{ "crd_number": 106789, "slug": "kestrel-investment-management-corp-san-mateo-ca-106789", "primary_business_name": "KESTREL INVESTMENT MANAGEMENT CORP", "legal_name": "KESTREL INVESTMENT MANAGEMENT CORP", "dbas": [], "city": "San Mateo", "state": "CA", "country": "United States", "cbsa_code": "41860", "metro": { "cbsa_code": "41860", "common_name": "San Francisco", "msa_name": "San Francisco-Oakland-Fremont, CA", "path": "/advisors/ca/san-francisco" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "1993-02-17", "years_registered": 33, "period": "2026-10-01", "filing_date": "2026-03-24", "carried_forward": false, "raum_total": 179964874.0, "raum_discretionary": 179964874.0, "raum_non_discretionary": 0.0, "raum_band": "100m_500m", "raum_band_label": "$100 million to $500 million", "total_employees": 7, "advisory_employees": 4, "client_count_bucket": "fewer_than_5_in_some_types", "clients_by_type": { "charitable": { "raum": 16362595.0, "count": 1, "fewer_than_5": true }, "pension_profit_sharing": { "raum": 87419003.0, "count": 1, "fewer_than_5": true }, "high_net_worth_individuals": { "raum": 59539482.0, "count": 6 }, "pooled_investment_vehicles": { "raum": 16643794.0, "count": 1 } }, "compensation_types": [ "percentage_of_aum" ], "advisory_activities": [ "portfolio_management_businesses_institutional", "portfolio_management_individuals", "portfolio_management_pooled_vehicles" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "CA" ], "websites": [ "https://kestrelinvestment.com", "https://linkedin.com/COMPANY/834638" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/106789", "city_as_filed": "SAN MATEO", "url": "https://advisorcensus.com/firm/kestrel-investment-management-corp-san-mateo-ca-106789", "display_name": "Kestrel Investment Management Corp", "summary": "Kestrel Investment Management Corp is an SEC-registered investment advisory firm in San Mateo, CA, registered since 1993, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 24, 2026.", "citation": "AdvisorCensus. Kestrel Investment Management Corp (CRD 106789): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management" ], "advisory_activity_labels": [ "Portfolio management for individuals and/or small businesses", "Portfolio management for pooled investment vehicles (other than investment companies)", "Portfolio management for businesses (other than small businesses) or institutional clients" ], "quick_answers": [ { "q": "How is Kestrel Investment Management Corp compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Kestrel Investment Management Corp reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure." }, { "q": "Where is Kestrel Investment Management Corp located?", "a": "Kestrel Investment Management Corp's principal office is in San Mateo, CA, according to its Form ADV." }, { "q": "Is Kestrel Investment Management Corp registered with the SEC or a state?", "a": "Kestrel Investment Management Corp is an SEC-registered investment advisory firm, registered since 1993. Status as filed: Approved. CRD 106789." }, { "q": "How much does Kestrel Investment Management Corp manage?", "a": "Kestrel Investment Management Corp reports $179,964,874 in regulatory assets under management in its Form ADV filing dated March 24, 2026 (100% discretionary)." }, { "q": "How have Kestrel Investment Management Corp's assets and staff changed since 2021?", "a": "In the Form ADV data for Kestrel Investment Management Corp: Regulatory assets under management: $213,353,362 in the October 2021 data and $179,964,874 in the October 2026 data, down 16%. Total employees: 9 in October 2021 and 7 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does Kestrel Investment Management Corp serve?", "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (6); pooled investment vehicles (other than investment companies and business development companies) (1); pension and profit sharing plans (but not the plan participants or government pension plans) (1)." }, { "q": "Which custodians does Kestrel Investment Management Corp use?", "a": "Kestrel Investment Management Corp's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists FNZ Trust Company, Goldman Sachs & Co. LLC and State Street as custodians holding 10% or more of its separately managed account assets." }, { "q": "Does Kestrel Investment Management Corp report any disciplinary disclosures?", "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/106789" } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 213353362.0, "total_employees": 9, "filing_date": "2021-03-26" }, { "period": "2022-10-01", "regulatory_assets_under_management": 226056369.0, "total_employees": 9, "filing_date": "2022-03-30" }, { "period": "2023-10-01", "regulatory_assets_under_management": 177954505.0, "total_employees": 9, "filing_date": "2023-08-03" }, { "period": "2024-10-01", "regulatory_assets_under_management": 152961262.0, "total_employees": 8, "filing_date": "2024-03-26" }, { "period": "2025-10-01", "regulatory_assets_under_management": 185641031.0, "total_employees": 7, "filing_date": "2025-03-25" }, { "period": "2026-10-01", "regulatory_assets_under_management": 179964874.0, "total_employees": 7, "filing_date": "2026-03-24" } ], "recent_changes": [], "fees_from_brochure": null, "custodians": [ { "name": "FNZ Trust Company", "name_as_filed": "FNZ TRUST COMPANY", "affiliated": false }, { "name": "Goldman Sachs & Co. LLC", "name_as_filed": "GOLDMAN SACHS & CO. LLC", "affiliated": false }, { "name": "State Street", "name_as_filed": "STATE STREET", "affiliated": false } ], "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.", "markdown_url": "https://advisorcensus.com/firm/kestrel-investment-management-corp-san-mateo-ca-106789.md", "clients": [ { "type": "high_net_worth_individuals", "label": "High net worth individuals", "count": 6, "fewer_than_5": false, "raum": 59539482.0 }, { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 1, "fewer_than_5": false, "raum": 16643794.0 }, { "type": "pension_profit_sharing", "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)", "count": 1, "fewer_than_5": true, "raum": 87419003.0 }, { "type": "charitable", "label": "Charitable organizations", "count": 1, "fewer_than_5": true, "raum": 16362595.0 } ], "disclosure_line": "Reports no disclosure items on Form ADV Item 11.", "disclosure_items": [], "indexable": true, "suppressed": false, "claimed": false, "enhanced": false, "provided_by_the_firm": null, "source": { "name": "Form ADV", "as_of": "2026-10-01", "iapd_url": "https://adviserinfo.sec.gov/firm/summary/106789", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }