Hale Partnership Capital Management, LLC - 10 Dec 2025 Form 4 Insider Report for HG Holdings, Inc. (STLY)

Role: 10%+ Owner
Signature: Hale Partnership Capital Management, LLC; /s/ Steven A. Hale II, Manager
Issuer symbol: STLY
Transactions as of: 10 Dec 2025
Net transactions value: -$415,132
Form type: 4
Filing time: 12 Dec 2025, 21:26:37 UTC
Previous filing: 12 May 2025
SEC: View on sec.gov

Reporting Owners (3)

Name	Relationship	Address	Signature	Signature date	CIK
Hale Partnership Capital Management, LLC	10%+ Owner	4350 CONGRESS STREET, SUITE 580, CHARLOTTE	Hale Partnership Capital Management, LLC; /s/ Steven A. Hale II, Manager	12 Dec 2025	0001602824
Hale Partnership Fund, L.P.	10%+ Owner	4350 CONGRESS STREET, SUITE 580, CHARLOTTE	/s/ Steven A. Hale II	12 Dec 2025	0001496265
Hale Steven A II	Chairman and CEO, Director, 10%+ Owner	4350 CONGRESS STREET, SUITE 580, CHARLOTTE	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.	12 Dec 2025	0001667535

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	STLY	Common Stock, par value $0.02 per share	Disposed to Issuer	$415,132	-97,678	-100%	$4.25	0	10 Dec 2025	By Clark - Hale Fund, L.P.	F1, F2
holding	STLY	Common Stock, par value $0.02 per share						1,550,439	10 Dec 2025	By Hale Partnership Fund, L.P.	F1, F2
holding	STLY	Common Stock, par value $0.02 per share						376,689	10 Dec 2025	By Hale ICFG Fund, L.P.	F1, F2
holding	STLY	Common Stock, par value $0.02 per share						63,100	10 Dec 2025	By MGEN II - Hale Fund, L.P.	F1, F2
holding	STLY	Common Stock, par value $0.02 per share						187,243	10 Dec 2025	By Smith - Hale Fund, L.P.	F1, F2
holding	STLY	Common Stock, par value $0.02 per share						87,704	10 Dec 2025	By Dickinson - Hale Fund, L.P.	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.
F2	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.

Content

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.

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.