Philadelphia Financial Management of San Francisco, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSTR	STRATEGY INC	300,000	$45,585	4.9%	—	—	PUT	594972408
BMNR	BITMINE IMMERSION TECNOLOGIE	1,500,000	$40,725	4.4%	—	—	PUT	09175A206
CRWV	COREWEAVE INC	550,000	$39,386	4.2%	—	—	PUT	21873S108
IBIT	ISHARES BITCOIN TRUST ETF	700,000	$34,755	3.7%	—	—	CALL	46438F101
HCI	HCI GROUP INC	160,000	$30,670	3.3%	$188.36	0.0%	COM	40416E103
GM	GENERAL MTRS CO	254,590	$20,703	2.2%	$70.40	0.0%	COM	37045V100
AIG	AMERICAN INTL GROUP INC	230,300	$19,702	2.1%	$79.68	0.0%	CALL	026874784
—	PINNACLE FINL PARTNERS INC	206,171	$19,671	2.1%	$95.41	—	COM	72346Q104
AIG	AMERICAN INTL GROUP INC	219,361	$18,766	2.0%	$79.68	0.0%	COM NEW	026874784
HUT	HUT 8 CORP	400,000	$18,376	2.0%	—	—	PUT	44812J104
XZO	EXZEO GROUP INC	710,000	$17,218	1.8%	$19.02	0.0%	COM SHS	30234F101
APLD	APPLIED DIGITAL CORP	700,000	$17,164	1.8%	—	—	PUT	038169207
BFH	BREAD FINANCIAL HOLDINGS INC	191,939	$14,209	1.5%	$65.65	0.0%	COM	018581108
EZPW	EZCORP INC	719,529	$13,973	1.5%	$18.85	0.0%	CL A NON VTG	302301106
HIG	HARTFORD INSURANCE GROUP INC	99,471	$13,707	1.5%	$131.57	0.0%	COM	416515104
BWIN	THE BALDWIN INSURANCE GRP IN	556,299	$13,368	1.4%	$25.47	0.0%	COM CL A	05589G102
TREE	LENDINGTREE INC NEW	251,459	$13,350	1.4%	$53.09	—	COM	52603B107
XYZ	BLOCK INC	183,743	$11,960	1.3%	$68.98	0.0%	CL A	852234103
IREN	IREN LIMITED	300,000	$11,331	1.2%	—	—	PUT	Q4982L109
CARS	CARS COM INC	751,671	$9,170	1.0%	$11.63	0.0%	COM	14575E105
TOST	TOAST INC	257,848	$9,156	1.0%	$36.05	0.0%	CL A	888787108
OZK	BANK OZK LITTLE ROCK ARK	189,226	$8,708	0.9%	$46.27	0.0%	COM	06417N103
ENVA	ENOVA INTL INC	50,311	$7,909	0.8%	$130.16	0.0%	COM	29357K103
COF	CAPITAL ONE FINL CORP	27,643	$6,700	0.7%	$222.19	0.0%	COM	14040H105
NNI	NELNET INC	46,910	$6,237	0.7%	$130.83	0.0%	CL A	64031N108
FRMI	FERMI INC	677,866	$5,423	0.6%	$19.51	0.0%	COM	314911108
NP	NEPTUNE INS HLDGS INC	125,000	$3,645	0.4%	$26.30	0.0%	CL A	64073B103
SOC	SABLE OFFSHORE CORP	328,081	$2,959	0.3%	$9.44	0.0%	COM SHS	78574H104
LEGH	LEGACY HOUSING CORP	134,227	$2,620	0.3%	$21.42	0.0%	COM	52472M101
PAR	PAR TECHNOLOGY CORP	69,100	$2,507	0.3%	$36.08	0.0%	COM	698884103
TNGX	TANGO THERAPEUTICS INC	33,291	$295	0.0%	$8.62	0.0%	COM	87583X109

Increased Positions (13)

COIN COINBASE GLOBAL INC 9.7%

Value ($000) $90,456 (+62.4%) Shares 400,000 (+142.4%) Est. Cost — Unrealized —

CRCL CIRCLE INTERNET GROUP INC 11.4%

Value ($000) $105,866 (+41.3%) Shares 1,335,000 (+136.3%) Est. Cost — Unrealized —

USAU U S GOLD CORP 2.5%

Value ($000) $23,479 (+66.1%) Shares 1,209,624 (+41.0%) Est. Cost $12.49 Unrealized +36.8%

MP MP MATERIALS CORP 1.4%

Value ($000) $13,135 (+95.8%) Shares 260,000 (+160.0%) Est. Cost $25.52 Unrealized +148.4%

