOR                         |  |
| Stifel Financial Corp.                | 860630102 | 06/04/2025     | To approve, on an advisory basis, the compensation of our named executive officers (say on pay).                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |  79632           |            19356 | FOR         |                          79632           | FOR                         |  |
| UWM Holdings Corporation              | 91823B109 | 06/04/2025     | To approve, on an advisory basis, the compensation of our named executive officers                                                                                                                | SECTION 14A SAY-ON-PAY VOTES | 497575           |                0 | AGAINST     |                         497575           | AGAINST                     |  |
| SLM Corporation                       | 78442P106 | 06/17/2025     | Advisory approval of SLM Corporation's executive compensation.                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 501375           |           192699 | FOR         |                         501375           | FOR                         |  |
| Aon Plc                               | G0403H108 | 06/27/2025     | Advisory vote to approve the compensation of the Company's named executive officers.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |  31248           |                0 | FOR         |                          31248           | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Philadelphia Financial Management of San Francisco, LLC

**By (Signature):** Jeff Bowers

**By (Printed Signature):** Jeff Bowers

**By (Title):** CFO CCO

**Date:** 08/08/2025