[SCHEDULE 13D/A] Kingsway Financial Services, Inc. SEC Filing

Rhea-AI Filing Summary

Kingsway Financial Services, Inc. (KFS) Schedule 13D/A (Forty-Seventh Amendment) reports that a Stilwell group of entities and Joseph Stilwell collectively beneficially own 5,788,271 shares, representing approximately 19.9% of common shares outstanding based on 28,873,415 shares plus conversion shares as of August 7, 2025. The filing states the Group's percentage decreased due to a change in the issuer's shares outstanding and that certain Group members sold shares since the prior amendment while others did not. Holdings reported include shares issuable on immediate conversion of Class C and Class D preferred stock (105,263 and 52,631 shares, respectively). The Group describes a history of activist positions and says its purpose was to seek profit from share appreciation through asserting shareholder rights and that it intends to gradually reduce its position over time.

Positive

• Substantial stake reported: Group beneficially owns 5,788,271 shares representing approximately 19.9% of common stock (including convertible preferred shares).
• Experienced activist presence: The Group states a long history of activist positions, and Joseph Stilwell has served on the issuer’s board since April 23, 2009.
• Convertible preferred instruments disclosed: Holdings include Class C and Class D preferred stock immediately convertible into 105,263 and 52,631 common shares, respectively, clarifying potential common exposure.

Negative

• Ownership percentage decreased: The Group's beneficial ownership percentage declined due to an increase in the issuer's shares outstanding.
• Members sold shares: Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Value Partners VII reported sales since the Forty-Sixth Amendment; others reported no purchases.
• Intent to reduce position: The Group states it intends to gradually reduce its position over time, which may increase available float.

Insights

Securities Analyst

TL;DR: Stilwell Group holds a substantial 19.9% stake, reported a decline in percentage ownership and some sales since the prior amendment.

The filing is material because a near-20% beneficial ownership by an activist group can influence governance and strategic outcomes. The disclosure that the ownership percentage fell due to an increase in shares outstanding, combined with reported sales by several Stilwell entities, signals a partial unwind of the Group's position rather than an escalation. The filing also documents convertible preferred instruments (Class C and Class D) that increase potential common share exposure by 157,894 shares in the aggregate, which is relevant for dilution analysis and control calculations. The Group explicitly states an intent to gradually reduce its position, which is important for investor expectations about future share supply and potential activism momentum.

Corporate Governance Specialist

TL;DR: Longstanding activist director remains engaged; Group retains shared voting and dispositive power over reported shares.

The filing confirms Joseph Stilwell continues to exercise shared voting and dispositive power across multiple affiliated entities through Stilwell Value LLC as general partner, and that he has served on the issuer’s board continuously since 2009. That ongoing board presence, coupled with near-20% beneficial ownership, historically supports the Group's ability to influence corporate decisions. However, the stated plan to reduce the position and the reported sales reduce the immediacy of potential activist initiatives. Relevant contractual items disclosed (subscription agreements, option agreements, and redemption dates for preferred stock) should be reviewed by governance teams for timing and conversion effects on voting power.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 47)

KINGSWAY FINANCIAL SERVICES INC

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

496904202

(CUSIP Number)

Mr. Joseph Stilwell
200 Calle del Santo Cristo, Segundo Piso
San Juan, PR, 00901
787-985-2193

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/07/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 496904202

1

Name of reporting person

Stilwell Activist Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,788,271.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,788,271.00

11

Aggregate amount beneficially owned by each reporting person

5,788,271.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.9 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Shares of Common Stock reported include (i) 105,263 shares of Common Stock issuable upon conversion of the Class C Preferred Stock (as defined below) that are immediately convertible and (ii) 52,631 shares of Common Stock issuable upon conversion of the Class D Preferred Stock (as defined below) that are immediately convertible.

SCHEDULE 13D

CUSIP No. 496904202

1

Name of reporting person

Stilwell Activist Investments, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,788,271.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,788,271.00

11

Aggregate amount beneficially owned by each reporting person

5,788,271.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.9 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Shares of Common Stock reported include (i) 105,263 shares of Common Stock issuable upon conversion of the Class C Preferred Stock that are immediately convertible and (ii) 52,631 shares of Common Stock issuable upon conversion of the Class D Preferred Stock that are immediately convertible.

