Stilwell Value LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Stilwell Value LLC reported 31 stock positions worth $133.6 million. Its top holding was Kingsway (KWY) at 45.4% of the portfolio, followed by Sound Financial Bancorp (SFBC, 16.4%) and Provident Bancorp (PVBC, 14.2%). Compared with Q2 2024, it opened 2 new positions, sold out of 3 and added to 3. The biggest buy was If Bancorp (IROQ, shares +2%) and the biggest sale an exit from Wheeler Real Estate Invt TR.

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001397076
Portfolio Value
$133.6M (Q3 2024)
SEC Filing
0001104659-24-117533 ↗ filed Nov 13, 2024

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $130.3M Q1 2024 Q2 2024: $125.8M Q2 2024 Q3 2024: $133.6M $133.6M Q3 2024 Q4 2024: $128.8M Q4 2024 Q1 2025: $115.5M Q1 2025 Q2 2025: $130.8M Q2 2025 Q3 2025: $138.2M Q3 2025 Q4 2025: $106.7M Q4 2025 Q1 2026: $91.0M Q1 2026 Q2 2026: $95.8M Q2 2026

Holdings 31 stocks · $133.6M
KWY Kingsway Corp. 45.40% 7,325,527 $60.7M No change
SFBC Sound Financial Bancorp Inc. 16.42% 410,019 $21.9M No change
PVBC Provident Bancorp Inc. 14.19% 1,756,467 $19.0M No change
IROQ If Bancorp Inc. 3.96% 262,049 $5.3M Add +1.6%
FSBW FS Bancorp Inc. 3.83% 115,000 $5.1M No change
NECB Northeast Community Bancorp 2.77% 140,000 $3.7M No change
GBNY Generations Bancorp NY Inc. 2.63% 222,849 $3.5M No change
BVFL BV Financial Inc. filed as BV FINL INC 1.76% 153,090 $2.3M No change
LSBK Lake Shore Bancorp Inc. 1.23% 121,893 $1.6M Add +21.9%
NBBK NB Bancorp Inc. 1.11% 80,000 $1.5M No change
FSFG First Savings Financial Grp 1.07% 60,000 $1.4M No change
HFBL Home Federal Bancorp Inc. 0.75% 80,000 $1.0M No change
WHEELER REAL ESTATE INVT TR 0.57% 94,195 $762K New
FLG Flagstar Bank NA filed as NEW YORK CMNTY BANCORP INC 0.38% 45,000 $506K Add +35.0%
BCOW 1895 Bancorp of Wisconsin Inc. 0.38% 50,000 $505K No change
MGYR Magyar Bancorp Inc. 0.37% 40,000 $493K No change
ESSA Essa Bancorp Inc. 0.36% 25,000 $481K No change
CLST Catalyst Bancorp Inc. 0.34% 39,991 $456K No change
SRBK Sr Bancorp Inc. 0.33% 40,000 $446K No change
FDSB Fifth District Bancorp Inc. 0.33% 42,632 $442K New
PBBK PB Bankshares Inc. 0.32% 27,431 $424K No change
RMBI Richmond Mutual Bancorporati 0.29% 30,000 $387K No change
HONE Harborone Bancorp Inc. 0.27% 27,883 $362K No change
PDLB Ponce Financial Group Inc. 0.26% 30,000 $351K No change
ECBK Ecb Bancorp Inc. 0.21% 20,000 $286K No change
CPBI Central Plains Bancshares Inc. 0.19% 20,000 $251K No change
CULL Cullman Bancorp Inc. 0.18% 25,000 $244K No change
CFSB CFSB Bancorp Inc. 0.05% 10,000 $69K No change
PFG Principal Financial Group 0.04% 547 $47K No change
MET Metlife Inc. 0.00% 60 $5K No change
ICCH Icc Holdings Inc. filed as ICC HLDGS INC 0.00% 100 $2K No change

Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($11.5M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $66.3M (not counted above)
SecurityClassShares / PrincipalValueChange
WHEELER REIT INC (WHLR 7 12/31/31) 7% SR NT 31 1,011,690$66.3MAdd +0.5%

Total filed on the 13F, all lines: $199.9M.

Portfolio Sells Q2 2024 → Q3 2024
WHEELER REAL ESTATE INVT TR Sold out 0.00% −3.49
AFBI Affinity Bancshares Inc. Sold out 0.00% −1.09
RILY BRC Group Holdings Inc. Sold out 0.00% −0.07

Portfolio Buys Q2 2024 → Q3 2024
IROQ If Bancorp Inc. Add +1.6% 3.96% +0.64
WHEELER REAL ESTATE INVT TR New 0.57% +0.57
FDSB Fifth District Bancorp Inc. New 0.33% +0.33
LSBK Lake Shore Bancorp Inc. Add +21.9% 1.23% +0.24
FLG Flagstar Bank NA Add +35.0% 0.38% +0.12

Options Activity Q2 2024 → Q3 2024
STATE STR SPDR S&P 500 ETF T put New 20,000 $11.5M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2024 → Q3 2024
WHEELER REIT INC (WHLR 7 12/31/31) 7% SR NT 31 Add +0.5% 1,011,690 $66.3M
WHEELER REIT INC (WHLR 9 PERP B) CV PFD SER B Sold out 817,085 $1.8Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 22$95.8MKWY, SFBC, LSBK, CPBI, CLST
Q1 2026 23$91.0MKWY, SFBC, LSBK, CPBI, CLST
Q4 2025 22$106.7MKWY, SFBC, LSBK, IROQ, CPBI
Q3 2025 28$138.2MKWY, SFBC, LSBK, IROQ, CPBI
Q2 2025 28$130.8MKWY, SFBC, IROQ, CPBI, WHEELER REAL ESTATE INVT TR
Q1 2025 28$115.5MKWY, SFBC, PVBC, IROQ, CPBI
Q4 2024 30$128.8MKWY, SFBC, PVBC, IROQ, CPBI
Q3 2024 31$133.6MKWY, SFBC, PVBC, IROQ, FSBW
Q2 2024 32$125.8MKWY, PVBC, SFBC, WHEELER REAL ESTATE INVT TR, FSBW
Q1 2024 33$130.3MKWY, SFBC, PVBC, WHEELER REAL ESTATE INVT TR, ICCH