# EDGAR Filing Document

**Accession Number:** 0001602824
**File Stem:** 0001602824-25-000007
**Filing Date:** 2025-12
**Character Count:** 31384
**Document Hash:** df11300ff8b792621c265e0211b67ee6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001602824-25-000007.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0001602824-25-000007

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**SUBJECT COMPANY**: 

**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

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-37720
- **FILM NUMBER:** 251569707

**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
**FILED BY**: 

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

**ORGANIZATION NAME:**
- **EIN:** 272999628
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**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

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 11)**

**HG Holdings, Inc.**

*(Name of Issuer)*

**Common Stock, Par Value $0.02 Per Share**

*(Title of Class of Securities)*

**42834P207**

*(CUSIP Number)*

**Steven A. Hale II, Manager**<br>Hale Partnership Capital Management, LLC<br>4350 Congress St., Ste. 580<br>Charlotte NC 28209<br>336-552-6228

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/10/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **42834P207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Hale Partnership Capital Management, LLC** | Name of reporting person<br>**Hale Partnership Capital Management, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NORTH CAROLINA** | Citizenship or place of organization<br>**NORTH CAROLINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3777158.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3777158.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3777158.00** | Aggregate amount beneficially owned by each reporting person<br>**3777158.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**74.0%** | Percent of class represented by amount in Row (11)<br>**74.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **42834P207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Hale Partnership Capital Advisors, LLC** | Name of reporting person<br>**Hale Partnership Capital Advisors, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NORTH CAROLINA** | Citizenship or place of organization<br>**NORTH CAROLINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2265175.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2265175.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2265175.00** | Aggregate amount beneficially owned by each reporting person<br>**2265175.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**44.4%** | Percent of class represented by amount in Row (11)<br>**44.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **42834P207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Hale Partnership Fund, L.P.** | Name of reporting person<br>**Hale Partnership Fund, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1550439.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1550439.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1550439.00** | Aggregate amount beneficially owned by each reporting person<br>**1550439.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**30.4%** | Percent of class represented by amount in Row (11)<br>**30.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **42834P207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Hale ICFG Fund, L.P.** | Name of reporting person<br>**Hale ICFG Fund, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**376689.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**376689.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**376689.00** | Aggregate amount beneficially owned by each reporting person<br>**376689.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.4%** | Percent of class represented by amount in Row (11)<br>**7.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **42834P207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MGEN II - Hale Fund, L.P.** | Name of reporting person<br>**MGEN II - Hale Fund, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**63100.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**63100.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**63100.00** | Aggregate amount beneficially owned by each reporting person<br>**63100.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.2%** | Percent of class represented by amount in Row (11)<br>**1.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **42834P207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Clark - Hale Fund, L.P.** | Name of reporting person<br>**Clark - Hale Fund, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.0%** | Percent of class represented by amount in Row (11)<br>**0.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **42834P207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Dickinson - Hale Fund, L.P.** | Name of reporting person<br>**Dickinson - Hale Fund, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**87704.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**87704.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**87704.00** | Aggregate amount beneficially owned by each reporting person<br>**87704.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.7%** | Percent of class represented by amount in Row (11)<br>**1.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **42834P207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Smith - Hale Fund, L.P.** | Name of reporting person<br>**Smith - Hale Fund, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**187243.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**187243.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**187243.00** | Aggregate amount beneficially owned by each reporting person<br>**187243.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.7%** | Percent of class represented by amount in Row (11)<br>**3.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **42834P207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Hale Steven A II** | Name of reporting person<br>**Hale Steven A II** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**27777.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3777158.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**27777.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3777158.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3804935.00** | Aggregate amount beneficially owned by each reporting person<br>**3804935.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**74.5%** | Percent of class represented by amount in Row (11)<br>**74.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, Par Value $0.02 Per Share

**(b) Name of Issuer:**
HG Holdings, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
6265 OLD WATER OAK ROAD, UNIT 204, TALLAHASSEE, FL, 32312

