HERITAGE GLOBAL INC

Ticker: HGBL CUSIP: 42727E103 Class: COM

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (8)

Rothschild Wealth LLC

Value ($000) $447 Shares 360,866

NorthRock Partners, LLC

Value ($000) $42 Shares 34,139

XTX Topco Ltd

Value ($000) $31 Shares 24,667

Squarepoint Ops LLC

Value ($000) $17 Shares 13,653

CITIGROUP INC

Value ($000) $12 Shares 9,893

Smartleaf Asset Management LLC

Value ($000) $0 Shares 100

ACADIAN ASSET MANAGEMENT LLC

Value ($000) $0 Shares 31,466

HRT FINANCIAL LP

Value ($000) $0 Shares 10,726

Institution	Shares	Value ($000)
Rothschild Wealth LLC	360,866	$447
NorthRock Partners, LLC	34,139	$42
XTX Topco Ltd	24,667	$31
Squarepoint Ops LLC	13,653	$17
CITIGROUP INC	9,893	$12
Smartleaf Asset Management LLC	100	$0
ACADIAN ASSET MANAGEMENT LLC	31,466	$0
HRT FINANCIAL LP	10,726	$0

Increased Positions (10)

Mink Brook Asset Management LLC

Value ($000) $2,516 (-19.5%) Shares 2,028,844 (+7.8%)

PERRITT CAPITAL MANAGEMENT INC

Value ($000) $447 (-8.9%) Shares 360,866 (+22.0%)

Topline Capital Management, LLC

Value ($000) $2,295 (-17.6%) Shares 1,850,964 (+10.3%)

SUSQUEHANNA INTERNATIONAL GROUP, LLP

Value ($000) $113 (+58.8%) Shares 90,836 (+112.5%)

JANE STREET GROUP, LLC

Value ($000) $37 (+121.3%) Shares 29,651 (+196.2%)

GOLDMAN SACHS GROUP INC

Value ($000) $62 (-2.9%) Shares 49,951 (+29.9%)

RENAISSANCE TECHNOLOGIES LLC

Value ($000) $468 (-24.1%) Shares 377,517 (+1.7%)

BlackRock, Inc.

Value ($000) $174 (-23.5%) Shares 139,954 (+2.4%)

UBS Group AG

Value ($000) $2 (+7392.6%) Shares 1,631 (+10093.8%)

Tower Research Capital LLC (TRC)

Value ($000) $4 (-8.4%) Shares 3,522 (+22.7%)

Institution	Prev Shares	Curr Shares	Change
Mink Brook Asset Management LLC	1,882,222	2,028,844	+146,622 (+7.8%)
PERRITT CAPITAL MANAGEMENT INC	295,866	360,866	+65,000 (+22.0%)
Topline Capital Management, LLC	1,678,507	1,850,964	+172,457 (+10.3%)
SUSQUEHANNA INTERNATIONAL GROUP, LLP	42,738	90,836	+48,098 (+112.5%)
JANE STREET GROUP, LLC	10,009	29,651	+19,642 (+196.2%)
GOLDMAN SACHS GROUP INC	38,439	49,951	+11,512 (+29.9%)
RENAISSANCE TECHNOLOGIES LLC	371,332	377,517	+6,185 (+1.7%)
BlackRock, Inc.	136,684	139,954	+3,270 (+2.4%)
UBS Group AG	16	1,631	+1,615 (+10093.8%)
Tower Research Capital LLC (TRC)	2,871	3,522	+651 (+22.7%)

Decreased Positions (6)

WYNNEFIELD CAPITAL INC

Value ($000) $98 (-85.2%) Shares 79,426 (-80.2%)

PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

Value ($000) $2,957 (-28.0%) Shares 2,384,652 (-3.7%)

DIMENSIONAL FUND ADVISORS LP

Value ($000) $260 (-42.5%) Shares 209,612 (-23.0%)

CITADEL ADVISORS LLC

Value ($000) $75 (-38.7%) Shares 60,303 (-17.9%)

Heron Bay Capital Management

Value ($000) $40 (-31.3%) Shares 31,925 (-8.0%)

BANK OF AMERICA CORP /DE/

Value ($000) $0 (-57.3%) Shares 156 (-42.6%)

Institution	Prev Shares	Curr Shares	Change
WYNNEFIELD CAPITAL INC	401,030	79,426	-321,604 (-80.2%)
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.	2,475,228	2,384,652	-90,576 (-3.7%)
DIMENSIONAL FUND ADVISORS LP	272,317	209,612	-62,705 (-23.0%)
CITADEL ADVISORS LLC	73,465	60,303	-13,162 (-17.9%)
Heron Bay Capital Management	34,717	31,925	-2,792 (-8.0%)
BANK OF AMERICA CORP /DE/	272	156	-116 (-42.6%)

Exited Positions (4)

RBF Capital, LLC

Value ($000) $90 Shares 54,283

CHARLES SCHWAB INVESTMENT MANAGEMENT INC

Value ($000) $28 Shares 16,791

GSA CAPITAL PARTNERS LLP

Value ($000) $0 Shares 21,928

Virtu Financial LLC

Value ($000) $0 Shares 16,796

Institution	Prev Shares	Prev Value ($000)
RBF Capital, LLC	54,283	$90
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	16,791	$28
GSA CAPITAL PARTNERS LLP	21,928	$0
Virtu Financial LLC	16,796	$0