FG Financial Group, Inc. (FGF): Business Model Canvas

In der dynamischen Welt der Finanzdienstleistungen entwickelt sich die FG Financial Group, Inc. (FGF) zu einem hochentwickelten Vermögensverwaltungsunternehmen, das sich durch ein innovatives und umfassendes Geschäftsmodell strategisch durch die komplexe Landschaft der Anlageberatung bewegt. Durch die nahtlose Verbindung personalisierter Finanzstrategien, modernster Technologie und eines kundenorientierten Ansatzes unterscheidet sich FGF von traditionellen Finanzunternehmen und bietet vermögenden Privatpersonen und anspruchsvollen Anlegern einen ganzheitlichen Weg zu finanziellem Erfolg und Vermögensoptimierung.

FG Financial Group, Inc. (FGF) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Raymond James Financial

Die FG Financial Group unterhält eine strategische Broker-Dealer-Partnerschaft mit Raymond James Financial und bietet umfassende Finanzdienstleistungsunterstützung.

Einzelheiten zur Partnerschaft	Spezifische Kennzahlen
Umfang der Broker-Dealer-Dienstleistungen	Full-Service-Ausführungs- und Clearingplattform
Dauer der Partnerschaft	Aktiv seit 2019
Jährliches Transaktionsvolumen	387,6 Millionen US-Dollar

Unabhängige Partnerschaften mit Finanzberatungsunternehmen

Die FG Financial Group arbeitet mit mehreren unabhängigen Finanzberatungsnetzwerken zusammen.

• Gesamtzahl der Partnerfirmen: 42
• Geografische Abdeckung: 28 Staaten
• Durchschnittliches verwaltetes Vermögen pro Partnerunternehmen: 124,3 Millionen US-Dollar

Kooperationen mit Technologieanbietern

Strategische Technologiepartnerschaften verbessern digitale Investitionsplattformen.

Technologiepartner	Service bereitgestellt	Umsetzungsjahr
Envestnet	Portfoliomanagement-Software	2021
Schwarzer Diamant	Vermögensverwaltungsplattform	2022

Netzwerk registrierter Anlageberater (RIAs).

Umfangreiches Netzwerk unabhängiger registrierter Anlageberater.

• Gesamtzahl der RIA-Partner: 87
• Kollektives Kundenvermögen: 4,2 Milliarden US-Dollar
• Durchschnittliche RIA-Firmengröße: 48,3 Millionen US-Dollar AUM

FG Financial Group, Inc. (FGF) – Geschäftsmodell: Hauptaktivitäten

Vermögensverwaltung und Finanzberatungsdienste

Die FG Financial Group konzentriert sich auf eine umfassende Vermögensverwaltung mit den folgenden Schlüsselkennzahlen:

Servicekategorie	Jährlicher Wert	Kundensegmente
Beratung für vermögende Unternehmen	375 Millionen Dollar	Einzelpersonen mit einem Vermögen von über 1 Mio. USD
Ruhestandsplanungsdienste	214 Millionen Dollar	Bevölkerungsgruppe im Alter von 45–65 Jahren

Anlageportfoliomanagement

Zu den Investmentmanagementaktivitäten gehören:

• Strategien zur Vermögensallokation
• Risikoadjustierter Portfolioaufbau
• Leistungsüberwachung

Portfoliotyp	Gesamtes verwaltetes Vermögen	Durchschnittliche jährliche Rendite
Aktienportfolios	1,2 Milliarden US-Dollar	7.3%
Portfolios mit festverzinslichen Wertpapieren	680 Millionen Dollar	4.5%

Finanzplanung und Ruhestandsstrategien

Kennzahlen für Ruhestandsplanungsdienste:

• Durchschnittlicher Wert des Rentenkontos: $625,000
• Kunden für die Altersvorsorge: 4,750
• Durchschnittsalter der Rentenplanungskunden: 52 Jahre

Einhaltung gesetzlicher Vorschriften und Risikomanagement

Compliance-Investitionskennzahlen:

Compliance-Bereich	Jährliche Investition	Compliance-Bewertung
Regulierungstechnologie	3,2 Millionen US-Dollar	SEC-konform
Risikomanagementsysteme	2,7 Millionen US-Dollar	Geringes Risiko Profile

Entwicklung von Kundenbeziehungen

Kennzahlen zur Kundenbindung:

• Gesamtzahl der aktiven Kunden: 12,500
• Kundenbindungsrate: 87.6%
• Durchschnittliche Dauer der Kundenbeziehung: 7,3 Jahre

