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KESTREL INVESTMENT MANAGEMENT CORP

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13F filer, CIK 917579, SAN MATEO, CA

KESTREL INVESTMENT MANAGEMENT CORP reported $167,465,990 across 39 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-05. Its ten largest share positions make up 44.45% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000917579-26-000003

Period
2026-03-31
Reported value
$167M
Holdings
39
Top 10 weight
44.45%
New
4
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TRSnew+149,550$5.37M
NSITnew+63,750$4.27M
EXLSnew+86,500$2.63M
SMGnew+39,300$2.39M
SMPLadded+122,475$1.76M

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
RDNexited-192,800-$6.94M
CXWexited-293,100-$5.6M
THSexited-158,950-$3.75M
OCFCexited-197,050-$3.54M
RNGRexited-139,600-$1.95M

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, Q1 2026

Share positions as resolved from 13F-HR 0000917579-26-000003, largest first. % of portfolio is the value over $167,465,990, 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; 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; 2026Q1: 163,600 shares 163,600$11.2M6.69%-1,800Timeline
TPHTRI POINTE HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 220,050 shares 220,050$10.3M6.14%-1,500Timeline
PLABPHOTRONICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 200,450 shares 200,450$8.1M4.84%-1,400Timeline
AXAXOS FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 95,150 shares 95,150$8.1M4.83%-1,000Timeline
NATLNCR ATLEOS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 156,850 shares 156,850$6.84M4.08%-1,300Timeline
ITGRINTEGER HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 75,650 shares; 2026Q1: 75,150 shares 75,150$6.61M3.95%-500Timeline
CNOCNO FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 153,250 shares 153,250$6.29M3.76%-1,000Timeline
VTOLBRISTOW GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 135,100 shares; 2025Q4: 130,500 shares; 2026Q1: 129,700 shares 129,700$6.08M3.63%-800Timeline
HAEHAEMONETICS CORP MASSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 101,800 shares; 2025Q4: 98,100 shares; 2026Q1: 97,400 shares 97,400$5.49M3.28%-700Timeline
CVSACOVISTA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 47,300 shares 47,300$5.45M3.26%-300Timeline
BHFBRIGHTHOUSE FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 90,400 shares 90,400$5.41M3.23%-800Timeline
TRSTRIMAS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 149,550 shares 149,550$5.37M3.21%newTimeline
ECVTECOVYST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 407,600 shares; 2026Q1: 405,400 shares 405,400$5.21M3.11%-2,200Timeline
THCTENET HEALTHCARE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 27,175 shares 27,175$5.13M3.06%-300Timeline
QCRHQCR HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 55,650 shares; 2026Q1: 55,650 shares 55,650$4.76M2.84%0Timeline
UPWKUPWORK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 433,000 shares 433,000$4.75M2.83%-2,500Timeline
XHRXENIA HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 294,650 shares 294,650$4.37M2.61%-2,400Timeline
ATKRATKORE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 80,850 shares; 2025Q2: 77,350 shares; 2025Q3: 77,350 shares; 2025Q4: 74,650 shares; 2026Q1: 74,150 shares 74,150$4.37M2.61%-500Timeline
NSITINSIGHT ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 63,750 shares 63,750$4.27M2.55%newTimeline
PBHPRESTIGE CONSMR HEALTHCARE IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 70,050 shares 70,050$4.15M2.48%-400Timeline
SMPLSIMPLY GOOD FOODS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 135,575 shares; 2026Q1: 258,050 shares 258,050$3.7M2.21%+122,475Timeline
PFBCPREFERRED BK LOS ANGELES CAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 39,750 shares 39,750$3.6M2.15%-300Timeline
AAMIACADIAN ASSET MANAGEMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 62,381 shares 62,381$3.39M2.03%-800Timeline
GTMZOOMINFO TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 571,000 shares; 2025Q3: 571,000 shares; 2025Q4: 551,600 shares; 2026Q1: 547,100 shares 547,100$3.27M1.95%-4,500Timeline
KOPKOPPERS HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 90,550 shares; 2025Q2: 86,750 shares; 2025Q3: 86,750 shares; 2025Q4: 83,750 shares; 2026Q1: 83,450 shares 83,450$3.23M1.93%-300Timeline
MATWMATTHEWS INTL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 120,000 shares; 2025Q3: 120,000 shares; 2025Q4: 115,900 shares; 2026Q1: 115,900 shares 115,900$2.99M1.79%0Timeline
CNXCCONCENTRIX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 106,950 shares; 2025Q2: 102,050 shares; 2025Q3: 102,050 shares; 2025Q4: 98,450 shares; 2026Q1: 97,750 shares 97,750$2.67M1.6%-700Timeline
EXLSEXLSERVICE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 86,500 shares 86,500$2.63M1.57%newTimeline
CARSCARS COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 307,550 shares; 2026Q1: 305,750 shares 305,750$2.48M1.48%-1,800Timeline
SMGSCOTTS MIRACLE-GRO COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 39,300 shares 39,300$2.39M1.43%newTimeline
BLKBBLACKBAUD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 61,050 shares 61,050$2.36M1.41%-500Timeline
SBSISOUTHSIDE BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 69,000 shares 69,000$2.15M1.28%-500Timeline
MTUSMETALLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 130,000 shares 130,000$2.12M1.27%-1,200Timeline
SAICSCIENCE APPLICATIONS INTL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 22,150 shares 22,150$2.1M1.26%0Timeline
AVNSAVANOS MED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 139,850 shares 139,850$1.96M1.17%-1,200Timeline
CCRNCROSS CTRY HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 167,100 shares 167,100$1.57M0.94%-1,500Timeline
HDSNHUDSON TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 200,750 shares 200,750$1.18M0.7%-1,000Timeline
RLGTRADIANT LOGISTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 127,799 shares 127,799$901K0.54%0Timeline
FORRFORRESTER RESH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 91,500 shares 91,500$518K0.31%0Timeline

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
RDNRADIAN GROUP INC192,800$6.94Mshares
CXWCORECIVIC INC293,100$5.6Mshares
THSTREEHOUSE FOODS INC158,950$3.75Mshares
OCFCOCEANFIRST FINL CORP197,050$3.54Mshares
RNGRRANGER ENERGY SVCS INC139,600$1.95Mshares

How Q1 2026 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 0000917579-26-000003 base2026-05-05acceptance time not in the bulk data set