Thomas Van Ludwig

Insider

First SEC filing: March 25, 2026 · Latest: March 25, 2026

On this page

Insider at

0 buys (P) 0 sells (S) Net: $0 + 3 non-open-market transactions below last 12 months, based on the transactions shown below

Price change vs current quote, split-adjusted for corporate actions since the filing — not benchmarked, not annualized, not size-weighted

No open-market trades on record; showing all filings.

Date	Ticker	Code	Shares	Price	Value	Owned after	Δ own	A/D	vs now
May 14, 2026	HGBL	M	31,875	—	—	85,000 Direct	-27.27%	Disposed	(price as of 2026-08-20)
May 14, 2026	HGBL	F	23,919	$1.22	$29,181	222,608 Direct	+12.04%	Acquired	-6.1% (price as of 2026-08-20)
May 14, 2026	HGBL	M	31,875	$0.70	$22,312	246,527 Direct	+14.85%	Acquired	63.6% (price as of 2026-08-20)

P = Open-market purchase · S = Sale · A = Grant/award · M = Option exercise · G = Gift · F = Tax withholding

Insider transactions are not a recommendation; sales are often driven by liquidity or tax reasons.

Options, RSUs and convertible securities reported on Form 4 Table II.

Date	Ticker	Security	Underlying	Exercise price	Expiration	Shares	A/D
May 14, 2026	HGBL	Options to purchase common stock	Common Stock (31,875)	$0.70	June 1, 2029	31,875	Disposed

Exercise/conversion price is blank when not applicable (e.g. RSUs).

Securities held when first becoming an insider, per SEC Form 3.

Date	Ticker	Security	Shares	Ownership
March 25, 2026	HGBL	Common Stock	214,652	Direct
March 25, 2026	HGBL	Options to purchase common stock→ Common Stock (31,875)	31,875	Direct
March 25, 2026	HGBL	Options to purchase common stock→ Common Stock (45,000)	45,000	Direct
March 25, 2026	HGBL	Options to purchase common stock→ Common Stock (40,000)	40,000	Direct