Seaport discloses 5.2% Hennessy Advisors (HNNA) stake in Schedule 13G

Rhea-AI Filing Summary

Hennessy Advisors, Inc. (HNNA) has a new significant passive shareholder. Seaport Global Asset Management LLC and Stephen C. Smith jointly report beneficial ownership of 409,015 shares of Hennessy Advisors common stock as of December 31, 2025.

This holding represents 5.2% of the common stock, based on 7,891,917 shares outstanding as of December 8, 2025, as cited from the company’s proxy statement. The shares are held for investment by Seaport’s advisory clients and trusts it manages, and the filers certify they are not seeking to change or influence control of Hennessy Advisors.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Hennessy Advisors, Inc.

(Name of Issuer)

Common stock, no par value

(Title of Class of Securities)

425885100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 425885100

1

Names of Reporting Persons

Seaport Global Asset Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 409,015.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 409,015.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

409,015.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.2 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 425885100

1

Names of Reporting Persons

Stephen C. Smith

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 409,015.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 409,015.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

409,015.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.2 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Hennessy Advisors, Inc.
(b)	Address of issuer's principal executive offices: 7250 Redwood Boulevard, Suite 200, Novato, CA 94945
Item 2.
(a)	Name of person filing: This names of the persons filing this report (collectively, the "Reporting Persons") with respect to shares of Common Stock, no par value (the "Common Stock") of Hennessy Advisors, Inc. (the "Issuer") are: (i) Seaport Global Asset Management LLC ("Seaport") and (ii) Stephen C. Smith.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is 360 Madison Avenue, 23rd Floor, New York, NY 10017.
(c)	Citizenship: Seaport is a New York limited liability corporation. Mr. Smith is a United States citizen.
(d)	Title of class of securities: Common stock, no par value
(e)	CUSIP No.: 425885100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of December 31, 2025, Seaport beneficially owned 409,015 shares of Common Stock. Shares of Common Stock reported herein represent shares held by investment advisory clients of and trusts managed by of Seaport. Mr. Smith is the manager of Seaport.
(b)	Percent of class: The information set forth on Row 11 of the cover pages to this Schedule 13G is incorporated herein by reference. The percentages are calculated based upon 7,891,917 shares of Common Stock issued and outstanding as of December 8, 2025, as reported in the Issuer's Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on December 10, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information set forth on Row 5 of the cover pages to this Schedule 13G is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information set forth on Row 6 of the cover pages to this Schedule 13G is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information set forth on Row 7 of the cover pages to this Schedule 13G is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information set forth on Row 8 of the cover pages to this Schedule 13G is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Seaport Global Asset Management LLC

Signature:	/s/ Stephen C. Smith
Name/Title:	Stephen C. Smith, Authorized Signatory
Date:	02/03/2026

Stephen C. Smith

Signature:	/s/ Stephen C. Smith
Name/Title:	Stephen C. Smith
Date:	02/03/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement

FAQ

What stake in Hennessy Advisors (HNNA) did Seaport Global Asset Management disclose?

Seaport Global Asset Management disclosed beneficial ownership of 409,015 Hennessy Advisors common shares. This position represents 5.2% of the company’s outstanding common stock, based on 7,891,917 shares reported outstanding as of December 8, 2025 in Hennessy’s proxy statement.

Who are the reporting persons in this Hennessy Advisors (HNNA) Schedule 13G filing?

The filing lists Seaport Global Asset Management LLC and Stephen C. Smith as the reporting persons. Seaport is the investment adviser whose clients and managed trusts hold the shares, while Smith is identified as the manager of Seaport and reports the same beneficial ownership.

What percentage of Hennessy Advisors (HNNA) common stock is owned according to this Schedule 13G?

The reporting persons state they beneficially own 5.2% of Hennessy Advisors’ common stock. This percentage is calculated using 7,891,917 shares outstanding as of December 8, 2025, a figure taken from the company’s Schedule 14A proxy statement filed with the SEC.

Is Seaport’s Hennessy Advisors (HNNA) stake classified as a passive investment?

Yes. The certification states the securities were acquired and are held in the ordinary course of business, not to change or influence control of Hennessy Advisors, and not in connection with any control-related transaction, other than activities solely related to a nomination under Rule 14a-11.

How are the Hennessy Advisors (HNNA) shares held by Seaport Global Asset Management?

The Schedule 13G explains that the 409,015 Hennessy Advisors shares are held by investment advisory clients of Seaport and by trusts managed by Seaport. Seaport and Stephen C. Smith report shared voting and shared dispositive power over all of these common shares.

What type of reporting person is Seaport Global Asset Management in the Hennessy Advisors (HNNA) filing?

Seaport Global Asset Management is identified as an investment adviser, coded as “IA” in the filing. It is organized as a New York limited liability company and reports shared voting and dispositive power over 409,015 Hennessy Advisors common shares on behalf of its advisory clients and managed trusts.