Kestrel Investment Management Corp.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 3, 2026), Kestrel Investment Management Corp. reported 40 stock positions worth $176.4 million. Its top holding was Phinia (PHIN) at 5.9% of the portfolio, followed by Upwork (UPWK, 4.9%) and Axos Financial (AX, 4.7%). Compared with Q3 2025, it opened 6 new positions, sold out of 6 and reduced 34. The biggest buy was a new position in Integer (ITGR) and the biggest sale an exit from Premier Class A.

Most Recent 13F
Q2 2026
Location
SAN MATEO, CA
CIK
0000917579
Portfolio Value
$176.4M (Q4 2025)
SEC Filing
0000917579-26-000001 ↗ filed Feb 3, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $149.8M Q1 2024 Q2 2024: $151.0M Q2 2024 Q3 2024: $173.7M Q3 2024 Q4 2024: $181.2M Q4 2024 Q1 2025: $163.7M Q1 2025 Q2 2025: $167.0M Q2 2025 Q3 2025: $177.4M Q3 2025 Q4 2025: $176.4M $176.4M Q4 2025 Q1 2026: $167.5M Q1 2026 Q2 2026: $183.7M Q2 2026

Holdings 40 stocks · $176.4M
PHIN Phinia Inc. 5.88% 165,400 $10.4M Reduce -3.4%
UPWK Upwork Inc. 4.89% 435,500 $8.6M Reduce -3.4%
AX Axos Financial Inc. 4.70% 96,150 $8.3M Reduce -3.2%
HAE Haemonetics Corp. 4.46% 98,100 $7.9M Reduce -3.6%
TPH Tri Pointe Homes Inc. 3.95% 221,550 $7.0M Reduce -3.4%
RDN Radian Group Inc. 3.93% 192,800 $6.9M Reduce -3.5%
CNO Cno Financial Group Inc. 3.71% 154,250 $6.5M Reduce -3.4%
PLAB Photronics Inc. 3.66% 201,850 $6.5M Reduce -3.5%
NATL NCR Atleos Corp. 3.42% 158,150 $6.0M Reduce -3.5%
ITGR Integer Holdings Corp. 3.36% 75,650 $5.9M New
BHF Brighthouse Financial Inc. 3.35% 91,200 $5.9M Reduce -3.5%
GTM Zoominfo Technologies Inc. 3.18% 551,600 $5.6M Reduce -3.4%
CXW Corecivic Inc. 3.17% 293,100 $5.6M New
THC Tenet Healthcare Corp. 3.10% 27,475 $5.5M Reduce -3.9%
CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC 2.79% 47,600 $4.9M Reduce -3.5%
VTOL Bristow Group Inc. 2.71% 130,500 $4.8M Reduce -3.4%
ATKR Atkore Inc. 2.68% 74,650 $4.7M Reduce -3.5%
QCRH QCR Holdings Inc. 2.63% 55,650 $4.6M New
PBH Prestige Consumer Healthcare 2.46% 70,450 $4.3M Reduce -3.4%
XHR Xenia Hotels & Resorts Inc. 2.38% 297,050 $4.2M Reduce -3.5%
CNXC Concentrix Corp. 2.32% 98,450 $4.1M Reduce -3.5%
ECVT Ecovyst Inc. 2.25% 407,600 $4.0M New
BLKB Blackbaud Inc. 2.21% 61,550 $3.9M Reduce -3.3%
PFBC Preferred Bank/Los Angeles 2.14% 40,050 $3.8M Reduce -3.4%
CARS Cars.com Inc. 2.13% 307,550 $3.8M New
THS Treehouse Foods Inc. 2.13% 158,950 $3.8M Reduce -3.5%
OCFC Oceanfirst Financial Corp. 2.00% 197,050 $3.5M Reduce -3.5%
MATW Matthews Intl Corp. Class A 1.72% 115,900 $3.0M Reduce -3.4%
AAMI Acadian Asset Management Inc. 1.68% 63,181 $3.0M Reduce -3.4%
SMPL The Simply Good Foods Co. 1.54% 135,575 $2.7M New
KOP Koppers Holdings Inc. 1.29% 83,750 $2.3M Reduce -3.5%
MTUS Metallus Inc. 1.28% 131,200 $2.3M Reduce -3.5%
SAIC Science Applications Inte 1.26% 22,150 $2.2M Reduce -2.6%
SBSI Southside Bancshares Inc. 1.20% 69,500 $2.1M Reduce -3.3%
RNGR Ranger Energy Services Class A 1.11% 139,600 $2.0M Reduce -3.3%
AVNS Avanos Medical Inc. 0.90% 141,050 $1.6M Reduce -3.4%
HDSN Hudson Technologies Inc. 0.78% 201,750 $1.4M Reduce -3.4%
CCRN Cross Country Healthcare Inc. 0.77% 168,600 $1.4M Reduce -3.3%
RLGT Radiant Logistics Inc. 0.46% 127,799 $809K Reduce -3.7%
FORR Forrester Research Inc. 0.42% 91,500 $743K Reduce -3.8%

