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KESTREL INVESTMENT MANAGEMENT CORP

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13F filer, CIK 917579, SAN MATEO, CA

KESTREL INVESTMENT MANAGEMENT CORP reported $177,403,000 across 40 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-12. Its ten largest share positions make up 42.48% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000917579-25-000007

Period
2025-09-30
Reported value
$177M
Holdings
40
Top 10 weight
42.48%
New
3
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
HAEnew+101,800$4.96M
VTOLnew+135,100$4.88M
OCFCnew+204,150$3.59M

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
MRC GLOBAL INCexited-382,950-$5.25M
DUN & BRADSTREET HLDGS INCexited-486,900-$4.43M
ADEAexited-265,913-$3.76M
XPERexited-73,221-$579K
DRVNreduced-17,900-$288K

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, Q3 2025

Share positions as resolved from 13F-HR 0000917579-25-000007, largest first. % of portfolio is the value over $177,403,000, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 179,200 shares; 2024Q4: 179,200 shares; 2025Q1: 179,200 shares; 2025Q2: 171,300 shares; 2025Q3: 171,300 shares 171,300$9.85M5.55%0Timeline
AXAXOS FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 104,050 shares; 2024Q4: 104,050 shares; 2025Q1: 104,050 shares; 2025Q2: 99,350 shares; 2025Q3: 99,350 shares 99,350$8.41M4.74%0Timeline
UPWKUPWORK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 471,900 shares; 2024Q4: 471,900 shares; 2025Q1: 471,900 shares; 2025Q2: 451,000 shares; 2025Q3: 451,000 shares 451,000$8.38M4.72%0Timeline
TPHTRI POINTE HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 240,150 shares; 2024Q4: 240,150 shares; 2025Q1: 240,150 shares; 2025Q2: 229,450 shares; 2025Q3: 229,450 shares 229,450$7.79M4.39%0Timeline
CVSACOVISTA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 145,000 shares; 2024Q4: 145,000 shares; 2025Q1: 51,600 shares; 2025Q2: 49,300 shares; 2025Q3: 49,300 shares 49,300$7.61M4.29%0Timeline
RDNRADIAN GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 209,200 shares; 2024Q4: 209,200 shares; 2025Q1: 209,200 shares; 2025Q2: 199,700 shares; 2025Q3: 199,700 shares 199,700$7.23M4.08%0Timeline
PREMIER INCPREMIER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 267,350 shares; 2024Q4: 267,350 shares; 2025Q1: 267,350 shares; 2025Q2: 255,350 shares; 2025Q3: 255,350 shares 255,350$7.1M4%0
NATLNCR ATLEOS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 171,650 shares; 2024Q4: 171,650 shares; 2025Q1: 171,650 shares; 2025Q2: 163,850 shares; 2025Q3: 163,850 shares 163,850$6.44M3.63%0Timeline
CNOCNO FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 167,250 shares; 2024Q4: 167,250 shares; 2025Q1: 167,250 shares; 2025Q2: 159,650 shares; 2025Q3: 159,650 shares 159,650$6.31M3.56%0Timeline
GTMZOOMINFO TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 571,000 shares; 2025Q3: 571,000 shares 571,000$6.23M3.51%0Timeline
THCTENET HEALTHCARE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,975 shares; 2024Q4: 29,975 shares; 2025Q1: 29,975 shares; 2025Q2: 28,575 shares; 2025Q3: 28,575 shares 28,575$5.8M3.27%0Timeline
MDUMDU RES GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 324,300 shares; 2025Q1: 324,300 shares; 2025Q2: 309,600 shares; 2025Q3: 309,600 shares 309,600$5.51M3.11%0Timeline
BHFBRIGHTHOUSE FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 98,800 shares; 2024Q4: 98,800 shares; 2025Q1: 98,800 shares; 2025Q2: 94,500 shares; 2025Q3: 94,500 shares 94,500$5.02M2.83%0Timeline
HAEHAEMONETICS CORP MASSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 101,800 shares 101,800$4.96M2.8%newTimeline
VTOLBRISTOW GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 135,100 shares 135,100$4.88M2.75%newTimeline
ATKRATKORE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 80,850 shares; 2025Q2: 77,350 shares; 2025Q3: 77,350 shares 77,350$4.85M2.74%0Timeline
PLABPHOTRONICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 219,150 shares; 2025Q1: 219,150 shares; 2025Q2: 209,150 shares; 2025Q3: 209,150 shares 209,150$4.8M2.71%0Timeline
CNXCCONCENTRIX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 106,950 shares; 2025Q2: 102,050 shares; 2025Q3: 102,050 shares 102,050$4.71M2.65%0Timeline
PBHPRESTIGE CONSMR HEALTHCARE IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 76,350 shares; 2024Q4: 76,350 shares; 2025Q1: 76,350 shares; 2025Q2: 72,950 shares; 2025Q3: 72,950 shares 72,950$4.55M2.57%0Timeline
