Heritage Global Inc. Schedule 13G/A shows filings by Mink Brook entities and William Mueller reporting shared beneficial ownership of 2,238,256 shares of common stock as of March 31, 2026. The filing cites 34,741,553 shares outstanding (per the 10-K) and reports 6.4% ownership for Mink Brook Asset Management LLC, Mink Brook Capital GP LLC, and William Mueller, with related entities holding 3.6% and 2.9% stakes.
The filing explains that Mink Brook Capital GP LLC is general partner to the funds and Mr. Mueller is managing member, and it disclaims direct beneficial ownership except to the extent of pecuniary interest.
Positive
None.
Negative
None.
Insights
Concentrated position disclosed: combined shared holdings of 2,238,256 shares (6.4% reference point).
The filing lists 2,238,256 shares of common stock held jointly by Mink Brook Partners LP and Mink Brook Opportunity Fund LP, with shared voting and dispositive power attributed to Mink Brook Capital GP LLC and William Mueller as of March 31, 2026. Ownership percentages are calculated from 34,741,553 shares outstanding cited from the annual 10-K.
Key dependencies include the reported shared-power relationships among the funds, GP and managing member. Subsequent Schedule 13D/13G amendments or Form 4s would update active trading or changes in control; timing is not provided in this excerpt.
Filing emphasizes shared power and disclaimers, not an assertion of sole beneficial ownership.
The disclosure clarifies that shared voting/dispositive power arises from GP and managing-member roles and includes an explicit disclaimer that Mr. Mueller and the managing entities do not admit beneficial ownership under Section 13(d) beyond pecuniary interests.
Governance watchers should note the percent thresholds reported (6.4%, 3.6%, 2.9%) because they approach common reporting triggers; further amendments could follow if positions change.
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
shared dispositive powerfinancial
"Shared Dispositive Power 2,238,256.00"
general partnercorporate
"Mink Brook Capital GP LLC is the general partner to both funds"
A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.
beneficial ownership disclaimerregulatory
"such beneficial ownership is expressly disclaimed"
What stake does Mink Brook report in Heritage Global (HGBL)?
Mink Brook reports shared ownership of 2,238,256 shares, representing 6.4% based on 34,741,553 shares outstanding cited from the 10-K dated March 12, 2026. The position is held through related funds with shared voting and dispositive power.
Who holds voting and disposition power for the reported shares?
Mink Brook Capital GP LLC is reported as general partner with shared voting and dispositive power, and William Mueller is the managing member with shared power over the same 2,238,256 shares as of March 31, 2026.
Are the Mink Brook filers claiming direct beneficial ownership?
No. The filing expressly disclaims that Mr. Mueller, Mink Brook Asset Management LLC, or Mink Brook Capital GP LLC are the beneficial owners for Section 13(d) purposes, except to the extent of any pecuniary interest disclosed in the filing.
What date and outstanding share base does the filing use to compute percentages?
Percentages are calculated as of the filing using 34,741,553 shares outstanding disclosed in the issuer's annual 10-K dated March 12, 2026, with the beneficial-holding snapshot taken at the close of business on March 31, 2026.
Which Mink Brook entities are listed and their individual percentages?
Reported entities and percentages: Mink Brook Asset Management LLC 6.4%, Mink Brook Capital GP LLC 6.4%, William Mueller 6.4%, Mink Brook Partners LP 3.6%, and Mink Brook Opportunity Fund LP 2.9% based on the cited outstanding share count.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Heritage Global Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
42727E103
(CUSIP Number)
03/31/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
42727E103
1
Names of Reporting Persons
Mink Brook Asset Management 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,238,256.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,238,256.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,238,256.00
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)
6.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: This percentage is calculated based upon 34,741,553 shares of common stock outstanding of the Issuer disclosed in the annual 10-K dated March 12, 2026.
SCHEDULE 13G
CUSIP Number(s):
42727E103
1
Names of Reporting Persons
Mink Brook Partners LP
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,236,860.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,236,860.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,236,860.00
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)
3.6 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: This percentage is calculated based upon 34,741,553 shares of common stock outstanding of the Issuer disclosed in the annual 10-K dated March 12, 2026.
SCHEDULE 13G
CUSIP Number(s):
42727E103
1
Names of Reporting Persons
Mink Brook Opportunity Fund LP
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,001,396.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,001,396.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,001,396.00
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)
2.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: This percentage is calculated based upon 34,741,553 shares of common stock outstanding of the Issuer disclosed in the annual 10-K dated March 12, 2026.