KKR KKR & CO INC 1.1%

Value ($000) $10,015 (+127.3%) Shares 78,563 (+131.7%) Est. Cost $131.78 Unrealized -5.7%

TH TARGET HOSPITALITY CORP 2.8%

Value ($000) $26,468 (+25.0%) Shares 3,304,424 (+32.3%) Est. Cost $7.86 Unrealized -3.5%

BLSH BULLISH 1.2%

Value ($000) $11,361 (+48.8%) Shares 300,000 (+150.0%) Est. Cost $50.47 Unrealized -3.5%

BLSH BULLISH 0.5%

Value ($000) $4,734 (+325.2%) Shares 125,000 (+614.3%) Est. Cost $50.47 Unrealized -3.5%

AFG AMERICAN FINL GROUP INC OHIO 1.3%

Value ($000) $12,521 (+39.2%) Shares 91,610 (+48.4%) Est. Cost $129.47 Unrealized +3.2%

DB DEUTSCHE BANK A G 1.8%

Value ($000) $16,822 (+14.2%) Shares 436,262 (+4.9%) Est. Cost $34.18 Unrealized +5.6%

SKBL SKYLINE BLDRS GROUP HLDG LTD 0.2%

Value ($000) $1,790 (+707.6%) Shares 608,753 (+839.4%) Est. Cost $2.89 Unrealized +3.9%

GATX GATX CORP 1.3%

Value ($000) $11,675 (+6.4%) Shares 68,837 (+9.7%) Est. Cost $149.72 Unrealized +9.8%

NODK NI HLDGS INC 0.2%

Value ($000) $2,098 (+1.3%) Shares 157,719 (+3.3%) Est. Cost $15.23 Unrealized -11.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COIN	COINBASE GLOBAL INC	400,000 (+142.4%)	$90,456 (+62.4%)	9.7%	—	—	PUT	19260Q107
CRCL	CIRCLE INTERNET GROUP INC	1,335,000 (+136.3%)	$105,866 (+41.3%)	11.4%	—	—	PUT	172573107
USAU	U S GOLD CORP	1,209,624 (+41.0%)	$23,479 (+66.1%)	2.5%	$12.49	+36.8%	COM NEW	90291C201
MP	MP MATERIALS CORP	260,000 (+160.0%)	$13,135 (+95.8%)	1.4%	$25.52	+148.4%	CALL	553368101
KKR	KKR & CO INC	78,563 (+131.7%)	$10,015 (+127.3%)	1.1%	$131.78	-5.7%	COM	48251W104
TH	TARGET HOSPITALITY CORP	3,304,424 (+32.3%)	$26,468 (+25.0%)	2.8%	$7.86	-3.5%	COM	87615L107
BLSH	BULLISH	300,000 (+150.0%)	$11,361 (+48.8%)	1.2%	$50.47	-3.5%	PUT	G16910120
BLSH	BULLISH	125,000 (+614.3%)	$4,734 (+325.2%)	0.5%	$50.47	-3.5%	ORD SHS	G16910120
AFG	AMERICAN FINL GROUP INC OHIO	91,610 (+48.4%)	$12,521 (+39.2%)	1.3%	$129.47	+3.2%	COM	025932104
DB	DEUTSCHE BANK A G	436,262 (+4.9%)	$16,822 (+14.2%)	1.8%	$34.18	+5.6%	NAMEN AKT	D18190898
SKBL	SKYLINE BLDRS GROUP HLDG LTD	608,753 (+839.4%)	$1,790 (+707.6%)	0.2%	$2.89	+3.9%	SHS CL A	G8193D104
GATX	GATX CORP	68,837 (+9.7%)	$11,675 (+6.4%)	1.3%	$149.72	+9.8%	COM	361448103
NODK	NI HLDGS INC	157,719 (+3.3%)	$2,098 (+1.3%)	0.2%	$15.23	-11.4%	COM	65342T106

Exited Positions (33)

IWM ISHARES TR 5.2%

Value ($000) $48,392 Shares 200,000 Est. Cost — Unrealized —

GS GOLDMAN SACHS GROUP INC 4.3%

Value ($000) $39,818 Shares 50,000 Est. Cost — Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 3.9%