SCHEDULE 13D

CUSIP No. 496904202

1

Name of reporting person

STILWELL ASSOCIATES L P

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,788,271.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,788,271.00

11

Aggregate amount beneficially owned by each reporting person

5,788,271.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.9 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Shares of Common Stock reported include (i) 105,263 shares of Common Stock issuable upon conversion of the Class C Preferred Stock that are immediately convertible and (ii) 52,631 shares of Common Stock issuable upon conversion of the Class D Preferred Stock that are immediately convertible.

SCHEDULE 13D

CUSIP No. 496904202

1

Name of reporting person

Stilwell Value Partners VII, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,788,271.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,788,271.00

11

Aggregate amount beneficially owned by each reporting person

5,788,271.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.9 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Shares of Common Stock reported include (i) 105,263 shares of Common Stock issuable upon conversion of the Class C Preferred Stock that are immediately convertible and (ii) 52,631 shares of Common Stock issuable upon conversion of the Class D Preferred Stock that are immediately convertible.

SCHEDULE 13D

CUSIP No. 496904202

1

Name of reporting person

Stilwell Value LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,788,271.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,788,271.00

11

Aggregate amount beneficially owned by each reporting person

5,788,271.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.9 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Shares of Common Stock reported include (i) 105,263 shares of Common Stock issuable upon conversion of the Class C Preferred Stock that are immediately convertible and (ii) 52,631 shares of Common Stock issuable upon conversion of the Class D Preferred Stock that are immediately convertible.

SCHEDULE 13D

CUSIP No. 496904202

1

Name of reporting person

STILWELL JOSEPH

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,788,271.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,788,271.00