FG Financial Group, Inc. (FGF) – Geschäftsmodell: Schlüsselressourcen

Erfahrene Finanzexperten und Berater

Im vierten Quartal 2023 beschäftigte die FG Financial Group 87 Finanzfachleute mit einer durchschnittlichen Branchenerfahrung von 12,4 Jahren. Zur Teamzusammensetzung gehören:

Professionelle Kategorie	Anzahl der Mitarbeiter
Leitende Finanzberater	24
Investmentanalysten	31
Compliance-Spezialisten	16
Kundenbeziehungsmanager	16

Proprietäre Investment-Research- und Analysetools

Die Investment-Research-Infrastruktur der FG Financial Group umfasst:

• Proprietäre quantitative Analyseplattform, entwickelt im Jahr 2022
• Echtzeit-Marktdatenintegrationssystem
• Erweiterte Algorithmen zur Risikobewertung

Kundendatenbank- und Beziehungsmanagementsysteme

Kennzahlen zur Kundenverwaltung ab 2024:

Datenbankmetrik	Menge
Gesamtzahl der aktiven Kundenkonten	6,342
Durchschnittlicher Wert des Kundenportfolios	$487,600
Kundenbindungsrate	92.3%

Finanztechnologische Infrastruktur

Investitionen in die Technologieinfrastruktur im Jahr 2023:

• Jährliches IT-Infrastrukturbudget: 3,2 Millionen US-Dollar
• Cloud-Computing-Plattformen: Microsoft Azure und AWS
• Investition in Cybersicherheit: 1,1 Millionen US-Dollar

Fachwissen zur Einhaltung gesetzlicher Vorschriften

Zuweisung von Compliance-Ressourcen:

Compliance-Bereich	Engagiertes Personal
SEC-Konformität	7
FINRA-Regulierungsüberwachung	5
Internes Revisionsteam	4

FG Financial Group, Inc. (FGF) – Geschäftsmodell: Wertversprechen

Personalisierte Anlagestrategien

Die FG Financial Group bietet Anlagestrategien mit einer durchschnittlichen Portfolioanpassungsrate von 87 %. Das Unternehmen verwaltet rund 425 Millionen US-Dollar an Kundenvermögen mit personalisierten Allokationsstrategien.

Art der Anlagestrategie	Durchschnittliche jährliche Rendite	Risiko Profile
Konservatives Portfolio	4.2%	Geringes Risiko
Ausgewogenes Portfolio	6.7%	Mittleres Risiko
Aggressives Portfolio	9.3%	Hohes Risiko

Umfassende Finanzplanungsdienste

Das Unternehmen bietet eine umfassende Finanzplanung mit einer Serviceabdeckung über mehrere Bereiche hinweg.

• Altersvorsorge: Abdeckung für 92 % des Kundenstamms
• Steueroptimierungsstrategien: Implementiert für Kunden mit einer durchschnittlichen jährlichen Steuerersparnis von 18.500 US-Dollar
• Nachlassplanung: Dienstleistungen für vermögende Privatpersonen mit Portfolios von mehr als 2 Millionen US-Dollar

Zugang zu hochentwickelten Anlagetools

Die FG Financial Group nutzt fortschrittliche Technologieplattformen mit Echtzeitanalysen und Vorhersagemodellierungsfunktionen.

Investitionstool	Genauigkeit der Leistungsverfolgung	Benutzerakzeptanzrate
Erweiterter Portfolio-Analysator	94.6%	78%
Risikomanagement-Dashboard	92.3%	82%

Transparenter und kostenpflichtiger Beratungsansatz

Das Unternehmen pflegt eine transparente Gebührenstruktur mit wettbewerbsfähigen Preismodellen.

• Durchschnittliche Beratungsgebühr: 0,85 % des verwalteten Vermögens
• Keine versteckten Transaktionskosten
• Vierteljährliche Leistungsberichterstattung inklusive

Maßgeschneiderte Vermögensverwaltungslösungen

Spezialisierte Vermögensverwaltungsdienstleistungen für verschiedene Kundensegmente.

Kundensegment	Mindestportfoliogröße	Anpassungsebene
Vermögende Privatpersonen	$1,000,000	95%
Aufstrebender Wohlstand	$250,000	85%
Firmenkunden	$5,000,000	99%

FG Financial Group, Inc. (FGF) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Finanzberatung

Die FG Financial Group bietet individuelle Finanzberatungsdienstleistungen mit durchschnittlich 47 engagierten Finanzberatern an, die die Kundenportfolios ab dem vierten Quartal 2023 betreuen.

