Heritage Global is a small financial services and asset monetization company that operates across two divisions: industrial assets and financial assets. On the industrial side, Heritage Global Partners (HGP) runs auctions and provides appraisals and advisory services for surplus or distressed industrial machinery, equipment, and manufacturing facilities, serving sellers such as corporations rightsizing operations, companies in bankruptcy, and financial sponsors. HGP can act as agent, guarantor, or principal, with fees ranging from 15–50% depending on its role. A second subsidiary, Heritage ALT, buys, refurbishes, and resells lab equipment primarily to the biotech and pharma sectors. On the financial assets side, National Loan Exchange (NLEX) brokers charged-off and nonperforming consumer loan portfolios via an electronic auction platform, earning commissions from both buyers and sellers. Heritage Global Capital (HGC) complements NLEX by lending to buyers of these charged-off portfolios, earning origination fees, interest, monitoring fees, and backend profit sharing, with the portfolios themselves serving as collateral. HGC carries meaningful concentration risk, with one borrower representing the bulk of its lending book and currently in default. Heritage Global's business benefits from elevated consumer delinquency rates, which expand the supply of portfolios available through NLEX, and from corporate rightsizing and plant closures, which drive industrial auction activity. The company's growth strategy centers on M&A, targeting bolt-on acquisitions in new geographies and adjacent sectors, with Europe cited as a priority.