{"url":"https://nivawealth.com/firms/kestrel-investment-management-106789","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/106789","regulatoryAum":179964874,"crd":"106789","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"2825513","suffix":null,"lastName":"KELLER","firstName":"ABBOTT","middleName":"J"}],"total":1,"loadedAt":"2026-10-10T00:20:19.761928+00:00","sourceUrl":"https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_INDVL_Feed_10_09_2026.xml.zip"},"history":[{"filedOn":"2021-03-26","regulatoryAum":213353362,"clients":11,"employees":9,"offices":1},{"filedOn":"2022-03-30","regulatoryAum":226056369,"clients":10,"employees":9,"offices":1},{"filedOn":"2023-08-03","regulatoryAum":177954505,"clients":10,"employees":9,"offices":1},{"filedOn":"2024-03-26","regulatoryAum":152961262,"clients":9,"employees":8,"offices":1},{"filedOn":"2025-03-25","regulatoryAum":185641031,"clients":9,"employees":7,"offices":1},{"filedOn":"2026-03-24","regulatoryAum":179964874,"clients":9,"employees":7,"offices":1}],"secFileNumber":"801-43351","legalName":"Kestrel Investment Management Corp","displayName":"Kestrel Investment Management","slug":"kestrel-investment-management-106789","website":"https://kestrelinvestment.com/","logo":{"src":"https://rmkhnxnbeclogprvkfyl.supabase.co/storage/v1/object/public/firm-logos/106789/1de5deb74050f95e-r1.webp","tone":"light","width":429,"height":200,"sourceUrl":"https://www.kestrelinvestment.com/","sourceLabel":"Kestrel Investment Management Corp, website"},"classification":{"segment":"institutions","segmentLabel":"Institutional","type":"institutional_asset_manager","typeLabel":"Asset manager","feeDisclosure":"payment_only"},"linkedinUrl":"https://www.linkedin.com/company/834638/","founded":null,"organization":"California corporation","fiscalYearEnd":"December","headquarters":{"street":"411 Borel Avenue, Suite 403","city":"San Mateo","state":"CA","stateName":"California","country":"United States","postalCode":"94402"},"tradeNames":[],"registration":{"secApproved":"17 February 1993","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":9923247,"staff":{"employees":7,"advisory":4,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"regulatory":179964874,"discretionary":179964874,"discretionaryAccounts":9,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":0},"clientTypes":[{"label":"High-net-worth individuals","clients":6,"regulatoryAum":59539482},{"label":"Pooled investment vehicles","clients":1,"regulatoryAum":16643794},{"label":"Pension and profit-sharing plans","clients":1,"fewerThan5":true,"regulatoryAum":87419003},{"label":"Charitable organizations","clients":1,"fewerThan5":true,"regulatoryAum":16362595}],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[{"name":"Goldman Sachs & Co. 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They include 6 high-net-worth individuals, 1 pooled investment vehicle and 1 pension or profit-sharing plan.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 24 March 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Kestrel Investment Management offer?","answer":"Kestrel Investment Management provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does Kestrel Investment Management use?","answer":"Kestrel Investment Management’s separately managed account assets are held at State Street (North Quincy, MA), with $87.4M, FNZ Trust Company, LLC (Boston, MA), with $37.6M and Goldman Sachs & Co. LLC (New York, NY), with $16.6M. Only custodians holding at least a tenth of those assets are named.","source":"Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 24 March 2026","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Kestrel Investment Management have?","answer":"Kestrel Investment Management has 0 investment adviser representatives registered with state securities authorities, out of 7 employees, and 4 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Kestrel Investment Management invest in?","answer":"At the end of its last fiscal year, Kestrel Investment Management’s separately managed accounts held 98% exchange-traded equities and 2% cash and equivalents. It advises 1 private fund.","source":"Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Kestrel Investment Management?","answer":"Kestrel Investment Management’s direct owners are David Steirman (50% to 75%) and Abbott Keller (50% to 75%).","source":"Form ADV Part 1A, Schedules A and B, filed 24 March 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Kestrel Investment Management get paid?","answer":"Kestrel Investment Management is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.","source":"Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact Kestrel Investment Management?","answer":"Kestrel Investment Management’s main office is at 411 Borel Avenue, Suite 403, San Mateo, CA 94402. Its phone number is 650-572-9450. Its website is kestrelinvestment.com.","source":"Form ADV Part 1A, Item 1.F, filed 24 March 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":{"url":"https://nivawealth.com/firms/kestrel-investment-management-106789/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-04","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/917579/000091757926000004/0000917579-26-000004-index.html","totalValue":183680088,"positionCount":40,"top10Share":0.4310589616006717,"top10":[{"issuer":"PHINIA Inc","titleOfClass":"COM","cusip":"71880K101","value":13467495,"shares":163500,"shareType":"SH","priorValue":11196784,"priorShares":163600},{"issuer":"Axos Financial Inc","titleOfClass":"COM","cusip":"05465C100","value":9266659,"shares":95150,"shareType":"SH","priorValue":8096314,"priorShares":95150},{"issuer":"CNO Financial Group 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Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}