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KESTREL INVESTMENT MANAGEMENT CORP

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13F filer, CIK 917579, SAN MATEO, CA

KESTREL INVESTMENT MANAGEMENT CORP reported $176,409,000 across 40 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-03. Its ten largest share positions make up 41.97% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000917579-26-000001

Period
2025-12-31
Reported value
$176M
Holdings
40
Top 10 weight
41.97%
New
6
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ITGRnew+75,650$5.93M
CXWnew+293,100$5.6M
QCRHnew+55,650$4.64M
ECVTnew+407,600$3.96M
CARSnew+307,550$3.75M

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
PREMIER INCexited-255,350-$7.1M
MDUexited-309,600-$5.51M
PGNYexited-178,650-$3.84M
BBTexited-140,950-$3.34M
DRVNexited-200,200-$3.23M

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, Q4 2025

Share positions as resolved from 13F-HR 0000917579-26-000001, largest first. % of portfolio is the value over $176,409,000, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 179,200 shares; 2024Q4: 179,200 shares; 2025Q1: 179,200 shares; 2025Q2: 171,300 shares; 2025Q3: 171,300 shares; 2025Q4: 165,400 shares 165,400$10.4M5.88%-5,900Timeline
UPWKUPWORK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 471,900 shares; 2024Q4: 471,900 shares; 2025Q1: 471,900 shares; 2025Q2: 451,000 shares; 2025Q3: 451,000 shares; 2025Q4: 435,500 shares 435,500$8.63M4.89%-15,500Timeline
AXAXOS FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 104,050 shares; 2024Q4: 104,050 shares; 2025Q1: 104,050 shares; 2025Q2: 99,350 shares; 2025Q3: 99,350 shares; 2025Q4: 96,150 shares 96,150$8.28M4.7%-3,200Timeline
HAEHAEMONETICS CORP MASSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 101,800 shares; 2025Q4: 98,100 shares 98,100$7.86M4.46%-3,700Timeline
TPHTRI POINTE HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 240,150 shares; 2024Q4: 240,150 shares; 2025Q1: 240,150 shares; 2025Q2: 229,450 shares; 2025Q3: 229,450 shares; 2025Q4: 221,550 shares 221,550$6.97M3.95%-7,900Timeline
RDNRADIAN GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 209,200 shares; 2024Q4: 209,200 shares; 2025Q1: 209,200 shares; 2025Q2: 199,700 shares; 2025Q3: 199,700 shares; 2025Q4: 192,800 shares 192,800$6.94M3.93%-6,900Timeline
CNOCNO FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 167,250 shares; 2024Q4: 167,250 shares; 2025Q1: 167,250 shares; 2025Q2: 159,650 shares; 2025Q3: 159,650 shares; 2025Q4: 154,250 shares 154,250$6.55M3.71%-5,400Timeline
PLABPHOTRONICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 219,150 shares; 2025Q1: 219,150 shares; 2025Q2: 209,150 shares; 2025Q3: 209,150 shares; 2025Q4: 201,850 shares 201,850$6.46M3.66%-7,300Timeline
NATLNCR ATLEOS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 171,650 shares; 2024Q4: 171,650 shares; 2025Q1: 171,650 shares; 2025Q2: 163,850 shares; 2025Q3: 163,850 shares; 2025Q4: 158,150 shares 158,150$6.03M3.42%-5,700Timeline
ITGRINTEGER HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 75,650 shares 75,650$5.93M3.36%newTimeline
BHFBRIGHTHOUSE FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 98,800 shares; 2024Q4: 98,800 shares; 2025Q1: 98,800 shares; 2025Q2: 94,500 shares; 2025Q3: 94,500 shares; 2025Q4: 91,200 shares 91,200$5.91M3.35%-3,300Timeline
GTMZOOMINFO TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 571,000 shares; 2025Q3: 571,000 shares; 2025Q4: 551,600 shares 551,600$5.61M3.18%-19,400Timeline
CXWCORECIVIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 293,100 shares 293,100$5.6M3.18%newTimeline
THCTENET HEALTHCARE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,975 shares; 2024Q4: 29,975 shares; 2025Q1: 29,975 shares; 2025Q2: 28,575 shares; 2025Q3: 28,575 shares; 2025Q4: 27,475 shares 27,475$5.46M3.1%-1,100Timeline
CVSACOVISTA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 145,000 shares; 2024Q4: 145,000 shares; 2025Q1: 51,600 shares; 2025Q2: 49,300 shares; 2025Q3: 49,300 shares; 2025Q4: 47,600 shares 47,600$4.92M2.79%-1,700Timeline
VTOLBRISTOW GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 135,100 shares; 2025Q4: 130,500 shares 130,500$4.78M2.71%-4,600Timeline
ATKRATKORE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 80,850 shares; 2025Q2: 77,350 shares; 2025Q3: 77,350 shares; 2025Q4: 74,650 shares 74,650$4.72M2.68%-2,700Timeline
QCRHQCR HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 55,650 shares 55,650$4.64M2.63%newTimeline
PBHPRESTIGE CONSMR HEALTHCARE IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 76,350 shares; 2024Q4: 76,350 shares; 2025Q1: 76,350 shares; 2025Q2: 72,950 shares; 2025Q3: 72,950 shares; 2025Q4: 70,450 shares 70,450$4.35M2.46%-2,500Timeline
