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Philadelphia Financial Management, exec disclose stake in Performant Financial

Philadelphia Financial Management of San Francisco LLC and Jordan Hymowitz, a managing member of Philadelphia Financial, disclosed beneficial ownership of 3,675,597 Performant Financial Corp. common shares, representing 7.32% of its outstanding shares.

The total shares owned by Philadelphia Financial and Hymowitz includes 1,371,158 common shares beneficially owned by Boathouse Row I LP, 739,741 common shares beneficially owned by Boathouse Row II LP and 1,564,698 common shares beneficially owned by Boathouse Row Offshore Ltd.

Philadelphia Financial is the general partner of Boathouse Row I and Boathouse Row II, and investment adviser to Boathouse Row Offshore.

The investor group acquired the common shares for investment purposes using funds from working capital. The common shares were acquired for about $7.1 million, including about $2.4 million paid by Boathouse Row I, about $2.0 million paid by Boathouse Row II and about $2.7 million paid by Boathouse Row Offshore.

The investor group may discuss with Performant Financial shareholders, officers and board members matters regarding the company's operations, governance and control, among other things.