This Amendment No. 11 (this "Amendment No. 11") amends and supplements the Schedule 13D originally filed by certain of the Reporting Persons (as defined below) with the Securities and Exchange Commission (the "SEC") on February 9, 2017, as amended by (i) Amendment No. 1 thereto filed with the SEC on December 14, 2017, (ii) Amendment No. 2 thereto filed with the SEC on May 25, 2018, (iii) Amendment No. 3 thereto filed with the SEC on June 11, 2018, (iv) Amendment No. 4 thereto filed with the SEC on April 25, 2019, (v) Amendment No. 5 thereto filed with the SEC on May 17, 2019, (vi) Amendment No. 6 thereto filed with the SEC on July 8, 2019, (vii) Amendment No. 7 thereto filed with the SEC on December 13, 2019, (viii) Amendment No. 8 thereto filed with the SEC on December 27, 2019, (ix) Amendment No. 9 thereto filed with the SEC on July 2, 2020, and (x) Amendment No. 10 thereto filed with the SEC on May 13, 2025 (the "Schedule 13D" and, as amended by this Amendment No. 11, this "Statement"). Except as amended and supplemented by this Amendment No. 11, the Schedule 13D remains unchanged. Capitalized terms used but not otherwise defined in this Amendment No. 11 shall have the meanings set forth in the Schedule 13D.

This Statement relates to the common stock, par value $0.02 per share (the "Common Stock"), of HG Holdings, Inc., a Delaware corporation (the "Company"). The Company's principal executive offices are located at 6265 Old Water Oak Road, Suite 204, Tallahassee, Florida 32312. All share amounts set forth in this Statement reflect the Company's July 15, 2021 1-for-12 reverse stock split of Common Stock.

**Item 4. Purpose of Transaction**

The information set forth in Items 3 and 6 of this Statement is hereby incorporated by reference into this Item 4.

The Reporting Persons acquired the securities reported herein for investment purposes. Depending on various factors, including but not limited to the Company's financial position and strategic direction, price levels of the Common Stock, conditions in the securities markets, various laws and regulations applicable to the Company and companies in its industry and the Reporting Persons' ownership in the Company, and general economic and industry conditions, the Reporting Persons may in the future take actions with respect to an investment in the company as they deem appropriate, including changing their current intentions, with respect to any or all matters required to be disclosed in this Statement. Without limiting the foregoing, the Reporting Persons may, from time to time, acquire or cause affiliates to acquire additional shares of Common Stock or other securities of the Company (including any combination or derivative thereof), dispose, or cause affiliates to dispose, of some or all of their Common Stock or other securities of the Company or continue to hold, or cause affiliates to hold, Common Stock or other securities of the Company.

Except as set forth herein, or as would occur upon completion of any of the matters discussed herein, the Reporting Persons have no present plans, proposals or intentions which would result in or relate to any of the transactions described in subparagraphs (a) through (j) of Item 4 of 17 CFR Section 240.13d-101. Although the foregoing reflects activities presently contemplated by the Reporting Persons and each other individuals named in Item 2 with respect to the Company, the foregoing is subject to change at any time.

**Item 5. Interest in Securities of the Issuer**

**(a)**
(a)-(b) The Reporting Persons beneficially own in the aggregate 3,804,935 shares of Common Stock, which represents approximately 74.50% of the outstanding shares of Common Stock. Each percentage ownership of shares of Common Stock set forth in this Statement is based on 5,107,035 outstanding shares of Common Stock, determined as follows: (i) 5,204,713 shares of Common Stock reported by the Company as outstanding as of November 11, 2025 in its Quarterly Report on Form 10-Q filed with the SEC on November 13, 2025, less (ii) 97,678 shares of Common Stock repurchased by the Company pursuant to that certain Stock Repurchase Agreement dated as of December 10, 2025 by and between the Company and Hale Fund IV (the "Hale Fund IV Stock Repurchase Agreement").

Each of the Hale Funds directly holds the number and percentage of shares of Common Stock disclosed as beneficially owned by it in the applicable table set forth on the cover page to this Statement. Hale Advisor, as the investment manager for each of the Hale Funds, Hale GP, as the general partner for each of the Hale Funds, and Mr. Hale, as the sole manager of Hale Advisor and Hale GP, may be deemed to have the shared power to direct the voting and disposition of shares of Common Stock beneficially owned by the Hale Funds and, consequently, Hale Advisor, Hale GP and Mr. Hale may be deemed to possess indirect beneficial ownership of such shares. Hale Advisor, Hale GP and Mr. Hale disclaim beneficial ownership of such shares for all other purposes.

