Philadelphia Financial Management of San Francisco, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GS	GOLDMAN SACHS GROUP INC	39,500	$33,417	9.7%	—	—	PUT	38141G104
AXS	AXIS CAP HLDGS LTD	148,000	$15,009	4.3%	$103.15	0.0%	SHS	G0692U109
LNC	LINCOLN NATL CORP IND	285,000	$10,118	2.9%	$40.87	0.0%	COM	534187109
PNFP	PINNACLE FINL PARTNERS INC	115,664	$9,963	2.9%	$97.40	0.0%	COM	72348N109
OPLN	OPENLANE INC	321,800	$9,380	2.7%	$29.50	0.0%	COM	48238T109
AON	AON PLC	28,000	$9,038	2.6%	$336.05	0.0%	SHS CL A	G0403H108
AER	AERCAP HOLDINGS NV	64,253	$8,814	2.6%	$145.79	0.0%	SHS	N00985106
BOH	BANK HAWAII CORP	117,700	$8,739	2.5%	$74.55	0.0%	COM	062540109
EWBC	EAST WEST BANCORP INC	81,600	$8,712	2.5%	$116.19	0.0%	COM	27579R104
SF	STIFEL FINL CORP	113,348	$8,379	2.4%	$125.46	0.0%	COM	860630102
CVCO	CAVCO INDS INC DEL	15,850	$7,676	2.2%	$603.85	0.0%	COM	149568107
MA	MASTERCARD INCORPORATED	15,200	$7,595	2.2%	$539.05	0.0%	CL A	57636Q104
AX	AXOS FINANCIAL INC	88,200	$7,505	2.2%	$94.62	0.0%	COM	05465C100
AJG	GALLAGHER ARTHUR J & CO	33,000	$7,147	2.1%	$240.41	0.0%	COM	363576109
CACC	CREDIT ACCEP CORP MICH	16,538	$7,003	2.0%	$477.38	0.0%	COM	225310101
TFIN	TRIUMPH FINANCIAL INC	110,527	$6,594	1.9%	$65.51	0.0%	COM	89679E300
BPOP	POPULAR INC	48,500	$6,507	1.9%	$135.22	0.0%	COM NEW	733174700
BKV	BKV CORP	214,880	$6,128	1.8%	$28.56	0.0%	COM	05603J108
GLNG	GOLAR LNG LTD	109,400	$5,920	1.7%	$41.32	0.0%	SHS	G9456A100
JXN	JACKSON FINANCIAL INC	50,000	$5,286	1.5%	$114.95	0.0%	COM CL A	46817M107
SLDE	SLIDE INS HLDGS INC	280,000	$5,040	1.5%	$17.19	0.0%	COM	831349105
MAX	MEDIAALPHA INC	480,000	$4,464	1.3%	$9.91	0.0%	CL A	58450V104
ASPI	ASP ISOTOPES INC	648,341	$2,866	0.8%	$6.44	0.0%	COM	00218A105
ALM	ALMONTY INDS INC	145,000	$2,100	0.6%	$11.89	0.0%	COM NEW	020398707
LDI	LOANDEPOT INC	243,001	$345	0.1%	$2.31	0.0%	COM CL A	53946R106

Increased Positions (5)

LEGH LEGACY HOUSING CORP 2.5%

Value ($000) $8,482 (+223.7%) Shares 415,163 (+209.3%) Est. Cost $21.36 Unrealized -0.1%

SOC SABLE OFFSHORE CORP 2.2%

Value ($000) $7,495 (+153.3%) Shares 453,722 (+38.3%) Est. Cost $9.49 Unrealized +1.3%

PFSI PENNYMAC FINL SVCS INC NEW 1.8%

Value ($000) $6,063 (+5.0%) Shares 69,366 (+58.4%) Est. Cost $111.93 Unrealized +6.8%

SKBL SKYLINE BLDRS GROUP HLDG LTD 0.6%

Value ($000) $2,040 (+14.0%) Shares 660,102 (+8.4%) Est. Cost $2.91 Unrealized +10.6%

