Adam Jonathan Patinkin - Mar 31, 2025 Form 3 Insider Report for KINGSWAY FINANCIAL SERVICES INC (KFS)

Role: Director
Signature: /s/ Debra Rouse, attorney-in-fact for Adam Jonathan Patinkin
Stock symbol: KFS
Transactions as of: Mar 31, 2025
Transactions value $: $0
Form type: 3
Date filed: 4/8/2025, 03:59 PM
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	KFS	Common Stock						748K	Mar 31, 2025	by David Capital Partners Fund, LP	F1
holding	KFS	Common Stock						484K	Mar 31, 2025	by David Capital Partners Special Situation Fund, LP	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	KFS	Stock Option (Right to Buy)							Mar 31, 2025	Common Stock	275K	$8.25	by David Capital Partners Fund, LP	F1, F3
holding	KFS	Stock Option (Right to Buy)							Mar 31, 2025	Common Stock	540K	$8.25	by David Capital Partners Special Situation Fund, LP	F2, F3
holding	KFS	Stock Option (Right to Buy)							Mar 31, 2025	Common Stock	500K	$8.25	by David Capital Partners Special Situation Fund, LP	F2, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	David Capital Partners, LLC, as the investment manager and general partner of David Capital Partners Fund, LP ("DCP Fund"), may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Fund. Due to his position as managing partner of David Capital Partners, LLC, Mr. Patinkin may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Fund. David Capital Partners, LLC and Mr. Patinkin expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein
F2	David Capital Partners, LLC, as the investment manager and general partner of David Capital Partners Special Situation Fund, LP ("DCP Special"), may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Special. Due to his position as managing partner of David Capital Partners, LLC, Mr. Patinkin may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Special. David Capital Partners, LLC and Mr. Patinkin expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein.
F3	DCP Fund and DCP Special have entered into an option agreement, dated March 31, 2025, with Stilwell Value LLC, to acquire 275,000 and 540,000 shares of common stock, respectively, at an exercise price of $8.25 per share, which options are exercisable by DCP Fund and DCP Special together in whole, and not in part, on December 29, 2025 and which expire at 5:00 p.m. Eastern Time on December 29, 2025.
F4	DCP Special has entered into an option agreement, dated March 31, 2025, with Oakmont Capital Inc., to acquire 500,000 shares of common stock at an exercise price of $8.25 per share, which option is exercisable in whole, and not in part, on December 29, 2025 and which expires at 5:00 p.m. Eastern Time on December 29, 2025.

Remarks:

Power of attorney is attached hereto as Exhibit 24.