Brown Advisory reports 15.3% Andersen Group (ANDG) stake in 13G/A

Rhea-AI Filing Summary

Brown Advisory Inc. filed an amended Schedule 13G reporting beneficial ownership of 1,938,340 shares of Andersen Group Inc. Class A common stock, representing 15.3% of the class as of 12/31/2025. The filing is made on behalf of several related entities.

Brown Advisory LLC reports beneficial ownership of 1,929,048 shares (15.2%), Brown Investment Advisory & Trust Co. reports 8,563 shares (0.1%), and Signature Financial Management, Inc. reports 729 shares (0.01%). The securities are held for investment clients of Brown Advisory’s subsidiaries.

The signatory certifies the shares were acquired and are held in the ordinary course of business, and not for the purpose of changing or influencing control of Andersen Group Inc.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Andersen Group Inc.

(Name of Issuer)

Class A common stock, par value $0.0001 per share

(Title of Class of Securities)

033853102

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 033853102

1

Names of Reporting Persons

BROWN ADVISORY INC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,471,985.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,938,340.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,938,340.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

15.3 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 033853102

1

Names of Reporting Persons

BROWN INVESTMENT ADVISORY & TRUST CO

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,563.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,563.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,563.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

CUSIP No. 033853102

1

Names of Reporting Persons

BROWN ADVISORY LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,462,693.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,929,048.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,929,048.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

15.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 033853102

1

Names of Reporting Persons

SIGNATURE FINANCIAL MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGINIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 729.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 729.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

729.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.01 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Andersen Group Inc.
(b)	Address of issuer's principal executive offices: 333 BUSH ST, STE 1700, SAN FRANCISCO, CALIFORNIA 94104
Item 2.
(a)	Name of person filing: BROWN ADVISORY INC BROWN INVESTMENT ADVISORY & TRUST CO BROWN ADVISORY LLC SIGNATURE FINANCIAL MANAGEMENT, INC.
(b)	Address or principal business office or, if none, residence: 901 SOUTH BOND STREET SUITE #400 Baltimore, Maryland 21231
(c)	Citizenship: BROWN ADVISORY INC - MARYLAND BROWN INVESTMENT ADVISORY & TRUST CO - MARYLAND BROWN ADVISORY LLC - MARYLAND SIGNATURE FINANCIAL MANAGEMENT, INC. - VIRGINIA
(d)	Title of class of securities: Class A common stock, par value $0.0001 per share
(e)	CUSIP No.: 033853102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,938,340
(b)	Percent of class: 15.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: BROWN ADVISORY INC - 1,471,985 BROWN INVESTMENT ADVISORY & TRUST CO - 8,563 BROWN ADVISORY LLC - 1,462,693 SIGNATURE FINANCIAL MANAGEMENT, INC. - 729
	(ii) Shared power to vote or to direct the vote: BROWN ADVISORY INC - 0 BROWN INVESTMENT ADVISORY & TRUST CO - 0 BROWN ADVISORY LLC - 0 SIGNATURE FINANCIAL MANAGEMENT, INC. - 0
	(iii) Sole power to dispose or to direct the disposition of: BROWN ADVISORY INC - 0 BROWN INVESTMENT ADVISORY & TRUST CO - 0 BROWN ADVISORY LLC - 0 SIGNATURE FINANCIAL MANAGEMENT, INC. - 0
	(iv) Shared power to dispose or to direct the disposition of: BROWN ADVISORY INC - 1,938,340 BROWN INVESTMENT ADVISORY & TRUST CO - 8,563 BROWN ADVISORY LLC - 1,929,048 SIGNATURE FINANCIAL MANAGEMENT, INC. - 729
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The total securities being reported are beneficially owned by investment companies and other managed accounts of direct/indirect subsidiaries of BROWN ADVISORY INC (listed above). These subsidiaries may be deemed to be beneficial owners of the reported securities because applicable investment advisory contracts provide voting and/or investment power over securities.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. BROWN ADVISORY INC is a parent holding company filing this schedule on behalf of the following subsidiaries pursuant to Rule 13d-1(b)(1)(ii)(G) under the Securities Exchange Act of 1934: BROWN INVESTMENT ADVISORY & TRUST CO - BK (Bank) BROWN ADVISORY LLC - IA (Investment Adviser) SIGNATURE FINANCIAL MANAGEMENT, INC. - IA (Investment Adviser)
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BROWN ADVISORY INC

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	02/12/2026

BROWN INVESTMENT ADVISORY & TRUST CO

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	02/12/2026

BROWN ADVISORY LLC

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	02/12/2026

SIGNATURE FINANCIAL MANAGEMENT, INC.

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	02/12/2026

FAQ

What stake does Brown Advisory Inc. report in Andersen Group Inc. (ANDG)?

Brown Advisory Inc. reports beneficial ownership of 1,938,340 Andersen Group Class A shares, equal to 15.3% of the class. The position is held through investment companies and managed accounts of its direct and indirect subsidiaries.

Which Brown Advisory entities are listed as reporting persons for ANDG?

The filing lists Brown Advisory Inc., Brown Investment Advisory & Trust Co., Brown Advisory LLC, and Signature Financial Management, Inc. as reporting persons, all associated with holdings of Andersen Group Inc. Class A common stock for their investment clients.

How many Andersen Group shares does Brown Advisory LLC beneficially own?

Brown Advisory LLC beneficially owns 1,929,048 Andersen Group Class A shares, representing 15.2% of the class. It has sole voting power over 1,462,693 shares and shared dispositive power over 1,929,048 shares under its investment advisory relationships.

Is Brown Advisory seeking to influence control of Andersen Group Inc. (ANDG)?

The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control, nor in connection with any transaction intended to have that effect, other than limited proxy nomination activities referenced.

Who ultimately benefits from the Andersen Group shares reported in this Schedule 13G/A?

The total Andersen Group securities reported are beneficially owned by investment companies and other managed accounts of Brown Advisory Inc.’s direct and indirect subsidiaries. Those clients have the economic interest, while the subsidiaries hold voting and investment powers under advisory contracts.

What voting powers does Brown Advisory Inc. report over Andersen Group shares?

Brown Advisory Inc. reports sole voting power over 1,471,985 Andersen Group shares and shared dispositive power over 1,938,340 shares. It reports no shared voting power and no sole dispositive power for these holdings in the Schedule 13G/A.