Value ($000) $36,484 Shares 200,000 Est. Cost — Unrealized —

SLDE SLIDE INS HLDGS INC 2.8%

Value ($000) $26,431 Shares 1,674,429 Est. Cost $16.40 Unrealized +1.7%

EG EVEREST GROUP LTD 2.8%

Value ($000) $26,267 Shares 75,000 Est. Cost — Unrealized —

TLN TALEN ENERGY CORP 2.3%

Value ($000) $21,269 Shares 50,000 Est. Cost — Unrealized —

PGR PROGRESSIVE CORP 2.0%

Value ($000) $19,074 Shares 77,239 Est. Cost $231.70 Unrealized -8.4%

SIGI SELECTIVE INS GROUP INC 1.9%

Value ($000) $18,156 Shares 223,959 Est. Cost $79.61 Unrealized +0.0%

ASPI ASP ISOTOPES INC 1.7%

Value ($000) $15,984 Shares 1,661,494 Est. Cost $4.67 Unrealized +70.4%

GPI GROUP 1 AUTOMOTIVE INC 1.6%

Value ($000) $15,313 Shares 35,000 Est. Cost — Unrealized —

MP MP MATERIALS CORP 1.6%

Value ($000) $14,961 Shares 223,062 Est. Cost $25.52 Unrealized +148.4%

FUTU FUTU HLDGS LTD 1.6%

Value ($000) $14,782 Shares 85,000 Est. Cost $173.91 Unrealized —

HOOD ROBINHOOD MKTS INC 1.5%

Value ($000) $14,318 Shares 100,000 Est. Cost $109.05 Unrealized +19.3%

ALL ALLSTATE CORP 1.5%

Value ($000) $14,088 Shares 65,631 Est. Cost $187.01 Unrealized +9.1%

BOW BOWHEAD SPECIALTY HLDGS INC 1.5%

Value ($000) $14,056 Shares 519,833 Est. Cost $33.50 Unrealized -20.8%

CXW CORECIVIC INC 1.4%

Value ($000) $12,922 Shares 634,996 Est. Cost $20.12 Unrealized -8.9%

FNF FIDELITY NATIONAL FINANCIAL 1.4%

Value ($000) $12,632 Shares 208,824 Est. Cost $55.11 Unrealized -0.6%

AXS AXIS CAP HLDGS LTD 1.3%

Value ($000) $11,936 Shares 124,588 Est. Cost $96.84 Unrealized +2.6%

JEF JEFFERIES FINL GROUP INC 1.3%

Value ($000) $11,870 Shares 181,444 Est. Cost $59.90 Unrealized -5.4%

MP MP MATERIALS CORP 1.2%

Value ($000) $11,402 Shares 170,000 Est. Cost $25.52 Unrealized +148.4%

COF CAPITAL ONE FINL CORP 1.1%

Value ($000) $10,629 Shares 50,000 Est. Cost $222.19 Unrealized 0.0%

BPOP POPULAR INC 1.0%

Value ($000) $9,724 Shares 76,564 Est. Cost $118.24 Unrealized -0.5%

GLXY GALAXY DIGITAL INC. 1.0%

Value ($000) $9,636 Shares 285,000 Est. Cost — Unrealized —

MHO M/I HOMES INC 0.9%

Value ($000) $8,467 Shares 58,618 Est. Cost $110.63 Unrealized +19.5%

PLMR PALOMAR HLDGS INC 0.7%

Value ($000) $6,525 Shares 55,885 Est. Cost $126.79 Unrealized -3.7%

BCS BARCLAYS PLC 0.7%

Value ($000) $6,420 Shares 310,571 Est. Cost $18.59 Unrealized —

FIGR FIGURE TECHNOLOGY SOLUTIO 0.6%

Value ($000) $5,456 Shares 150,000 Est. Cost $38.84 Unrealized +3.0%

EVER EVERQUOTE INC 0.6%

Value ($000) $5,399 Shares 236,077 Est. Cost $24.16 Unrealized +0.3%

ETHM DYNAMIX CORP 0.5%

Value ($000) $4,918 Shares 472,389 Est. Cost $10.74 Unrealized -3.5%

AII AMERICAN INTEGRITY INS GROUP 0.5%

Value ($000) $4,267 Shares 191,273 Est. Cost $18.96 Unrealized +17.3%

SII SPROTT INC 0.2%

Value ($000) $2,240 Shares 26,921 Est. Cost $30.71 Unrealized +188.8%

