Major investor updates 28% Star Equity (HSON) ownership in new 13D/A

Rhea-AI Filing Summary

Star Equity Holdings, Inc. investor Jeffrey E. Eberwein filed Amendment No. 10 to his Schedule 13D to update his ownership in the company’s common stock. He reports beneficial ownership of 1,063,506 shares, including 49,450 shares underlying immediately exercisable warrants, representing 28.25% of 3,763,997 shares deemed outstanding as of March 20, 2025.

The filing states Eberwein’s aggregate purchase price for these 1,063,506 shares is approximately $21,611,034, excluding brokerage commissions, and notes he also owns 787,217 shares of the issuer’s 10% Series A Cumulative Perpetual Preferred Stock. All reported common shares are held with sole voting and dispositive power.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

Star Equity Holdings, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

443787205

(CUSIP Number)

JEFFREY E. EBERWEIN
53 Forest Avenue, Suite 101,
Old Greenwich, CT, 06870
203-489-9500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/19/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 443787205

1

Name of reporting person

JEFFREY E. EBERWEIN

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,063,506.00
8	Shared Voting Power
9	Sole Dispositive Power 1,063,506.00
10	Shared Dispositive Power

11

Aggregate amount beneficially owned by each reporting person

1,063,506.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.3 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

* Includes 49,450 shares of common stock underlying immediately exercisable warrants ("Warrants") to purchase Star common stock. Excludes certain grants made under the Issuer's 2009 Incentive Stock and Awards Plan, as amended and restated, specifically 740 restricted stock units which vest on March 25, 2026, as well as 8,918 shares of restricted stock granted on September 15, 2025, 5,703 shares of restricted stock granted on January 15, 2026, and 6,750 restricted stock units granted on January 24, 2025, which vest upon the anniversary of the respective grant dates.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.001 per share
(b)	Name of Issuer: Star Equity Holdings, Inc.
(c)	Address of Issuer's Principal Executive Offices: 53 FOREST AVENUE, SUITE 101, OLD GREENWICH, CONNECTICUT , 06870.
Item 1 Comment: The following constitutes Amendment No. 10 to the Schedule 13D filed by the undersigned ("Amendment No. 10"). This Amendment No. 10 amends the Schedule 13D as specifically set forth herein.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated as follows: The aggregate purchase price of the 1,063,506 Shares beneficially owned by Mr. Eberwein is approximately $21,611,034, excluding brokerage commissions. In addition to the 1,063,506 Shares, Mr. Eberwein owns 787,217 shares of the Issuer's 10% Series A Cumulative Perpetual Preferred Stock.
Item 5.	Interest in Securities of the Issuer
(a)	Items 5(a)-(c) are hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by the Reporting Person is based upon 3,763,997 Shares, which is inclusive of 3,714,547 shares outstanding as of March 20, 2025 in addition to 49,450 Warrants attributed to the Reporting Person. The total number of Shares outstanding is based on information provided by the Issuer to the Reporting Person. As of the close of business on March 20, 2025, Mr. Eberwein beneficially owned 1,063,506 Shares. Percentage: 28.25%
(b)	1. Sole power to vote or direct vote: 1,063,506 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,063,506 4. Shared power to dispose or direct the disposition: 0
(c)	Jeff Eberwein's transactions in the Shares in the last 60 days are set forth in Schedule A, attached hereto as Exhibit 99.1, and are incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 - Schedule A.

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.

JEFFREY E. EBERWEIN

Signature:	/s/ Jeffrey E. Eberwein
Name/Title:	Jeffrey E. Eberwein
Date:	03/23/2026

FAQ

What stake does Jeffrey E. Eberwein report in Star Equity Holdings, Inc. (HSON)?

Jeffrey E. Eberwein reports beneficial ownership of 1,063,506 shares of Star Equity common stock. This includes 49,450 shares underlying immediately exercisable warrants and represents 28.25% of 3,763,997 shares deemed outstanding as of March 20, 2025, giving him a significant minority position.

What percentage of Star Equity Holdings, Inc. (HSON) common stock does Eberwein’s Schedule 13D/A show?

The amendment shows Eberwein beneficially owning 28.25% of Star Equity’s common stock. This percentage is based on 3,763,997 shares deemed outstanding, which includes 3,714,547 shares reported outstanding plus 49,450 warrant shares attributable to him as of March 20, 2025.

How much has Jeffrey E. Eberwein paid in total for his Star Equity (HSON) common shares?

Eberwein’s filing states an aggregate purchase price of approximately $21,611,034 for the 1,063,506 common shares he beneficially owns. This figure excludes brokerage commissions and reflects his cumulative investment cost in the issuer’s common stock reported in the Schedule 13D amendment.

Does Jeffrey E. Eberwein hold any Star Equity (HSON) preferred stock in addition to common shares?

Yes. In addition to his common stock position, Eberwein owns 787,217 shares of Star Equity’s 10% Series A Cumulative Perpetual Preferred Stock. This preferred stake is disclosed alongside his common share ownership details in the amended Schedule 13D filing.

What voting and dispositive powers over Star Equity (HSON) shares does Eberwein report?

Eberwein reports sole voting and sole dispositive power over 1,063,506 shares of Star Equity common stock. The filing indicates zero shared voting power and zero shared dispositive power, meaning all reported control over these shares is individually held by him.

What period’s transactions in Star Equity (HSON) shares are referenced in this Schedule 13D/A?

The amendment states that Eberwein’s transactions in Star Equity common shares during the last 60 days are listed in Schedule A, attached as Exhibit 99.1. Those detailed trades are incorporated by reference rather than described directly in the main body of the filing.