SCHEDULE: Castle Creek Reduces CF Bankshares Stake Below 5%

Sentiment:

Beneficial Ownership Amendment 16 December 2025 7:56 PM

Castle Creek Capital Partners VII, LP has reduced its beneficial ownership in CF Bankshares Inc. to 4.8% after selling 79,723 shares for approximately $1.9 million.

Worse than expectedA significant institutional investor, Castle Creek Capital Partners VII, LP, has reduced its beneficial ownership in CF Bankshares Inc. from above 5% to 4.8%. This reduction in stake by a major investor is generally perceived as a negative signal for the company's stock.

Summary

Castle Creek Capital Partners VII, LP (Fund VII) sold an aggregate of 79,723 shares of CF Bankshares Inc. Voting Common Stock between December 9, 2025, and December 12, 2025.
The total proceeds from these sales amounted to $1,894,786.75, net of commissions and fees.
Following these transactions, Fund VII now owns 308,342 shares of Voting Common Stock, representing approximately 4.8% of the outstanding shares.
This reduction in ownership means the Reporting Persons (Fund VII and Castle Creek Capital VII LLC) ceased to be the beneficial owner of more than five percent of the Voting Common Stock as of December 12, 2025.
The calculation of ownership percentage is based on 6,367,075 shares of Voting Common Stock outstanding as of November 4, 2025, as reported in the Company's Form 10-Q.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative as a notable institutional investor has significantly reduced its stake in the company, dropping below the 5% beneficial ownership threshold. This action can be interpreted as a decrease in the investor's long-term conviction.

Negatives

A significant institutional investor, Castle Creek Capital Partners VII, LP, has reduced its stake in CF Bankshares Inc. below the 5% beneficial ownership threshold, potentially signaling a decrease in conviction.

Future Outlook

No forward-looking statements or guidance from CF Bankshares Inc. are provided in this filing, which is a disclosure by a beneficial owner.

Industry Context

This filing primarily details an investment firm's reduction in its stake in a financial institution. It does not provide information directly related to broader industry trends or competitive landscape, but rather reflects a specific portfolio management decision by an investor.

Stakeholder Impact

Shareholders may perceive the reduction in stake by a significant institutional investor as a negative signal, potentially leading to downward pressure on the stock price.

Key Dates

Date	Description
2019-12-24	Original Schedule 13D filed.
2025-11-04	Date of shares outstanding calculation (6,367,075 shares) as reported in Company's Form 10-Q.
2025-12-09	Fund VII sold 3,665 shares of Voting Common Stock at a weighted average price of $23.81 per share.
2025-12-10	Fund VII sold 34,374 shares of Voting Common Stock at a weighted average price of $23.78 per share.
2025-12-11	Fund VII sold 21,934 shares of Voting Common Stock at a weighted average price of $23.82 per share.
2025-12-12	Fund VII sold 19,750 shares of Voting Common Stock at a weighted average price of $23.80 per share. This is also the date of the event which requires filing of this statement, as Reporting Persons ceased to be beneficial owner of more than five percent.
2025-12-15	Signature date of Amendment No. 20 to Schedule 13D.

Recommendation

hold

Castle Creek Capital Partners VII, LP has reduced its stake in CF Bankshares Inc. below 5%, selling a significant number of shares. While this indicates a reduction in conviction from a notable institutional investor, the filing does not provide new fundamental information about CF Bankshares Inc. to warrant a change from a 'hold' position. Investors should monitor future filings and company performance for further insights.

Keywords

CF BANKSHARES INC., Castle Creek Capital, Schedule 13D, share sale, beneficial ownership, financial services, banking

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