NFE NEW FORTRESS ENERGY INC 0.1%

Value ($000) $354 (+47.9%) Shares 600,000 (+185.8%) Est. Cost $2.87 Unrealized -54.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LEGH	LEGACY HOUSING CORP	415,163 (+209.3%)	$8,482 (+223.7%)	2.5%	$21.36	-0.1%	COM	52472M101
SOC	SABLE OFFSHORE CORP	453,722 (+38.3%)	$7,495 (+153.3%)	2.2%	$9.49	+1.3%	COM SHS	78574H104
PFSI	PENNYMAC FINL SVCS INC NEW	69,366 (+58.4%)	$6,063 (+5.0%)	1.8%	$111.93	+6.8%	COM	70932M107
SKBL	SKYLINE BLDRS GROUP HLDG LTD	660,102 (+8.4%)	$2,040 (+14.0%)	0.6%	$2.91	+10.6%	SHS CL A	G8193D104
NFE	NEW FORTRESS ENERGY INC	600,000 (+185.8%)	$354 (+47.9%)	0.1%	$2.87	-54.6%	COM CL A	644393100

Exited Positions (40)

CRCL CIRCLE INTERNET GROUP INC 30.6%

Value ($000) $105,866 Shares 1,335,000 Est. Cost — Unrealized —

COIN COINBASE GLOBAL INC 26.2%

Value ($000) $90,456 Shares 400,000 Est. Cost — Unrealized —

MSTR STRATEGY INC 13.2%

Value ($000) $45,585 Shares 300,000 Est. Cost — Unrealized —

BMNR BITMINE IMMERSION TECNOLOGIE 11.8%

Value ($000) $40,725 Shares 1,500,000 Est. Cost — Unrealized —

CRWV COREWEAVE INC 11.4%

Value ($000) $39,386 Shares 550,000 Est. Cost — Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 10.1%

