Kingsway Financial Services (KFS) director discloses stock option exercises
Rhea-AI Filing Summary
Kingsway Financial Services director Adam Jonathan Patinkin reported indirect acquisitions of the company’s common stock through investment funds he manages. On December 17, 2025, David Capital Partners Fund, LP exercised options to acquire 275,000 shares at $8.25 per share, and David Capital Partners Special Situation Fund, LP exercised options to acquire an additional 540,000 and 500,000 shares at the same price. The funds also hold 26,000 shares of Class D Preferred Stock, each convertible into 2.63158 common shares, with all outstanding Class D Preferred Stock scheduled to be redeemed by Kingsway on May 8, 2032.
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Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| X | Stock Option (Right to Buy) | 275,000 | $0.00 | -- |
| X | Stock Option (Right to Buy) | 540,000 | $0.00 | -- |
| X | Stock Option (Right to Buy) | 500,000 | $0.00 | -- |
| X | Common Stock | 275,000 | $8.25 | $2.27M |
| X | Common Stock | 540,000 | $8.25 | $4.46M |
| X | Common Stock | 500,000 | $8.25 | $4.13M |
| holding | Class D Preferred Stock | -- | -- | -- |
Footnotes (1)
- David Capital Partners, LLC, as the investment manager and general partner of David Capital Partners Fund, LP ("DCP Fund"), may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Fund. Due to his position as managing partner of 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. David Capital Partners, LLC and Mr. Patinkin expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein. David Capital Partners, LLC, as the investment manager and general partner of David Capital Partners Special Situation Fund, LP ("DCP Special"), may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Special. Due to his position as managing partner of 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 Special. David Capital Partners, LLC and Mr. Patinkin expressly disclaim such beneficial ownership except to the extent of their 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 8, 2032. DCP Fund and DCP Special entered into an option agreement, dated March 31, 2025, with Stilwell Value LLC, to acquire 275,000 and 540,000 shares of common stock, respectively, at an exercise price of $8.25 per share, which options were originally exercisable by DCP Fund and DCP Special together in whole, and not in part, on December 29, 2025 and which were set to expire at 5:00 p.m. Eastern Time on December 29, 2025. The option agreement was amended on December 17, 2025, so that the options became exercisable at any time prior to 5:00 p.m. Eastern Time on December 29, 2025. DCP Special entered into an option agreement, dated March 31, 2025, with Oakmont Capital Inc., to acquire 500,000 shares of common stock at an exercise price of $8.25 per share, which option was originally exercisable in whole, and not in part, on December 29, 2025 and which was set to expire at 5:00 p.m. Eastern Time on December 29, 2025. The option agreement was amended on December 17, 2025, so that the options became exercisable at any time prior to 5:00 p.m. Eastern Time on December 29, 2025.
FAQ
What insider stock transactions did Kingsway Financial Services (KFS) disclose?
The report shows indirect acquisitions of Kingsway common stock tied to option exercises on December 17, 2025: 275,000 shares, 540,000 shares, and 500,000 shares, all at an exercise price of $8.25 per share.
Who is the reporting person in this Kingsway Financial Services (KFS) Form 4?
The reporting person is Adam Jonathan Patinkin, a director of Kingsway Financial Services Inc. The common shares and derivatives are reported as indirectly owned through David Capital Partners Fund, LP and David Capital Partners Special Situation Fund, LP.
What are the key terms of Kingsway’s Class D Preferred Stock mentioned in the filing?
The funds hold 26,000 shares of Kingsway Class D Preferred Stock, each with a stated value of $25 and convertible at any time into 2.63158 Kingsway common shares per preferred share, for 68,421.08 underlying common shares. All outstanding Class D Preferred Stock is to be redeemed by the company on May 8, 2032.
What are the option agreement terms behind the recent KFS stock option exercises?
On March 31, 2025, DCP Fund and DCP Special entered into option agreements with Stilwell Value LLC for 275,000 and 540,000 shares, and DCP Special entered into an option agreement with Oakmont Capital Inc. for 500,000 shares, each at an exercise price of $8.25 per share. These options were originally exercisable only in whole on December 29, 2025, expiring at 5:00 p.m. Eastern Time that day, and were amended on December 17, 2025 to be exercisable at any time before that deadline.