Stilwell Joseph - 11 Dec 2025 Form 4 Insider Report for KINGSWAY FINANCIAL SERVICES INC (KFS)

Role
Director, 10%+ Owner
Signature
/s/ Kent Hansen as Attorney-in-Fact for Joseph Stilwell
Issuer symbol
KFS
Transactions as of
11 Dec 2025
Net transactions value
-$864,000
Form type
4
Filing time
15 Dec 2025, 18:30:09 UTC
Previous filing
12 Dec 2025
Next filing
17 Dec 2025
SEC
View on sec.gov

Reporting Owners (6)

Name Relationship Address Signature Signature date CIK
Stilwell Joseph Director, 10%+ Owner 200 CALLE DEL SANTO CRISTO, SAN JUAN, PUERTO RICO /s/ Kent Hansen as Attorney-in-Fact for Joseph Stilwell 15 Dec 2025 0001113303
Stilwell Value LLC 10%+ Owner 111 BROADWAY, 12TH FLOOR, NEW YORK /s/ Kent Hansen as Attorney-in-Fact for Stilwell Value LLC 15 Dec 2025 0001397076
Stilwell Associates, L.P. 10%+ Owner 111 BROADWAY, 12TH FLOOR, NEW YORK /s/ Kent Hansen as Attorney-in-Fact for Stilwell Associates, L.P. 15 Dec 2025 0000913960
Stilwell Activist Fund, L.P. 10%+ Owner 111 BROADWAY, 12TH FLOOR, NEW YORK /s/ Kent Hansen as Attorney-in-Fact for Stilwell Activist Fund, L.P. 15 Dec 2025 0001564452
Stilwell Activist Investments, L.P. 10%+ Owner 111 BROADWAY, 12TH FLOOR, NEW YORK /s/ Kent Hansen as Attorney-in-Fact for Stilwell Activist Investments, L.P. 15 Dec 2025 0001573720
Stilwell Value Partners VII, L.P. 10%+ Owner 111 BROADWAY, 12TH FLOOR, NEW YORK /s/ Kent Hansen as Attorney-in-Fact for Stilwell Value Partners VII, L.P. 15 Dec 2025 0001555931

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction KFS Common Stock Sale $864,000 -67,500 -10% $12.80 579,404 11 Dec 2025 See footnote F2, F3
holding KFS Common Stock 162,500 11 Dec 2025 Direct F1
holding KFS Common Stock 3,550,382 11 Dec 2025 See footnote F4
holding KFS Common Stock 457,181 11 Dec 2025 See footnote F5
holding KFS Common Stock 590,410 11 Dec 2025 See footnote F6

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding KFS Class D Preferred Stock 20,000 11 Dec 2025 Common Stock 52,631 $9.50 See footnote F3, F7
holding KFS Class C Preferred Stock 33,600 11 Dec 2025 Common Stock 88,421 $9.50 See footnote F4, F8
holding KFS Class C Preferred Stock 6,400 11 Dec 2025 Common Stock 16,842 $9.50 See footnote F5, F8
* 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 11, 2025 Stilwell Associates, L.P. ("Associates") sold 67,500 shares at $12.80.
F3 These are shares owned directly by Associates 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 Associates. 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 Stilwell Activist Investments, L.P. ("SAI") and indirectly by Joseph Stilwell in his capacity as the managing member and owner of 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.
F5 These are shares owned directly by Stilwell Activist Fund, L.P. ("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.
F6 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.
F7 The shares of Class D Preferred Stock of Kingsway Financial Services Inc. (the "Company") have a stated value of $25 per share and are convertible at any time into shares of Common Stock, par value $0.01 per share, of the Company (the "Common Stock") at a conversion basis equal to 2.63158 shares of Common Stock for each share of Class D Preferred Stock, subject to customary adjustments. All outstanding shares of Class D Preferred Stock shall be redeemed by the Company on May 7, 2032.
F8 The shares of Class C Preferred Stock of the Company have a stated value of $25 per share and are convertible at any time into shares of Common Stock at a conversion basis equal to 2.63158 shares of Common Stock for each share of Class C Preferred Stock, subject to customary adjustments. All outstanding shares of Class C Preferred Stock shall be redeemed by the Company on February 12, 2032.