Director-linked Palm Global fund adds 4,500 Kingsway (KFS) shares in open-market buys
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Kingsway Corp director-linked fund increases stake with open-market buys. Palm Global Small Cap Master Fund LP, an entity associated with director Joshua Horowitz, purchased 3,800 shares of Kingsway common stock on May 29, 2026 at $9.9105 per share and 700 shares on May 28, 2026 at $9.95 per share, for a total of 4,500 shares. After these trades, Palm Global indirectly holds 372,000 common shares, while Horowitz directly holds 32,500 shares. In addition, Palm Global holds Class D Preferred Stock that is convertible into 36,842.4 common shares at a $9.50 conversion price, with all such preferred shares to be redeemed for cash on May 8, 2032. The filing notes Palm Management (US) LLC and Horowitz may be deemed beneficial owners of Palm Global’s holdings but expressly disclaim beneficial ownership except to the extent of their pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 4,500 shares ($44,625)
Net Buy
4 txns
Insider
Horowitz Joshua
Role
null
Bought
4,500 shs ($45K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock | 3,800 | $9.9105 | $38K |
| Purchase | Common Stock | 700 | $9.95 | $7K |
| holding | Class D Preferred Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 372,000 shares (Indirect, by Palm Global Small Cap Master Fund LP);
Class D Preferred Stock — 36,842.4 shares (Indirect, Palm Global Small Cap Master Fund LP);
Common Stock — 32,500 shares (Direct, null)
Footnotes (1)
- The shares of Class D Preferred Stock, par value $0.01 per share (the "Class D Preferred Stock"), of Kingsway Corporation (the "Company") have a stated value of $25 per share and are convertible at any time, at the holder's option, into shares of Common Stock, par value $0.01 per share, of the Company (the "Common Stock") at an initial conversion price of $9.50 per share (or 2.6316 shares of Common Stock for each share of Class D Preferred Stock), subject to customary adjustments. The Company has the option to redeem 25% of the outstanding shares of Class D Preferred Stock for cash upon the occurrence of certain events. All then-outstanding shares of Class D Preferred Stock shall be redeemed by the Company for cash on May 8, 2032. Palm Management (US) LLC, as the investment manager of Palm Global Small Cap Master Fund LP ("Palm Global"), may be deemed to be a beneficial owner of the securities disclosed as directly owned by Palm Global. Due to his positions as a portfolio manager and special limited partner of Palm Global and as an employee of Palm Management (US) LLC, Mr. Horowitz may be deemed to be a beneficial owner of the securities disclosed as directly owned by Palm Global. Palm Management (US) LLC and Mr. Horowitz expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein. The price reported represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.80 to $9.95 per share. The Reporting Person undertakes to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price.
Key Figures
Open-market purchase 1: 3,800 shares at $9.9105
Open-market purchase 2: 700 shares at $9.95
Total shares bought: 4,500 shares
+5 more
8 metrics
Open-market purchase 1
3,800 shares at $9.9105
Common Stock bought on May 29, 2026
Open-market purchase 2
700 shares at $9.95
Common Stock bought on May 28, 2026
Total shares bought
4,500 shares
Net open-market purchases in this Form 4
Indirect common holdings
372,000 shares
Common Stock held indirectly after May 29, 2026
Direct common holdings
32,500 shares
Common Stock held directly as of May 28, 2026
Preferred conversion price
$9.50 per share
Class D Preferred Stock conversion price into common
Underlying common shares
36,842.4 shares
Common shares underlying Class D Preferred Stock
Preferred redemption date
May 8, 2032
All then-outstanding Class D Preferred Stock redeemed for cash
Key Terms
Class D Preferred Stock, conversion price, beneficial owner, pecuniary interest, +1 more
5 terms
Class D Preferred Stock financial
"The shares of Class D Preferred Stock, par value $0.01 per share..."
conversion price financial
"are convertible at any time... at an initial conversion price of $9.50 per share"
The conversion price is the fixed price at which a convertible security, like a bond or preferred stock, can be exchanged for shares of common stock. It acts like a set rate that determines how many shares an investor can receive if they choose to convert their investment. This helps investors understand the value and potential benefits of converting their securities into company shares.
beneficial owner financial
"may be deemed to be a beneficial owner of the securities disclosed..."
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
pecuniary interest financial
"expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein"
weighted average price financial
"The price reported represents a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
FAQ
What did Joshua Horowitz report in this Kingsway (KFS) Form 4 filing?
The filing shows entities associated with director Joshua Horowitz bought additional Kingsway common shares through Palm Global Small Cap Master Fund LP, and it updates his direct and indirect holdings, including convertible Class D Preferred Stock positions tied to Kingsway’s common stock.
What are Joshua Horowitz’s Kingsway (KFS) holdings after these transactions?
After the reported trades, Palm Global Small Cap Master Fund LP indirectly holds 372,000 Kingsway common shares, while Joshua Horowitz directly holds 32,500 common shares, according to the Form 4, reflecting both his personal and fund-related equity exposure.
What are the terms of Kingsway (KFS) Class D Preferred Stock held by Palm Global?
Palm Global holds Class D Preferred Stock with a stated value of $25 per share, convertible into Kingsway common at a $9.50 conversion price, or 2.6316 common shares per preferred share, with all then-outstanding Class D shares to be redeemed for cash on May 8, 2032.