Snow Phipps Group, LLC

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (24 quarters reported)

$351M $64M

Q1 20 Q1 22 Q2 23 Q3 24 Q4 25 Q3 26

$91.1M in Q1 2020 → $264M now. Hover for any quarter.

Holdings

As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
Velocity Financial Inc	75.9%	Unchanged	13,353,103	$201M
Laureate Education Inc	24.1%	Trimmed 24%	1,665,410	$63.6M

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.

quarter ended September 30, 2026 · filed October 07, 2026

Company	Action	Shares changed	Value of change	% of portfolio
Laureate Education Inc	Trimmed	−519,902	−$19.8M	24.1%

quarter ended June 30, 2026 · filed July 09, 2026

Company	Action	Shares changed	Value of change	% of portfolio
Laureate Education Inc	Added	+2,654	+$96.4K	24.4%

quarter ended March 31, 2026 · filed April 14, 2026

No position changes this quarter.

quarter ended December 31, 2025 · filed January 27, 2026

Company	Action	Shares changed	Value of change	% of portfolio
Laureate Education Inc	Added	+2,025	+$68.2K	21.0%

quarter ended September 30, 2025 · filed October 15, 2025

Company	Action	Shares changed	Value of change	% of portfolio
Laureate Education Inc	Added	+2,025	+$63.9K	22.1%

quarter ended June 30, 2025 · filed July 09, 2025

Company	Action	Shares changed	Value of change	% of portfolio
Laureate Education Inc	Added	+3,098	+$72.4K	17.1%

quarter ended March 31, 2025 · filed April 10, 2025

Company	Action	Shares changed	Value of change	% of portfolio
Velocity Financial Inc	Added	+1,080,338	+$20.2M	84.9%
Laureate Education Inc	Trimmed	−520,833	−$10.7M	15.1%

quarter ended December 31, 2024 · filed January 14, 2025

Company	Action	Shares changed	Value of change	% of portfolio
Laureate Education Inc	Added	+1,990	+$36.4K	17.0%

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