Philadelphia Financial Management of San Francisco, LLC

Q4 2013 13F Holdings Report, Stock Holdings

Signature - Title: Rachael Clarke - Chief Compliance Officer
Location: San Francisco, CA
Holdings as of: 31 Dec 2013
Value $: $401,254,000
Num holdings: 34
Filing time: 14 Feb 2014, 07:54:32 UTC
Form type: 13F-HR
Description: All US holdings of this investor are reported in this report. Top holdings included NNI, NBHC, DBDQQ, AGO, and KCG.
Next filing: Q1 2014 - 14 May 2014
SEC: View on sec.gov

Sym	Weight	Trade Impact	Company	Class	Share Change	Activity	Value Change $	Value $	* Price $	Shares	Principal

Compare Q4 2013 to

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
Rachael Clarke	Chief Compliance Officer	San Francisco, California	14 Feb 2014

Other Included Managers (4):

Num	Name	Location	File Number
1	Boathouse Row I, L.P.
2	Boathouse Row II L P
3	BOATHOUSE ROW OFFSHORE LTD
4	BOATHOUSE ROW OFFSHORE REGATTA LTD