Stilwell Value LLC

Hedge Fund • Activist

Stilwell Value LLC is an Activist Hedge Fund based in New York, NY led by Ravi Bipin Shah, managing $280.8M across 30 long positions as of Q3 2025 with 96% concentrated in top 10 holdings and 28% allocation to KFS.

CFORavi Bipin Shah

Portfolio Value: $280.8M
Positions: 30
Top Holding: KFS at 27.59%
Last Reported: Q3 2025

Address111 Broadway, 12th Floor, New York, NY, 10006, United States

Top Holdings

Largest long holdings in Stilwell Value LLC's portfolio (95.9% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Kingsway Financial Services KFS	Auto - Dealerships Consumer Cyclical	$77.5M	27.59%	-$3.5M Sold	18.36% 5.3M shares	Q1 2015 Held for 10y 8m
2 WHLRL Wheeler Real Estate Investment Trust, Inc. WHLRL	REIT - Retail Real Estate	$71.3M	25.39%	-$35.2K Sold	— 950.7K shares	Q1 2023 Held for 2y 8m
3 WHLRL Wheeler Real Estate Investment Trust WHLRL	ETF ETF	$71.3M	25.39%	-$35.2K Sold	— 950.7K shares	Q1 2023 Held for 2y 8m
4 Sound Financial Bancorp SFBC	Banks - Regional Financial Services	$18.9M	6.73%	—	17.17% 410.0K shares	Q1 2015 Held for 10y 8m
5 Lake Shore Bancorp LSBK	Banks - Regional Financial Services	$9.6M	3.42%	+$8.0M Bought	9.44% 738.7K shares	Q1 2015 Held for 10y 8m
6 IF Bancorp IROQ	Banks - Regional Financial Services	$7.7M	2.74%	+$102.8K Bought	9.19% 297.4K shares	Q1 2015 Held for 10y 8m
7 Central Plains Bancshares, Inc. CPBI	Shell Companies Financial Services	$6.0M	2.13%	+$72.1K Bought	8.70% 366.9K shares	Q4 2023 Held for 1y 11m
8 FS Bancorp, Inc. FSBW	Banks - Regional Financial Services	$3.1M	1.11%	—	1.03% 78.0K shares	Q1 2015 Held for 10y 8m
9 Northeast Community Bancorp NECB	Banks - Regional Financial Services	$2.3M	0.81%	—	0.86% 110.0K shares	Q3 2021 Held for 4y 2m
10 BV Financial, Inc. BVFL	Banks - Regional Financial Services	$1.6M	0.57%	—	— 100.0K shares	Q3 2023 Held for 2y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Stilwell Value LLC's latest filing

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Market Value

$280.8M

Prior: $136.6M

Q/Q Change

+105.57%

+$144.2M

Net Flows % of MV

+0.987%

Turnover Ratio

2.96%

New Purchases

2 stocks

$978.8K

Added To

4 stocks

+$8.7M

Sold Out Of

2 stocks

$2.7M

Reduced Holdings

5 stocks

-$4.2M

Increased Positions

Position	Shares Δ	Change
1 AVBC Avidia Bancorp, Inc. AVBC	New	0 → 40.0K +$597.6K
2 AGQ ProShares Ultra Silver AGQ	New	0 → 5.0K +$381.2K
3 Lake Shore Bancorp LSBK	+506.0%	121.9K → 738.7K +$8.0M
4 Catalyst Bancorp, Inc. CLST	+50.82%	77.9K → 117.5K +$522.9K
5 IF Bancorp IROQ	+1.35%	293.4K → 297.4K +$102.8K

Decreased Positions

Position	Shares Δ	Change
1 Provident Bancorp PVBC	Sold	177.9K → 0 −$2.2M
2 ESSA Bancorp ESSA	Sold	25.0K → 0 −$485.0K
3 First Savings Financial Group FSFG	-39.1%	52.5K → 32.0K −$645.2K
4 Kingsway Financial Services KFS	-4.32%	5.5M → 5.3M −$3.5M
5 WHLRL Wheeler Real Estate Investment Trust WHLRL	-0.05%	951.2K → 950.7K −$35.2K