SCHEDULE 13G
CUSIP Number(s):
42727E103
1
Names of Reporting Persons
Mink Brook Capital GP 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,238,256.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,238,256.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,238,256.00
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)
6.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: This percentage is calculated based upon 34,741,553 shares of common stock outstanding of the Issuer disclosed in the annual 10-K dated March 12, 2026.
SCHEDULE 13G
CUSIP Number(s):
42727E103
1
Names of Reporting Persons
William Mueller
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,238,256.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,238,256.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,238,256.00
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)
6.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: This percentage is calculated based upon 34,741,553 shares of common stock outstanding of the Issuer disclosed in the annual 10-K dated March 12, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Heritage Global Inc.
(b)
Address of issuer's principal executive offices:
12625 High Bluff Drive, Suite 305, SAN DIEGO, CALIFORNIA, 92130.
Item 2.
(a)
Name of person filing:
Mink Brook Asset Management LLC
Mink Brook Partners LP
Mink Brook Opportunity Fund LP
Mink Brook Capital GP LLC
William Mueller
(b)
Address or principal business office or, if none, residence:
201 Summa Street
West Palm Beach, FL 33405
(c)
Citizenship:
Mink Brook Asset Management LLC - Delaware
Mink Brook Partners LP - Delaware
Mink Brook Opportunity Fund LP - Delaware
Mink Brook Capital GP LLC - Delaware
William Mueller - Florida
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
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:
Reference is made to Items 5 - 11 on the preceding pages of this Schedule 13G.
As of the close of business on March 31, 2026, Mink Brook Partners LP and Mink Brook Opportunity Fund LP held an aggregate of 2,238,256 shares of the common stock of the Issuer. As the general partner to both Mink Brook Partners LP and Mink Brook Opportunity Fund LP, Mink Brook Capital GP LLC may be deemed to have shared power to vote or to direct the vote and to dispose or to direct the disposition of the shares held by Mink Brook Partners LP and Mink Brook Opportunity Fund LP. As the managing member of Mink Brook Capital GP LLC and Mink Brook Asset Management LLC, William Mueller may be deemed to have shared power to vote or to direct the vote and to dispose or to direct the disposition of the shares held by Mink Brook Partners LP and Mink Brook Opportunity Fund LP.
Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that Mr. Mueller, Mink Brook Asset Management LLC or Mink Brook Capital GP LLC is the beneficial owner of the shares of the common stock of the Issuer referred to herein for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or for any other purpose, and such beneficial ownership is expressly disclaimed, except to the extent of their respective pecuniary interests therein.
(b)
Percent of class:
Mink Brook Asset Management LLC - 6.4%
Mink Brook Partners LP - 3.6%
Mink Brook Opportunity Fund LP - 2.9%
Mink Brook Capital GP LLC - 6.4%
William Mueller - 6.4%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Mink Brook Asset Management LLC - 0
Mink Brook Partners LP - 0
Mink Brook Opportunity Fund LP - 0
Mink Brook Capital GP LLC - 0
William Mueller - 0
(ii) Shared power to vote or to direct the vote:
Mink Brook Asset Management LLC - 2,238,256
Mink Brook Partners LP - 1,236,860
Mink Brook Opportunity Fund LP - 1,001,396
Mink Brook Capital GP LLC - 2,238,256
William Mueller - 2,238,256
(iii) Sole power to dispose or to direct the disposition of:
Mink Brook Asset Management LLC - 0
Mink Brook Partners LP - 0
Mink Brook Opportunity Fund LP - 0
Mink Brook Capital GP LLC - 0
William Mueller - 0
(iv) Shared power to dispose or to direct the disposition of:
Mink Brook Asset Management LLC - 2,238,256
Mink Brook Partners LP - 1,236,860
Mink Brook Opportunity Fund LP - 1,001,396
Mink Brook Capital GP LLC - 2,238,256
William Mueller - 2,238,256
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.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
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 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.
Mink Brook Asset Management LLC
Signature:
/s/ William Mueller
Name/Title:
Managing Member, Mink Brook Asset Management LLC
Date:
04/06/2026
Mink Brook Partners LP
Signature:
/s/ William Mueller
Name/Title:
Title: Managing Member, general partner Mink Brook Capital GP LLC
Date:
04/06/2026
Mink Brook Opportunity Fund LP
Signature:
/s/ William Mueller
Name/Title:
Managing Member, general partner Mink Brook Capital GP LLC
Date:
04/06/2026
Mink Brook Capital GP LLC
Signature:
/s/ William Mueller
Name/Title:
Managing Member, general partner Mink Brook Capital GP LLC
