SourcingSourcing

HEARTLAND ADVISORS, INC.

C40
CRD 29433·SEC 801-19074·MILWAUKEE, WI
AUM
$1.92B
$1B+
Est. Revenue
$19.2M
@ 1% on AUM
Est. EBITDA
$5.8M
@ 30% margin
Est. Deal Value
$46.1M
@ 8× EBITDA

Identity

Registrations & legal identity

Legal name
HEARTLAND ADVISORS, INC.
CRD
29433
SEC file #
801-19074
EIN
391078128
DBA names
—

Economics

AUM
$1.92B
AUM band
$1B+
AUM trajectory
'20'26
$1.35B → $1.92B▲ +43%
Client mix
Individuals High Net Worth48
Individuals Other32
Corporations7
Investment Companies3

Operations

Employees (total)
26
Advisory staff (per ADV)
10
Advisory staff (5-yr trend)
'20'26
12 advisors → 10 advisors▼ -17%
Primary office
MILWAUKEE WI
Branches
—

Custodian & Brokerage

Primary custodian
Charles Schwablow confidence
Services offered
Portfolio mgmt — individualsPortfolio mgmt — investment companiesPortfolio mgmt — businesses
Fee basis
% of AUM

Filings

Latest ADV filing
02/26/2026
ADV-W filed at
—
Website
instagram.com/heartlandfunds(social)

Compliance

Disclosures (firm)
3
Trademark
—
Additional signalsExpand ▾

Ownership & succession ★

Who controls the firm + pre-computed succession flags

Top Owner Name
HEARTLAND HOLDINGS, INC.
Top Owner Pct
87.5
Top Owner Entity Kind
DE
Owner Count
9
Control Persons
HEARTLAND HOLDINGS, INC.
BEST, NICOLE, JEANNINE
Solo Advisor Indicator
No
Succession Risk Solo Owner
No
Is Parent Owned Subsidiary
Yes

Availability / M&A ★

Already-acquired = skip; deal comps

Adv W Filed
No

Web presence ★

Stale website = winding down

Web Signal Quality
fallback_guess:heartland.com

Retirement-plan book (Form 5500) ★

401(k)/plan business — cross-sell value

Retirement Plan Book
Yes
Form 5500 Plan Count
1
Form 5500 Total Participants
56
Form 5500 Compensation Trajectory 3y
20240
Form 5500 Plan Count Trajectory 3y
20241
Schedule C Service Provider Rows
1

SEC EDGAR

Edgar Cik
0000937394
Edgar Registered
Yes
Edgar Filing Count
1,057
Edgar First Filing Date
2008-02-08
Edgar Last Filing Date
2026-05-06
Edgar 13f Count
76
Edgar 13f Latest AUM Estimate
Filing Date2026-05-06
Accession0000892712-26-000226

Compliance & brand

Firm Registration Status
active

All other collected signals (11)

Everything else we've pulled for this record, not yet curated into a section.

Adv W Recently Filed
No
Bc Firm Active Bc Count
14
Bc Firm Active IA Count
15
Bc Firm IAR Count
15
Custodian Candidates
Full
Charles Schwab6
E*trade4
Northern Trust2
Wells Fargo2
Edgar Addresses
Mailing
790 N WATER STREETSUITE 1200MILWAUKEE, WI 53202
Business
790 N WATER STREETSUITE 1200MILWAUKEE, WI 53202
Edgar EIN
391078128
Edgar Recent Filings
13F-HR2026-05-06 · 0000892712-26-000226
13F-HR2026-02-11 · 0000892712-26-000080
Firm Has Custody
No
Mailing Office Differs
No
Trust Company Affiliate
No

People (16)

16
MCGLONE, TROY, WILLIAM
IAR · Executive Officer · 2.5%
6387677
KOPS, MICHAEL, DAVID
IAR · Executive Officer · 2.5%
3219178
NASGOVITZ, WILLIAM, RICHARD
IAR · Executive Officer · 2.5%
4826680
BEST, NICOLE, JEANNINE
IAR · Executive Officer · 2.5%
3053329
FLEMING, ANDREW, JOHN
IAR · Executive Officer · 2.5%
4544108
NASGOVITZ, WILLIAM, JOHN
IAR · Executive Officer · 2.5%
344990
MCWEY, COLIN, PATRICK
IAR · Executive Officer · 2.5%
4205434
VINITA KAUR PAUL
Executive Officer · 2.5%
5227040
KAREN ANN LEPPLA
IAR
2876954
Linda Marie Lorenz
IAR
6719027
MICHAEL JACK WARECKI
IAR
7197399
WILLIAM BENNETT VOLPE
IAR
7770822
JEFFREY JAMES KOHL
IAR
2343012
KEVIN DOUGLAS CLARK
IAR
1401304
JACOB SCOTT WESTPHAL
IAR
6412147
LAUREN LOUISE JOHNSON
IAR
8009935