Value ($000) $34,755 Shares 700,000 Est. Cost — Unrealized —

GM GENERAL MTRS CO 6.0%

Value ($000) $20,703 Shares 254,590 Est. Cost $70.40 Unrealized +16.8%

AIG AMERICAN INTL GROUP INC 5.7%

Value ($000) $19,702 Shares 230,300 Est. Cost $79.68 Unrealized -4.2%

— PINNACLE FINL PARTNERS INC 5.7%

Value ($000) $19,671 Shares 206,171 Est. Cost $95.41 Unrealized —

HUT HUT 8 CORP 5.3%

Value ($000) $18,376 Shares 400,000 Est. Cost — Unrealized —

XZO EXZEO GROUP INC 5.0%

Value ($000) $17,218 Shares 710,000 Est. Cost $19.02 Unrealized +1.5%

APLD APPLIED DIGITAL CORP 5.0%

Value ($000) $17,164 Shares 700,000 Est. Cost — Unrealized —

DB DEUTSCHE BANK A G 4.9%

Value ($000) $16,822 Shares 436,262 Est. Cost $34.18 Unrealized +11.3%

HIG HARTFORD INSURANCE GROUP INC 4.0%

Value ($000) $13,707 Shares 99,471 Est. Cost $131.57 Unrealized +3.9%

BWIN THE BALDWIN INSURANCE GRP IN 3.9%

Value ($000) $13,368 Shares 556,299 Est. Cost $25.47 Unrealized -15.1%

TREE LENDINGTREE INC NEW 3.9%

Value ($000) $13,350 Shares 251,459 Est. Cost $53.09 Unrealized —

MP MP MATERIALS CORP 3.8%

Value ($000) $13,135 Shares 260,000 Est. Cost — Unrealized —

SKY CHAMPION HOMES INC 3.8%

Value ($000) $13,133 Shares 155,425 Est. Cost $70.62 Unrealized +27.8%

AFG AMERICAN FINL GROUP INC OHIO 3.6%

Value ($000) $12,521 Shares 91,610 Est. Cost $129.47 Unrealized -0.3%

XYZ BLOCK INC 3.5%

Value ($000) $11,960 Shares 183,743 Est. Cost $68.98 Unrealized -12.6%

BLSH BULLISH 3.3%

Value ($000) $11,361 Shares 300,000 Est. Cost $50.47 Unrealized -32.2%

IREN IREN LIMITED 3.3%

Value ($000) $11,331 Shares 300,000 Est. Cost — Unrealized —

KKR KKR & CO INC 2.9%

Value ($000) $10,015 Shares 78,563 Est. Cost $131.78 Unrealized -12.9%

TPG TPG INC 2.9%

Value ($000) $9,940 Shares 155,699 Est. Cost $59.03 Unrealized -3.0%

FUTU FUTU HLDGS LTD 2.9%

Value ($000) $9,853 Shares 60,000 Est. Cost $173.91 Unrealized —

CARS CARS COM INC 2.7%

Value ($000) $9,170 Shares 751,671 Est. Cost $11.63 Unrealized -0.8%

TOST TOAST INC 2.7%

Value ($000) $9,156 Shares 257,848 Est. Cost $36.05 Unrealized -14.0%

OZK BANK OZK LITTLE ROCK ARK 2.5%

Value ($000) $8,708 Shares 189,226 Est. Cost $46.27 Unrealized +4.5%

ENVA ENOVA INTL INC 2.3%

Value ($000) $7,909 Shares 50,311 Est. Cost $130.16 Unrealized +19.8%

ARR ARMOUR RESIDENTIAL REIT INC 2.2%

Value ($000) $7,690 Shares 434,709 Est. Cost $14.94 Unrealized —

COF CAPITAL ONE FINL CORP 1.9%

Value ($000) $6,700 Shares 27,643 Est. Cost $222.19 Unrealized +0.5%

ONEW ONEWATER MARINE INC 1.9%

Value ($000) $6,650 Shares 614,605 Est. Cost $15.20 Unrealized -14.7%

NNI NELNET INC 1.8%

Value ($000) $6,237 Shares 46,910 Est. Cost $130.83 Unrealized +1.1%

COLB COLUMBIA BKG SYS INC 1.7%

Value ($000) $6,022 Shares 215,468 Est. Cost $24.85 Unrealized +20.6%

FRMI FERMI INC 1.6%

Value ($000) $5,423 Shares 677,866 Est. Cost $19.51 Unrealized -52.1%

BLSH BULLISH 1.4%

Value ($000) $4,734 Shares 125,000 Est. Cost $50.47 Unrealized -32.2%

SUNS SUNRISE RLTY TR INC 1.2%

Value ($000) $4,155 Shares 440,628 Est. Cost $11.06 Unrealized —

NP NEPTUNE INS HLDGS INC 1.1%

Value ($000) $3,645 Shares 125,000 Est. Cost $26.30 Unrealized -8.7%

PAR PAR TECHNOLOGY CORP 0.7%

Value ($000) $2,507 Shares 69,100 Est. Cost $36.08 Unrealized -21.6%

