Stilwell Value LLC Long-Term Concentrated

Period: Q4 2025 (← Previous)

Filing Date: Jan 29, 2026

Total Value ($000): $181,394 (100.0% shares, 0.0% debt)

Holdings (24)

New Positions (1)

Value ($000) $97 Shares 57,099 Est. Cost $1.70 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WHLR	WHEELER REAL ESTATE INVT TR	57,099	$97	0.1%	$1.70	—	COM NEW	963025770

Increased Positions (2)

CLST CATALYST BANCORP INC 2.2%

Value ($000) $4,011 (+158.5%) Shares 254,697 (+116.7%) Est. Cost $13.65 Unrealized +5.7%

LSBK LAKE SHORE BANCORP INC 6.3%

Value ($000) $11,342 (+18.1%) Shares 773,675 (+4.7%) Est. Cost $12.64 Unrealized +10.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CLST	CATALYST BANCORP INC	254,697 (+116.7%)	$4,011 (+158.5%)	2.2%	$13.65	+5.7%	COMMON STOCK	14888L101
LSBK	LAKE SHORE BANCORP INC	773,675 (+4.7%)	$11,342 (+18.1%)	6.3%	$12.64	+10.9%	COM	510704109

Exited Positions (8)

— SPDR S&P 500 ETF TR 7.3%

Value ($000) $13,324 Shares 20,000 Est. Cost — Unrealized —

FSFG FIRST SVGS FINL GROUP INC 0.6%

Value ($000) $1,005 Shares 31,973 Est. Cost $14.42 Unrealized +114.7%

— WHEELER REAL ESTATE INVT TR 0.4%

Value ($000) $673 Shares 107,521 Est. Cost $6.26 Unrealized —

PBBK PB BANKSHARES INC 0.3%

Value ($000) $526 Shares 27,431 Est. Cost $13.48 Unrealized +52.0%

RMBI RICHMOND MUT BANCORPORATION 0.2%

Value ($000) $426 Shares 30,000 Est. Cost $12.24 Unrealized +12.1%

AGQ PROSHARES TR II 0.2%

Value ($000) $381 Shares 5,000 Est. Cost $76.24 Unrealized —

WSBK WINCHESTER BANCORP INC 0.1%

Value ($000) $239 Shares 25,000 Est. Cost $9.20 Unrealized +5.9%

— CFSB BANCORP INC 0.1%

Value ($000) $142 Shares 10,000 Est. Cost $10.10 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR S&P 500 ETF TR	20,000	$13,324	7.3%	—	—	PUT	78462F953
FSFG	FIRST SVGS FINL GROUP INC	31,973	$1,005	0.6%	$14.42	+114.7%	—	33621E109
—	WHEELER REAL ESTATE INVT TR	107,521	$673	0.4%	$6.26	—	—	963025796
PBBK	PB BANKSHARES INC	27,431	$526	0.3%	$13.48	+52.0%	—	69318V103
RMBI	RICHMOND MUT BANCORPORATION	30,000	$426	0.2%	$12.24	+12.1%	—	76525P100
AGQ	PROSHARES TR II	5,000	$381	0.2%	$76.24	—	—	74347W353
WSBK	WINCHESTER BANCORP INC	25,000	$239	0.1%	$9.20	+5.9%	—	97269D103
—	CFSB BANCORP INC	10,000	$142	0.1%	$10.10	—	—	12530C107

Decreased Positions (7)

KFS KINGSWAY FINL SVCS INC 24.9%

Value ($000) $45,238 (-41.6%) Shares 3,363,450 (-36.5%) Est. Cost $4.64 Unrealized +195.4%

— WHEELER REAL ESTATE INVT TR 2.2%

Value ($000) $3,952 (+18.3%) Shares 761,466 (-3.5%) Est. Cost $3.05 Unrealized —

— WHEELER REAL ESTATE INVT TR 39.0%

Value ($000) $70,790 (-0.7%) Shares 883,221 (-7.1%) Est. Cost $35.00 Unrealized —

IROQ IF BANCORP INC 4.1%

Value ($000) $7,419 (-3.6%) Shares 275,180 (-7.5%) Est. Cost $16.29 Unrealized +59.8%

NBBK NB BANCORP INC 0.7%

Value ($000) $1,288 (-8.8%) Shares 65,000 (-18.8%) Est. Cost $13.61 Unrealized +39.8%

BVFL BV FINL INC 1.0%

Value ($000) $1,723 (+6.9%) Shares 95,000 (-5.0%) Est. Cost $10.31 Unrealized +66.9%

FSBW FS BANCORP INC 1.7%

Value ($000) $3,087 (-0.9%) Shares 74,976 (-3.9%) Est. Cost $22.45 Unrealized +77.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KFS	KINGSWAY FINL SVCS INC	3,363,450 (-36.5%)	$45,238 (-41.6%)	24.9%	$4.64	+195.4%	COM NEW	496904202
—	WHEELER REAL ESTATE INVT TR	761,466 (-3.5%)	$3,952 (+18.3%)	2.2%	$3.05	—	CV PFD SER B	963025309
—	WHEELER REAL ESTATE INVT TR	883,221 (-7.1%)	$70,790 (-0.7%)	39.0%	$35.00	—	7% SR NT 31	963025804
IROQ	IF BANCORP INC	275,180 (-7.5%)	$7,419 (-3.6%)	4.1%	$16.29	+59.8%	COM	44951J105
NBBK	NB BANCORP INC	65,000 (-18.8%)	$1,288 (-8.8%)	0.7%	$13.61	+39.8%	COM	63945M107
BVFL	BV FINL INC	95,000 (-5.0%)	$1,723 (+6.9%)	1.0%	$10.31	+66.9%	COM NEW	05603E208
FSBW	FS BANCORP INC	74,976 (-3.9%)	$3,087 (-0.9%)	1.7%	$22.45	+77.2%	COM	30263Y104

Unchanged Positions (14)

SFBC SOUND FINL BANCORP INC 9.9%

Value ($000) $17,889 Shares 410,019 Est. Cost $22.79 Unrealized +94.9%

HFBL HOME FED BANCORP INC LA NEW 0.8%

Value ($000) $1,440 Shares 80,000 Est. Cost $13.38 Unrealized +16.2%

CPBI CENTRAL PLAINS BANCSHARES IN 3.4%

Value ($000) $6,208 Shares 366,901 Est. Cost $14.02 Unrealized +15.8%

NECB NORTHEAST CMNTY BANCORP INC 1.4%

Value ($000) $2,487 Shares 110,000 Est. Cost $10.11 Unrealized +106.9%

FDSB FIFTH DIST BANCORP INC 0.7%

Value ($000) $1,200 Shares 80,000 Est. Cost $11.04 Unrealized +24.5%

AVBC AVIDIA BANCORP INC 0.4%

Value ($000) $672 Shares 40,000 Est. Cost $15.09 Unrealized +3.6%

MBBC MARATHON BANCORP INC 0.1%

Value ($000) $243 Shares 20,000 Est. Cost $9.97 Unrealized +12.0%

PDLB PONCE FINANCIAL GROUP INC 0.2%

Value ($000) $327 Shares 20,000 Est. Cost $10.61 Unrealized +45.1%

ECBK ECB BANCORP INC 0.2%

Value ($000) $348 Shares 20,000 Est. Cost $14.18 Unrealized +17.1%

SRBK SR BANCORP INC 0.3%

Value ($000) $630 Shares 40,000 Est. Cost $8.66 Unrealized —

FBLA FB BANCORP INC 0.1%

Value ($000) $257 Shares 20,000 Est. Cost $12.15 Unrealized +2.2%

PFG PRINCIPAL FINANCIAL GROUP IN 0.0%

Value ($000) $48 Shares 547 Est. Cost $33.68 Unrealized +149.0%

MGYR MAGYAR BANCORP INC 0.4%

Value ($000) $691 Shares 40,000 Est. Cost $10.77 Unrealized +57.9%

MET METLIFE INC 0.0%

Value ($000) $5 Shares 60 Est. Cost $31.21 Unrealized +152.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SFBC	SOUND FINL BANCORP INC	410,019	$17,889	9.9%	$22.79	+94.9%	COM	83607A100
HFBL	HOME FED BANCORP INC LA NEW	80,000	$1,440	0.8%	$13.38	+16.2%	COM	43708L108
CPBI	CENTRAL PLAINS BANCSHARES IN	366,901	$6,208	3.4%	$14.02	+15.8%	COM	15486W100
NECB	NORTHEAST CMNTY BANCORP INC	110,000	$2,487	1.4%	$10.11	+106.9%	COM	664121100
FDSB	FIFTH DIST BANCORP INC	80,000	$1,200	0.7%	$11.04	+24.5%	COM	316926104
AVBC	AVIDIA BANCORP INC	40,000	$672	0.4%	$15.09	+3.6%	COMMON STOCK	05369T100
MBBC	MARATHON BANCORP INC	20,000	$243	0.1%	$9.97	+12.0%	COM NEW	565759206
PDLB	PONCE FINANCIAL GROUP INC	20,000	$327	0.2%	$10.61	+45.1%	COMMON STOCK	732344106
ECBK	ECB BANCORP INC	20,000	$348	0.2%	$14.18	+17.1%	COM	26828M106
SRBK	SR BANCORP INC	40,000	$630	0.3%	$8.66	—	COM	85227J106
FBLA	FB BANCORP INC	20,000	$257	0.1%	$12.15	+2.2%	COM	31425A109
PFG	PRINCIPAL FINANCIAL GROUP IN	547	$48	0.0%	$33.68	+149.0%	COM	74251V102
MGYR	MAGYAR BANCORP INC	40,000	$691	0.4%	$10.77	+57.9%	COM	55977T208
MET	METLIFE INC	60	$5	0.0%	$31.21	+152.9%	COM	59156R108