Stilwell Value LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Stilwell Value LLC reported 30 stock positions worth $128.8 million. Its top holding was Kingsway (KWY) at 43.6% of the portfolio, followed by Sound Financial Bancorp (SFBC, 16.8%) and Provident Bancorp (PVBC, 15.1%). Compared with Q3 2024, it opened 2 new positions, sold out of 3, added to 3 and reduced 7. The biggest buy was Central Plains Bancshares (CPBI, shares +1437%) and the biggest sale Kingsway (KWY, shares −9%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001397076
Portfolio Value
$128.8M (Q4 2024)
SEC Filing
0001104659-25-012693 ↗ filed Feb 13, 2025

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 Q3 2024 Q4 2024: $128.8M $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 30 stocks · $128.8M
KWY Kingsway Corp. 43.56% 6,700,527 $56.1M Reduce -8.5%
SFBC Sound Financial Bancorp Inc. 16.77% 410,019 $21.6M No change
PVBC Provident Bancorp Inc. 15.11% 1,706,467 $19.5M Reduce -2.9%
IROQ If Bancorp Inc. 5.27% 291,150 $6.8M Add +11.1%
CPBI Central Plains Bancshares Inc. 3.57% 307,301 $4.6M Add +1436.5%
FSBW FS Bancorp Inc. 2.49% 78,000 $3.2M Reduce -32.2%
NECB Northeast Community Bancorp 2.09% 110,000 $2.7M Reduce -21.4%
BVFL BV Financial Inc. filed as BV FINL INC 1.34% 100,000 $1.7M Reduce -34.7%
LSBK Lake Shore Bancorp Inc. 1.30% 121,893 $1.7M No change
NBBK NB Bancorp Inc. 1.12% 80,000 $1.4M No change
FSFG First Savings Financial Grp 1.08% 52,500 $1.4M Reduce -12.5%
GBNY Generations Bancorp NY Inc. 0.94% 80,000 $1.2M Reduce -64.1%
FDSB Fifth District Bancorp Inc. 0.78% 80,000 $1.0M Add +87.7%
HFBL Home Federal Bancorp Inc. 0.78% 80,000 $1.0M No change
MGYR Magyar Bancorp Inc. 0.45% 40,000 $584K No change
BCOW 1895 Bancorp of Wisconsin Inc. 0.39% 50,000 $500K No change
ESSA Essa Bancorp Inc. 0.38% 25,000 $488K No change
SRBK Sr Bancorp Inc. 0.37% 40,000 $476K No change
CLST Catalyst Bancorp Inc. 0.37% 39,991 $471K No change
RMBI Richmond Mutual Bancorporati 0.33% 30,000 $425K No change
PBBK PB Bankshares Inc. 0.33% 27,431 $419K No change
PDLB Ponce Financial Group Inc. 0.30% 30,000 $390K No change
HONE Harborone Bancorp Inc. 0.26% 27,883 $330K No change
ECBK Ecb Bancorp Inc. 0.23% 20,000 $297K No change
FBLA FB Bancorp Inc. 0.19% 20,000 $238K New
WHEELER REAL ESTATE INVT TR 0.12% 47,093 $159K New
CFSB CFSB Bancorp Inc. 0.05% 10,000 $68K No change
PFG Principal Financial Group 0.03% 547 $42K 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
Other holdings (2): bonds, preferreds, convertibles and warrants · $69.7M (not counted above)
SecurityClassShares / PrincipalValueChange
WHEELER REIT INC (WHLR 7 12/31/31) 7% SR NT 31 1,011,690$67.2MNo change
WHEELER REIT INC (WHLR 9 PERP B) CV PFD SER B 817,085$2.5MNew

Total filed on the 13F, all lines: $198.5M.

Portfolio Sells Q3 2024 → Q4 2024
KWY Kingsway Corp. Reduce -8.5% 43.56% −1.84
GBNY Generations Bancorp NY Inc. Reduce -64.1% 0.94% −1.69
FSBW FS Bancorp Inc. Reduce -32.2% 2.49% −1.34
NECB Northeast Community Bancorp Reduce -21.4% 2.09% −0.68
WHEELER REAL ESTATE INVT TR Sold out 0.00% −0.57
BVFL BV Financial Inc. Reduce -34.7% 1.34% −0.42
FLG Flagstar Bank NA Sold out 0.00% −0.38
CULL Cullman Bancorp Inc. Sold out 0.00% −0.18
FSFG First Savings Financial Grp Reduce -12.5% 1.08% +0.01
PVBC Provident Bancorp Inc. Reduce -2.9% 15.11% +0.92

Portfolio Buys Q3 2024 → Q4 2024
CPBI Central Plains Bancshares Inc. Add +1436.5% 3.57% +3.38
IROQ If Bancorp Inc. Add +11.1% 5.27% +1.31
FDSB Fifth District Bancorp Inc. Add +87.7% 0.78% +0.45
FBLA FB Bancorp Inc. New 0.19% +0.19
WHEELER REAL ESTATE INVT TR New 0.12% +0.12

Options Activity Q3 2024 → Q4 2024
STATE STR SPDR S&P 500 ETF T put Sold out 20,000 $11.5Mbefore exit

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

Notes & Other Activity Q3 2024 → Q4 2024
WHEELER REIT INC (WHLR 9 PERP B) CV PFD SER B New 817,085 $2.5M

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