Kingsway director reports fund buying 2,717 shares
Kingsway may redeem 25% of outstanding preferred shares for cash upon certain events; all then-outstanding shares are to be redeemed for cash on May 8, 2032.
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Form Type
4
Rhea-AI Filing Summary
Kingsway Corp director Joshua Horowitz reported that Palm Global Small Cap Master Fund LP purchased 2,717 common shares on September 28, 2026, at a weighted average $9.2757 per share, and 858 shares on September 30, 2026, at $9.23 per share. As reported on September 28, 2026, the fund held 14,000 Class D Preferred Stock shares, convertible at the holder’s option at an initial $9.50 per-share price; Horowitz directly held 32,500 common shares. Horowitz disclaimed beneficial ownership except to the extent of his pecuniary interest.
Insider Trade Summary
Net Buyer: 3,575 shares
Net Buy
4 txns
Insider
Horowitz Joshua
Role
Director
Bought
3,575 shs ($33K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock F2 | 858 | $9.23 | $8K |
| Purchase | Common Stock F3, F2 | 2,717 | $9.2757 | $25K |
| holding | Class D Preferred Stock F1, F2 | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 384,678 shares (Indirect, by Palm Global Small Cap Master Fund LP);
Class D Preferred Stock — 14,000 contracts for 36,842.4 underlying shares (Indirect, Palm Global Small Cap Master Fund LP);
Common Stock — 32,500 shares (Direct)
Footnotes (3)
- F1. 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.
- F2. 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.
- F3. The price reported represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.255 to $9.28 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
Common shares purchased: 2,717 shares
Weighted average purchase price: $9.2757 per share
Common shares purchased: 858 shares
+5 more
8 metrics
Common shares purchased
2,717 shares
September 28, 2026
Weighted average purchase price
$9.2757 per share
September 28, 2026; prices ranged from $9.255 to $9.28 per share
Common shares purchased
858 shares
September 30, 2026
Purchase price
$9.23 per share
September 30, 2026
Class D Preferred Stock held
14,000 shares
Held by Palm Global Small Cap Master Fund LP as reported September 28, 2026
Initial conversion price
$9.50 per share
Class D Preferred Stock
Common shares per preferred share
2.6316 shares
Initial Class D Preferred Stock conversion ratio
Common shares held directly
32,500 shares
Joshua Horowitz, as reported September 28, 2026
Key Terms
weighted average price, stated value, conversion price, pecuniary interest
4 terms
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.
stated value financial
"have a stated value of $25 per share"
Stated value is an accounting figure a company assigns to a share when the share has no par (legal) value; it becomes the portion of proceeds recorded as the company’s permanent capital for regulatory and bookkeeping purposes. It matters to investors because it affects the equity reported on the balance sheet and the legal limits on distributions or dividend payments, but it is not the market price — think of it as a record-keeping sticker price rather than what buyers actually pay.
conversion price financial
"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.
pecuniary interest regulatory
"except to the extent of their pecuniary interest"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What are KWY's Class D Preferred Stock conversion terms?
The Class D Preferred Stock has a stated value of $25 per share and is convertible at the holder’s option at any time into Common Stock at an initial $9.50 conversion price, or 2.6316 Common Stock shares per preferred share, subject to customary adjustments. Kingsway may redeem 25% of outstanding shares for cash upon certain events; all then-outstanding shares are to be redeemed for cash on May 8, 2032.
AI-generated analysis. How Rhea-AI works. Not financial advice.