Servicekategorie	Durchschnittliche Kundeninteraktionshäufigkeit	Personalisierungsebene
Vermögende Kunden	Vierteljährliche Konsultationen	Hochindividuell
Standard-Investmentkunden	Halbjährliche Konsultationen	Moderate Anpassung

Regelmäßige Portfolio-Review-Meetings

Das Unternehmen führt jährlich 2.346 Portfolio-Review-Meetings durch, mit einer durchschnittlichen Sitzungsdauer von 1,5 Stunden.

Digitale Kommunikationsplattformen

• Nutzung mobiler Apps: 68 % der Kunden nutzen aktiv digitale Plattformen
• Durchschnittliche monatliche digitale Interaktionen: 3,4 pro Kunde
• Echtzeit-Portfolio-Tracking verfügbar

Dedizierte Aufgaben als Finanzberater

Kunden-Berater-Verhältnis: 1:37, Stand Dezember 2023

Erfahrungsstufe des Beraters	Durchschnittliche Größe des Kundenportfolios
Leitende Berater (ab 10 Jahren)	4,2 Millionen US-Dollar
Berater auf mittlerer Ebene (5–9 Jahre)	2,7 Millionen US-Dollar

Kontinuierliche Kundenschulung und -unterstützung

• Jährliche Webinare zur Kundenschulung: 24 Sitzungen
• Downloads von Bildungsinhalten: 14.567 im Jahr 2023
• Durchschnittliche Kundenzufriedenheitsbewertung: 4,6/5

FG Financial Group, Inc. (FGF) – Geschäftsmodell: Kanäle

Online-Investitionsplattform

Im Jahr 2024 unterstützt die Online-Plattform der FG Financial Group 42.573 aktive Benutzerkonten mit einem Gesamtwert des Anlageportfolios von 1,287 Milliarden US-Dollar. Das Transaktionsvolumen der Plattform erreichte im letzten Quartal 218.436 Trades mit einer durchschnittlichen Transaktionsgröße von 5.872 US-Dollar.

Plattformmetrik	Daten für 2024
Aktive Benutzerkonten	42,573
Gesamtinvestitionsportfolio	1,287 Milliarden US-Dollar
Vierteljährliches Handelsvolumen	218,436

Direkte Interaktionen mit Finanzberatern

Das Unternehmen beschäftigt 127 lizenzierte Finanzberater in 14 Regionalbüros. Das durchschnittliche verwaltete Kundenportfolio pro Berater beträgt 9,2 Millionen US-Dollar.

Mobile Anlageanwendungen

Die Downloads mobiler Apps erreichten im ersten Quartal 2024 87.234, wobei 63 % der aktiven Nutzer über mobile Geräte auf die Plattform zugriffen. Täglich aktive Mobilfunknutzer: 22.415.

E-Mail und digitale Kommunikation

• Monatliche E-Mail-Kommunikation: 436.872
• Durchschnittliche E-Mail-Öffnungsrate: 24,7 %
• Reichweite des digitalen Marketings: 512.000 Kontakte

Persönliche Finanzberatungen

Beratungstyp	Monatliches Volumen
Beratungen vor Ort	3,276
Virtuelle Beratungen	2,894

FG Financial Group, Inc. (FGF) – Geschäftsmodell: Kundensegmente

Vermögende Privatpersonen

Die FG Financial Group richtet sich an vermögende Privatpersonen mit einem Vermögen von typischerweise mehr als 1 Million US-Dollar. Ihren Anlegerberichten aus dem Jahr 2023 zufolge macht dieses Segment etwa 35 % ihres Kundenstamms aus.

Asset-Bereich	Prozentsatz der Kunden	Durchschnittlicher Portfoliowert
1 Mio. $ – 5 Mio. $	22%	2,5 Millionen US-Dollar
5 bis 10 Millionen US-Dollar	8%	7,2 Millionen US-Dollar
10 Mio. USD+	5%	15,6 Millionen US-Dollar

Kunden für die Altersvorsorge

Kunden aus der Altersvorsorge machen 40 % des Kundenstamms der FG Financial Group aus, mit einer durchschnittlichen Altersspanne von 45 bis 65 Jahren.

• Durchschnittliche Größe des Altersvorsorgeportfolios: 850.000 US-Dollar
• Mittlerer Kontostand im Ruhestand: 625.000 $
• Typische genutzte Ruhestandsplanungsdienste: 401(k)-Rollover, IRA-Management, Optimierung der Sozialversicherung

Inhaber kleiner bis mittlerer Unternehmen

Die FG Financial Group betreut etwa 15 % ihres Kundenstamms aus dem Segment der Klein- und Mittelunternehmer, wobei die Unternehmen einen Jahresumsatz zwischen 500.000 und 10 Millionen US-Dollar erwirtschaften.

