# Kestrel Investment Management Corp

> 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.

- CRD: 106789
- Filed as: KESTREL INVESTMENT MANAGEMENT CORP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Mateo, CA
- Filing period: October 2026
- Form ADV filing dated: March 24, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/106789
- AdvisorCensus page: https://advisorcensus.com/firm/kestrel-investment-management-corp-san-mateo-ca-106789

## Quick answers

**How is Kestrel Investment Management Corp compensated?**
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.

**Where is Kestrel Investment Management Corp located?**
Kestrel Investment Management Corp's principal office is in San Mateo, CA, according to its Form ADV.

**Is Kestrel Investment Management Corp registered with the SEC or a state?**
Kestrel Investment Management Corp is an SEC-registered investment advisory firm, registered since 1993. Status as filed: Approved. CRD 106789.

**How much does Kestrel Investment Management Corp manage?**
Kestrel Investment Management Corp reports $179,964,874 in regulatory assets under management in its Form ADV filing dated March 24, 2026 (100% discretionary).

**How have Kestrel Investment Management Corp's assets and staff changed since 2021?**
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.

**What types of clients does Kestrel Investment Management Corp serve?**
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).

**Which custodians does Kestrel Investment Management Corp use?**
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.

**Does Kestrel Investment Management Corp report any disciplinary disclosures?**
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

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Custodians (Schedule D, Section 5.K(3))
- FNZ Trust Company
- Goldman Sachs & Co. LLC
- State Street

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.

### Regulatory assets under management (Item 5.F)
- Total: $179,964,874
- Discretionary: $179,964,874
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 6 | $59,539,482 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $16,643,794 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 1 | $87,419,003 |
| Charitable organizations | 1 | $16,362,595 |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 1993 (33 years)
- Employees: 7 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [kestrelinvestment.com](https://kestrelinvestment.com)
- LinkedIn @834638

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $213,353,362 | 9 | March 26, 2021 |
| October 2022 | $226,056,369 | 9 | March 30, 2022 |
| October 2023 | $177,954,505 | 9 | August 3, 2023 |
| October 2024 | $152,961,262 | 8 | March 26, 2024 |
| October 2025 | $185,641,031 | 7 | March 25, 2025 |
| October 2026 | $179,964,874 | 7 | March 24, 2026 |

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.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Kestrel Investment Management Corp (CRD 106789): Form ADV filing data as of October 2026.