TNGX TANGO THERAPEUTICS INC 0.1%

Value ($000) $295 Shares 33,291 Est. Cost $8.62 Unrealized +38.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRCL	CIRCLE INTERNET GROUP INC	1,335,000	$105,866	30.6%	—	—	PUT	172573107
COIN	COINBASE GLOBAL INC	400,000	$90,456	26.2%	—	—	PUT	19260Q107
MSTR	STRATEGY INC	300,000	$45,585	13.2%	—	—	PUT	594972408
BMNR	BITMINE IMMERSION TECNOLOGIE	1,500,000	$40,725	11.8%	—	—	PUT	09175A206
CRWV	COREWEAVE INC	550,000	$39,386	11.4%	—	—	PUT	21873S108
IBIT	ISHARES BITCOIN TRUST ETF	700,000	$34,755	10.1%	—	—	CALL	46438F101
GM	GENERAL MTRS CO	254,590	$20,703	6.0%	$70.40	+16.8%	—	37045V100
AIG	AMERICAN INTL GROUP INC	230,300	$19,702	5.7%	$79.68	-4.2%	CALL	026874784
—	PINNACLE FINL PARTNERS INC	206,171	$19,671	5.7%	$95.41	—	—	72346Q104
HUT	HUT 8 CORP	400,000	$18,376	5.3%	—	—	PUT	44812J104
XZO	EXZEO GROUP INC	710,000	$17,218	5.0%	$19.02	+1.5%	—	30234F101
APLD	APPLIED DIGITAL CORP	700,000	$17,164	5.0%	—	—	PUT	038169207
DB	DEUTSCHE BANK A G	436,262	$16,822	4.9%	$34.18	+11.3%	—	D18190898
HIG	HARTFORD INSURANCE GROUP INC	99,471	$13,707	4.0%	$131.57	+3.9%	—	416515104
BWIN	THE BALDWIN INSURANCE GRP IN	556,299	$13,368	3.9%	$25.47	-15.1%	—	05589G102
TREE	LENDINGTREE INC NEW	251,459	$13,350	3.9%	$53.09	—	—	52603B107
MP	MP MATERIALS CORP	260,000	$13,135	3.8%	—	—	CALL	553368101
SKY	CHAMPION HOMES INC	155,425	$13,133	3.8%	$70.62	+27.8%	—	830830105
AFG	AMERICAN FINL GROUP INC OHIO	91,610	$12,521	3.6%	$129.47	-0.3%	—	025932104
XYZ	BLOCK INC	183,743	$11,960	3.5%	$68.98	-12.6%	—	852234103
BLSH	BULLISH	300,000	$11,361	3.3%	$50.47	-32.2%	PUT	G16910120
IREN	IREN LIMITED	300,000	$11,331	3.3%	—	—	PUT	Q4982L109
KKR	KKR & CO INC	78,563	$10,015	2.9%	$131.78	-12.9%	—	48251W104
TPG	TPG INC	155,699	$9,940	2.9%	$59.03	-3.0%	—	872657101
FUTU	FUTU HLDGS LTD	60,000	$9,853	2.9%	$173.91	—	—	36118L106
CARS	CARS COM INC	751,671	$9,170	2.7%	$11.63	-0.8%	—	14575E105
TOST	TOAST INC	257,848	$9,156	2.7%	$36.05	-14.0%	—	888787108
OZK	BANK OZK LITTLE ROCK ARK	189,226	$8,708	2.5%	$46.27	+4.5%	—	06417N103
ENVA	ENOVA INTL INC	50,311	$7,909	2.3%	$130.16	+19.8%	—	29357K103
ARR	ARMOUR RESIDENTIAL REIT INC	434,709	$7,690	2.2%	$14.94	—	—	042315705
COF	CAPITAL ONE FINL CORP	27,643	$6,700	1.9%	$222.19	+0.5%	—	14040H105
ONEW	ONEWATER MARINE INC	614,605	$6,650	1.9%	$15.20	-14.7%	—	68280L101
NNI	NELNET INC	46,910	$6,237	1.8%	$130.83	+1.1%	—	64031N108
COLB	COLUMBIA BKG SYS INC	215,468	$6,022	1.7%	$24.85	+20.6%	—	197236102
FRMI	FERMI INC	677,866	$5,423	1.6%	$19.51	-52.1%	—	314911108
BLSH	BULLISH	125,000	$4,734	1.4%	$50.47	-32.2%	—	G16910120
SUNS	SUNRISE RLTY TR INC	440,628	$4,155	1.2%	$11.06	—	—	867981102
NP	NEPTUNE INS HLDGS INC	125,000	$3,645	1.1%	$26.30	-8.7%	—	64073B103
PAR	PAR TECHNOLOGY CORP	69,100	$2,507	0.7%	$36.08	-21.6%	—	698884103
TNGX	TANGO THERAPEUTICS INC	33,291	$295	0.1%	$8.62	+38.2%	—	87583X109

Decreased Positions (12)

HCI HCI GROUP INC 4.3%

Value ($000) $14,846 (-51.6%) Shares 96,023 (-40.0%) Est. Cost $188.36 Unrealized -12.3%

TH TARGET HOSPITALITY CORP 4.3%

Value ($000) $15,002 (-43.3%) Shares 1,616,642 (-51.1%) Est. Cost $7.86 Unrealized -6.1%

MCHB MECHANICS BANCORP 2.3%

Value ($000) $8,043 (-58.3%) Shares 545,321 (-58.7%) Est. Cost $12.96 Unrealized +15.8%

