KINGSWAY FINANCIAL SERVICES INC
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
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FY2025 · Filed Mar 12, 2026
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Item 15. Exhibits, Financial Statement Schedules
(a) Documents filed as part of this Report
(1) Financial Statements. We have filed the following documents, which are included in Part II, Item 8 of this 2025 Annual Report on Form 10-K.
Consolidated Statements of Comprehensive Loss
Consolidated Statements of Shareholders' Equity
Consolidated Statements of Cash Flow
(2) Financial Statement Schedules. The following financial statement schedules are filed as a part hereof along with the related reports of the Independent Registered Public Accounting Firm included in Part II, Item 8. Schedules not listed here have been omitted because they are not applicable or the required information is included in the Consolidated Financial Statements.
Schedule I Condensed Financial Information of the Registrant (Parent Company)
(3) Exhibits. The exhibits listed in the accompanying "Index to Exhibits" that follow the signature pages of this report are filed or incorporated by reference as part of this Form 10-K.
*(b) Exhibits.*Included in Item 15(a)(3) above
*(c) Financial Statement Schedules.*Included in Item 15(a)(2) above
Parent Company Balance Sheets
| (in thousands) | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Assets | ||
| Investments in subsidiaries | $6,923 | $12,851 |
| Cash and cash equivalents | 70 | 56 |
| Other assets | 24,807 | 3,992 |
| Total Assets | $31,800 | $16,899 |
| Liabilities and Shareholders' Equity | ||
| Liabilities: | ||
| Accrued expenses and other liabilities | $381 | $236 |
| Total Liabilities | 381 | 236 |
| Redeemable preferred stock | 16,250 | 8,250 |
| Shareholders' Equity: | ||
| Common stock | 296 | 281 |
| Additional paid-in capital | 394,848 | 376,503 |
| Treasury stock, at cost | (6,545) | (6,200) |
| Accumulated deficit | (373,370) | (361,453) |
| Accumulated other comprehensive loss | (60) | (718) |
| Shareholders' equity attributable to common shareholders | 15,169 | 8,413 |
| Total Liabilities, Redeemable preferred stock and Shareholders' Equity | $31,800 | $16,899 |
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Parent Company Statements of Operations
| (in thousands) | Years ended December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Other revenue (expenses), net: | ||
| Net investment income | $21 | $— |
| General and administrative expenses | (2,641) | (98) |
| Non-operating other expense | (124) | (1) |
| Total other expenses, net | (2,744) | (99) |
| Loss from continuing operations before income tax benefit and equity in loss of subsidiaries | (2,744) | (99) |
| Income tax benefit | (365) | (439) |
| Equity in loss of subsidiaries | (7,873) | (8,635) |
| Net loss | $(10,252) | $(8,295) |
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Parent Company Statements of Comprehensive Loss
| (in thousands) | Years ended December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Net loss | $(10,252) | $(8,295) |
| Other comprehensive income, net of taxes(1): | ||
| Unrealized losses on available-for-sale investments: | ||
| Unrealized losses arising during the period | — | — |
| Reclassification adjustment for amounts included in net loss | — | — |
| Other comprehensive loss - parent only | — | — |
| Equity in other comprehensive income of subsidiaries | 658 | 861 |
| Other comprehensive income, net of taxes(1): | 658 | 861 |
| Comprehensive loss | $(9,594) | $(7,434) |
(1) Net of income tax benefit of $0 and $0 in2025 and2024, respectively
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Parent Company Statements of Cash Flows
| (in thousands) | Years ended December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Cash provided by (used in): | ||
| Operating activities: | ||
| Net loss | $(10,252) | $(8,295) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
| Equity in net loss of subsidiaries | 7,873 | 8,635 |
| Stock-based compensation expense, net of forfeitures | 717 | (1,459) |
| Change in other assets | (20,815) | 1,347 |
| Change in accrued expenses and other liabilities | (16) | 57 |
| Other, net | 119 | — |
| Net cash (used in) provided by operating activities | (22,374) | 285 |
| Investing activities: | ||
| Net cash from investing activities | — | — |
| Financing activities: | ||
| Proceeds from issuance of common stock, net | 15,602 | — |
| Proceeds from issuance of preferred stock | 8,000 | 8,250 |
| Cash paid for repurchase of common stock | (345) | (2,504) |
| Payment of preferred stock dividends | (1,024) | (13) |
| Dividends from subsidiary | 155 | — |
| Capital contributions to subsidiaries | — | (8,020) |
| Net cash provided by (used in) financing activities | 22,388 | (2,287) |
| Net increase (decrease) in cash and cash equivalents | 14 | (2,002) |
| Cash and cash equivalents at beginning of period | 56 | 2,058 |
| Cash and cash equivalents at end of period | $70 | $56 |
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