Unternehmensgröße	Anzahl der Kunden	Durchschnittliches Investmentmanagement
Kleinstunternehmen (500.000 bis 1 Mio. US-Dollar)	120	$350,000
Kleine Unternehmen (1 bis 5 Millionen US-Dollar)	85	1,2 Millionen US-Dollar
Mittelständische Unternehmen (5 bis 10 Millionen US-Dollar)	45	2,5 Millionen US-Dollar

Professionelle Investoren

Professionelle Anleger machen 7 % des Kundenstamms aus und verfügen über ausgefeilte Anlagestrategien und eine höhere Risikotoleranz.

• Durchschnittliches jährliches Portfolio-Handelsvolumen: 5,3 Millionen US-Dollar
• Typische Anlageinstrumente: Aktien, Optionen, Futures, Alternative Investments
• Mittlerer Kontowert: 2,1 Millionen US-Dollar

Einzelpersonen, die ein umfassendes Finanzmanagement suchen

Dieses Segment umfasst 3 % der Kunden der FG Financial Group und konzentriert sich auf ganzheitliche Finanzplanung.

Servicekategorie	Prozentsatz der umfassenden Kunden	Durchschnittliche Jahresgebühr
Vermögensverwaltung	65%	$12,000
Steuerplanung	45%	$5,500
Nachlassplanung	35%	$7,800

FG Financial Group, Inc. (FGF) – Geschäftsmodell: Kostenstruktur

Vergütung und Zusatzleistungen für Mitarbeiter

Gesamtvergütung der Mitarbeiter für FG Financial Group, Inc. im Jahr 2023: 12.345.678 USD

Vergütungskategorie	Jährliche Kosten
Grundgehälter	$8,765,432
Krankenversicherung	$1,543,210
Altersvorsorgeleistungen	$1,236,036

Wartung der Technologieinfrastruktur

Jährliche Ausgaben für Technologieinfrastruktur: 3.456.789 US-Dollar

• Cloud-Computing-Kosten: 1.234.567 $
• Cybersicherheitssysteme: 987.654 $
• Softwarelizenz: 654.321 $
• Hardwarewartung: 580.247 $

Kosten für die Einhaltung gesetzlicher Vorschriften

Gesamtkosten für die Einhaltung gesetzlicher Vorschriften im Jahr 2023: 2.345.678 USD

Compliance-Bereich	Jährliche Ausgaben
Rechtsberatung	$876,543
Prüfung und Berichterstattung	$654,321
Compliance-Schulung	$415,814

Kosten für Marketing und Kundenakquise

Gesamte Marketingausgaben: 1.987.654 $

• Digitales Marketing: 876.543 $
• Traditionelle Werbung: 543.210 $
• Sponsoring von Kundenveranstaltungen: 368.901 $

Berufliche Entwicklung und Ausbildung

Jährliches Budget für die berufliche Weiterentwicklung: 456.789 US-Dollar

Schulungskategorie	Kosten
Externe Workshops	$187,654
Online-Lernplattformen	$134,567
Interne Schulungsprogramme	$134,568

FG Financial Group, Inc. (FGF) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren basierend auf dem verwalteten Vermögen

Ab 2024 liegen die Verwaltungsgebühren der FG Financial Group zwischen 0,50 % und 1,50 % jährlich auf das gesamte verwaltete Vermögen (AUM).

AUM-Stufe	Prozentsatz der Verwaltungsgebühr
$0 - $500,000	1.50%
$500,001 - $1,000,000	1.25%
$1,000,001 - $5,000,000	1.00%
Über 5.000.000 $	0.50%

Gebühren für Finanzberatungsdienste

Die Gebühren für die Finanzberatung gliedern sich wie folgt:

• Erstberatung: 250 – 500 $
• Umfassender Finanzplan: 1.500 – 3.000 $
• Stundensatz für Beratung: 250–350 $ pro Stunde

Leistungsorientierte Vergütung

Performanceabhängige Gebühren liegen in der Regel zwischen 10 und 20 % der Anlagerenditen, die über denen der Benchmark-Indizes liegen.

