UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
03-31-2023
Check here if Amendment: ☐ Amendment Number:
This Amendment (Check only one.):☐ is a restatement.
☐ adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:
Philadelphia Financial Management of San Francisco, LLC
Address:
450 SANSOME STREET
SUITE 1500
SAN FRANCISCO, CA 94111
Form 13F File Number:
028-11642

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.


Person Signing this Report on Behalf of Reporting Manager:
Name:
Gerard F. Moore
Title:
CFO, CCO
Phone:
415-352-4460


Signature, Place, and Date of Signing:

/s/ Gerard F. Moor
                         [Signature]
San Francisco, CALIFORNIA
                 [City, State]
05-15-2023
                           [Date]
                          

Report Type (Check only one.):

☒ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) 

☐ 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) 

☐ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)


Form 13F Summary Page

Report Summary:

Number of Other Included Managers:
3
Form 13F Information table Entry Total:
25
Form 13F Information table Value Total:
268996619
          (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]

No.Form 13F File NumberNameCIK
1
 
Boathouse Row I, L.P.
0001458495
2
 
Boathouse Row II L P
0001295594
3
 
BOATHOUSE ROW OFFSHORE MINYAN, LTD.
0001316058


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AERCAP HOLDINGS NVSHSN0098510616,274,818289,433SHSOLE1,2,3289,433 0 0
AMERICAN FINL GROUP INC OHIOCOM02593210412,224,358100,612SHSOLE1,2100,612 0 0
ASSURED GUARANTY LTDCOMG0585R10618,013,350358,332SHSOLE1,2358,332 0 0
ALLSTATE CORPCOM02000210116,453,623148,485SHSOLE1,2148,485 0 0
A-MARK PRECIOUS METALS INCCOM00181T10713,233,944381,932SHSOLE1,2,3381,932 0 0
BLACK KNIGHT INCCOM09215C10520,710,606359,809SHSOLE1,2,3359,809 0 0
AVIS BUDGET GROUPCOM05377410513,004,45866,758SHSOLE1,2,366,758 0 0
CHUBB LIMITEDCOMH1467J10416,907,64187,072SHSOLE1,2,387,072 0 0
CBOE GLOBAL MKTS INCCOM12503M1086,828,65550,869SHSOLE1,2,350,869 0 0
CAMECO CORPCOM13321L10813,483,255515,218SHSOLE1,2,3515,218 0 0
CME GROUP INCCOM12572Q1058,271,36643,188SHSOLE1,243,188 0 0
EAST WEST BANCORP INCCOM27579R10411,045,166199,012SHSOLE1,2,3199,012 0 0
FIRST HORIZON CORPORATIONCOM32051710511,627,391653,959SHSOLE1,2,3653,959 0 0
FIRST INTST BANCSYSTEM INCCOM CL A32055Y2013,887,473130,190SHSOLE1,2130,190 0 0
FTAI INFRASTRUCTURE INCCOMMON STOCK35953C1067,433,5112,477,837SHSOLE1,22,477,837 0 0
FORGE GLOBAL HOLDINGS INCCOM34629L1031,986,8291,135,331SHSOLE31,135,331 0 0
FTAI AVIATION LTDSHSG3730V10512,390,977443,168SHSOLE1,2,3443,168 0 0
INTERACTIVE BROKERS GROUP INCOM CL A45841N1078,250,30399,931SHSOLE1,299,931 0 0
M/I HOMES INCCOM55305B1015,221,77082,767SHSOLE1,2,382,767 0 0
MARSH & MCLENNAN COS INCCOM57174810210,768,62364,657SHSOLE1,2,364,657 0 0
PINNACLE FINL PARTNERS INCCOM72346Q1048,053,029145,994SHSOLE1,2145,994 0 0
SLM CORPCOM78442P10616,490,7931,330,976SHSOLE1,2,31,330,976 0 0
TARGET HOSPITALITY CORPCOM87615L10711,420,276869,123SHSOLE1,2,3869,123 0 0
UPBOUND GROUP INCCOM76009N100825,76633,691SHSOLE1,233,691 0 0
WESTERN ALLIANCE BANCORPCOM9576381094,188,638117,857SHSOLE1,2117,857 0 0