<SEC-DOCUMENT>0000917579-23-000001.txt : 20230201
<SEC-HEADER>0000917579-23-000001.hdr.sgml : 20230201
<ACCEPTANCE-DATETIME>20230201114254
ACCESSION NUMBER:		0000917579-23-000001
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230201
DATE AS OF CHANGE:		20230201
EFFECTIVENESS DATE:		20230201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KESTREL INVESTMENT MANAGEMENT CORP
		CENTRAL INDEX KEY:			0000917579
		IRS NUMBER:				943173193

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-04060
		FILM NUMBER:		23575520

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
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          <cik>0000917579</cik>
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      <periodOfReport>12-31-2022</periodOfReport>
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      <reportCalendarOrQuarter>12-31-2022</reportCalendarOrQuarter>
      <filingManager>
        <name>KESTREL INVESTMENT MANAGEMENT CORP</name>
        <address>
          <com:street1>411 BOREL AVE</com:street1>
          <com:street2>SUITE 403</com:street2>
          <com:city>SAN MATEO</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>94402</com:zipCode>
        </address>
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      <form13FFileNumber>028-04060</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
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    <signatureBlock>
      <name>David J. Steirman</name>
      <title>President</title>
      <phone>6505729450</phone>
      <signature>David J. Steirman</signature>
      <city>San Mateo</city>
      <stateOrCountry>CA</stateOrCountry>
      <signatureDate>02-01-2023</signatureDate>
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    <summaryPage>
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      <tableValueTotal>172483</tableValueTotal>
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