Punch & Associates holds 6.50% of Heritage Global (HGBL) in amended 13G

Rhea-AI Filing Summary

Heritage Global Inc. ownership disclosure by Punch & Associates Investment Management, Inc. reports beneficial ownership of 2,244,148 shares of Common Stock, representing 6.50% of the class as of 03/31/2026. The filing is an Amendment No. 4 to a Schedule 13G/A and is signed by Howard D. Punch, Jr.

Insights

Institutional Ownership Analyst

Punch & Associates reports a 6.50% stake in Heritage Global.

Punch & Associates Investment Management, Inc. states beneficial ownership of 2,244,148 shares of Heritage Global Common Stock as of 03/31/2026. The report is filed as an Amendment No. 4 to a Schedule 13G/A and signed on 04/06/2026.

The disclosure documents the current passive/beneficial holding level; subsequent filings would show changes. Cash‑flow treatment or plans for these shares are not described in the excerpt.

Key Figures

Beneficial ownership: 2,244,148 shares Percent of class: 6.50% Filing type: Schedule 13G/A (Amendment No. 4) +1 more

4 metrics

Beneficial ownership 2,244,148 shares Common Stock as of <date>03/31/2026</date>

Percent of class 6.50% Percentage of outstanding Common Stock

Filing type Schedule 13G/A (Amendment No. 4) Ownership disclosure filing

Signature date 04/06/2026 Signed by Howard D. Punch, Jr.

Key Terms

Schedule 13G/A, Beneficial ownership, CUSIP

3 terms

Schedule 13G/A regulatory

"Amendment No. 4 ) Heritage Global Inc. Common Stock"

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.

Beneficial ownership financial

"Amount beneficially owned: 2244148 (b) Percent of class: 6.50%"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

CUSIP technical

"CUSIP No.: 42727E103"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

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Accepted by SEC EDGAR 05/15/2026 - 10:51 AM Learn about SEC filing dates

FAQ

What stake does Punch & Associates hold in Heritage Global (HGBL)?

Punch & Associates reports beneficial ownership of 2,244,148 shares, equal to 6.50% of Heritage Global Common Stock as of 03/31/2026. This figure is stated in the Schedule 13G/A Amendment No. 4.

What is the filing type and who signed the Heritage Global ownership disclosure?

The filing is a Schedule 13G/A (Amendment No. 4) reporting beneficial ownership. It is signed by Howard D. Punch, Jr., Chief Investment Officer on 04/06/2026, per the excerpt.

How many shares does Punch & Associates have sole voting and dispositive power over?

Punch & Associates reports 2,244,148 shares as sole voting power and 2,244,148 shares as sole dispositive power for Heritage Global Common Stock in the disclosed table.

Does the Schedule 13G/A state any plans to buy or sell Heritage Global shares?

The excerpt lists beneficial ownership and voting/dispositive powers but does not describe any purchase or sale plans. Transaction intent or planned dispositions are not included in the provided text.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

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

Punch & Associates Investment 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

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,244,148.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,244,148.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,244,148.00

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)

6.5 %

12

Type of Reporting Person (See Instructions)

IA

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, CA 92130
Item 2.
(a)	Name of person filing: Punch & Associates Investment Management, Inc.
(b)	Address or principal business office or, if none, residence: 7701 France Ave. So., Suite 300 Edina, MN 55435
(c)	Citizenship: Minnesota
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 42727E103
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: 2244148
(b)	Percent of class: 6.50%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2244148
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2244148
	(iv) Shared power to dispose or to direct the disposition of: 0
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 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.

Punch & Associates Investment Management, Inc.

Signature:	/s/ Howard D. Punch, Jr.
Name/Title:	Howard D. Punch, Jr./Chief Investment Officer
Date:	04/06/2026