BlackRock (HNRG holder) reports 5.2% Hallador Energy stake on Schedule 13G

Rhea-AI Filing Summary

BlackRock, Inc. has disclosed a significant ownership stake in Hallador Energy Co common stock. As of 12/31/2025, BlackRock reports beneficial ownership of 2,270,441 shares, representing 5.2% of Hallador’s outstanding common stock. It has sole power to vote 2,229,176 shares and sole power to dispose of 2,270,441 shares, with no shared voting or dispositive power.

The filing explains that these holdings are attributed to certain BlackRock business units, and that various underlying clients or investors have the right to receive dividends or sale proceeds, with no single such person exceeding 5% of Hallador’s common shares. BlackRock certifies that the position was acquired and is held in the ordinary course of business, and not for the purpose of changing or influencing control of Hallador Energy.

Insights

Equity ownership and governance analyst

BlackRock reports a 5.2% passive stake in Hallador Energy.

BlackRock, Inc. reports beneficial ownership of 2,270,441 Hallador Energy common shares, or 5.2% of the class as of 12/31/2025. It holds sole voting power over 2,229,176 shares and sole dispositive power over the full 2,270,441, indicating centralized decision-making within its reporting business units.

The filing is made on a Schedule 13G basis, with BlackRock certifying the stake is held in the ordinary course of business and not to change or influence control. Various underlying clients have rights to dividends or sale proceeds, but no individual client exceeds 5% of Hallador’s outstanding common stock.

This type of passive institutional ownership disclosure is routine. It does, however, confirm that a large asset manager is a notable holder of Hallador shares; the actual impact depends on future portfolio and client decisions, which are not addressed here.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 01/21/2026 - 12:30 PM Learn about SEC filing dates

FAQ

What percentage of Hallador Energy (HNRG) does BlackRock own?

As of 12/31/2025, BlackRock, Inc. reports beneficial ownership of 2,270,441 Hallador Energy common shares, representing 5.2% of the outstanding class.

How many Hallador Energy (HNRG) shares can BlackRock vote and dispose of?

BlackRock has sole voting power over 2,229,176 Hallador Energy shares and sole dispositive power over 2,270,441 shares, with no shared voting or dispositive power reported.

Is BlackRock’s Hallador Energy (HNRG) stake considered passive or for control?

BlackRock certifies that the Hallador Energy shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the company.

Who ultimately benefits from BlackRock’s Hallador Energy (HNRG) holdings?

The filing states that various persons have rights to receive dividends or sale proceeds from Hallador Energy shares managed by BlackRock, and that no single such person has an interest exceeding 5% of the total outstanding common shares.

What type of Schedule 13G filer is BlackRock in this Hallador Energy (HNRG) disclosure?

BlackRock, Inc. is identified as a parent holding company or control person (type "HC"), reporting securities beneficially owned by certain of its business units in accordance with SEC Release No. 34-39538.

Who signed the BlackRock Schedule 13G for Hallador Energy (HNRG)?

The Schedule 13G was signed by Spencer Fleming, identified as a Managing Director, dated 01/21/2026.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

HALLADOR ENERGY CO

(Name of Issuer)

Common Stock

(Title of Class of Securities)

40609P105

(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. 40609P105

1

Names of Reporting Persons

BlackRock, 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,229,176.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,270,441.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,270,441.00

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)

5.2 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: HALLADOR ENERGY CO
(b)	Address of issuer's principal executive offices: 1183 EAST CANVASBACK DRIVE TERRE HAUTE IN 47802
Item 2.
(a)	Name of person filing: BlackRock, Inc. In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock, Inc., 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 40609P105
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: 2270441
(b)	Percent of class: 5.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2229176
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2270441
	(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.
	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. Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the common stock of HALLADOR ENERGY CO. No one person's interest in the common stock of HALLADOR ENERGY CO is more than five percent of the total outstanding common shares.
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. See Exhibit 99
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.

BlackRock, Inc.

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	01/21/2026

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7