# EDGAR Filing Document

**Accession Number:** 0001602824
**File Stem:** 0001602824-25-000009
**Filing Date:** 2025-12
**Character Count:** 10947
**Document Hash:** 0bdf02e66420b596cfd29a24d4bf42e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001602824-25-000009.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0001602824-25-000009

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251210

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Hale Partnership Fund, L.P.
- **CENTRAL INDEX KEY:** 0001496265

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34964
- **FILM NUMBER:** 251569826

**BUSINESS ADDRESS:**
- **STREET 1:** 4350 CONGRESS STREET
- **STREET 2:** SUITE 580
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28209
- **BUSINESS PHONE:** 336-522-6228

**MAIL ADDRESS:**
- **STREET 1:** 4350 CONGRESS STREET
- **STREET 2:** SUITE 580
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28209
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Hale Steven A II
- **CENTRAL INDEX KEY:** 0001667535

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34964
- **FILM NUMBER:** 251569825

**MAIL ADDRESS:**
- **STREET 1:** 4350 CONGRESS STREET
- **STREET 2:** SUITE 580
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28209
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Hale Partnership Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001602824

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34964
- **FILM NUMBER:** 251569827

**BUSINESS ADDRESS:**
- **STREET 1:** 4350 CONGRESS STREET
- **STREET 2:** SUITE 580
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28209
- **BUSINESS PHONE:** 336-552-6228

**MAIL ADDRESS:**
- **STREET 1:** 4350 CONGRESS STREET
- **STREET 2:** SUITE 580
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28209
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HG Holdings, Inc.
- **CENTRAL INDEX KEY:** 0000797465
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 541272589
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 6265 OLD WATER OAK ROAD, UNIT 204
- **CITY:** TALLAHASSEE
- **STATE:** FL
- **ZIP:** 32312
- **BUSINESS PHONE:** 850-201-9204

**MAIL ADDRESS:**
- **STREET 1:** 6265 OLD WATER OAK ROAD, UNIT 204
- **CITY:** TALLAHASSEE
- **STATE:** FL
- **ZIP:** 32312

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STANLEY FURNITURE CO INC.
- **DATE OF NAME CHANGE:** 20060315

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STANLEY FURNITURE CO INC/
- **DATE OF NAME CHANGE:** 19930908

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STANLEY FURNITURE CO INC
- **DATE OF NAME CHANGE:** 19930908

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Hale Partnership Capital Management, LLC<br><sub>(Last) (First) (Middle)</sub><br>4350 CONGRESS STREET<br>SUITE 580<br><sub>(Street)</sub><br>CHARLOTTE, NC 28209<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-10 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>HG Holdings, Inc. [ STLY ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Hale Partnership Fund, L.P.<br><sub>(Last) (First) (Middle)</sub><br>4350 CONGRESS STREET<br>SUITE 580<br><sub>(Street)</sub><br>CHARLOTTE, NC 28209<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-10 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>HG Holdings, Inc. [ STLY ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Hale Steven A II<br><sub>(Last) (First) (Middle)</sub><br>4350 CONGRESS STREET<br>SUITE 580<br><sub>(Street)</sub><br>CHARLOTTE, NC 28209<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-10 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chairman and CEO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>HG Holdings, Inc. [ STLY ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock, par value $0.02 per share | 2025-12-10 |  | D |  | 97678 | D | $4.25 | 0<sup>(1)(2)</sup> | I | By Clark - Hale Fund, L.P. |
| Common Stock, par value $0.02 per share |  |  |  |  |  |  |  | 1550439<sup>(1)(2)</sup> | I | By Hale Partnership Fund, L.P. |
| Common Stock, par value $0.02 per share |  |  |  |  |  |  |  | 376689<sup>(1)(2)</sup> | I | By Hale ICFG Fund, L.P. |
| Common Stock, par value $0.02 per share |  |  |  |  |  |  |  | 63100<sup>(1)(2)</sup> | I | By MGEN II - Hale Fund, L.P. |
| Common Stock, par value $0.02 per share |  |  |  |  |  |  |  | 187243<sup>(1)(2)</sup> | I | By Smith - Hale Fund, L.P. |
| Common Stock, par value $0.02 per share |  |  |  |  |  |  |  | 87704<sup>(1)(2)</sup> | I | By Dickinson - Hale Fund, L.P. |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) Hale Partnership Capital Advisors, LLC ("Hale GP"), as the general partner to each of Hale Partnership Fund, L.P., Hale ICFG Fund, L.P., MGEN II - Hale Fund, L.P., Smith - Hale Fund, L.P., Dickinson - Hale Fund, L.P. and Clark - Hale Fund, L.P. (collectively, the "Hale Funds"), Hale Partnership Capital Management, LLC ("Hale Advisor"), as the investment manager to each of the Hale Funds, and Steven A. Hale II ("Mr. Hale"), as a principal of each of Hale GP and Hale Advisor, may be deemed to be beneficial owners of the shares held directly by the Hale Funds. Mr. Hale is the Chairman and Chief Executive Officer and a director of HG Holdings, Inc. Each of Hale GP, Hale Advisor and Mr. Hale disclaims beneficial ownership of the shares referred to herein, except to the extent of its or his pecuniary interest therein.

(2) Does not include (i) 27,777 shares of Common Stock held directly by Mr. Hale or (ii) 1,511,983 shares of Common Stock held in a discretionary separately managed account for which Hale Advisor serves as investment manager.

**Signature:** Hale Partnership Capital Management, LLC; /s/ Steven A. Hale II, Manager  
**Date:** 2025-12-12

**Signature:** /s/ Steven A. Hale II  
**Date:** 2025-12-12

**Signature:** Hale Partnership Fund, L.P.; /s/ Steven A. Hale II, Manager of Hale Partnership Capital Advisors, LLC, General Partner of Hale Partnership Fund, L.P.  
**Date:** 2025-12-12

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**