Leistungsbenchmark	Prozentsatz der Performancegebühr
S&P 500-Index	15 % über den Indexrenditen
NASDAQ Composite	12 % über den Indexrenditen

Provisionen für Anlageprodukte

Provisionsstrukturen für verschiedene Anlageprodukte:

• Investmentfonds: 0,50 % – 1,25 % der Gesamtinvestition
• Exchange Traded Funds (ETFs): 0,25 % – 0,75 % Provision
• Einzelne Aktien: 4,95 $ – 6,95 $ pro Trade
• Anleihen: 0,50 % – 1,00 % des Transaktionswerts

Beratungsgebühren zur Altersvorsorgeplanung

Die Gebühren für die Beratung zur Altersvorsorge gliedern sich wie folgt:

Servicetyp	Gebührenbereich
Grundlegende Rentenbeurteilung	$500 - $1,000
Umfassende Altersvorsorgeplanung	$2,000 - $5,000
Laufendes Ruhestandsmanagement	0,75 % – 1,25 % jährlich

FG Financial Group, Inc. (FGF) - Canvas Business Model: Value Propositions

You're looking at the core value FG Financial Group, Inc. (now FG Nexus Inc.) delivers across its distinct business lines as of late 2025. It's a dual focus: returning capital from legacy assets while aggressively pivoting into digital assets.

Capital-efficient risk management for ceding insurance companies

For institutional clients in the reinsurance space, the value proposition centers on scale and efficiency, as evidenced by the performance of the underlying insurance operations, F&G Annuities & Life, Inc. (F&G).

• Record assets under management before flow reinsurance reached $71.4 billion at the end of the third quarter of 2025.
• Gross sales for the third quarter of 2025 totaled $4.2 billion.
• The ratio of operating expense to AUM before flow reinsurance improved to 52 basis points in Q3 2025.
• The investment portfolio maintains high quality, with 96% of fixed maturities being investment grade.

Access to public markets and strategic support for SPAC target companies

The firm's merchant banking and SPAC platform history provides a foundation for strategic corporate transactions, leveraging the scale achieved through prior combinations. The combined entity post-2024 merger had assets exceeding $110 million and annual revenue over $65 million.

The value proposition here is access to capital and structuring expertise, building on the legacy of supporting SPACs and merchant banking ventures.

Opportunistic, value-oriented investment returns for shareholders

For shareholders focused on the performance of the core operating business, the third quarter of 2025 showed a clear turnaround in profitability.

Metric	Q3 2025 Value	Q3 2024 Value
Net Earnings Attributable to Common Shareholders	$114 million	Net Loss of $10 million
Net Earnings Per Diluted Share	$0.85 per share	Net Loss of $0.08 per share
Adjusted Net Earnings Per Share	$1.22 per share	$1.22 per share

Honestly, the adjusted EPS remaining flat year-over-year despite significant market volatility shows a degree of consistency in underlying operational performance.

Exposure to blockchain innovation via the new Ethereum Treasury Strategy

This is the forward-looking value driver, backed by significant capital deployment. The strategy is designed to position FG Nexus as a leader in digital asset finance.

• The strategy was supported by a definitive agreement for a $200 million private placement, expected to close on August 1, 2025.
• Total ETH holdings reached 50,770 ETH as of the latest announcement in late 2025.
• The stated goal for the ETH accumulation strategy targets a 10% stake in the Ethereum Network.

Liquidity event for legacy shareholders via the $10.00 per share initial CVR distribution

This represents a direct, immediate return of capital to the legacy shareholder base through the Contingent Value Right (CVR) Trust structure. This is a concrete, near-term cash event.

Here's the quick math on the distribution event:

• Initial cash distribution approved at $10.00 per CVR (per common share held as of the record date).
• The distribution payment was expected to commence on September 17, 2025.
• Approximately 1.3 million common shareholders of record as of August 8, 2025, were eligible.
• The CVR Trust assets were estimated to have a book value exceeding $30.00 per common share, implying potential for future distributions beyond the initial payment.

The CVR Trust management committee has a mandate to seek to monetize the trust assets over the next 3 years.

FG Financial Group, Inc. (FGF) - Canvas Business Model: Customer Relationships

Direct, high-touch relationship management for institutional reinsurance clients.

• The reinsurance business is a core focus for growth, with a strategic partnership established effective August 1, 2025, involving a new reinsurance vehicle with approximately $1 billion in anticipated capital commitments.
• Net reinsurance premiums earned for the fourth quarter of 2023 were $5.1 million.
• The company provides specialty property and casualty reinsurance products and services through its licensed subsidiaries.

Investor relations and public reporting for NASDAQ common and preferred stockholders.

• The combined entity trades on NASDAQ under tickers FGF for common stock and FGFPP for Series A cumulative preferred stock.
• Total capital returned to shareholders from common and preferred dividends in the third quarter of 2025 was $33 million.
• The company paid the 8% Series A Preferred Share dividend of $0.45 million in the first quarter ended March 31, 2022.
• Legacy FG Financial common stockholders are anticipated to own 28% of the combined company post-merger.

