# EDGAR Filing Document

**Accession Number:** 0000917579
**File Stem:** 0001085146-25-005563
**Filing Date:** 2025-8
**Character Count:** 15736
**Document Hash:** ad867587ef81f19ae71021c87e02cc98
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-005563.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001085146-25-005563

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KESTREL INVESTMENT MANAGEMENT CORP
- **CENTRAL INDEX KEY:** 0000917579

**ORGANIZATION NAME:**
- **EIN:** 943173193

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04060
- **FILM NUMBER:** 251267266

**BUSINESS ADDRESS:**
- **STREET 1:** 411 BOREL AVE
- **STREET 2:** SUITE 403
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94402
- **BUSINESS PHONE:** 6505729469

**MAIL ADDRESS:**
- **STREET 1:** 411 BOREL AVE
- **STREET 2:** SUITE 403
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94402

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0000917579

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** KESTREL INVESTMENT MANAGEMENT CORP

**Address:** 411 BOREL AVE, SAN MATEO, CA 94402

**Telephone number:** 650-572-9450

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-04060

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                 | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                         | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Perficient Inc                 | 71375U101 | 07/30/2024     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          55800 |                0 | FOR         |                                    55800 | FOR                         |  |
| Preferred Bank                 | 740367404 | 10/22/2024     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          41250 |                0 | FOR         |                                    41250 | FOR                         |  |
| Victory Capital Holdings       | 92645B103 | 10/11/2024     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         128400 |                0 | FOR         |                                   128400 | FOR                         |  |
| Axos Financial                 | 05465C100 | 11/14/2024     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          98450 |                0 | FOR         |                                    98450 | FOR                         |  |
| Radiant Logistics              | 75025X100 | 11/15/2024     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         127799 |                0 | FOR         |                                   127799 | FOR                         |  |
| Adtalem Globel Education Inc   | 00737L103 | 11/12/2024     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         145000 |                0 | FOR         |                                   145000 | FOR                         |  |
| Premier Inc                    | 74051N102 | 12/05/2024     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         267350 |                0 | FOR         |                                   267350 | FOR                         |  |
| Edgewell Personal Care Company | 28035Q102 | 02/05/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         127900 |                0 | FOR         |                                   127900 | FOR                         |  |
| Cross Country Healthcare Inc   | 227483104 | 02/28/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         182500 |                0 | FOR         |                                   182500 | FOR                         |  |
| Vitesse Energy Inc             | 92852X103 | 03/05/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         141050 |                0 | FOR         |                                   141050 | FOR                         |  |
| Concentrix Corp                | 20602D101 | 03/25/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          54025 |                0 | FOR         |                                    54025 | FOR                         |  |
| Photronics Inc                 | 719405102 | 04/02/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         219150 |                0 | FOR         |                                   219150 | FOR                         |  |
| Tri Pointe Homes Inc           | 87265H109 | 04/16/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         240150 |                0 | FOR         |                                   240150 | FOR                         |  |
| Avanos Medical Inc             | 05350V106 | 04/24/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         152950 |                0 | FOR         |                                   152950 | FOR                         |  |
| Treehouse Foods Inc            | 89469A104 | 04/24/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         172450 |                0 | FOR         |                                   172450 | FOR                         |  |
| Metallus Inc                   | 887399103 | 05/07/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         142400 |                0 | FOR         |                                   142400 | FOR                         |  |
| Shoals Technologies Group Inc  | 82489W107 | 05/01/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         851200 |                0 | FOR         |                                   851200 | FOR                         |  |
| Vitesse Energy Inc             | 92852X103 | 05/01/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          79076 |                0 | FOR         |                                    79076 | FOR                         |  |
| Xperi Inc                      | 98423J101 | 04/25/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          77421 |                0 | FOR         |                                    77421 | FOR                         |  |
| Acadian Asset Management Inc   | 10948W103 | 05/13/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          68281 |                0 | FOR         |                                    68281 | FOR                         |  |
| NCR Atleos Corp                | 63001N106 | 05/21/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         171650 |                0 | FOR         |                                   171650 | FOR                         |  |
| MDU Resources Group Inc        | 552690109 | 05/13/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         324300 |                0 | FOR         |                                   324300 | FOR                         |  |
| Forrester Research Inc         | 346563109 | 05/12/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          99800 |                0 | FOR         |                                    99800 | FOR                         |  |
| Koppers Holdings Inc           | 50060P106 | 05/08/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          85275 |                0 | FOR         |                                    85275 | FOR                         |  |
| Ranger Energy Services         | 75282U104 | 05/09/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         151800 |                0 | FOR         |                                   151800 | FOR                         |  |
| Phinia Inc                     | 71880K101 | 05/21/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         179200 |                0 | FOR         |                                   179200 | FOR                         |  |
| Radian Group Logistics         | 750236101 | 05/21/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         184338 |                0 | FOR         |                                   184338 | FOR                         |  |
| Berkshire Hills Bancorp Inc    | 084680107 | 05/21/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         147750 |                0 | FOR         |                                   147750 | FOR                         |  |
| CNO Financial Group Inc        | 12621E103 | 05/08/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         167250 |                0 | FOR         |                                   167250 | FOR                         |  |
| Xenia Hotels  Resorts Inc      | 984017103 | 05/13/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         322050 |                0 | FOR         |                                   322050 | FOR                         |  |
| Tenet Healthcare Corp          | 88033G407 | 05/22/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          29975 |                0 | FOR         |                                    29975 | FOR                         |  |
| Prefferd Bank                  | 740367404 | 05/20/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          43450 |                0 | FOR         |                                    43450 | FOR                         |  |
| MCR Global Inc                 | 55345K103 | 05/29/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         400550 |                0 | FOR         |                                   400550 | FOR                         |  |
| Adeia Inc                      | 00676P107 | 05/08/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         278113 |                0 | FOR         |                                   278113 | FOR                         |  |
| Southside Bancshares Inc       | 84470P109 | 05/14/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          75100 |                0 | FOR         |                                    75100 | FOR                         |  |
| Driven Brands Holdings Inc     | 26210V102 | 05/19/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         138327 |                0 | FOR         |                                   138327 | FOR                         |  |
| Progyny Inc                    | 74340E103 | 05/22/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         187150 |                0 | FOR         |                                   187150 | FOR                         |  |
| Upwork Inc                     | 91688F104 | 06/05/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         471500 |                0 | FOR         |                                   471500 | FOR                         |  |
| Science Applications Intl Inc  | 808625107 | 06/04/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          23850 |                0 | FOR         |                                    23850 | FOR                         |  |
| Blackbaud Inc                  | 09227Q100 | 06/11/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          66650 |                0 | FOR         |                                    66650 | FOR                         |  |
| Brighthouse Financial Inc      | 10922N103 | 06/12/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |          98800 |                0 | FOR         |                                    98800 | FOR                         |  |
| Hudson Technologies Inc        | 444144109 | 06/11/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         218550 |                0 | FOR         |                                   218550 | FOR                         |  |
| Dun  Bradstreet Holdings Inc   | 26484T106 | 06/12/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compansateion | SECTION 14A SAY-ON-PAY VOTES |         509200 |                0 | FOR         |                                   509200 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** KESTREL INVESTMENT MANAGEMENT CORP

**By (Signature):** Tashia Jarosh

**By (Printed Signature):** Tashia Jarosh

**By (Title):** Executive Assistant

**Date:** 08/27/2025