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Filing Details

Accession Number:: 0001104659-25-028868
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2025-03-27 19:15:36
Reporting Period:: 2025-03-26

Filing Date:: 2025-03-27
Accepted Time:: 2025-03-27 19:15:36
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1072627	Kingsway Financial Services Inc	KFS	()	DE

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
913960	P L Associates Stilwell	111 Broadway, 12Th Floor New York NY 10006	No	No	Yes	No
1113303	Joseph Stilwell	200 Calle Del Santo Cristo San Juan PR 00901	Yes	No	Yes	No
1397076	Stilwell Value Llc	111 Broadway, 12Th Floor New York NY 10006	No	No	Yes	No
1555931	Stilwell Value Partners Vii, L.p.	111 Broadway, 12Th Floor New York NY 10006	No	No	Yes	No
1564452	Stilwell Activist Fund, L.p.	111 Broadway, 12Th Floor New York NY 10006	No	No	Yes	No
1573720	Stilwell Activist Investments, L.p.	111 Broadway, 12Th Floor New York NY 10006	No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2025-03-26	522,652	$8.00	3,786,820	No	4	S	Indirect	See footnote
Common Stock	Disposition	2025-03-26	68,675	$8.00	498,937	No	4	S	Indirect	See footnote
Common Stock	Disposition	2025-03-26	205,920	$8.00	712,866	No	4	S	Indirect	See footnote
Common Stock	Disposition	2025-03-26	202,753	$8.00	701,904	No	4	S	Indirect	See footnote

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	See footnote
No	4	S	Indirect	See footnote
No	4	S	Indirect	See footnote
No	4	S	Indirect	See footnote

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	162,500	Direct

Reported Derivative Holdings

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Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	Class C Preferred Stock	$9.50	2025-02-12	2032-02-12	88,421	33,600	Indirect
Common Stock	Class C Preferred Stock	$9.50	2025-02-12	2032-02-12	16,842	6,400	Indirect

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
2032-02-12	88,421	33,600	Indirect
2032-02-12	16,842	6,400	Indirect

Footnotes

These are shares owned directly by Joseph Stilwell.
This Form 4 reports the following sales: on March 26, 2025 (a) Stilwell Activist Investments, L.P. ("SAI") sold 522,652 shares at $8.00; (b) Stilwell Activist Fund, L.P. ("SAF") sold 68,675 shares at $8.00; (c) Stilwell Value Partners VII, L.P. ("SVP VII") sold 205,920 shares at $8.00; and (d) Stilwell Associates, L.P. ("Associates") sold 202,753 shares at $8.00.
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 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 C 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 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.