KINGSWAY FINANCIAL SERVICES INC
1.50%
436,842
1072627
496904202
Dec 16, 2025
Dec 18, 2025, 04:15 PM
Reporting Persons (4)
This is a joint filing. The reported shares may overlap between reporting persons and should not be summed.
| Name | Type | % of Class | Aggregate | Sole Voting | Shared Voting |
|---|---|---|---|---|---|
| Joshua S. Horowitz | Individual | 1.50% | 436,842 | 32,500 | 367,500 |
| Palm Management (US) LLC | Other | 1.40% | 404,342 | 0 | 367,500 |
| Palm Global Small Cap Master Fund LP | Partnership | 1.40% | 404,342 | 0 | 367,500 |
| Bradley C. Palmer | Individual | 1.40% | 404,342 | 0 | 367,500 |
Disclosure Items (6)
Common Stock, par value $0.01 per share
KINGSWAY FINANCIAL SERVICES INC
10 S. Riverside Plaza, Chicago, IL, 60606
The total cost for acquiring the shares of Common Stock upon the exercise of outstanding options, as described in Item 4, was $2,083,125 for Palm Global and $185,625 for Mr. Horowitz. The source of funds for Palm Global was working capital, and the source of funds for Mr. Horowitz was personal funds.
The Reporting Persons beneficially own in the aggregate 436,842.4 shares of Common Stock, which represents approximately 1.5% of the Company's outstanding shares of Common Stock. Palm Global directly holds the number and percentage of shares of Common Stock disclosed as beneficially owned by it in the applicable table set forth on the cover page to this Statement. Mr. Horowitz directly holds the number and percentage of shares of Common Stock disclosed as solely beneficially owned by him in the applicable table set forth on the cover page to this Statement. None of the other Reporting Persons directly holds any of the shares of Common Stock disclosed in this Statement. The Reporting Persons' holdings include 36,842.4 shares of Common Stock that may be acquired upon the conversion of Preferred Stock held by Palm Global. The Preferred Stock is convertible into shares of Common Stock at an initial conversion price of $9.50 per share (or 2.6316 shares of Common Stock for each share of Preferred Stock), subject to customary adjustments, at the option of the holder. Palm Management (US) LLC, as the investment manager of Palm Global, may be deemed to be a beneficial owner of the shares of Common Stock disclosed as directly owned by Palm Global. Due to their positions with Palm Management (US) LLC and Palm Global, each of Mr. Palmer and Mr. Horowitz may be deemed to be a beneficial owner of the shares of Common Stock disclosed as directly owned by Palm Global. Palm Management (US) LLC, Mr. Palmer and Mr. Horowitz expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein. Each percentage ownership of Common Stock set forth in this Statement is based on 28,956,152 shares of Common Stock reported by the Company as outstanding on November 6, 2025 in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the Securities and Exchange Commission on November 6, 2025.
Palm Global beneficially owns, and has the shared power to direct the voting and disposition of, the shares of Common Stock disclosed as beneficially owned by it in the applicable table set forth on the cover page to this Statement. Palm Management (US) LLC, as the investment manager of Palm Global, has the shared power to direct the voting and disposition of the shares of Common Stock held by Palm Global. Due to their positions with Palm Management (US) LLC and Palm Global, each of Mr. Palmer and Mr. Horowitz may be deemed to have the shared power to direct the voting and disposition of the shares of Common Stock held by Palm Global. Mr. Horowitz has the sole power to direct the voting and disposition of the shares of Common Stock disclosed as solely beneficially owned by him in the applicable table set forth on the cover page to this Statement.
The information set forth in Item 4 is incorporated herein by reference.
The information set forth in Item 4 is incorporated herein by reference. Pursuant to Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the Reporting Persons have entered into an agreement with respect to the joint filing of this Statement, which agreement is set forth on the signature page to this Statement.
Exhibit 99.1 - Amendment No. 1 to Option Agreement, dated December 17, 2025, by and between Stilwell Value LLC, Stilwell Activist Fund, L.P., and Stilwell Activist Investments, L.P. as sellers, and Palm Global Small Cap Master Fund LP and Joshua S. Horowitz, as buyers. Exhibit 99.2 - Form of Subscription Agreement (incorporated by reference to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 19, 2025). Exhibit 99.3 - Class D Certificate of Designations (incorporated by reference to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 19, 2025).