CYTK CYTOKINETICS INC 0.2%

Value ($000) $2,172 Shares 39,523 Est. Cost $41.20 Unrealized +51.0%

MBI MBIA INC 0.2%

Value ($000) $1,576 Shares 211,534 Est. Cost $6.34 Unrealized +14.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	200,000	$48,392	5.2%	—	—	PUT	464287655
GS	GOLDMAN SACHS GROUP INC	50,000	$39,818	4.3%	—	—	PUT	38141G104
PLTR	PALANTIR TECHNOLOGIES INC	200,000	$36,484	3.9%	—	—	PUT	69608A108
SLDE	SLIDE INS HLDGS INC	1,674,429	$26,431	2.8%	$16.40	+1.7%	—	831349105
EG	EVEREST GROUP LTD	75,000	$26,267	2.8%	—	—	CALL	G3223R108
TLN	TALEN ENERGY CORP	50,000	$21,269	2.3%	—	—	PUT	87422Q109
PGR	PROGRESSIVE CORP	77,239	$19,074	2.0%	$231.70	-8.4%	—	743315103
SIGI	SELECTIVE INS GROUP INC	223,959	$18,156	1.9%	$79.61	+0.0%	—	816300107
ASPI	ASP ISOTOPES INC	1,661,494	$15,984	1.7%	$4.67	+70.4%	—	00218A105
GPI	GROUP 1 AUTOMOTIVE INC	35,000	$15,313	1.6%	—	—	PUT	398905109
MP	MP MATERIALS CORP	223,062	$14,961	1.6%	$25.52	+148.4%	—	553368101
FUTU	FUTU HLDGS LTD	85,000	$14,782	1.6%	$173.91	—	PUT	36118L106
HOOD	ROBINHOOD MKTS INC	100,000	$14,318	1.5%	$109.05	+19.3%	PUT	770700102
ALL	ALLSTATE CORP	65,631	$14,088	1.5%	$187.01	+9.1%	—	020002101
BOW	BOWHEAD SPECIALTY HLDGS INC	519,833	$14,056	1.5%	$33.50	-20.8%	—	10240L102
CXW	CORECIVIC INC	634,996	$12,922	1.4%	$20.12	-8.9%	—	21871N101
FNF	FIDELITY NATIONAL FINANCIAL	208,824	$12,632	1.4%	$55.11	-0.6%	—	31620R303
AXS	AXIS CAP HLDGS LTD	124,588	$11,936	1.3%	$96.84	+2.6%	—	G0692U109
JEF	JEFFERIES FINL GROUP INC	181,444	$11,870	1.3%	$59.90	-5.4%	—	47233W109
MP	MP MATERIALS CORP	170,000	$11,402	1.2%	$25.52	+148.4%	PUT	553368101
COF	CAPITAL ONE FINL CORP	50,000	$10,629	1.1%	$222.19	0.0%	PUT	14040H105
BPOP	POPULAR INC	76,564	$9,724	1.0%	$118.24	-0.5%	—	733174700
GLXY	GALAXY DIGITAL INC.	285,000	$9,636	1.0%	—	—	PUT	36317J209
MHO	M/I HOMES INC	58,618	$8,467	0.9%	$110.63	+19.5%	—	55305B101
PLMR	PALOMAR HLDGS INC	55,885	$6,525	0.7%	$126.79	-3.7%	—	69753M105
BCS	BARCLAYS PLC	310,571	$6,420	0.7%	$18.59	—	—	06738E204
FIGR	FIGURE TECHNOLOGY SOLUTIO	150,000	$5,456	0.6%	$38.84	+3.0%	—	349381103
EVER	EVERQUOTE INC	236,077	$5,399	0.6%	$24.16	+0.3%	—	30041R108
ETHM	DYNAMIX CORP	472,389	$4,918	0.5%	$10.74	-3.5%	—	G2949D104
AII	AMERICAN INTEGRITY INS GROUP	191,273	$4,267	0.5%	$18.96	+17.3%	—	026948109
SII	SPROTT INC	26,921	$2,240	0.2%	$30.71	+188.8%	—	852066208
CYTK	CYTOKINETICS INC	39,523	$2,172	0.2%	$41.20	+51.0%	—	23282W605
MBI	MBIA INC	211,534	$1,576	0.2%	$6.34	+14.0%	—	55262C100

Decreased Positions (14)

PFSI PENNYMAC FINL SVCS INC NEW 0.6%

Value ($000) $5,773 (-79.5%) Shares 43,787 (-80.8%) Est. Cost $107.45 Unrealized +18.0%

AZ A2Z CUST2MATE SOLUTIONS CORP 0.4%

Value ($000) $4,071 (-72.6%) Shares 625,352 (-66.4%) Est. Cost $8.70 Unrealized -26.1%

HOOD ROBINHOOD MKTS INC 1.0%

Value ($000) $8,922 (-50.1%) Shares 78,889 (-36.9%) Est. Cost $109.05 Unrealized +19.3%

