Heritage Global Capital Reaches $100M Milestone

Heritage Global Capital ("HGC"), a division of Heritage Global Inc. (NASDAQ:HGBL), specializing in flexible fundings for the Accounts Receivable Management "ARM" industry, announced today that to date it has, together with its senior lenders, funded financial portfolio acquisitions of $100 million.

"Reaching the $100 million mark is an exciting milestone for us and demonstrates our ability to leverage the opportunities we're seeing as the current economic environment continues to drive significant increases in charge-off volume. Over the years, we've developed strong client relationships as well as strategic lending partnerships, and these, coupled with the extensive experience and knowledge of our HGC management team, position us well in our goal to become a premier lender. As we celebrate this milestone, we also look forward to continuing to support our clients, and believe our achievement of the next $100 million in funding is just over the horizon," commented Ross Dove, CEO of Heritage Global Inc.

David Ludwig, President of Financial Assets, added, "Despite the prior environment of pandemic-delayed deal flow, our ability to fund $100 million worth of acquisitions exceeded our internal goals and is a testament to the strength of our team and our client relationships. We are very proud of our clientele and grateful for the trust they have given Heritage Global Capital. Our borrower clients have exceeded collection forecasts as well as maintained solid financial stability and operations integrity. As record outstanding consumer credit continues to grow, HGC expects to see rapid growth as we enter 2023 and beyond."