Instuitional Investor - Philadelphia Financial Management Of San Francisco, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Circle Internet Group Inc.PUT	CRCL	565,000	$74,907,700	8.39%
2.	Coinbase Global Inc.PUT	COIN	165,000	$55,685,850	6.24%
3.	Ishares TrustPUT	IEF	200,000	$48,392,000	5.42%
4.	Goldman Sachs Group IncPUT	GS	50,000	$39,817,500	4.46%
5.	Palantir Technologies Inc.PUT	PLTR	200,000	$36,484,000	4.09%