Stilwell Value LLC is a Delaware limited liability company and has its principal place of business in New York, New York at the address listed on the cover page to this Brochure. The Adviser also operates out of its Puerto Rico office, located at: 200 calle Del Santo Cristo Segundo Piso Viejo San Juan, Puerto Rico 00901 Stilwell Administration LLC is the management company for the Adviser. Stilwell Administration PR LLC is an affiliate of the Adviser that provides certain services to Stilwell Administration LLC and the Funds (as defined below) pursuant to a services agreement with Stilwell Administration LLC. Together with the Adviser, these entities are referred to from time to time herein as “Stilwell.” The Adviser serves as the investment adviser to the following funds (which are referred to herein from time to time as “Clients” or “Funds”): Stilwell Activist Fund, L.P. (“SAF”) and Stilwell Activist Investments, L.P. (“SAI,” and, together with SAF, the “Activist Funds”); Stilwell Partners, L.P. (“SP”); Stilwell Associates, L.P. (“SA”); and Stilwell Value Partners VII, L.P. (“SVP VII”). Each of the Funds is organized as a Delaware limited partnership, of which the Adviser is the general partner. The Adviser has authority with respect to investment decisions and the investment objectives of each of the Funds. The principal investing activities of the Adviser are through SP, SA, the Activist Funds and SVP VII. The investment objective of the Activist Funds is to achieve long-term capital appreciation by trading in publicly traded financial institutions, and financially-related businesses including real estate investment trusts (“REITs”) and pursuing activist shareholder agendas with respect to certain of those institutions, trusts and companies. In the pursuit of achieving higher levels of shareholder value, the Adviser and/or its related entities may work with existing management and/or attempt to gain board representation, among other actions. The investment

objective of SP is to achieve long-term capital appreciation through the acquisition of stock offerings of mutual companies—insurance companies, thrifts and credit unions—that offer a likelihood of converting to public stock ownership and, subsequent to conversion, to hold positions in the publicly traded entities. In order to acquire ownership rights in mutual companies, SP holds deposits at thrift and banking institutions throughout the United States, and maintains a small percentage of its portfolio as insurance policies and annuities with mutual insurers. In addition to the foregoing, the Adviser advises (i) SA, whose principal investment objective is to invest in various public and private securities, with a focus primarily on publicly traded domestic equities, undervalued financial or financially-related firms, businesses with a strong financial component or domestic or Canadian companies (whether or not financially-related), and as a part of its strategy may utilize leverage, and (ii) SVP VII, whose principal investment strategy is to invest alongside the Activist Funds; however, SVP VII may also seek to invest in undervalued financial or financially-related firms, businesses with a strong financial component or domestic or Canadian companies (whether or not financially-related). The Adviser does not tailor its advisory services to the individual needs of investors and generally does not accept investor-imposed restrictions on the investments made in the Funds. Although the Adviser typically does not allow individual investors to place limitations on its authority, the Adviser may from time to time enter into side letter arrangements with limited partners in the Funds that modify various standard terms of the Funds. The services of the Adviser may include, without limitation: (i) development of investment strategies; (ii) asset allocation; and (iii) portfolio management. As of December 31, 2022, the Adviser managed $231,501,463 on a discretionary basis.