The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 06-30-2022
Check here if Amendment   Amendment Number:
This Amendment (Check only one.):   is a restatement.
  adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: KESTREL INVESTMENT MANAGEMENT CORP
Address: 411 BOREL AVE
SUITE 403
SAN MATEO , CA94402
Form 13F File Number: 028-04060

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: David J. Steirman
Title: President
Phone: 6505729450
Signature, Place, and Date of Signing:
David J. Steirman San Mateo , CA 08-09-2022
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
  13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
  13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 39
Form 13F Information Table Value Total: 174,136
(thousands)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name


SEC FORM 13F-HR

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Adtalem Global Educ Inc COM 00737L103 7,547 209,800 SH SOLE 0 209,800 0 0
Allscripts Healthcr Solns Inc COM 01988P108 4,852 327,200 SH SOLE 0 327,200 0 0
Avid Technology Inc COM 05367P100 5,627 216,850 SH SOLE 0 216,850 0 0
AXIS Capital Hldgs LTD COM G0692U109 5,144 90,100 SH SOLE 0 90,100 0 0
AZZ Inc COM 002474104 1,306 32,000 SH SOLE 0 32,000 0 0
Banner Corp COM 06652V208 5,697 101,350 SH SOLE 0 101,350 0 0
Blucora Inc COM 095229100 3,615 195,850 SH SOLE 0 195,850 0 0
Brighthouse Financial Inc COM 10922N103 5,784 141,000 SH SOLE 0 141,000 0 0
BrightSphere Inv Group Inc COM 10948W103 1,735 96,328 SH SOLE 0 96,328 0 0
BrightView Holdings Inc COM 10948C107 1,601 133,400 SH SOLE 0 133,400 0 0
California Resources Corp COM 13057Q305 8,081 209,900 SH SOLE 0 209,900 0 0
Civista Bancshares Inc COM 178867107 1,127 53,000 SH SOLE 0 53,000 0 0
CNO Financial Group Inc COM 12621E103 4,346 240,250 SH SOLE 0 240,250 0 0
CNX Resources Corp COM 12653C108 5,355 325,350 SH SOLE 0 325,350 0 0
Consensus Cloud Solns Inc COM 20848V105 2,455 56,200 SH SOLE 0 56,200 0 0
Dana Inc COM 235825205 4,092 290,800 SH SOLE 0 290,800 0 0
Dine Brands Global Inc COM 254423106 5,242 80,550 SH SOLE 0 80,550 0 0
DT Midstream Inc COM 23345M107 7,822 159,575 SH SOLE 0 159,575 0 0
ePlus Inc COM 294268107 5,227 98,400 SH SOLE 0 98,400 0 0
Great Lakes Dredge & Dock Corp COM 390607109 3,587 273,600 SH SOLE 0 273,600 0 0
H&R Block Inc COM 093671105 8,426 238,550 SH SOLE 0 238,550 0 0
Kforce Inc COM 493732101 2,659 43,350 SH SOLE 0 43,350 0 0
Kimball Electronics Inc COM 49428J109 1,778 88,450 SH SOLE 0 88,450 0 0
Koppers Holdings Inc COM 50060P106 2,202 97,250 SH SOLE 0 97,250 0 0
Matthews International Corp COM 577128101 2,501 87,250 SH SOLE 0 87,250 0 0
Radian Group Inc COM 750236101 5,978 304,200 SH SOLE 0 304,200 0 0
Radiant Logistics Inc COM 75025X100 1,402 188,899 SH SOLE 0 188,899 0 0
Spectrum Brands Hldgs Inc COM 84790A105 6,590 80,350 SH SOLE 0 80,350 0 0
Sprouts Farmers Market Inc COM 85208M102 5,418 214,000 SH SOLE 0 214,000 0 0
The Hanover Insur Grp Inc COM 410867105 5,857 40,050 SH SOLE 0 40,050 0 0
The ODP Corp COM 88337F105 4,488 148,400 SH SOLE 0 148,400 0 0
Torrid Holdings Inc COM 89142B107 1,432 331,400 SH SOLE 0 331,400 0 0
Tri Pointe Homes Inc COM 87265H109 4,451 263,850 SH SOLE 0 263,850 0 0
Triton International LTD COM G9078F107 6,460 122,700 SH SOLE 0 122,700 0 0
TTM Technologies Inc COM 87305R109 4,968 397,400 SH SOLE 0 397,400 0 0
Univar Solutions Inc COM 91336L107 5,832 234,500 SH SOLE 0 234,500 0 0
Vista Outdoor Inc COM 928377100 6,915 247,850 SH SOLE 0 247,850 0 0
Xperi Holding Corp COM 98390M103 3,992 276,617 SH SOLE 0 276,617 0 0
ZimVie Inc COM 98888T107 2,546 159,050 SH SOLE 0 159,050 0 0