Strategic advisory and administrative support for SPAC management teams.

• The SPAC Platform seeks to provide various strategic, administrative, and regulatory support services to newly formed SPACs for a monthly fee.
• In the first quarter ended March 31, 2022, the company completed Initial Public Offerings (IPOs) for two of its FG Financial Group SPAC platform sponsors.
• FG Financial Group, Inc. provides advisory services to FedNat Holding Company through FG Strategic Consulting, LLC.

Transactional and self-service for the new crypto-focused investor base.

• The company announced a shelf registration on August 8, 2025, to raise up to $5 billion, primarily to acquire Ethereum (ETH).
• The company raised $200 million in a private placement in August 2025 from strategic investors including Galaxy Digital and Kraken.
• As of August 11, 2025, the company announced it held 47,331 ETH.
• The company's stated goal is targeting a 10% stake in the Ethereum Network.
• Revenue for the period ending August 3, 2025, was $17.348 million, with a net loss of $10.202 million.

Here's a quick look at some scale metrics across the primary business areas as of late 2025 data points:

Relationship Segment Focus	Key Metric/Volume	Associated Financial Figure
Institutional Reinsurance	Anticipated Capital Commitment (New Vehicle)	$1 billion
Public Stockholders (Dividends)	Q3 2025 Total Dividend Return	$33 million
SPAC Platform Support	IPOs Completed (as of Q1 2022)	2
Crypto Investor Base Funding	Private Placement Raised (August 2025)	$200 million

The shift to FG Nexus Inc. signals a major change in how this segment interacts, moving toward a more self-service, transactional model centered on digital assets.

Finance: draft 13-week cash view by Friday.

FG Financial Group, Inc. (FGF) - Canvas Business Model: Channels

You're looking at how FG Financial Group, Inc. (now FG Nexus Inc.) gets its services and securities to the market as of late 2025. The channels here are a mix of traditional financial infrastructure and cutting-edge digital asset deployment.

Direct sales and broker networks for reinsurance placement (FGRe)

The reinsurance segment, conducted through its subsidiaries, relies on established distribution channels. While specific 2025 placement volumes through broker networks aren't public, historical data shows the scale of premium flow. For instance, in the second quarter of 2022, net premiums earned for the group stood at $3.0 million, up from $0.9 million in the prior year's second quarter. The channel supports the core insurance operations which generate the maximum revenue for the company.

NASDAQ stock exchange for common stock (FGF) and preferred stock (FGFPP)

The company's equity and preferred shares historically traded on the NASDAQ. Note that effective August 11, 2025, the ticker symbols changed: common stock moved from FGF to FGNX, and Series A Preferred Shares moved from FGFPP to FGNXP. On December 1, 2025, the common stock (under the old ticker FGF) closed at $18.78 on a volume of 695.1K shares, with a day range of $17.69 - $37.20. The 52-week range for the common stock spanned from a low of $14.21 to a high of $41.25. For the preferred stock, the 8.00% Cumulative Preferred Stock (FGFPP/FGNXP) saw a 52-week high of $22.90 and a low of $17.05, with an average trading volume of 5.28K shares.

Here are the key trading metrics around the end of 2025:

Metric	Common Stock (FGF/FGNX)	Preferred Stock (FGFPP/FGNXP)
Latest Reported Closing Price (Dec 1, 2025)	$18.78	N/A (Price $20.18 reported for FGFPP on Dec 3, 2025)
Volume (Dec 1, 2025)	695.1K	0.00 (Reported Volume on Dec 3, 2025)
52-Week High	$41.25	$22.90
52-Week Low	$14.21	$17.05

Merchant banking and SPAC platform for corporate transaction origination

The merchant banking division originates transactions via its SPAC platform, FG Acquisition Corp. The platform has demonstrated success, having successfully closed on two profitable targets through SPACs or reverse mergers. One specific channel event involved FG Acquisition Corp. entering a business combination agreement with ThinkMarkets. This structure involved potential beneficial ownership for FG Financial Group of approximately 819,000 shares of FG Acquisition Corp. common stock, plus warrants: approximately 1,400,000 warrants with an $11.50 strike price and a 5-year expiration, and approximately 440,000 warrants with a $15.00 strike price and a 10-year expiration. ThinkMarkets itself reported revenue growth from $35 million in 2019 to over $62 million in 2022.

Digital platforms and blockchain networks for the Ethereum Treasury Strategy

The company's pivot to an Ethereum-focused treasury strategy is a major channel for asset deployment. This was fueled by a $200 million private placement closed in July/August 2025. The goal is to become a significant corporate holder of Ethereum (ETH). As of August 11, 2025, the company now holds 47,331 ETH. To support future deployment, the company filed a massive $5 billion shelf registration statement with the SEC. The private placement funding involved the issuance of 40 million prefunded common stock warrants priced at $5.00 each.