11

Aggregate amount beneficially owned by each reporting person

5,788,271.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.9 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Shares of Common Stock reported include (i) 105,263 shares of Common Stock issuable upon conversion of the Class C Preferred Stock that are immediately convertible and (ii) 52,631 shares of Common Stock issuable upon conversion of the Class D Preferred Stock that are immediately convertible.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, no par value
(b)	Name of Issuer: KINGSWAY FINANCIAL SERVICES INC
(c)	Address of Issuer's Principal Executive Offices: 10 S. RIVERSIDE PLAZA, SUITE 1520, CHICAGO, ILLINOIS , 60606.
Item 2.	Identity and Background
(a)	This is the forty-seventh amendment (this "Forty-Seventh Amendment") to the original Schedule 13D, which was filed on November 7, 2008 (the "Original Schedule 13D"), and amended on November 14, 2008 (the "First Amendment"), on November 17, 2008 (the "Second Amendment"), on November 24, 2008 (the "Third Amendment"), on December 29, 2008 (the "Fourth Amendment"), on January 12, 2009 (the "Fifth Amendment"), on February 2, 2009 (the "Sixth Amendment"), on February 17, 2009 (the "Seventh Amendment"), on February 18, 2009 (the "Eighth Amendment"), on April 9, 2009 (the "Ninth Amendment"), on April 28, 2009 (the "Tenth Amendment"), on August 4, 2009 (the "Eleventh Amendment"), on November 16, 2009 (the "Twelfth Amendment"), on April 8, 2010 (the "Thirteenth Amendment"), on April 20, 2010 (the "Fourteenth Amendment"), on June 7, 2010 (the "Fifteenth Amendment"), on June 29, 2010 (the "Sixteenth Amendment"), on September 24, 2012 (the "Seventeenth Amendment"), on November 30, 2012 (the "Eighteenth Amendment"), on June 11, 2013 (the "Nineteenth Amendment"), on September 20, 2013 (the "Twentieth Amendment"), on December 27, 2013 (the "Twenty-First Amendment"), on February 12, 2014 (the "Twenty-Second Amendment"), on September 22, 2014 (the "Twenty-Third Amendment"), on September 30, 2016 (the "Twenty-Fourth Amendment"), on December 15, 2017 (the "Twenty-Fifth Amendment"), on May 24, 2018 (the "Twenty-Sixth Amendment"), on July 19, 2018 (the "Twenty-Seventh Amendment"), on January 3, 2019 (the "Twenty-Eighth Amendment"), on March 29, 2019 (the "Twenty-Ninth Amendment"), on July 17, 2020 (the "Thirtieth Amendment"), on September 9, 2020 (the "Thirty-First Amendment"), on September 21, 2020 (the "Thirty-Second Amendment"), on June 15, 2021 (the "Thirty-Third Amendment"), on November 29, 2021 (the "Thirty-Fourth Amendment"), on March 28, 2022 (the "Thirty-Fifth Amendment"), on June 22, 2022 (the "Thirty-Sixth Amendment"), on July 18, 2022 (the "Thirty-Seventh Amendment"), on January 4, 2023 (the "Thirty-Eighth Amendment"), on March 14, 2023 (the "Thirty-Ninth Amendment"), on May 11, 2023 (the "Fortieth Amendment"), on November 21, 2023 (the "Forty-First Amendment"), on December 20, 2024 (the "Forty-Second Amendment"), on February 14, 2025 (the "Forty-Third Amendment"), on March 27, 2025 (the "Forty-Fourth Amendment"), on April 2, 2025 (the "Forty-Fifth Amendment"), and on May 12, 2025 (the "Forty-Sixth Amendment"). This Forty-Seventh Amendment is being filed jointly by Stilwell Activist Fund, L.P., a Delaware limited partnership ("Stilwell Activist Fund"); Stilwell Activist Investments, L.P., a Delaware limited partnership ("Stilwell Activist Investments"); Stilwell Associates, L.P., a Delaware limited partnership ("Stilwell Associates"); Stilwell Value Partners VII, L.P., a Delaware limited partnership ("Stilwell Value Partners VII"); Stilwell Value LLC, a Delaware limited liability company ("Stilwell Value LLC") and the general partner of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates, and Stilwell Value Partners VII; and Joseph Stilwell, the managing member and owner of Stilwell Value LLC. All the filers of this statement are collectively referred to herein as the "Group." The amended joint filing agreement of the members of the Group was filed as Exhibit 31 to the Twenty-Eighth Amendment. Joseph Stilwell, a member of the Group, was appointed to the board of directors of the Issuer on April 23, 2009, and since that date he has continuously served as a director. This statement is filed by Joseph Stilwell with respect to the shares of Common Stock beneficially owned by Joseph Stilwell, including shares of Common Stock held in the names of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates, and Stilwell Value Partners VII, in Joseph Stilwell's capacities as the managing member and owner of Stilwell Value LLC, which is the general partner of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates, and Stilwell Value Partners VII.
(b)	The business address of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates, Stilwell Value Partners VII, and Stilwell Value LLC is 111 Broadway, 12th Floor, New York, New York 10006. The business address of Joseph Stilwell is 200 Calle del Santo Cristo, Segundo Piso, San Juan, Puerto Rico 00901.
(c)	The principal employment of Joseph Stilwell is investment management. Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates, and Stilwell Value Partners VII are private investment partnerships engaged in the purchase and sale of securities for their own accounts. Stilwell Value LLC serves as the general partner of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates, Stilwell Value Partners VII, and a related partnership.
(d)	During the past five years, no member of the Group has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the past five years, no member of the Group has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws, except as indicated in Schedule B, attached hereto and incorporated herein by reference.
