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SCHEDULE Filed 2025-04-02 Event 2025-03-31 SEC 0000921895-25-000965 →

STILWELL JOSEPH KINGSWAY FINANCIAL SERVICES INC KFS

Stake: 21.60% Shares: 5,968,290 CUSIP: 496904202 Class: Common Shares, no par value

Item 4 — Purpose of Transaction

We are filing this Forty-Fifth Amendment to report that pursuant to three option agreements (collectively, the "Option Agreements" and each, an "Option Agreement") dated March 31, 2025, the terms of which are more fully summarized below in Item 6, Stilwell Value LLC has granted certain counterparties options to purchase certain shares of Common Stock of the Issuer beneficially owned by members of the Group. A copy of the form of an Option Agreement is attached as Exhibit 16 to this Forty-Fifth Amendment. Our purpose in acquiring shares of Common Stock of the Issuer is to profit from the appreciation in the market price of the shares of Common Stock through asserting shareholder rights. We do not believe the value of the Issuer is adequately reflected in the current market price of the Issuer's Common Stock. Members of the Group may seek to make additional purchases or sales of shares of Common Stock. Except as described in this filing, no member of the Group has any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of Item 4 of Schedule 13D. Members of the Group may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto. Since 2000, members or affiliates of the Group have taken an "activist position" in 76 other publicly-traded companies. In each instance, our purpose has been to profit from the appreciation in the market price of the shares we held by asserting shareholder rights. In addition, we believed that the values of the companies' assets were not adequately reflected in the market prices of their shares. Our actions with respect to such publicly-traded companies are described in Schedule A, attached hereto and incorporated herein by reference.

Cross-References

Insider Activity (last 365d)
1 transaction
1 buys · 0 sales · 0 awards/exercises
Issuer Cluster
4 13D/G filings on this issuer
3 other filings besides this one
Filer Track Record
25 filings by this filer
24 other filings in the data moat
Short Interest · settle 2026-03-31
DTC 11.95
1,254,670 shares short · +0.2% vs prior

Form 4 Insider Transactions · last 365d

DateInsiderRoleTypeSharesPriceValue
2026-03-17 Hansen Kent A officer Award 14,568 $11.02 $161K

Other 13D/G Filings on KINGSWAY FINANCIAL SERVICES INC

FiledFormFilerStakeShares
2025-02-14 SCHEDULE STILWELL JOSEPH 25.20% 6,968,290 view →
2022-07-18 SC STILWELL JOSEPH view →
2018-07-19 SC STILWELL JOSEPH view →

Other Filings by STILWELL JOSEPH

FiledFormIssuerStakeShares
2026-04-13 SCHEDULE 13D/A Catalyst Bancorp, Inc. CLST 8.60% 348,590 view →
2026-01-22 SCHEDULE PEOPLES FINANCIAL CORP /MS/ PFBX 15.00% 691,112 view →
2026-01-12 SCHEDULE Catalyst Bancorp, Inc. CLST 6.30% 260,009 view →
2025-02-14 SCHEDULE KINGSWAY FINANCIAL SERVICES INC KFS 25.20% 6,968,290 view →
2025-01-27 SCHEDULE PEOPLES FINANCIAL CORP /MS/ PFBX 14.00% 647,264 view →
2023-10-03 SC PEOPLES FINANCIAL CORP /MS/ PFBX view →
2023-10-02 SC Wheeler Real Estate Investment Trust, Inc. WHLRL view →
2022-07-18 SC KINGSWAY FINANCIAL SERVICES INC KFS view →
2022-07-12 SC PEOPLES FINANCIAL CORP /MS/ PFBX view →
2022-07-07 SC Wheeler Real Estate Investment Trust, Inc. WHLRL view →
2022-07-07 SC ICC Holdings, Inc. view →
2022-07-05 SC Sound Financial Bancorp, Inc. SFBC view →
2021-05-05 SC PEOPLES FINANCIAL CORP /MS/ PFBX view →
2021-04-08 SC PEOPLES FINANCIAL CORP /MS/ PFBX view →
2021-04-05 SC PEOPLES FINANCIAL CORP /MS/ PFBX view →
2020-04-01 SC Garrison Capital Inc. view →
2018-07-19 SC KINGSWAY FINANCIAL SERVICES INC KFS view →
2018-07-09 SC Wheeler Real Estate Investment Trust, Inc. WHLRL view →
2018-04-11 SC HOPFED BANCORP INC view →
2018-03-19 SC HOPFED BANCORP INC view →
Showing 20 of 24

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