X0508 4 2025-04-21 0 0000797465 HG Holdings, Inc. STLY 0001602824 Hale Partnership Capital Management, LLC 2115 E. 7TH STREET STE. 101 CHARLOTTE NC 28204 0 0 1 0 0001667535 Hale Steven A II 2115 E. 7TH STREET STE. 101 CHARLOTTE NC 28204 1 1 1 0 Chairman and CEO 0001496265 Hale Partnership Fund, L.P. 2115 E. 7TH STREET STE. 101 CHARLOTTE NC 28204 0 0 1 0 0 Common Stock, par value $0.02 per share 2025-04-21 4 P 0 847428 A 1550439 I By Hale Partnership Fund, L.P. Common Stock, par value $0.02 per share 2025-04-21 4 P 0 376689 A 376689 I By Hale ICFG Fund, L.P. Common Stock, par value $0.02 per share 2025-04-21 4 P 0 32855 A 63100 I By MGEN II - Hale Fund, L.P. Common Stock, par value $0.02 per share 2025-04-21 4 P 0 185343 A 187243 I By Smith - Hale Fund, L.P. Common Stock, par value $0.02 per share 2025-04-21 4 P 0 84904 A 87704 I By Dickinson - Hale Fund, L.P. Common Stock, par value $0.02 per share 97678 I By Clark - Hale Fund, L.P. The reporting person acquired the Common Stock in a privately negotiated transaction in exchange for shares of common stock and Class A stock of ACMAT Corporation ("ACMAT") and other assets having an estimated market value of approximately $6,609,938. 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. (the "Company"). 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. The amount of securities beneficially owned by Hale Partnership Fund, L.P. in the Form 4 filed on December 17, 2021 was incorrectly reported as 703,019 shares of Common Stock. Such Form 4 should have reported 703,011 shares of Common Stock beneficially owned by Hale Partnership Fund, L.P. The reporting person acquired the Common Stock in a privately negotiated transaction in exchange for shares of common stock and Class A stock of ACMAT and other assets having an estimated market value of approximately $2,938,174. The reporting person acquired the Common Stock in a privately negotiated transaction in exchange for shares of Class A stock of ACMAT and other assets having an estimated market value of approximately $256,269. The reporting person acquired the Common Stock in a privately negotiated transaction in exchange for shares of common stock and Class A stock of ACMAT and other assets having an estimated market value of approximately $1,445,675. The reporting person acquired the Common Stock in a privately negotiated transaction in exchange for shares of common stock and Class A stock of ACMAT and other assets having an estimated market value of approximately $662,251. Hale Partnership Capital Management, LLC; /s/ Steven A. Hale II, Manager 2025-05-09 /s/ Steven A. Hale II 2025-05-09 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. 2025-05-09