Portfolio Sells Q3 2025 → Q4 2025
PREMIER INC-CLASS A Sold out 0.00% −4.00
MDU Mdu Resources Group Inc. Sold out 0.00% −3.11
PGNY Progyny Inc. Sold out 0.00% −2.17
BBT Beacon Financial Corp. Sold out 0.00% −1.88
DRVN Driven Brands Holdings Inc. Sold out 0.00% −1.82
CVSA Covista Inc. Reduce -3.5% 2.79% −1.50
EPC Edgewell Personal Care Co. Sold out 0.00% −1.40
CCRN Cross Country Healthcare Inc. Reduce -3.3% 0.77% −0.62
TPH Tri Pointe Homes Inc. Reduce -3.4% 3.95% −0.44
HDSN Hudson Technologies Inc. Reduce -3.4% 0.78% −0.39
CNXC Concentrix Corp. Reduce -3.5% 2.32% −0.33
GTM Zoominfo Technologies Inc. Reduce -3.4% 3.18% −0.33
NATL NCR Atleos Corp. Reduce -3.5% 3.42% −0.21
THC Tenet Healthcare Corp. Reduce -3.9% 3.10% −0.18
FORR Forrester Research Inc. Reduce -3.8% 0.42% −0.15
RDN Radian Group Inc. Reduce -3.5% 3.93% −0.14
PBH Prestige Consumer Healthcare Reduce -3.4% 2.46% −0.10
BLKB Blackbaud Inc. Reduce -3.3% 2.21% −0.10
AAMI Acadian Asset Management Inc. Reduce -3.4% 1.68% −0.09
KOP Koppers Holdings Inc. Reduce -3.5% 1.29% −0.08
ATKR Atkore Inc. Reduce -3.5% 2.68% −0.06
AVNS Avanos Medical Inc. Reduce -3.4% 0.90% −0.05
AX Axos Financial Inc. Reduce -3.2% 4.70% −0.04
VTOL Bristow Group Inc. Reduce -3.4% 2.71% −0.04
RNGR Ranger Energy Services Class A Reduce -3.3% 1.11% −0.04
OCFC Oceanfirst Financial Corp. Reduce -3.5% 2.00% −0.02
SAIC Science Applications Inte Reduce -2.6% 1.26% −0.01
XHR Xenia Hotels & Resorts Inc. Reduce -3.5% 2.38% +0.00
MTUS Metallus Inc. Reduce -3.5% 1.28% +0.01
RLGT Radiant Logistics Inc. Reduce -3.7% 0.46% +0.02
PFBC Preferred Bank/Los Angeles Reduce -3.4% 2.14% +0.03
SBSI Southside Bancshares Inc. Reduce -3.3% 1.20% +0.05
MATW Matthews Intl Corp. Class A Reduce -3.4% 1.72% +0.07
CNO Cno Financial Group Inc. Reduce -3.4% 3.71% +0.15
UPWK Upwork Inc. Reduce -3.4% 4.89% +0.17
THS Treehouse Foods Inc. Reduce -3.5% 2.13% +0.25
PHIN Phinia Inc. Reduce -3.4% 5.88% +0.33
BHF Brighthouse Financial Inc. Reduce -3.5% 3.35% +0.52
PLAB Photronics Inc. Reduce -3.5% 3.66% +0.96
HAE Haemonetics Corp. Reduce -3.6% 4.46% +1.66

Portfolio Buys Q3 2025 → Q4 2025
ITGR Integer Holdings Corp. New 3.36% +3.36
CXW Corecivic Inc. New 3.17% +3.17
QCRH QCR Holdings Inc. New 2.63% +2.63
ECVT Ecovyst Inc. New 2.25% +2.25
CARS Cars.com Inc. New 2.13% +2.13
SMPL The Simply Good Foods Co. New 1.54% +1.54

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 40$183.7MPHIN, AX, CNO, NSIT, HAE
Q1 2026 39$167.5MPHIN, TPH, PLAB, AX, NATL
Q4 2025 40$176.4MPHIN, UPWK, AX, HAE, TPH
Q3 2025 40$177.4MPHIN, AX, UPWK, TPH, CVSA
Q2 2025 41$167.0MPHIN, AX, TPH, RDN, CVSA
Q1 2025 40$163.7MTPH, PHIN, CNO, RDN, AX
Q4 2024 40$181.2MCVSA, TPH, PHIN, CNX, UPWK
Q3 2024 40$173.7MCCSI, RLGT, PHIN, VCTR, CNX
Q2 2024 37$151.0MTHC, CVSA, TPH, DTM, PHIN
Q1 2024 37$149.8MTHC, TPH, CRC, ROCK, CVSA