XHRXENIA HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 322,050 shares; 2024Q4: 322,050 shares; 2025Q1: 322,050 shares; 2025Q2: 307,750 shares; 2025Q3: 307,750 shares 307,750$4.22M2.38%0Timeline
BLKBBLACKBAUD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 66,650 shares; 2024Q4: 66,650 shares; 2025Q1: 66,650 shares; 2025Q2: 63,650 shares; 2025Q3: 63,650 shares 63,650$4.09M2.31%0Timeline
PGNYPROGYNY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 187,150 shares; 2024Q4: 187,150 shares; 2025Q1: 187,150 shares; 2025Q2: 178,650 shares; 2025Q3: 178,650 shares 178,650$3.84M2.17%0Timeline
PFBCPREFERRED BK LOS ANGELES CAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,450 shares; 2024Q4: 43,450 shares; 2025Q1: 43,450 shares; 2025Q2: 41,450 shares; 2025Q3: 41,450 shares 41,450$3.75M2.11%0Timeline
OCFCOCEANFIRST FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 204,150 shares 204,150$3.59M2.02%newTimeline
BBTBEACON FINANCIAL CORP.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 147,750 shares; 2024Q4: 147,750 shares; 2025Q1: 147,750 shares; 2025Q2: 140,950 shares; 2025Q3: 140,950 shares 140,950$3.34M1.88%0Timeline
THSTREEHOUSE FOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 172,450 shares; 2025Q1: 172,450 shares; 2025Q2: 164,650 shares; 2025Q3: 164,650 shares 164,650$3.33M1.88%0Timeline
DRVNDRIVEN BRANDS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 228,600 shares; 2024Q4: 228,600 shares; 2025Q1: 228,600 shares; 2025Q2: 218,100 shares; 2025Q3: 200,200 shares 200,200$3.23M1.82%-17,900Timeline
AAMIACADIAN ASSET MANAGEMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,281 shares; 2024Q4: 68,281 shares; 2025Q1: 68,281 shares; 2025Q2: 65,381 shares; 2025Q3: 65,381 shares 65,381$3.15M1.77%0Timeline
MATWMATTHEWS INTL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 120,000 shares; 2025Q3: 120,000 shares 120,000$2.91M1.64%0Timeline
EPCEDGEWELL PERSONAL CARE COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 127,900 shares; 2024Q4: 127,900 shares; 2025Q1: 127,900 shares; 2025Q2: 122,200 shares; 2025Q3: 122,200 shares 122,200$2.49M1.4%0Timeline
CCRNCROSS CTRY HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 182,500 shares; 2024Q4: 182,500 shares; 2025Q1: 182,500 shares; 2025Q2: 174,300 shares; 2025Q3: 174,300 shares 174,300$2.48M1.4%0Timeline
KOPKOPPERS HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 90,550 shares; 2025Q2: 86,750 shares; 2025Q3: 86,750 shares 86,750$2.43M1.37%0Timeline
SAICSCIENCE APPLICATIONS INTL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,850 shares; 2024Q4: 23,850 shares; 2025Q1: 23,850 shares; 2025Q2: 22,750 shares; 2025Q3: 22,750 shares 22,750$2.26M1.27%0Timeline
MTUSMETALLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 142,400 shares; 2024Q4: 142,400 shares; 2025Q1: 142,400 shares; 2025Q2: 136,000 shares; 2025Q3: 136,000 shares 136,000$2.25M1.27%0Timeline
HDSNHUDSON TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 218,650 shares; 2024Q4: 218,650 shares; 2025Q1: 218,650 shares; 2025Q2: 208,850 shares; 2025Q3: 208,850 shares 208,850$2.07M1.17%0Timeline
SBSISOUTHSIDE BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,100 shares; 2024Q4: 75,100 shares; 2025Q1: 75,100 shares; 2025Q2: 71,900 shares; 2025Q3: 71,900 shares 71,900$2.03M1.15%0Timeline
RNGRRANGER ENERGY SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 151,800 shares; 2024Q4: 151,800 shares; 2025Q1: 151,800 shares; 2025Q2: 144,400 shares; 2025Q3: 144,400 shares 144,400$2.03M1.14%0Timeline
AVNSAVANOS MED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 152,950 shares; 2024Q4: 152,950 shares; 2025Q1: 152,950 shares; 2025Q2: 146,050 shares; 2025Q3: 146,050 shares 146,050$1.69M0.95%0Timeline
FORRFORRESTER RESH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 99,800 shares; 2024Q4: 99,800 shares; 2025Q1: 99,800 shares; 2025Q2: 95,100 shares; 2025Q3: 95,100 shares 95,100$1.01M0.57%0Timeline
RLGTRADIANT LOGISTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 139,299 shares; 2024Q4: 139,299 shares; 2025Q1: 139,299 shares; 2025Q2: 132,699 shares; 2025Q3: 132,699 shares 132,699$783K0.44%0Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
MRC GLOBAL INCMRC GLOBAL INC382,950$5.25Mshares
DUN & BRADSTREET HLDGS INCDUN & BRADSTREET HLDGS INC486,900$4.43Mshares
ADEAADEIA INC265,913$3.76Mshares
XPERXPERI INC73,221$579Kshares

How Q3 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 0000917579-25-000007 base2025-11-12acceptance time not in the bulk data set