The digital channel strategy involves:

• Acquiring Ethereum (ETH) as a cornerstone treasury asset.
• Implementing staking strategies via decentralized finance (DeFi) protocols.
• Leveraging institutional partnerships like Galaxy Digital and Kraken for operations.

The company, now FG Nexus Inc., aims to use this digital platform to generate yield on its growing ETH assets.

Finance: draft 13-week cash view by Friday.

FG Financial Group, Inc. (FGF) - Canvas Business Model: Customer Segments

You're looking at the customer base for FG Financial Group, Inc., which, following the merger, operates as Fundamental Global Inc. as of late 2025. This isn't a simple retail operation; it's a holding company serving sophisticated counterparties across several distinct financial verticals. Honestly, the complexity here is the point-diversification across these segments helps manage risk.

Institutional insurance and reinsurance companies seeking risk transfer.

This is where the core insurance segment, primarily through FG Reinsurance, Ltd. (FGRe), finds its clients. These institutions are looking to offload specific property and casualty risks. The business generates maximum revenue from this Insurance segment, so it's defintely a primary focus. You see this activity in their Q4 2023 net reinsurance premiums earned, which hit $5.1 million, up from $3.2 million in Q4 2022, showing deployment in loss-capped arrangements.

The broader market context for risk transfer is active; for instance, FEMA saw a 50% rise in the number of participating reinsurers for the 2025 NFIP renewal. FGRe participates in the global reinsurance market via the Funds at Lloyds syndicate and traditional contracts.

Public market investors holding common and preferred stock.

These are the folks holding the publicly traded securities, primarily under the Fundamental Global Inc. ticker, FGF. As of December 2, 2025, the market valued the company at a market cap of $23.89M, with the common stock trading around $18.78 (previous close). The company has approximately 1.27 million shares outstanding. For those holding the preferred shares, the 8.00% Cumulative Preferred Stock (FGFPP) saw a 52-week high of $22.90 and a low of $17.05 over the last year.

Here's a quick look at the public equity profile as of late 2025:

Metric	Value (as of Dec 2, 2025)
Common Stock Price (Previous Close)	$18.78
Market Capitalization (FGF)	$23.89M
Shares Outstanding	1,270,000 (approx.)
FGFPP 52-Week High	$22.90
FGFPP 52-Week Low	$17.05

Private companies targeted for SPAC mergers and merchant banking services.

The Merchant Banking and SPACs group targets private enterprises needing capital and a path to public markets. This platform has a track record; the completion of the business combination with iCoreConnect Inc. in August 2023 marked the third completed De-SPAC concluded by FG Financial platform companies. While one SPAC, FG Merger III, withdrew its planned $150 million IPO in November 2024, the commitment to the platform remains, as the post-merger Fundamental Global continues to focus on these interests.

The services provided here include strategic, administrative, and regulatory support in exchange for ownership and cash fees. The overall company reported total revenue of $48.7 million for the fiscal year 2024.

Blockchain and crypto-focused investors for the new FG Nexus strategy.

This segment targets investors interested in digital assets, specifically focusing on long-term Ethereum (ETH) accumulation and on-chain yield generation. While the entity is now profiled as FG Nexus Inc. (Stock Symbol: FGNX), it represents a key strategic vertical. As of September 30, 2025, FG Nexus reported a trailing 12-month revenue of $18.1M. By November 12, 2025, its market cap stood at $125M, with a share price of $2.95.

The customer proposition here is providing institutional investors with secure, regulated access to ETH as a productive reserve asset. The total employees across the group are listed as 130, supporting these diverse operations.

• FG Nexus TTM Revenue (as of Sep 30, 2025): $18.1 million.
• FG Nexus Market Cap (as of Nov 12, 2025): $125 million.
• FG Nexus Stock Price (as of Nov 12, 2025): $2.95.
• The company's total assets reached $109.5 million at the end of 2024.

Finance: draft 13-week cash view by Friday.

FG Financial Group, Inc. (FGF) - Canvas Business Model: Cost Structure

You're looking at the cost base for Fundamental Global Inc., which is the successor to FG Financial Group, Inc. following the February 2024 merger. The cost structure reflects a streamlined, post-merger entity focused on high ROIC businesses, but still carrying the overhead of a public company and the variable costs of its operating segments. The goal, as stated by management, was to realize over $4 million in annual cost savings from the consolidation.

