Kingsway Financial Services Inc.
9.00%
2,615,421
1072627
496904202
Dec 16, 2025
Dec 18, 2025, 04:30 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 |
|---|---|---|---|---|---|
| David Capital Partners, LLC | Investment Adviser | 9.00% | 2,615,421 | 0 | 2,547,000 |
| Adam J. Patinkin | Individual | 9.00% | 2,615,421 | 0 | 2,547,000 |
| David Capital Partners Special Situation Fund, LP | Partnership | 5.50% | 1,592,421 | 0 | 1,524,000 |
| David Capital Partners Fund, LP | Partnership | 3.50% | 1,023,000 | 0 | 1,023,000 |
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 $2,268,750 for DCP Fund and $8,580,000 for DCP Special. The source of funds for both DCP Fund and DCP Special was working capital.
The Reporting Persons beneficially own in the aggregate 2,615,421.08 shares of Common Stock, which represents approximately 9.0% of the Company's outstanding shares of Common Stock. Each of DCP Fund and DCP Special 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. None of the other Reporting Persons directly holds any of the shares of Common Stock disclosed in this Statement. The Reporting Persons' holdings include 68,421.08 shares of Common Stock that may be acquired upon the conversion of Preferred Stock held by DCP Special. The Preferred Stock is convertible into shares of Common Stock at an initial conversion price of $9.50 per share (or 2.63158 shares of Common Stock for each share of Preferred Stock), subject to customary adjustments, at the option of the holder. David Capital Partners, LLC, as the investment manager and general partner of each of DCP Fund and DCP Special, may be deemed to be a beneficial owner of the shares of Common Stock disclosed as directly owned by such entities. Due to his position with David Capital Partners, LLC, Mr. Patinkin may be deemed to be a beneficial owner of the shares of Common Stock disclosed as directly owned by DCP Fund and DCP Special. David Capital Partners, LLC and Mr. Patinkin 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.
Each of DCP Fund and DCP Special 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. David Capital Partners, LLC, as the investment manager and general partner of each of DCP Fund and DCP Special, has the shared power to direct the voting and disposition of the shares of Common Stock held by such entities. Due to his position with David Capital Partners, LLC, Mr. Patinkin may be deemed to have the shared power to direct the voting and disposition of the shares of Common Stock held by DCP Fund and DCP Special.
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 Value Partners VII, L.P., and Stilwell Activist Investments, L.P. as sellers, and David Capital Partners Fund, LP and David Capital Partners Special Situation Fund, LP, as buyers. Exhibit 99.2 - Amendment No. 1 to Option Agreement, dated December 17, 2025, by and between Oakmont Capital Inc., as seller, and David Capital Partners Special Situation Fund, LP, as buyer. Exhibit 99.3 - 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 99.4 - 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).