Instuitional Investor - Philadelphia Financial Management Of San Francisco, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Goldman Sachs Group IncPUT	GS	39,500	$33,416,605	9.67%
2.	Axis Capital Holdings Ltd	AXS	148,000	$15,008,680	4.34%
3.	Target Hospitality Corp.	TH	1,616,642	$15,002,438	4.34%
4.	Hci Group Inc.	HCI	96,023	$14,846,116	4.3%
5.	U.s. Gold Corp.	USAU	969,792	$14,731,140	4.26%