Stilwell Value LLC

Name: STILWELL VALUE LLC 13F holdings, Q4 2025
Creator: STILWELL VALUE LLC
Published: 2026-01-29

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 29, 2026), Stilwell Value LLC reported 22 stock positions worth $106.7 million. Its top holding was Kingsway (KWY) at 42.4% of the portfolio, followed by Sound Financial Bancorp (SFBC, 16.8%) and Lake Shore Bancorp (LSBK, 10.6%). Compared with Q3 2025, it opened 1 new position, sold out of 7, added to 2 and reduced 5. The biggest buy was Lake Shore Bancorp (LSBK, shares +5%) and the biggest sale Kingsway (KWY, shares −37%).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001397076
Portfolio Value: $106.7M (Q4 2025)
SEC Filing: 0001397076-26-000002 ↗ filed Jan 29, 2026

Holdings Value

Holdings 22 stocks · $106.7M


KWY Kingsway Corp.	42.42%	3,363,450	$45.2M	Reduce -36.5%
SFBC Sound Financial Bancorp Inc.	16.77%	410,019	$17.9M	No change
LSBK Lake Shore Bancorp Inc.	10.63%	773,675	$11.3M	Add +4.7%
IROQ If Bancorp Inc.	6.96%	275,180	$7.4M	Reduce -7.5%
CPBI Central Plains Bancshares Inc.	5.82%	366,901	$6.2M	No change
CLST Catalyst Bancorp Inc.	3.76%	254,697	$4.0M	Add +116.7%
FSBW FS Bancorp Inc.	2.89%	74,976	$3.1M	Reduce -3.9%
NECB Northeast Community Bancorp	2.33%	110,000	$2.5M	No change
BVFL BV Financial Inc. filed as BV FINL INC	1.62%	95,000	$1.7M	Reduce -5.0%
HFBL Home Federal Bancorp Inc.	1.35%	80,000	$1.4M	No change
NBBK NB Bancorp Inc.	1.21%	65,000	$1.3M	Reduce -18.8%
FDSB Fifth District Bancorp Inc.	1.13%	80,000	$1.2M	No change
MGYR Magyar Bancorp Inc.	0.65%	40,000	$691K	No change
AVBC Avidia Bancorp Inc.	0.63%	40,000	$672K	No change
SRBK Sr Bancorp Inc.	0.59%	40,000	$630K	No change
ECBK Ecb Bancorp Inc.	0.33%	20,000	$348K	No change
PDLB Ponce Financial Group Inc.	0.31%	20,000	$327K	No change
FBLA FB Bancorp Inc.	0.24%	20,000	$257K	No change
MBBC Marathon Bancorp Inc.	0.23%	20,000	$243K	No change
WHEELER REAL ESTATE INVT TR	0.09%	57,099	$97K	New
PFG Principal Financial Group	0.05%	547	$48K	No change
MET Metlife Inc.	0.00%	60	$5K	No change

Other holdings (2): bonds, preferreds, convertibles and warrants · $74.7M (not counted above)

Security	Class	Shares / Principal	Value	Change
WHEELER REIT INC (WHLR 7 12/31/31)	7% SR NT 31	883,221	$70.8M	Reduce -7.1%
WHEELER REIT INC (WHLR 9 PERP B)	CV PFD SER B	761,466	$4.0M	Reduce -3.5%

Total filed on the 13F, all lines: $181.4M.

Portfolio Sells Q3 2025 → Q4 2025


KWY Kingsway Corp.	Reduce -36.5%	42.42%	−13.65
FSFG First Savings Financial Grp	Sold out	0.00%	−0.73
WHEELER REAL ESTATE INVT TR	Sold out	0.00%	−0.49
PBBK PB Bankshares Inc.	Sold out	0.00%	−0.38
RMBI Richmond Mutual Bancorporati	Sold out	0.00%	−0.31
AGQ Proshares Ultra Silver	Sold out	0.00%	−0.28
WSBK Winchester Bancorp Inc.	Sold out	0.00%	−0.17
CFSB CFSB Bancorp Inc.	Sold out	0.00%	−0.10
NBBK NB Bancorp Inc.	Reduce -18.8%	1.21%	+0.19
BVFL BV Financial Inc.	Reduce -5.0%	1.62%	+0.45
FSBW FS Bancorp Inc.	Reduce -3.9%	2.89%	+0.64
IROQ If Bancorp Inc.	Reduce -7.5%	6.96%	+1.39

Portfolio Buys Q3 2025 → Q4 2025


LSBK Lake Shore Bancorp Inc.	Add +4.7%	10.63%	+3.69
CLST Catalyst Bancorp Inc.	Add +116.7%	3.76%	+2.64
WHEELER REAL ESTATE INVT TR	New	0.09%	+0.09

Options Activity Q3 2025 → Q4 2025


STATE STR SPDR S&P 500 ETF T	put	Sold out	20,000	$13.3Mbefore 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 2025 → Q4 2025


WHEELER REIT INC (WHLR 7 12/31/31)	7% SR NT 31	Reduce -7.1%	883,221	$70.8M
WHEELER REIT INC (WHLR 9 PERP B)	CV PFD SER B	Reduce -3.5%	761,466	$4.0M

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

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	22	$95.8M	KWY, SFBC, LSBK, CPBI, CLST
Q1 2026	23	$91.0M	KWY, SFBC, LSBK, CPBI, CLST
Q4 2025	22	$106.7M	KWY, SFBC, LSBK, IROQ, CPBI
Q3 2025	28	$138.2M	KWY, SFBC, LSBK, IROQ, CPBI
Q2 2025	28	$130.8M	KWY, SFBC, IROQ, CPBI, WHEELER REAL ESTATE INVT TR
Q1 2025	28	$115.5M	KWY, SFBC, PVBC, IROQ, CPBI
Q4 2024	30	$128.8M	KWY, SFBC, PVBC, IROQ, CPBI
Q3 2024	31	$133.6M	KWY, SFBC, PVBC, IROQ, FSBW
Q2 2024	32	$125.8M	KWY, PVBC, SFBC, WHEELER REAL ESTATE INVT TR, FSBW
Q1 2024	33	$130.3M	KWY, SFBC, PVBC, WHEELER REAL ESTATE INVT TR, ICCH