(f)	Joseph Stilwell is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Since we last reported purchases and sales of Common Stock, Stilwell Associates has not expended any monies to acquire securities of the Issuer. Since we last reported purchases and sales of Common Stock, Stilwell Activist Fund has not expended any monies to acquire securities of the Issuer. Since we last reported purchases and sales of Common Stock, Stilwell Activist Investments has not expended any monies to acquire securities of the Issuer. Since we last reported purchases and sales of Common Stock, Stilwell Value Partners VII has not expended any monies to acquire securities of the Issuer.
Item 4.	Purpose of Transaction
	We are filing this Forty-Seventh Amendment to report that the Group's beneficial ownership percentage has decreased as a result of a change in the Issuer's shares outstanding. Additionally, members of the Group have sold shares of Common Stock. Our purpose in acquiring shares of Common Stock of the Issuer was to profit from the appreciation in the market price of the shares of Common Stock through asserting shareholder rights. We have succeeded and intend to gradually reduce our position over time. Members of the Group may seek to make additional purchases or sales of shares of Common Stock. Except as described in this filing, no member of the Group has any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of Item 4 of Schedule 13D. Members of the Group may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto. Since 2000, members or affiliates of the Group have taken an 'activist position' in 77 other publicly-traded companies. In each instance, our purpose has been to profit from the appreciation in the market price of the shares we held by asserting shareholder rights. In addition, we believed that the values of the companies' assets were not adequately reflected in the market prices of their shares. Our actions with respect to such publicly-traded companies are described in Schedule A, attached hereto and incorporated herein by reference.
Item 5.	Interest in Securities of the Issuer
(a)	The members of the Group beneficially own an aggregate of 5,788,271 shares of Common Stock, including (i) 105,263 shares of Common Stock issuable upon conversion of the Issuer's Class C Preferred Stock (the "Class C Preferred Stock") that are immediately convertible and (ii) 52,631 shares of Common Stock issuable upon conversion of the Class D Preferred Stock (the "Class D Preferred Stock") that are immediately convertible. The percentages used in this filing are calculated based on 28,873,415 shares of Common Stock outstanding as of August 7, 2025, as reported in the Issuer's 10-Q filed with the Securities and Exchange Commission on August 7, 2025, plus the shares of Common Stock underlying the Class C Preferred Stock and Class D Preferred Stock that can be converted. Each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates, Stilwell Value Partners VII, Stilwell Value LLC and Joseph Stilwell may be deemed to beneficially own 5,788,271 shares of Common Stock, including (i) 105,263 shares of Common Stock issuable upon conversion of the Class C Preferred Stock that are immediately convertible and (ii) 52,631 shares of Common Stock issuable upon conversion of the Class D Preferred Stock that are immediately convertible, constituting approximately 19.9% of the shares of Common Stock outstanding.
(b)	Each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates, Stilwell Value Partners VII, Stilwell Value LLC and Joseph Stilwell may be deemed to share the power to vote and dispose of 5,788,271 shares of Common Stock, including (i) 105,263 shares of Common Stock issuable upon conversion of the Class C Preferred Stock that are immediately convertible and (ii) 52,631 shares of Common Stock issuable upon conversion of the Class D Preferred Stock that are immediately convertible, owned in the aggregate by Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates, Stilwell Value Partners VII, and Joseph Stilwell. Because he is the managing member and owner of Stilwell Value LLC, which is the general partner of each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates and Stilwell Value Partners VII, Joseph Stilwell has the power to direct the affairs of each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates and Stilwell Value Partners VII, including the voting and disposition of shares of Common Stock held in the name of each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates and Stilwell Value Partners VII. Therefore, Joseph Stilwell is deemed to share voting and disposition power with each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates and Stilwell Value Partners VII with regard to those shares of Common Stock. Because he is the managing member and owner of Stilwell Value LLC, Joseph Stilwell has the power to direct the affairs of Stilwell Value LLC. Stilwell Value LLC is the general partner of each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates and Stilwell Value Partners VII. Therefore, Stilwell Value LLC may be deemed to share with Joseph Stilwell voting and disposition power with regard to the shares of Common Stock held by each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates and Stilwell Value Partners VII.
(c)	Since the filing of the Forty-Sixth Amendment, each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Value Partners VII sold the Issuer's securities as set forth in Schedule C, attached hereto and incorporated herein by reference. Since the filing of the Forty-Sixth Amendment, Stilwell Associates and Joseph Stilwell have not purchased or sold any shares of Common Stock. Stilwell Value LLC has not purchased or sold any shares of Common Stock.
