Stilwell Value LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Stilwell Value LLC reported 28 stock positions worth $138.2 million. Its top holding was Kingsway (KWY) at 56.1% of the portfolio, followed by Sound Financial Bancorp (SFBC, 13.7%) and Lake Shore Bancorp (LSBK, 6.9%). Compared with Q2 2025, it opened 4 new positions, sold out of 4, added to 3 and reduced 2. The biggest buy was a new position in Lake Shore Bancorp (LSBK) 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
$138.2M (Q3 2025)
SEC Filing
0001397076-25-000006 ↗ filed Nov 14, 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 Q4 2024 Q1 2025: $115.5M Q1 2025 Q2 2025: $130.8M Q2 2025 Q3 2025: $138.2M $138.2M Q3 2025 Q4 2025: $106.7M Q4 2025 Q1 2026: $91.0M Q1 2026 Q2 2026: $95.8M Q2 2026

Holdings 28 stocks · $138.2M
KWY Kingsway Corp. 56.07% 5,299,877 $77.5M Reduce -4.3%
SFBC Sound Financial Bancorp Inc. 13.66% 410,019 $18.9M No change
LSBK Lake Shore Bancorp Inc. 6.95% 738,675 $9.6M New
IROQ If Bancorp Inc. 5.57% 297,399 $7.7M Add +1.4%
CPBI Central Plains Bancshares Inc. 4.33% 366,901 $6.0M Add +1.2%
FSBW FS Bancorp Inc. 2.25% 78,000 $3.1M No change
NECB Northeast Community Bancorp 1.64% 110,000 $2.3M No change
BVFL BV Financial Inc. filed as BV FINL INC 1.17% 100,000 $1.6M No change
CLST Catalyst Bancorp Inc. 1.12% 117,547 $1.6M Add +50.8%
NBBK NB Bancorp Inc. 1.02% 80,000 $1.4M No change
FDSB Fifth District Bancorp Inc. 0.80% 80,000 $1.1M No change
HFBL Home Federal Bancorp Inc. 0.80% 80,000 $1.1M No change
FSFG First Savings Financial Grp 0.73% 31,973 $1.0M Reduce -39.1%
MGYR Magyar Bancorp Inc. 0.50% 40,000 $691K No change
WHEELER REAL ESTATE INVT TR 0.49% 107,521 $673K New
SRBK Sr Bancorp Inc. 0.44% 40,000 $604K No change
AVBC Avidia Bancorp Inc. 0.43% 40,000 $598K New
PBBK PB Bankshares Inc. 0.38% 27,431 $526K No change
RMBI Richmond Mutual Bancorporati 0.31% 30,000 $426K No change
AGQ Proshares Ultra Silver 0.28% 5,000 $381K New
ECBK Ecb Bancorp Inc. 0.23% 20,000 $317K No change
PDLB Ponce Financial Group Inc. 0.21% 20,000 $294K No change
FBLA FB Bancorp Inc. 0.17% 20,000 $240K No change
WSBK Winchester Bancorp Inc. 0.17% 25,000 $239K No change
MBBC Marathon Bancorp Inc. 0.15% 20,000 $209K No change
CFSB CFSB Bancorp Inc. 0.10% 10,000 $142K No change
PFG Principal Financial Group 0.03% 547 $45K No change
MET Metlife Inc. 0.00% 60 $5K No change

Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($13.3M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $74.6M (not counted above)
SecurityClassShares / PrincipalValueChange
WHEELER REIT INC (WHLR 7 12/31/31) 7% SR NT 31 950,721$71.3MReduce -0.1%
WHEELER REIT INC (WHLR 9 PERP B) CV PFD SER B 789,466$3.3MReduce -0.5%

Total filed on the 13F, all lines: $212.8M.

Portfolio Sells Q2 2025 → Q3 2025
WHEELER REAL ESTATE INVT TR Sold out 0.00% −2.49
PVBC Provident Bancorp Inc. Sold out 0.00% −1.70
LSBK Lake Shore Bancorp Inc. Sold out 0.00% −1.47
KWY Kingsway Corp. Reduce -4.3% 56.07% −1.26
ESSA Essa Bancorp Inc. Sold out 0.00% −0.37
FSFG First Savings Financial Grp Reduce -39.1% 0.73% −0.28

Portfolio Buys Q2 2025 → Q3 2025
LSBK Lake Shore Bancorp Inc. New 6.95% +6.95
WHEELER REAL ESTATE INVT TR New 0.49% +0.49
AVBC Avidia Bancorp Inc. New 0.43% +0.43
CLST Catalyst Bancorp Inc. Add +50.8% 1.12% +0.38
AGQ Proshares Ultra Silver New 0.28% +0.28
CPBI Central Plains Bancshares Inc. Add +1.2% 4.33% +0.14
IROQ If Bancorp Inc. Add +1.4% 5.57% +0.11

Options Activity Q2 2025 → Q3 2025
STATE STR SPDR S&P 500 ETF T put New 20,000 $13.3M

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

Notes & Other Activity Q2 2025 → Q3 2025
WHEELER REIT INC (WHLR 7 12/31/31) 7% SR NT 31 Reduce -0.1% 950,721 $71.3M
WHEELER REIT INC (WHLR 9 PERP B) CV PFD SER B Reduce -0.5% 789,466 $3.3M

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