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HG Holdings Inc (STLY) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total revenue of $11.5 million for 2024, up from $11.1 million in 2023. Net premiums written were $6.0 million, slightly higher than the $5.9 million reported in the previous year.
The company's title insurance segment generated $8.5 million in revenue, while the management services segment contributed $3.0 million. The reinsurance segment did not generate any revenue in 2024.
Operating expenses decreased to $12.6 million in 2024 from $13.0 million in 2023. The decrease was primarily due to savings from workforce optimization efforts.
Net investment income for 2024 was $1.1 million, down from $1.8 million in 2023. The company recorded an impairment of $1.2 million related to its investment in HC Realty.
Net loss for 2024 was $249,000, compared to a net loss of $953,000 in 2023. The company attributes the improvement to increased revenue and reduced operating expenses.
The company reported cash and cash equivalents of $12.1 million as of December 31, 2024, with an additional $8.3 million in restricted cash held in escrow for title insurance transactions.
HG Holdings continues to focus on its core title insurance and settlement services business, with growth strategies including potential acquisitions to expand market share and enhance technological capabilities.
The company identified certain legal proceedings, including litigation involving its subsidiary Omega, but does not expect these to have a material adverse effect on its financial condition.
The filing also details the company's lease commitments, with operating lease liabilities of $616,000 as of December 31, 2024.
HG Holdings does not anticipate cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HG Holdings Inc annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.