USAU U S GOLD CORP 4.3%

Value ($000) $14,731 (-37.3%) Shares 969,792 (-19.8%) Est. Cost $12.49 Unrealized +49.7%

HG HAMILTON INSURANCE GROUP LTD 1.9%

Value ($000) $6,661 (-51.8%) Shares 223,291 (-54.9%) Est. Cost $21.07 Unrealized +34.9%

AIG AMERICAN INTL GROUP INC 3.6%

Value ($000) $12,416 (-33.8%) Shares 165,000 (-24.8%) Est. Cost $79.68 Unrealized -4.2%

EZPW EZCORP INC 2.7%

Value ($000) $9,433 (-32.5%) Shares 371,657 (-48.3%) Est. Cost $18.85 Unrealized +20.9%

AZ A2Z CUST2MATE SOLUTIONS CORP 0.1%

Value ($000) $354 (-91.3%) Shares 53,047 (-91.5%) Est. Cost $8.70 Unrealized -22.2%

CUBI CUSTOMERS BANCORP INC 2.5%

Value ($000) $8,614 (-27.3%) Shares 124,100 (-23.5%) Est. Cost $50.66 Unrealized +49.7%

GATX GATX CORP 2.5%

Value ($000) $8,675 (-25.7%) Shares 50,811 (-26.2%) Est. Cost $149.72 Unrealized +22.9%

NODK NI HLDGS INC 0.1%

Value ($000) $190 (-90.9%) Shares 14,758 (-90.6%) Est. Cost $15.23 Unrealized -12.1%

BFH BREAD FINANCIAL HOLDINGS INC 3.7%

Value ($000) $12,893 (-9.3%) Shares 172,156 (-10.3%) Est. Cost $65.65 Unrealized +12.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HCI	HCI GROUP INC	96,023 (-40.0%)	$14,846 (-51.6%)	4.3%	$188.36	-12.3%	COM	40416E103
TH	TARGET HOSPITALITY CORP	1,616,642 (-51.1%)	$15,002 (-43.3%)	4.3%	$7.86	-6.1%	COM	87615L107
MCHB	MECHANICS BANCORP	545,321 (-58.7%)	$8,043 (-58.3%)	2.3%	$12.96	+15.8%	CL A	43785V102
USAU	U S GOLD CORP	969,792 (-19.8%)	$14,731 (-37.3%)	4.3%	$12.49	+49.7%	COM NEW	90291C201
HG	HAMILTON INSURANCE GROUP LTD	223,291 (-54.9%)	$6,661 (-51.8%)	1.9%	$21.07	+34.9%	CL B	G42706104
AIG	AMERICAN INTL GROUP INC	165,000 (-24.8%)	$12,416 (-33.8%)	3.6%	$79.68	-4.2%	COM NEW	026874784
EZPW	EZCORP INC	371,657 (-48.3%)	$9,433 (-32.5%)	2.7%	$18.85	+20.9%	CL A NON VTG	302301106
AZ	A2Z CUST2MATE SOLUTIONS CORP	53,047 (-91.5%)	$354 (-91.3%)	0.1%	$8.70	-22.2%	COM	002205102
CUBI	CUSTOMERS BANCORP INC	124,100 (-23.5%)	$8,614 (-27.3%)	2.5%	$50.66	+49.7%	COM	23204G100
GATX	GATX CORP	50,811 (-26.2%)	$8,675 (-25.7%)	2.5%	$149.72	+22.9%	COM	361448103
NODK	NI HLDGS INC	14,758 (-90.6%)	$190 (-90.9%)	0.1%	$15.23	-12.1%	COM	65342T106
BFH	BREAD FINANCIAL HOLDINGS INC	172,156 (-10.3%)	$12,893 (-9.3%)	3.7%	$65.65	+12.5%	COM	018581108

Unchanged Positions (1)

HOOD ROBINHOOD MKTS INC 1.6%

Value ($000) $5,467 Shares 78,883 Est. Cost $109.05 Unrealized -12.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HOOD	ROBINHOOD MKTS INC	78,883	$5,467	1.6%	$109.05	-12.2%	COM CL A	770700102