Data as of Q4 2025 (Dec 31, 2025)

KESTREL INVESTMENT MANAGEMENT CORP

•CIK: 917579•Filing: Q4 2025

**KESTREL INVESTMENT MANAGEMENT CORP** manages $176M across a diversified portfolio of 40 positions. The fund exhibits concentrated exposure, with top holdings including PHIN at $10.4M and UPWK at $8.6M. Further significant allocations are noted in BB4 ($8.3M), HAE ($7.9M), and TPH ($7.0M). This structure suggests a tactical, high-conviction approach across its current market mandates.

Total AUM
$176.4M
QoQ Performance
-0.6%
Positions
40
Top 10 Concentration
42.0%
Latest Filing
Q4 2025

Top Holdings Allocation

PHIN
PHIN5.9%
UPWK4.9%
BB44.7%
HAE4.5%
TPH4.0%
RDN3.9%
COS3.7%
PLAB3.7%

📈 Biggest Buys

ITGR
Integer Holdings Corp
NEW
3.4% of portfolio
CXW
CoreCivic Inc
NEW
3.2% of portfolio
QCRH
QCR Holdings Inc
NEW
2.6% of portfolio
ECVT
Ecovyst Inc
NEW
2.2% of portfolio
CARS
Cars.com Inc
NEW
2.1% of portfolio

📉 Biggest Sells

PHIN
PHINIA Inc
-3.4%
5.9% of portfolio
UPWK
Upwork Inc
-3.4%
4.9% of portfolio
HAE
Haemonetics Corp
-3.6%
4.5% of portfolio
BB4
Axos Financial Inc
-3.2%
4.7% of portfolio
TPH
Tri Pointe Homes Inc
-3.4%
4.0% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

PPT
Premier Inc
SOLD
$7.1M
MDU
MDU Resources Group Inc
SOLD
$5.5M
PGNY
Progyny Inc
SOLD
$3.8M
BBT
Beacon Financial Corp
SOLD
$3.3M
DRVN
Driven Brands Hldgs Inc
SOLD
$3.2M
+1 more exited positions

Changes from Q3 2025

NEW6 new positions
↓34 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

PHIN5.9%
PHINIA Inc
$10.4M
UPWK4.9%
Upwork Inc
$8.6M
BB44.7%
Axos Financial Inc
$8.3M
HAE4.5%
Haemonetics Corp
$7.9M
TPH4.0%
Tri Pointe Homes Inc
$7.0M

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