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.