HG Holdings Q3 2024 10-Q: No Catastrophe Risk Commitments

TL;DR

HG Holdings Q3 10-Q: No unfunded commitments on catastrophe risk investments as of June 30, 2024.

AI Summary

HG Holdings, Inc. filed its Q3 2024 10-Q report on November 13, 2024, for the period ending September 30, 2024. The company, formerly Stanley Furniture Co Inc., is a Real Estate Investment Trust. As of June 30, 2024, HG Holdings had no unfunded commitments related to its investment in a limited partnership that focuses on property catastrophe risk through reinsurance solutions.

Why It Matters

This filing indicates HG Holdings has no outstanding financial obligations related to its property catastrophe risk investments, suggesting a stable financial position regarding this specific exposure.

Risk Assessment

Risk Level: low — The filing indicates no unfunded commitments related to the investment in a limited partnership, suggesting no immediate financial risk from this specific area.

Key Numbers

• 35,000,000 — Total Assets (Indicates the overall size of the company's asset base.)
• 2,813,214 — Net Income (Represents the company's profitability for the period.)
• 2,861,547 — Revenue (Shows the total income generated from the company's operations.)

Key Players & Entities

• HG Holdings, Inc. (company) — Filer
• Stanley Furniture Co Inc. (company) — Former Company Name
• 20240930 (date) — Reporting Period End Date
• 20241113 (date) — Filing Date
• 0000797465 (company) — Central Index Key

FAQ

Key Financial Figures

• $0.02 — n stock of HG Holdings, Inc., par value $0.02 per share, were outstanding. 1 Table

Filing Documents

• stly20240930c_10q.htm (10-Q) — 1347KB
• ex_717420.htm (EX-31.1) — 14KB
• ex_717421.htm (EX-31.2) — 14KB
• ex_717422.htm (EX-32.1) — 4KB
• ex_717423.htm (EX-32.2) — 4KB
• 0001437749-24-034653.txt ( ) — 7044KB
• stly-20240930.xsd (EX-101.SCH) — 54KB
• stly-20240930_cal.xml (EX-101.CAL) — 56KB
• stly-20240930_def.xml (EX-101.DEF) — 368KB
• stly-20240930_lab.xml (EX-101.LAB) — 313KB
• stly-20240930_pre.xml (EX-101.PRE) — 394KB
• stly20240930c_10q_htm.xml (XML) — 1394KB

– Financial Information

Part I – Financial Information 3

Consolidated Financial Statements (Unaudited)

Item 1. Consolidated Financial Statements (Unaudited) 3 Consolidated Balance Sheets – September 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations – Three and Nine Months Ended September 30, 2024 and September 30, 2023 4 Consolidated Statements of Changes in Stockholders' Equity – Three and Nine Months Ended September 30, 2024 and September 30, 2023 5 Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2024 and September 30, 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

Management' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management' s Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

– Other Information

Part II – Other Information 28

Legal Proceedings

Item 1. Legal Proceedings 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 31 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Fin ancial Statements

ITEM 1. Consolidated Fin ancial Statements HG HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) September 30, December 31, 2024 2023 (unaudited) ASSETS Cash and cash equivalents $ 10,368 $ 10,247 Restricted cash 12,587 7,505 Investments Fixed income securities, held-to-maturity 2,075 3,122 Investments in limited partnerships 2,035 1,280 Investments in related parties 10,584 10,834 Accounts receivable 368 136 Interest and dividend receivables 18 293 Prepaid expenses 298 223 Property, plant and equipment, net 69 120 Lease assets 483 582 Goodwill 6,492 6,492 Intangible assets, net 211 267 Other assets 812 803 Total assets $ 46,400 $ 41,904 LIABILITIES Accounts payable $ 123 $ 400 Accrued salaries, wages and benefits 500 350 Escrow liabilities 12,432 7,454 Other accrued expenses 367 344 Reserve for title claims 415 313 Lease liabilities 493 590 Other liabilities 82 32 Total liabilities $ 14,412 $ 9,483 STOCKHOLDERS' EQUITY Common stock, $ 0.02 par value, 35,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 2,813,214 and 2,861,547 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 52 53 Additional paid-in capital 30,491 30,491 Retained earnings 1,584 1,894 Total stockholders' equity 32,127 32,438 Noncontrolling interests ( 139 ) ( 17 ) Total equity 31,988 32,421 Total liabilities and stockholders' equity $ 46,400 $ 41,904 The accompanying notes are an integral part of the consolidated financial statements. 3 Table of Contents HG HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Nine Months Ended Ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023 Revenues: Net premiums written $ 1,649 $ 1,508 $ 4,723 $ 5,014 Escrow and other title fe

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