Philadelphia Financial Management of San Francisco, LLC Q4 2025 Filing
Filed February 17, 2026
Portfolio Value
$931.8M
Holdings
56
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (56 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | CRCLCIRCLE INTERNET GROUP INC | 1,335,000 | $105.9M | 11.36% | Put |
| 2 | COINCOINBASE GLOBAL INC | 400,000 | $90.5M | 9.71% | Put |
| 3 | MIGASTRATEGY INC | 300,000 | $45.6M | 4.89% | Put |
| 4 | BMNRBITMINE IMMERSION TECNOLOGIE | 1,500,000 | $40.7M | 4.37% | Put |
| 5 | CRWVCOREWEAVE INC | 550,000 | $39.4M | 4.23% | Put |
| 6 | AIGAMERICAN INTL GROUP INC | 449,661 | $38.5M | 4.13% | Call |
| 7 | IBITISHARES BITCOIN TRUST ETF | 700,000 | $34.8M | 3.73% | Call |
| 8 | HCIHCI GROUP INC | 160,000 | $30.7M | 3.29% | |
| 9 | THTARGET HOSPITALITY CORP | 3,304,424 | $26.5M | 2.84% | |
| 10 | USAUU S GOLD CORP | 1,209,624 | $23.5M | 2.52% | |
| 11 | GMGENERAL MTRS CO | 254,590 | $20.7M | 2.22% | |
| 12 | PNFPPINNACLE FINL PARTNERS INC | 206,171 | $19.7M | 2.11% | |
| 13 | MCHBMECHANICS BANCORP | 1,319,486 | $19.3M | 2.07% | |
| 14 | HUTHUT 8 CORP | 400,000 | $18.4M | 1.97% | Put |
| 15 | XZOEXZEO GROUP INC | 710,000 | $17.2M | 1.85% | |
| 16 | APLDAPPLIED DIGITAL CORP | 700,000 | $17.2M | 1.84% | Put |
| 17 | DBDEUTSCHE BANK A G | 436,262 | $16.8M | 1.81% | |
| 18 | BLSHBULLISH | 425,000 | $16.1M | 1.73% | Put |
| 19 | BFHBREAD FINANCIAL HOLDINGS INC | 191,939 | $14.2M | 1.52% | |
| 20 | EZPWEZCORP INC | 719,529 | $14.0M | 1.50% | |
| 21 | HGHAMILTON INSURANCE GROUP LTD | 495,283 | $13.8M | 1.48% | |
| 22 | HIGHARTFORD INSURANCE GROUP INC | 99,471 | $13.7M | 1.47% | |
| 23 | BWINTHE BALDWIN INSURANCE GRP IN | 556,299 | $13.4M | 1.43% | |
| 24 | T77LENDINGTREE INC NEW | 251,459 | $13.3M | 1.43% | |
| 25 | MPMP MATERIALS CORP | 260,000 | $13.1M | 1.41% | Call |
| 26 | SKYCHAMPION HOMES INC | 155,425 | $13.1M | 1.41% | |
| 27 | AFGAMERICAN FINL GROUP INC OHIO | 91,610 | $12.5M | 1.34% | |
| 28 | XYZBLOCK INC | 183,743 | $12.0M | 1.28% | |
| 29 | CUBICUSTOMERS BANCORP INC | 162,129 | $11.9M | 1.27% | |
| 30 | GATXGATX CORP | 68,837 | $11.7M | 1.25% | |
| 31 | IRENIREN LIMITED | 300,000 | $11.3M | 1.22% | Put |
| 32 | KKRKKR & CO INC | 78,563 | $10.0M | 1.07% | |
| 33 | TPGTPG INC | 155,699 | $9.9M | 1.07% | |
| 34 | FUTUFUTU HLDGS LTD | 60,000 | $9.9M | 1.06% | |
| 35 | CARSCARS COM INC | 751,671 | $9.2M | 0.98% | |
| 36 | TOSTTOAST INC | 257,848 | $9.2M | 0.98% | |
| 37 | HOODROBINHOOD MKTS INC | 78,889 | $8.9M | 0.96% | |
| 38 | OZKBANK OZK LITTLE ROCK ARK | 189,226 | $8.7M | 0.93% | |
| 39 | ENVAENOVA INTL INC | 50,311 | $7.9M | 0.85% | |
| 40 | ARRARMOUR RESIDENTIAL REIT INC | 434,709 | $7.7M | 0.83% | |
| 41 | COFCAPITAL ONE FINL CORP | 27,643 | $6.7M | 0.72% | |
| 42 | ONEWONEWATER MARINE INC | 614,605 | $6.7M | 0.71% | |
| 43 | NIJNELNET INC | 46,910 | $6.2M | 0.67% | |
| 44 | COLBCOLUMBIA BKG SYS INC | 215,468 | $6.0M | 0.65% | |
| 45 | PFSIPENNYMAC FINL SVCS INC NEW | 43,787 | $5.8M | 0.62% | |
| 46 | FRMIFERMI INC | 677,866 | $5.4M | 0.58% | |
| 47 | SUNSSUNRISE RLTY TR INC | 440,628 | $4.2M | 0.45% | |
| 48 | AZA2Z CUST2MATE SOLUTIONS CORP | 625,352 | $4.1M | 0.44% | |
| 49 | NPNEPTUNE INS HLDGS INC | 125,000 | $3.6M | 0.39% | |
| 50 | SOCSABLE OFFSHORE CORP | 328,081 | $3.0M | 0.32% | |
| 51 | LEGHLEGACY HOUSING CORP | 134,227 | $2.6M | 0.28% | |
| 52 | PARPAR TECHNOLOGY CORP | 69,100 | $2.5M | 0.27% | |
| 53 | NODKNI HLDGS INC | 157,719 | $2.1M | 0.23% | |
| 54 | —SKYLINE BLDRS GROUP HLDG LTD | 608,753 | $1.8M | 0.19% | |
| 55 | TNGXTANGO THERAPEUTICS INC | 33,291 | $294K | 0.03% | |
| 56 | NFENEW FORTRESS ENERGY INC | 209,964 | $239K | 0.03% |