SCHEDULE: Mink Brook Group Discloses 9.2% Stake in Star Equity Holdings

Mink Brook Partners and affiliates have reported a combined 9.2% beneficial ownership in Star Equity Holdings, Inc., totaling 314,454 common shares.

Summary

• Mink Brook Capital GP LLC, William Mueller, and Mink Brook Asset Management LLC collectively reported beneficial ownership of 314,454 shares of Star Equity Holdings, Inc. common stock.
• This aggregate ownership represents 9.2% of the issuer's common stock, based on 3,435,903 shares outstanding as of November 13, 2025.
• Mink Brook Partners LP holds 159,378 shares (4.6%), and Mink Brook Opportunity Fund LP holds 155,076 shares (4.5%).
• Mink Brook Capital GP LLC serves as the general partner for both Mink Brook Partners LP and Mink Brook Opportunity Fund LP.
• William Mueller is the managing member of Mink Brook Capital GP LLC and Mink Brook Asset Management LLC.
• The reporting persons disclaim beneficial ownership except to the extent of their respective pecuniary interests.
• The acquisition of shares crossing the 5% threshold was done with written permission from Star Equity Holdings, Inc. on November 20, 2023, subject to certain conditions.
• The securities were not acquired for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: The disclosure of a significant 9.2% stake by an institutional investor group, especially with prior company permission, is generally viewed as a positive signal of confidence in the company, though the filing itself is a routine regulatory update.

Positives

• A significant institutional investor group, Mink Brook, has taken a 9.2% stake in Star Equity Holdings, Inc., potentially signaling confidence in the company's future.
• The acquisition of shares crossing the 5% threshold was done with the company's written permission, indicating a potentially cooperative relationship.

Risks

• The filing explicitly states that the securities were not acquired for the purpose of changing or influencing control of the issuer, mitigating immediate concerns about activist investor actions.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Star Equity Holdings, Inc. or the reporting persons regarding the issuer's future performance or strategic direction.

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11.

Industry Context

This filing indicates a significant passive investment by an institutional group in Star Equity Holdings, Inc. without an stated intent to influence control, which is a common occurrence in the market as funds build positions in companies they deem undervalued or strategically aligned with their investment theses.

Comparison to Industry Standards

• Not applicable as this filing is a disclosure of beneficial ownership and does not contain performance metrics for comparison.

Stakeholder Impact

• Shareholders may view the significant stake by Mink Brook as a vote of confidence, potentially leading to increased investor interest.
• The company's management and board may benefit from the stability of a large, passive institutional investor.

Next Steps

• The reporting persons will continue to monitor their investment in Star Equity Holdings, Inc.

Key Dates

Recommendation

The disclosure of a new significant institutional investor taking a 9.2% stake is generally a positive indicator, suggesting confidence in the company's value. However, as this is a passive investment without stated intent to influence control, it primarily reinforces the current investment thesis rather than introducing new catalysts for a 'buy' or 'sell' recommendation. Investors should hold their positions and monitor future developments.

Keywords

Star Equity Holdings, Mink Brook Partners, Mink Brook Opportunity Fund, Mink Brook Capital, William Mueller, Mink Brook Asset Management, beneficial ownership, Schedule 13G, common stock, institutional investment