XHRXENIA HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 322,050 shares; 2024Q4: 322,050 shares; 2025Q1: 322,050 shares; 2025Q2: 307,750 shares; 2025Q3: 307,750 shares; 2025Q4: 297,050 shares 297,050$4.2M2.38%-10,700Timeline
CNXCCONCENTRIX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 106,950 shares; 2025Q2: 102,050 shares; 2025Q3: 102,050 shares; 2025Q4: 98,450 shares 98,450$4.09M2.32%-3,600Timeline
ECVTECOVYST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 407,600 shares 407,600$3.96M2.25%newTimeline
BLKBBLACKBAUD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 66,650 shares; 2024Q4: 66,650 shares; 2025Q1: 66,650 shares; 2025Q2: 63,650 shares; 2025Q3: 63,650 shares; 2025Q4: 61,550 shares 61,550$3.9M2.21%-2,100Timeline
PFBCPREFERRED BK LOS ANGELES CAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,450 shares; 2024Q4: 43,450 shares; 2025Q1: 43,450 shares; 2025Q2: 41,450 shares; 2025Q3: 41,450 shares; 2025Q4: 40,050 shares 40,050$3.78M2.14%-1,400Timeline
CARSCARS COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 307,550 shares 307,550$3.75M2.13%newTimeline
THSTREEHOUSE FOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 172,450 shares; 2025Q1: 172,450 shares; 2025Q2: 164,650 shares; 2025Q3: 164,650 shares; 2025Q4: 158,950 shares 158,950$3.75M2.13%-5,700Timeline
OCFCOCEANFIRST FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 204,150 shares; 2025Q4: 197,050 shares 197,050$3.54M2%-7,100Timeline
MATWMATTHEWS INTL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 120,000 shares; 2025Q3: 120,000 shares; 2025Q4: 115,900 shares 115,900$3.03M1.72%-4,100Timeline
AAMIACADIAN ASSET MANAGEMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,281 shares; 2024Q4: 68,281 shares; 2025Q1: 68,281 shares; 2025Q2: 65,381 shares; 2025Q3: 65,381 shares; 2025Q4: 63,181 shares 63,181$2.97M1.68%-2,200Timeline
SMPLSIMPLY GOOD FOODS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 135,575 shares 135,575$2.72M1.54%newTimeline
KOPKOPPERS HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 90,550 shares; 2025Q2: 86,750 shares; 2025Q3: 86,750 shares; 2025Q4: 83,750 shares 83,750$2.27M1.29%-3,000Timeline
MTUSMETALLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 142,400 shares; 2024Q4: 142,400 shares; 2025Q1: 142,400 shares; 2025Q2: 136,000 shares; 2025Q3: 136,000 shares; 2025Q4: 131,200 shares 131,200$2.25M1.28%-4,800Timeline
SAICSCIENCE APPLICATIONS INTL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,850 shares; 2024Q4: 23,850 shares; 2025Q1: 23,850 shares; 2025Q2: 22,750 shares; 2025Q3: 22,750 shares; 2025Q4: 22,150 shares 22,150$2.23M1.26%-600Timeline
SBSISOUTHSIDE BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,100 shares; 2024Q4: 75,100 shares; 2025Q1: 75,100 shares; 2025Q2: 71,900 shares; 2025Q3: 71,900 shares; 2025Q4: 69,500 shares 69,500$2.11M1.2%-2,400Timeline
RNGRRANGER ENERGY SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 151,800 shares; 2024Q4: 151,800 shares; 2025Q1: 151,800 shares; 2025Q2: 144,400 shares; 2025Q3: 144,400 shares; 2025Q4: 139,600 shares 139,600$1.95M1.11%-4,800Timeline
AVNSAVANOS MED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 152,950 shares; 2024Q4: 152,950 shares; 2025Q1: 152,950 shares; 2025Q2: 146,050 shares; 2025Q3: 146,050 shares; 2025Q4: 141,050 shares 141,050$1.58M0.9%-5,000Timeline
HDSNHUDSON TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 218,650 shares; 2024Q4: 218,650 shares; 2025Q1: 218,650 shares; 2025Q2: 208,850 shares; 2025Q3: 208,850 shares; 2025Q4: 201,750 shares 201,750$1.38M0.78%-7,100Timeline
CCRNCROSS CTRY HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 182,500 shares; 2024Q4: 182,500 shares; 2025Q1: 182,500 shares; 2025Q2: 174,300 shares; 2025Q3: 174,300 shares; 2025Q4: 168,600 shares 168,600$1.36M0.77%-5,700Timeline
RLGTRADIANT LOGISTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 139,299 shares; 2024Q4: 139,299 shares; 2025Q1: 139,299 shares; 2025Q2: 132,699 shares; 2025Q3: 132,699 shares; 2025Q4: 127,799 shares 127,799$809K0.46%-4,900Timeline
FORRFORRESTER RESH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 99,800 shares; 2024Q4: 99,800 shares; 2025Q1: 99,800 shares; 2025Q2: 95,100 shares; 2025Q3: 95,100 shares; 2025Q4: 91,500 shares 91,500$743K0.42%-3,600Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
PREMIER INCPREMIER INC255,350$7.1Mshares
MDUMDU RES GROUP INC309,600$5.51Mshares
PGNYPROGYNY INC178,650$3.84Mshares
BBTBEACON FINANCIAL CORP.140,950$3.34Mshares
DRVNDRIVEN BRANDS HLDGS INC200,200$3.23Mshares
EPCEDGEWELL PERSONAL CARE CO122,200$2.49Mshares

How Q4 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 0000917579-26-000001 base2026-02-03acceptance time not in the bulk data set