0001104659-25-081007.txt : 20250820 0001104659-25-081007.hdr.sgml : 20250820 20250820192027 ACCESSION NUMBER: 0001104659-25-081007 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20250818 FILED AS OF DATE: 20250820 DATE AS OF CHANGE: 20250820 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: STILWELL ASSOCIATES L P CENTRAL INDEX KEY: 0000913960 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-15204 FILM NUMBER: 251238117 BUSINESS ADDRESS: STREET 1: 111 BROADWAY, 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10006 BUSINESS PHONE: 212-269-5800 MAIL ADDRESS: STREET 1: 111 BROADWAY, 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10006 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Stilwell Value LLC CENTRAL INDEX KEY: 0001397076 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-15204 FILM NUMBER: 251238118 BUSINESS ADDRESS: STREET 1: 111 BROADWAY, 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10006 BUSINESS PHONE: 2122695800 MAIL ADDRESS: STREET 1: 111 BROADWAY, 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10006 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: STILWELL JOSEPH CENTRAL INDEX KEY: 0001113303 ORGANIZATION NAME: FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-15204 FILM NUMBER: 251238119 MAIL ADDRESS: STREET 1: 111 BROADWAY, 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10006 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Stilwell Activist Investments, L.P. CENTRAL INDEX KEY: 0001573720 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-15204 FILM NUMBER: 251238115 BUSINESS ADDRESS: STREET 1: 111 BROADWAY STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10006 BUSINESS PHONE: 212-269-5800 MAIL ADDRESS: STREET 1: 111 BROADWAY STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10006 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Stilwell Value Partners VII, L.P. CENTRAL INDEX KEY: 0001555931 ORGANIZATION NAME: STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-15204 FILM NUMBER: 251238114 BUSINESS ADDRESS: STREET 1: 111 BROADWAY, 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10006 BUSINESS PHONE: 212-269-5800 MAIL ADDRESS: STREET 1: 111 BROADWAY, 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10006 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Stilwell Activist Fund, L.P. CENTRAL INDEX KEY: 0001564452 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-15204 FILM NUMBER: 251238116 BUSINESS ADDRESS: STREET 1: 111 BROADWAY STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10006 BUSINESS PHONE: 212-269-5800 MAIL ADDRESS: STREET 1: 111 BROADWAY STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10006 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: KINGSWAY FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0001072627 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] ORGANIZATION NAME: 02 Finance EIN: 999999999 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 10 S. RIVERSIDE PLAZA STREET 2: SUITE 1520 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: (312) 766-2144 MAIL ADDRESS: STREET 1: 10 S. RIVERSIDE PLAZA STREET 2: SUITE 1520 CITY: CHICAGO STATE: IL ZIP: 60606 4 1 tm2524039-1_4seq1.xml OWNERSHIP DOCUMENT X0508 4 2025-08-18 0 0001072627 KINGSWAY FINANCIAL SERVICES INC KFS 0001113303 STILWELL JOSEPH 200 CALLE DEL SANTO CRISTO SAN JUAN PR 00901 PUERTO RICO 1 0 1 0 0001397076 Stilwell Value LLC 111 BROADWAY, 12TH FLOOR NEW YORK NY 10006 0 0 1 0 0000913960 STILWELL ASSOCIATES L P 111 BROADWAY, 12TH FLOOR NEW YORK NY 10006 0 0 1 0 0001564452 Stilwell Activist Fund, L.P. 111 BROADWAY, 12TH FLOOR NEW YORK NY 10006 0 0 1 0 0001573720 Stilwell Activist Investments, L.P. 111 BROADWAY, 12TH FLOOR NEW YORK NY 10006 0 0 1 0 0001555931 Stilwell Value Partners VII, L.P. 111 BROADWAY, 12TH FLOOR NEW YORK NY 10006 0 0 1 0 0 Common Stock 162500 D Common Stock 2025-08-18 4 S 0 23779 13.95 D 3669531 I See footnote Common Stock 2025-08-18 4 S 0 4098 13.95 D 477719 I See footnote Common Stock 2025-08-18 4 S 0 12123 13.95 D 650152 I See footnote Common Stock 2025-08-18 4 S 0 18835 14.1631 D 3650696 I See footnote Common Stock 2025-08-18 4 S 0 3184 14.1631 D 474535 I See footnote Common Stock 2025-08-18 4 S 0 9410 14.1631 D 640742 I See footnote Common Stock 701904 I See footnote Class D Preferred Stock 9.5 2025-05-07 2032-05-07 Common Stock 52631 20000 I See footnote Class C Preferred Stock 9.5 2025-02-12 2032-02-12 Common Stock 88421 33600 I See footnote Class C Preferred Stock 9.5 2025-02-12 2032-02-12 Common Stock 16842 6400 I See footnote These are shares owned directly by Joseph Stilwell. This Form 4 reports the following sales: on August 18, 2025 (a) Stilwell Activist Investments, L.P. ("SAI") sold 23,779 shares at $13.95, and 18,835 shares at $14.1631; (b) Stilwell Activist Fund, L.P. ("SAF") sold 4,098 shares at $13.95, and 3,184 shares at $14.1631; and (c) Stilwell Value Partners VII, L.P. ("SVP VII") sold 12,123 shares at $13.95, and 9,410 shares at $14,1631. 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. 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. These are shares owned directly by 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. 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. 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. 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. /s/ Debra Rouse as Attorney-in-Fact for Joseph Stilwell 2025-08-20 /s/ Debra Rouse as Attorney-in-Fact for Stilwell Value LLC 2025-08-20 /s/ Debra Rouse as Attorney-in-Fact for Stilwell Associates, L.P. 2025-08-20 /s/ Debra Rouse as Attorney-in-Fact for Stilwell Activist Fund, L.P. 2025-08-20 /s/ Debra Rouse as Attorney-in-Fact for Stilwell Activist Investments, L.P. 2025-08-20 /s/ Debra Rouse as Attorney-in-Fact for Stilwell Value Partners VII, L.P. 2025-08-20