Hale Advisor, as the investment manager of the Managed Account, beneficially owns the 1,511,983 shares of Common Stock held therein. Hale Advisor receives performance-based fees in relation to the Managed Account based on performance periods of five years. Mr. Hale, as the sole manager of Hale Advisor, may be deemed to have the shared power to direct the voting and disposition of shares of Common Stock held in the Managed Account. Mr. Hale disclaims beneficial ownership of such shares for all other purposes.

Mr. Hale holds sole voting power for 27,777 shares of Common Stock pursuant to the Restricted Stock Award granted to him on June 28, 2019, in his individual capacity as Chairman of the Board and Chief Executive Officer of the Company. The Restricted Stock Award was approved by the Board and granted under the 2012 Company Plan. Such shares became fully vested on June 28, 2022.

The responses of the Reporting Persons to rows 7, 8, 9, 10, 11 and 13 on the cover pages of this Statement are incorporated herein by reference.

**(b)**
(see above)

**(c)**
Pursuant to the Hale Fund IV Stock Repurchase Agreement, on December 10, 2025, the Company repurchased all 97,678 shares of Common Stock held by Hale Fund IV for $4.25 per share, for an aggregate purchase price of $415,131.50, in a privately negotiated transaction. As a result of the Hale Fund IV Stock Repurchase Agreement, Hale Fund IV no longer holds sole or shared voting or dispositive power with respect to any shares of Common Stock. There were no other transactions with respect to the Common Stock effected by the Reporting Persons over the last 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Hale Advisor serves as investment manager with respect to the Managed Account, in return for which Hale Advisor is paid (i) a management fee based on the value of the assets in the Managed Account and (ii) incentive-based fees based on the performance of the assets in the Managed Account over performance periods of five years. Hale Advisor can vote all proxies in accordance with the best interests of the Managed Account, as  determined by Hale Advisor in its reasonable discretion, unless otherwise requested by the investor in the Managed Account.

Pursuant to Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the Reporting Persons have entered into an agreement with respect to the joint filing of this Statement, which agreement is set forth on the signature page to this Statement.

### 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.

**Reporting Person:** Hale Partnership Capital Management, LLC

**Signature:** /s/ Steven A. Hale II

**Name/Title:** Steven A. Hale, Manager

**Date:** 12/12/2025

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.

**Reporting Person:** Hale Partnership Capital Advisors, LLC

**Signature:** /s/ Steven A. Hale II

**Name/Title:** Steven A. Hale II, Manager

**Date:** 12/12/2025

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.

**Reporting Person:** Hale Partnership Fund, L.P.

**Signature:** /s/ Steven A. Hale II

**Name/Title:** Steven A. Hale II, Manager of Hale Partnership Capital Advisors, LLC, its general partner

**Date:** 12/12/2025

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.

**Reporting Person:** Hale ICFG Fund, L.P.

**Signature:** /s/ Steven A. Hale II

**Name/Title:** Steven A. Hale II, Manager of Hale Partnership Capital Advisors, LLC, its general partner

**Date:** 12/12/2025

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.

**Reporting Person:** MGEN II - Hale Fund, L.P.

**Signature:** /s/ Steven A. Hale II

**Name/Title:** Steven A. Hale II, Manager of Hale Partnership Capital Advisors, LLC, its general partner

**Date:** 12/12/2025

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.

**Reporting Person:** Clark - Hale Fund, L.P.

**Signature:** /s/ Steven A. Hale II

**Name/Title:** Steven A. Hale II, Manager of Hale Partnership Capital Advisors, LLC, its general partner

**Date:** 12/12/2025

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.

**Reporting Person:** Dickinson - Hale Fund, L.P.

**Signature:** /s/ Steven A. Hale II

**Name/Title:** Steven A. Hale II, Manager of Hale Partnership Capital Advisors, LLC, its general partner

**Date:** 12/12/2025

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.

**Reporting Person:** Smith - Hale Fund, L.P.

**Signature:** /s/ Steven A. Hale

**Name/Title:** Steven A. Hale II, Manager of Hale Partnership Capital Advisors, LLC, its general partner

**Date:** 12/12/2025

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.

**Reporting Person:** Hale Steven A II

**Signature:** /s/ Steven A. Hale II

**Name/Title:** Steven A. Hale II

**Date:** 12/12/2025