(d)	No person other than Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates, Stilwell Value Partners VII, Stilwell Value LLC and Joseph Stilwell is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	As previously reported, on May 8, 2025, Stilwell Associates entered into the Class D Subscription Agreement for the purchase of shares of the Issuer's Class D Preferred Stock. The shares of the Class D Preferred Stock have a stated value of $25 per share and are convertible at any time into shares of Common Stock of the Issuer at a conversion basis equal to 2.63158 shares of Common Stock for each share of Class D Preferred Stock, which conversion basis may be subject to certain adjustments, per the terms of the Class D Subscription Agreement. All outstanding shares of Class D Preferred Stock shall be redeemed by the Issuer on May 7, 2032. For additional terms of the Class D Preferred Stock and the Class D Subscription Agreement, see the Class D Subscription Agreement and the Certificate of Designations of Class D Preferred Stock (Annex I to the Class D Subscription Agreement), filed as Exhibit 17 to the Forty-Sixth Amendment. As previously reported, on March 31, 2025, Stilwell Value LLC entered into three Option Agreements with certain counterparties (collectively, the "Buyers"), in substantially the form attached as Exhibit 16 to the Forty-Fifth Amendment, pursuant to which Stilwell Value LLC granted each of the Buyers an option (each an "Option") to purchase, respectively, (i) 815,000 shares of Common Stock, (ii) 660,000 shares of Common Stock and (iii) 275,000 shares of Common Stock, at an exercise price of $8.25 per share, in each case, pursuant to the terms and conditions set forth in each Buyer's respective Option Agreement. The term of each Option commenced on March 31, 2025, and terminates at 5:00 pm (EST) (the "Expiration Time") on December 29, 2025 (the "Expiration Date"). Each Option may be exercised solely with respect to all, but not less than all, of the shares of Common Stock underlying such Option, at the discretion of the Buyers on the Expiration Date and prior to the Expiration Time. The foregoing description of the Option Agreements does not purport to be complete and is qualified in its entirety by reference to the form of an Option Agreement filed as Exhibit 16 to the Forty-Fifth Amendment, which is incorporated herein by reference. As previously reported, on February 12, 2025, each of Stilwell Activist Fund and Stilwell Activist Investments entered into a Subscription Agreement with the Issuer (each, a "Subscription Agreement") for the purchase of shares of the Issuer's Class C Preferred Stock. The shares of the Class C Preferred Stock have a stated value of $25 per share and are convertible at any time into shares of Common Stock of the Issuer at a conversion basis equal to 2.63158 shares of Common Stock for each share of Class C Preferred Stock, which conversion basis may be subject to certain adjustments, per the terms of the Subscription Agreement. All outstanding shares of Class C Preferred Stock shall be redeemed by the Issuer on February 12, 2032. For additional terms of the Class C Preferred Stock and the Subscription Agreement, see the form of Subscription Agreement and the Certificate of Designations of Class C Preferred Stock (Annex I to the Subscription Agreement), filed as Exhibit 15 to the Forty-Third Amendment. Other than the Class D Subscription Agreement filed as Exhibit 17 to the Forty-Sixth Amendment, form of an Option Agreement filed as Exhibit 16 to the Forty-Fifth Amendment, the Subscription Agreement filed as Exhibit 15 to the Forty-Third Amendment, and the Amended Joint Filing Agreement filed as Exhibit 31 to the Twenty-Eighth Amendment, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finders' fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or losses, or the giving or withholding of proxies, except for sharing of profits. Stilwell Value LLC, in its capacity as general partner of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates and Stilwell Value Partners VII, and Joseph Stilwell, in his capacities as the managing member and owner of Stilwell Value LLC, are entitled to an allocation of a portion of profits. See Item 1 above regarding disclosure of the relationships between members of the Group, which disclosure is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Schedule A - Stilwell Activist History Schedule B - Item 2(e) Schedule C - Transactions in Securities Exhibit 1 - Joint Filing Agreement, dated November 7, 2008, filed with the Original Schedule 13D Exhibit 2 - Amended Joint Filing Agreement, dated November 14, 2008, filed with the First Amendment Exhibit 3 - Amended Joint Filing Agreement, dated April 8, 2009, filed with the Ninth Amendment Exhibit 4 - Amended Joint Filing Agreement, dated April 28, 2009, filed with the Tenth Amendment Exhibit 5 - Amended Joint Filing Agreement, dated August 4, 2009, filed with the Eleventh Amendment Exhibit 6 - Amended Joint Filing Agreement, dated November 16, 2009, filed with the Twelfth Amendment Exhibit 7 - Amended Joint Filing Agreement, dated September 21, 2012, filed with the Seventeenth Amendment Exhibit 8 - Amended Joint Filing Agreement, dated June 11, 2013, filed with the Nineteenth Amendment Exhibit 9 - Amended Joint Filing Agreement, dated February 12, 2014 Exhibit 10 - Amended Joint Filing Agreement, dated February 12, 2014, filed with the Twenty-Second Amendment Exhibit 11 - Amended Joint Filing Agreement, dated October 7, 2016, filed with the Twenty-Fourth Amendment Exhibit 12 - Amended Joint Filing Agreement, dated December 15, 2017, filed with the Twenty-Fifth Amendment Exhibit 13 - Amended Joint Filing Agreement, dated May 24, 2018, filed with the Twenty-Sixth Amendment Exhibit 14 - Amended Joint Filing Agreement, dated January 3, 2019, filed with the Twenty-Eighth Amendment Exhibit 15 - Form of Subscription Agreement, dated February 12, 2025, and Class C Certificate of Designations, filed with the Forty-Third Amendment Exhibit 16 - Form of Option Agreement, dated March 31, 2025, between Stilwell Value LLC and the respective Buyers, filed with the Forty-Fifth Amendment Exhibit 17 - Class D Subscription Agreement, dated May 8, 2025, and Certificate of Designations of Class D Preferred Stock, filed with the Forty-Sixth Amendment

