HG Holdings is a small financial services holding company based in Tallahassee, Florida, with two core activities: title insurance and management advisory services. Through its subsidiary NCTIC and a network of affiliated and independent title agencies, HG Holdings underwrites title insurance policies for residential and commercial real estate transactions, primarily in Florida. Title insurance protects property buyers and lenders against losses from title defects such as prior liens, fraud, or undisclosed ownership claims. HG Holdings also provides escrow and closing services alongside its policies. Title insurance premiums are earned in full at closing — a one-time charge based on property or loan value — making revenue highly dependent on real estate transaction volume and therefore sensitive to mortgage rates and seasonal patterns. Through its subsidiary HGMA, HG Holdings also provides management and operational services — including compliance, licensing, and strategy — to related-party entities affiliated with CEO Steven Hale. A new services agreement with HP Risk provides $6M per year for three years starting June 2025. Together, related-party clients HP Risk and HPMA accounted for roughly 35% of total revenue in FY2025, creating notable concentration risk. HG Holdings also holds a roughly 28% equity stake in HC Realty Trust, a REIT that owns single-tenant properties leased to U.S. government agencies, contributing preferred stock dividends and potential equity appreciation.