Joseph Stilwell - Dec 18, 2024 Form 4 Insider Report for KINGSWAY FINANCIAL SERVICES INC (KFS)

Role: Director, 10%+ Owner
Signature: /s/ Debra Rouse as Attorney-in-Fact for Joseph Stilwell
Stock symbol: KFS
Transactions as of: Dec 18, 2024
Transactions value $: -$4,973,700
Form type: 4
Date filed: 12/20/2024, 03:21 PM
Previous filing: Nov 25, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	KFS	Common Stock	Sale	-$2.72M	-323K	-6.68%	$8.43	4.51M	Dec 18, 2024	See footnote	F2, F3
transaction	KFS	Common Stock	Sale	-$358K	-42.4K	-6.67%	$8.43	594K	Dec 18, 2024	See footnote	F2, F4
transaction	KFS	Common Stock	Sale	-$1.68M	-199K	-4.41%	$8.43	4.31M	Dec 19, 2024	See footnote	F2, F3
transaction	KFS	Common Stock	Sale	-$220K	-26.1K	-4.4%	$8.43	568K	Dec 19, 2024	See footnote	F2, F4
holding	KFS	Common Stock						163K	Dec 18, 2024	Direct	F1
holding	KFS	Common Stock						919K	Dec 18, 2024	See footnote	F5
holding	KFS	Common Stock						905K	Dec 18, 2024	See footnote	F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These are shares owned directly by Joseph Stilwell.
F2	This Form 4 reports the following sales: on December 18, 2024 (a) Stilwell Activist Investments, L.P. ("SAI") sold 322,584 shares at $8.43, and (b) Stilwell Activist Fund, L.P. ("SAF") sold 42,416 shares at $8.43; and on December 19, 2024 (a) SAI sold 198,869 shares at $8.43, and (b) SAF sold 26,131 shares at $8.43.
F3	These are shares owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
F4	These are shares owned directly by SAF and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
F5	These are shares owned directly by Stilwell Value Partners VII, L.P. ("SVP VII") and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SVP VII. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
F6	These are shares owned directly by Stilwell Associates, L.P. ("Associates") and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of Associates. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.