Overview
                                    
                                    
                                        
                                            Philadelphia Financial Management of San Francisco, LLC (“Philadelphia Financial,” “we,” “us,” or 
“our”) began operations in March of 2004. We provide discretionary investment advisory services to 
private investment funds that are structured as limited partnerships of which we are the sole general 
partner, or non-U.S. companies of which we are the investment manager. We refer to all of these 
investment funds collectively as the “Funds” or “clients.” At this time we do not manage assets for or 
provide investment advice to any clients other than the Funds, although we may in the future.  
Philadelphia Financial is principally owned by Jordan Hymowitz.  
We  have  full discretion to  invest  and  trade the  Funds’ assets.  The  Funds  have  broad  investment 
mandates, with no contractual limitations on types of instruments in which we may cause them to 
trade or invest. We cause the Funds to invest and trade in a variety of securities, primarily U.S. and 
Canadian publicly traded securities of companies involved in the financial services sector. The Funds 
sell securities short, engage in some short-term trading, and may invest and trade in options, other 
derivatives and other instruments.  
We manage each Fund pursuant to the objectives specified in the materials by which
                                        
                                        
                                             the Fund offers 
its ownership interests to investors. We, as general partner, determine those objectives for the Funds 
that are limited partnerships. The boards of directors of the non-U.S. Funds have the authority to 
determine those objectives, subject to our agreement, and to supervise those Funds’ investment and 
trading activities. Our agreements with the Funds impose no limits on the types of securities or other 
instruments in which the Funds may invest, the types of positions they may take, the concentration 
of their investments by sector, industry, fund, country, class or otherwise, the amount of leverage 
they may employ or the number or nature of short positions they may take. The Funds’ investors do 
not  have  the  right  to  specify,  restrict,  or  influence  their  Funds’  investment  objectives  or  any 
investment or trading decisions. Our investment decisions and advice with respect to each Fund will 
be subject to each Fund’s investment objectives and guidelines, as set forth in its respective offering 
documents. 
We do not participate in wrap fee programs. 
As  of  December  31,  2023,  we  managed  approximately  $642,832,777  in  regulatory  assets  under 
management on a discretionary basis. We do not manage any non-discretionary assets.