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SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* Hale Partnership Capital Management, LLC (Last) (First) (Middle) 4350 CONGRESS STREET SUITE 580 (Street) CHARLOTTE NC 28209 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol HG Holdings, Inc. [ STLY ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 12/10/2025
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.02 per share	12/10/2025		D		97,678	D	$4.25	0(1)(2)	I	By Clark - Hale Fund, L.P.
Common Stock, par value $0.02 per share								1,550,439(1)(2)	I	By Hale Partnership Fund, L.P.
Common Stock, par value $0.02 per share								376,689(1)(2)	I	By Hale ICFG Fund, L.P.
Common Stock, par value $0.02 per share								63,100(1)(2)	I	By MGEN II - Hale Fund, L.P.
Common Stock, par value $0.02 per share								187,243(1)(2)	I	By Smith - Hale Fund, L.P.
Common Stock, par value $0.02 per share								87,704(1)(2)	I	By Dickinson - Hale Fund, L.P.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Hale Partnership Capital Management, LLC (Last) (First) (Middle) 4350 CONGRESS STREET SUITE 580 (Street) CHARLOTTE NC 28209 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Hale Partnership Fund, L.P. (Last) (First) (Middle) 4350 CONGRESS STREET SUITE 580 (Street) CHARLOTTE NC 28209 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Hale Steven A II (Last) (First) (Middle) 4350 CONGRESS STREET SUITE 580 (Street) CHARLOTTE NC 28209 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner X Officer (give title below) Other (specify below) Chairman and CEO

Explanation of Responses:

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.

	Hale Partnership Capital Management, LLC; /s/ Steven A. Hale II, Manager	12/12/2025
	/s/ Steven A. Hale II	12/12/2025
	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.	12/12/2025
	** Signature of Reporting Person	Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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