SCHEDULE: Fourthstone Discloses 9.5% Stake in CF Bankshares

Fourthstone LLC and its affiliates have reported a 9.5% beneficial ownership stake in CF Bankshares Inc. common stock, held in the ordinary course of business.

Summary

• Fourthstone LLC, an investment adviser, and its affiliated entities (Fourthstone Master Opportunity Fund Ltd, Fourthstone GP LLC, Fourthstone QP Opportunity Fund LP, Fourthstone Small-Cap Financials Fund LP) along with L. Phillip Stone, IV, collectively reported beneficial ownership of 596,276 shares of CF Bankshares Inc. common stock.
• This aggregate ownership represents 9.5% of the total 6,276,775 shares outstanding as of September 15, 2025.
• The shares were acquired and are held in the ordinary course of business, not for the purpose or with the effect of changing or influencing the control of CF Bankshares Inc.
• Fourthstone LLC and L. Phillip Stone, IV, each beneficially own 596,276 shares, representing 9.5% of the class.
• Fourthstone Master Opportunity Fund Ltd beneficially owns 467,167 shares, representing 7.44% of the class.
• Fourthstone GP LLC beneficially owns 129,109 shares, representing 2.06% of the class.
• Fourthstone QP Opportunity Fund LP beneficially owns 124,798 shares, representing 1.99% of the class.
• Fourthstone Small-Cap Financials Fund LP beneficially owns 4,311 shares, representing 0.07% of the class.

Sentiment

Score: 5

Explanation: A Schedule 13G filing is a factual disclosure of beneficial ownership and does not inherently carry positive or negative sentiment regarding the issuer's performance. It is a neutral regulatory requirement.

Positives

• NA

Negatives

• NA

Risks

• The investment in CF Bankshares Inc. is subject to market fluctuations and general risks associated with equity investments.
• While the reporting persons state no intent to influence control, a significant stake could still be perceived as a potential factor in future corporate actions or governance discussions.

Future Outlook

NA

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the Issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that effect.
• Fourthstone LLC acquired the Issuer's shares in the ordinary course of business as a registered investment adviser and not with the purpose nor with the effect of influencing the control of the Issuer.

Industry Context

This filing indicates that a significant institutional investor, Fourthstone LLC, sees value in CF Bankshares Inc., a company likely operating in the financial services or banking sector. Such disclosures can signal institutional confidence or strategic positioning within the sector, potentially influencing other investors' perceptions of the company.

Stakeholder Impact

• Shareholders: Existing shareholders may view the significant stake by an institutional investor as a vote of confidence, potentially leading to increased investor interest or stability in the stock.
• Management: Management of CF Bankshares Inc. will be aware of a large institutional holder, which could influence future strategic decisions or communication with investors.

Key Dates

Keywords

CF Bankshares Inc., Fourthstone LLC, Schedule 13G, beneficial ownership, investment adviser, common stock, equity stake, institutional investor, financial services, banking sector