GRAND CANYON ED INC

Ticker: LOPE CUSIP: 38526M106 Class: COM

Philadelphia Financial Management of San Francisco, LLC's Holding History (CIK: 0001351407)

Note: Option positions (PUT/CALL) are excluded.

Q4 2019

Shares 169,928 Value ($000) $16,277 Avg Close $92.28 Range $76.48 - $101.94

Q1 2016

Shares 318,245 Value ($000) $13,602 Avg Close $38.54 Range $31.12 - $43.37

Q4 2015

Shares 358,660 Value ($000) $14,389 Avg Close $39.37 Range $36.18 - $42.81

Q3 2015

Shares 420,039 Value ($000) $15,957 Avg Close $40.18 Range $35.38 - $45.17

Q2 2015

Shares 269,865 Value ($000) $11,442 Avg Close $43.31 Range $41.30 - $45.82

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2019	169,928	$16,277	$92.28	$76.48 - $101.94
Q1 2016	318,245	$13,602	$38.54	$31.12 - $43.37
Q4 2015	358,660	$14,389	$39.37	$36.18 - $42.81
Q3 2015	420,039	$15,957	$40.18	$35.38 - $45.17
Q2 2015	269,865	$11,442	$43.31	$41.30 - $45.82