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KESTREL INVESTMENT MANAGEMENT CORP

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13F filer, CIK 917579, SAN MATEO, CA

KESTREL INVESTMENT MANAGEMENT CORP reported $167,003,000 across 41 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-07-31. Its ten largest share positions make up 39.16% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000917579-25-000006

Period
2025-06-30
Reported value
$167M
Holdings
41
Top 10 weight
39.16%
New
2
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GTMnew+571,000$5.78M
MATWnew+120,000$2.87M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
SHLSexited-851,200-$2.83M
AXreduced-4,700-$357K
PHINreduced-7,900-$351K
RDNreduced-9,500-$342K
TPHreduced-10,700-$342K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0000917579-25-000006, largest first. % of portfolio is the value over $167,003,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
PHINPHINIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 179,200 shares; 2024Q4: 179,200 shares; 2025Q1: 179,200 shares; 2025Q2: 171,300 shares 171,300$7.62M4.56%-7,900Timeline
AXAXOS FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 104,050 shares; 2024Q4: 104,050 shares; 2025Q1: 104,050 shares; 2025Q2: 99,350 shares 99,350$7.55M4.52%-4,700Timeline
TPHTRI POINTE HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 240,150 shares; 2024Q4: 240,150 shares; 2025Q1: 240,150 shares; 2025Q2: 229,450 shares 229,450$7.33M4.39%-10,700Timeline
RDNRADIAN GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 209,200 shares; 2024Q4: 209,200 shares; 2025Q1: 209,200 shares; 2025Q2: 199,700 shares 199,700$7.19M4.31%-9,500Timeline
CVSACOVISTA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 145,000 shares; 2024Q4: 145,000 shares; 2025Q1: 51,600 shares; 2025Q2: 49,300 shares 49,300$6.27M3.76%-2,300Timeline
CNOCNO FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 167,250 shares; 2024Q4: 167,250 shares; 2025Q1: 167,250 shares; 2025Q2: 159,650 shares 159,650$6.16M3.69%-7,600Timeline
UPWKUPWORK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 471,900 shares; 2024Q4: 471,900 shares; 2025Q1: 471,900 shares; 2025Q2: 451,000 shares 451,000$6.06M3.63%-20,900Timeline
PBHPRESTIGE CONSMR HEALTHCARE IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 76,350 shares; 2024Q4: 76,350 shares; 2025Q1: 76,350 shares; 2025Q2: 72,950 shares 72,950$5.83M3.49%-3,400Timeline
GTMZOOMINFO TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 571,000 shares 571,000$5.78M3.46%newTimeline
PREMIER INCPREMIER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 267,350 shares; 2024Q4: 267,350 shares; 2025Q1: 267,350 shares; 2025Q2: 255,350 shares 255,350$5.6M3.35%-12,000
ATKRATKORE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 80,850 shares; 2025Q2: 77,350 shares 77,350$5.46M3.27%-3,500Timeline
CNXCCONCENTRIX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 106,950 shares; 2025Q2: 102,050 shares 102,050$5.39M3.23%-4,900Timeline
MRC GLOBAL INCMRC GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,850 shares; 2025Q2: 382,950 shares 382,950$5.25M3.14%-17,900
MDUMDU RES GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 324,300 shares; 2025Q1: 324,300 shares; 2025Q2: 309,600 shares 309,600$5.16M3.09%-14,700Timeline
BHFBRIGHTHOUSE FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 98,800 shares; 2024Q4: 98,800 shares; 2025Q1: 98,800 shares; 2025Q2: 94,500 shares 94,500$5.08M3.04%-4,300Timeline
THCTENET HEALTHCARE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,975 shares; 2024Q4: 29,975 shares; 2025Q1: 29,975 shares; 2025Q2: 28,575 shares 28,575$5.03M3.01%-1,400Timeline
NATLNCR ATLEOS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 171,650 shares; 2024Q4: 171,650 shares; 2025Q1: 171,650 shares; 2025Q2: 163,850 shares 163,850$4.67M2.8%-7,800Timeline
DUN & BRADSTREET HLDGS INCDUN & BRADSTREET HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 509,500 shares; 2024Q4: 509,500 shares; 2025Q1: 509,500 shares; 2025Q2: 486,900 shares 486,900$4.43M2.65%-22,600
BLKBBLACKBAUD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 66,650 shares; 2024Q4: 66,650 shares; 2025Q1: 66,650 shares; 2025Q2: 63,650 shares 63,650$4.09M2.45%-3,000Timeline
PLABPHOTRONICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 219,150 shares; 2025Q1: 219,150 shares; 2025Q2: 209,150 shares 209,150$3.94M2.36%-10,000Timeline
PGNYPROGYNY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 187,150 shares; 2024Q4: 187,150 shares; 2025Q1: 187,150 shares; 2025Q2: 178,650 shares 178,650$3.93M2.35%-8,500Timeline
XHRXENIA HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 322,050 shares; 2024Q4: 322,050 shares; 2025Q1: 322,050 shares; 2025Q2: 307,750 shares 307,750$3.87M2.32%-14,300Timeline
DRVNDRIVEN BRANDS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 228,600 shares; 2024Q4: 228,600 shares; 2025Q1: 228,600 shares; 2025Q2: 218,100 shares 218,100$3.83M2.29%-10,500Timeline
ADEAADEIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 278,113 shares; 2024Q4: 278,113 shares; 2025Q1: 278,113 shares; 2025Q2: 265,913 shares 265,913$3.76M2.25%-12,200Timeline
PFBCPREFERRED BK LOS ANGELES CAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,450 shares; 2024Q4: 43,450 shares; 2025Q1: 43,450 shares; 2025Q2: 41,450 shares 41,450$3.59M2.15%-2,000Timeline
BBTBEACON FINANCIAL CORP.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 147,750 shares; 2024Q4: 147,750 shares; 2025Q1: 147,750 shares; 2025Q2: 140,950 shares 140,950$3.53M2.11%-6,800Timeline
THSTREEHOUSE FOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 172,450 shares; 2025Q1: 172,450 shares; 2025Q2: 164,650 shares 164,650$3.2M1.91%-7,800Timeline
MATWMATTHEWS INTL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 120,000 shares 120,000$2.87M1.72%newTimeline
EPCEDGEWELL PERSONAL CARE COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 127,900 shares; 2024Q4: 127,900 shares; 2025Q1: 127,900 shares; 2025Q2: 122,200 shares 122,200$2.86M1.71%-5,700Timeline
KOPKOPPERS HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 90,550 shares; 2025Q2: 86,750 shares 86,750$2.79M1.67%-3,800Timeline
SAICSCIENCE APPLICATIONS INTL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,850 shares; 2024Q4: 23,850 shares; 2025Q1: 23,850 shares; 2025Q2: 22,750 shares 22,750$2.56M1.53%-1,100Timeline
AAMIACADIAN ASSET MANAGEMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,281 shares; 2024Q4: 68,281 shares; 2025Q1: 68,281 shares; 2025Q2: 65,381 shares 65,381$2.3M1.38%-2,900Timeline
CCRNCROSS CTRY HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 182,500 shares; 2024Q4: 182,500 shares; 2025Q1: 182,500 shares; 2025Q2: 174,300 shares 174,300$2.27M1.36%-8,200Timeline
SBSISOUTHSIDE BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,100 shares; 2024Q4: 75,100 shares; 2025Q1: 75,100 shares; 2025Q2: 71,900 shares 71,900$2.12M1.27%-3,200Timeline
MTUSMETALLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 142,400 shares; 2024Q4: 142,400 shares; 2025Q1: 142,400 shares; 2025Q2: 136,000 shares 136,000$2.1M1.25%-6,400Timeline
AVNSAVANOS MED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 152,950 shares; 2024Q4: 152,950 shares; 2025Q1: 152,950 shares; 2025Q2: 146,050 shares 146,050$1.79M1.07%-6,900Timeline
RNGRRANGER ENERGY SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 151,800 shares; 2024Q4: 151,800 shares; 2025Q1: 151,800 shares; 2025Q2: 144,400 shares 144,400$1.72M1.03%-7,400Timeline
HDSNHUDSON TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 218,650 shares; 2024Q4: 218,650 shares; 2025Q1: 218,650 shares; 2025Q2: 208,850 shares 208,850$1.7M1.01%-9,800Timeline
FORRFORRESTER RESH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 99,800 shares; 2024Q4: 99,800 shares; 2025Q1: 99,800 shares; 2025Q2: 95,100 shares 95,100$941K0.56%-4,700Timeline
RLGTRADIANT LOGISTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 139,299 shares; 2024Q4: 139,299 shares; 2025Q1: 139,299 shares; 2025Q2: 132,699 shares 132,699$806K0.48%-6,600Timeline
XPERXPERI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 77,421 shares; 2024Q4: 77,421 shares; 2025Q1: 77,421 shares; 2025Q2: 73,221 shares 73,221$579K0.35%-4,200Timeline

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
SHLSSHOALS TECHNOLOGIES GROUP IN851,200$2.83Mshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000917579-25-000006 base2025-07-31acceptance time not in the bulk data set