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Stilwell Activist Fund, L.P.

Signature:	/s/ Megan Parisi
Name/Title:	Megan Parisi, Member of Stilwell Value LLC, its General Partner
Date:	08/19/2025

Stilwell Activist Investments, L.P.

Signature:	/s/ Megan Parisi
Name/Title:	Megan Parisi, Member of Stilwell Value LLC, its General Partner
Date:	08/19/2025

STILWELL ASSOCIATES L P

Signature:	/s/ Megan Parisi
Name/Title:	Megan Parisi, Member of Stilwell Value LLC, its General Partner
Date:	08/19/2025

Stilwell Value Partners VII, L.P.

Signature:	/s/ Megan Parisi
Name/Title:	Megan Parisi, Member of Stilwell Value LLC, its General Partner
Date:	08/19/2025

Stilwell Value LLC

Signature:	/s/ Megan Parisi
Name/Title:	Megan Parisi, Member
Date:	08/19/2025

STILWELL JOSEPH

Signature:	/s/ Joseph Stilwell
Name/Title:	Joseph Stilwell*
Date:	08/19/2025

Megan Parisi

Signature:	/s/ Megan Parisi
Name/Title:	*Megan Parisi, Attorney-in-Fact
Date:	08/19/2025

FAQ

How many shares of KFS does the Stilwell Group beneficially own?

The Group beneficially owns 5,788,271 shares of common stock, representing approximately 19.9% of common shares outstanding as of August 7, 2025.

Does the reported stake include convertible securities?

Yes. The total includes 105,263 shares issuable upon conversion of Class C Preferred Stock and 52,631 shares issuable upon conversion of Class D Preferred Stock that are immediately convertible.

Have any Stilwell entities sold KFS shares recently?

Yes. Since the Forty-Sixth Amendment, Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Value Partners VII sold issuer securities; Stilwell Associates and Joseph Stilwell reported no purchases or sales.

What is the Group’s stated purpose for acquiring KFS shares?

The Group states its purpose was to profit from appreciation by asserting shareholder rights and notes it has succeeded and plans to gradually reduce its position.

Are there agreements or option arrangements disclosed in the filing?

Yes. The filing references Class C and Class D Subscription Agreements and Option Agreements (with exercise prices and expiration dates) filed as exhibits to prior amendments.