ONEW ONEWATER MARINE INC 0.7%

Value ($000) $6,650 (-53.3%) Shares 614,605 (-31.7%) Est. Cost $15.20 Unrealized -12.2%

FUTU FUTU HLDGS LTD 1.1%

Value ($000) $9,853 (-38.2%) Shares 60,000 (-34.5%) Est. Cost $173.91 Unrealized —

CUBI CUSTOMERS BANCORP INC 1.3%

Value ($000) $11,855 (-31.7%) Shares 162,129 (-39.0%) Est. Cost $50.66 Unrealized +35.4%

ARR ARMOUR RESIDENTIAL REIT INC 0.8%

Value ($000) $7,690 (-28.1%) Shares 434,709 (-39.3%) Est. Cost $14.94 Unrealized —

COLB COLUMBIA BKG SYS INC 0.6%

Value ($000) $6,022 (-31.6%) Shares 215,468 (-37.0%) Est. Cost $24.85 Unrealized +8.1%

SKY CHAMPION HOMES INC 1.4%

Value ($000) $13,133 (-9.6%) Shares 155,425 (-18.3%) Est. Cost $70.62 Unrealized +11.6%

SUNS SUNRISE RLTY TR INC 0.4%

Value ($000) $4,155 (-18.6%) Shares 440,628 (-10.3%) Est. Cost $11.06 Unrealized —

TPG TPG INC 1.1%

Value ($000) $9,940 (+8.8%) Shares 155,699 (-2.1%) Est. Cost $59.03 Unrealized -0.0%

MCHB MECHANICS BANCORP 2.1%

Value ($000) $19,304 (-3.5%) Shares 1,319,486 (-12.3%) Est. Cost $12.96 Unrealized +7.3%

HG HAMILTON INSURANCE GROUP LTD 1.5%

Value ($000) $13,818 (-4.7%) Shares 495,283 (-15.3%) Est. Cost $21.07 Unrealized +23.2%

NFE NEW FORTRESS ENERGY INC 0.0%

Value ($000) $239 (-69.9%) Shares 209,964 (-41.7%) Est. Cost $5.78 Unrealized -74.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PFSI	PENNYMAC FINL SVCS INC NEW	43,787 (-80.8%)	$5,773 (-79.5%)	0.6%	$107.45	+18.0%	COM	70932M107
AZ	A2Z CUST2MATE SOLUTIONS CORP	625,352 (-66.4%)	$4,071 (-72.6%)	0.4%	$8.70	-26.1%	COM	002205102
HOOD	ROBINHOOD MKTS INC	78,889 (-36.9%)	$8,922 (-50.1%)	1.0%	$109.05	+19.3%	COM CL A	770700102
ONEW	ONEWATER MARINE INC	614,605 (-31.7%)	$6,650 (-53.3%)	0.7%	$15.20	-12.2%	CL A COM	68280L101
FUTU	FUTU HLDGS LTD	60,000 (-34.5%)	$9,853 (-38.2%)	1.1%	$173.91	—	SPON ADS CL A	36118L106
CUBI	CUSTOMERS BANCORP INC	162,129 (-39.0%)	$11,855 (-31.7%)	1.3%	$50.66	+35.4%	COM	23204G100
ARR	ARMOUR RESIDENTIAL REIT INC	434,709 (-39.3%)	$7,690 (-28.1%)	0.8%	$14.94	—	COM SHS	042315705
COLB	COLUMBIA BKG SYS INC	215,468 (-37.0%)	$6,022 (-31.6%)	0.6%	$24.85	+8.1%	COM	197236102
SKY	CHAMPION HOMES INC	155,425 (-18.3%)	$13,133 (-9.6%)	1.4%	$70.62	+11.6%	COM	830830105
SUNS	SUNRISE RLTY TR INC	440,628 (-10.3%)	$4,155 (-18.6%)	0.4%	$11.06	—	COM	867981102
TPG	TPG INC	155,699 (-2.1%)	$9,940 (+8.8%)	1.1%	$59.03	-0.0%	COM CL A	872657101
MCHB	MECHANICS BANCORP	1,319,486 (-12.3%)	$19,304 (-3.5%)	2.1%	$12.96	+7.3%	CL A	43785V102
HG	HAMILTON INSURANCE GROUP LTD	495,283 (-15.3%)	$13,818 (-4.7%)	1.5%	$21.07	+23.2%	CL B	G42706104
NFE	NEW FORTRESS ENERGY INC	209,964 (-41.7%)	$239 (-69.9%)	0.0%	$5.78	-74.5%	COM CL A	644393100