Treasury
3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp
US Treasury par yield curve · Jul 31 · Source: U.S. Treasury
Friday, July 31, 2026
U.S. Edition
MONEY & WORLD
Subscribe
Heritage Global

Heritage Global is winding down its lending arm, and it has pushed its earnings call back a week because it cannot yet size the write-down

Money & World
The Editorial Team ·
A close overhead photograph of dry cracked ground, the pale beige crust broken into irregular plates by dark fissures, with a deeper gap running across the middle of the frame.
Photo: Samiran Biswas / Pexels

A company that lends against distressed debt has decided that it would rather not.

Heritage Global told the Securities and Exchange Commission on Friday afternoon that its board authorised a plan on Thursday to substantially wind down the Specialty Lending segment. That segment has operated through Heritage Global Capital, a wholly owned subsidiary, and financed investors buying charged-off and non-performing receivable portfolios. The filing traces the decision to a single relationship: difficulties with the segment's largest borrower, already described in the annual report filed in March and again in the first quarter report filed in May, and worse again between April and June.

Two numbers the company does not have

The 8-K is unusual for what it leaves blank.

Heritage Global expects cash costs consisting mainly of employee-related expenses and professional services fees, and says the total has yet to be determined. It also expects a material non-cash impairment charge for the period ended 30 June, made up of a write-down of equity method investments and an increase in the reserve for credit losses on loans in non-accrual status, and it says it cannot give an estimate or a range for that one either. Both are promised in an amendment. Until they arrive, the second quarter is a set of accounts with a hole in it that the company has told everybody about in advance.

The consequence sits on the calendar. The second quarter results call has moved from 6 August to 13 August at 5 p.m. Eastern, and the press release filed with the 8-K says the delay exists to give the company more time to work out the size of the charge.

What is left

Heritage Global runs two business units, Industrial Assets and Financial Assets, valuing and monetising surplus and distressed industrial and financial assets. The wind down is expected to start in the third quarter, and the company says the completion date depends on the duration and scope of the work involved. It may keep funding an immaterial number of loans, or pursue restructuring with the borrowers who remain. Part of the job is unwinding the joint ventures through which some of the lending was done.

The filing is signed by Ross Dove, chief executive.

The document: Heritage Global Inc., Form 8-K, Items 2.05 Costs Associated with Exit or Disposal Activities, 2.06 Material Impairments, 7.01 Regulation FD Disclosure and 9.01 Financial Statements and Exhibits, accession number 0001193125-26-328342, accepted by EDGAR on 31 July 2026 at 16:00:02 Eastern, filed as of 31 July 2026, conformed period of report 31 July 2026. Both the filing document hgbl-20260731.htm and Exhibit 99.1, the press release dated 31 July 2026, were downloaded and read in full here; no fetch-tool summary was relied on, and the acceptance timestamp, filing date and item codes were matched against the EDGAR index header file. Verified against the Item 2.05 text: the board authorised the Exit Plan on 30 July 2026 to wind down the Specialty Lending segment, which has operated through Heritage Global Capital LLC, a wholly owned subsidiary, and provided specialty financing to investors in charged-off and nonperforming asset portfolios; the basis given is the continuation of difficulties with the segment's largest borrower, described previously in the Form 10-K for the fiscal year ended 31 December 2025 filed 12 March 2026 and the Form 10-Q for the quarter ended 31 March 2026 filed 7 May 2026, declining further in the second quarter of 2026; HGC will take steps to wind down or exit its positions in the joint ventures through which part of the segment operates; expected cash expenditures consist primarily of employee-related costs and professional services expenses, with the total amount yet to be determined and an amendment to the 8-K promised once determined; a material non-cash impairment charge is expected for the reporting period ended 30 June 2026, consisting of a write-down of equity method investments and an increase in the reserve for credit losses for loans in nonaccrual status, with the company unable to determine an estimate or range and a further amendment promised; the Exit Plan is anticipated to commence in the third quarter of 2026 with a completion date depending on the duration and scope of the work; and the company may continue to fund an immaterial number of loans or pursue restructuring efforts with remaining borrowers. Item 2.06 incorporates Item 2.05 by reference. Exhibit 99.1 confirms the rescheduling of the second quarter 2026 results conference call from Thursday 6 August 2026 to Thursday 13 August 2026 at 5:00 p.m. Eastern, and states the purpose is to provide additional time to determine the amount of the non-cash charge. The 8-K is signed by Ross Dove, Chief Executive Officer. The filing states no dollar figure for either the cash costs or the impairment, and none is asserted here. Item 7.01 material is furnished rather than filed, as the document notes..

More on Finance