Here's a breakdown of the key cost components based on the latest reported figures, primarily from 2024 and early 2025 filings, as late 2025 data is still being compiled.

Compensation for the small, specialized team of 130 full-time employees

• Full-time Employees count: 130.

General and administrative expenses, including public company costs

Selling, General and Administrative (SG&A) expenses show the impact of the merger and subsequent cost-cutting initiatives. For the second quarter of 2025, SG&A was reported at $4.6 million. This compares to a combined basis figure of $5.3 million for the first quarter of 2024, indicating ongoing management of overhead, though the Q2 2025 number was higher than Q1 2025's $2.6 million, partially due to non-cash compensation expense.

Underwriting and claims expenses for the reinsurance segment

For the second quarter of 2024, the reinsurance segment incurred operating expenses, which included claims and loss ratio adjustments, totaling approximately $3.2 million on net premiums earned of $3.7 million. This segment is a key cost driver tied directly to risk assumed.

Investment management and advisory fees

Specific, standalone investment management and advisory fees for Fundamental Global Inc. are not explicitly broken out in the latest public filings in a way that isolates them from other operating expenses or investment income/loss figures. The Asset Management segment has shown volatility, with investment losses of $(4.0) million reported for Q2 2024 due to unrealized mark-to-market movements on equity securities.

Costs associated with SPAC formation and regulatory compliance

Direct, ongoing costs for SPAC formation and regulatory compliance are embedded within the General and Administrative expenses. The company has been actively streamlining its structure, completing the consolidation of multiple public companies in 2024 to alleviate the financial and administrative demands of operating as a multi-public entity structure.

The following table summarizes the most granular cost data available for the relevant segments, noting the period for which the data applies.

Cost Component	Latest Reported Amount	Period/Context
Selling, General & Administrative Expenses (SG&A)	$4.6 million	Q2 2025
Reinsurance Operating Expenses (including Claims/LR)	~$3.2 million	Q2 2024
Full-Time Employees Count	130	As of late 2024/early 2025
Projected Annual Cost Savings from Merger	Over $3 million	Projected for first year post-merger (early 2024)

Finance: draft 13-week cash view by Friday.

FG Financial Group, Inc. (FGF) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for FG Financial Group, Inc. (FGF), which is now operating under the name FG Nexus Inc. effective August 11, 2025, with the new ticker FGNX. The model clearly shows a split between legacy insurance/investment operations and the new digital asset focus.

The core revenue components for FG Financial Group, Inc. as of late 2025 are derived from its established insurance/asset management segments and the newer merchant banking/SPAC activities. Given the recent strategic pivot, the most concrete, recent revenue figure points to the rebranded entity's operational revenue.

Quarterly Revenue (FG Nexus/FGF)

• Quarterly revenue for the period ending September 30, 2025, was reported at $0.89 million.

Net Premiums Earned from Specialty P&C Reinsurance Contracts

While specific 2025 figures for FGF's net premiums earned are not immediately clear following the rebranding, data from the related entity, F&G Annuities & Life, Inc. (FG), provides a benchmark for the insurance segment's scale. F&G reported total premiums earned as of November 28, 2025, reaching $2,957 Million.

For historical context on the FGF entity prior to the pivot, net reinsurance premiums earned in Q3 2023 were $4.2 million.

Net Investment Income (Loss) from the Investment Portfolio

The investment portfolio performance, largely reflective of the F&G segment, shows recent volatility. For the three months ended September 30, 2025, F&G Annuities & Life, Inc. reported a net investment income of $174 Million.

However, the trailing twelve months (TTM) ending September 2025 showed a net investment loss of $-520 Million for F&G.

Fee Income from Managing and Sponsoring SPACs

FG Financial Group, Inc. generates revenue from its SPAC platform by providing strategic, administrative, and regulatory support services to newly formed SPACs for a monthly fee. Specific fee income amounts for the quarter ended September 30, 2025, are not explicitly detailed in the latest reports, but this remains a defined source of advisory and management revenue.

The following table summarizes the available financial data points relevant to the revenue streams, noting the entity where the data was sourced:

Revenue Stream Component	Financial Metric/Amount	Period/Date	Entity Reference
Reported Quarterly Revenue	$0.89 million	Quarter Ended Sep 30, 2025	FG Nexus (formerly FGF)
Net Investment Income (Quarterly)	$174 Million	Three Months Ended Sep 30, 2025	F&G Annuities & Life (FG)
Net Investment Income (TTM)	$-520 Million	TTM Ended Sep 2025	F&G Annuities & Life (FG)
Total Premiums Earned (Benchmark)	$2,957 Million	As of Nov 28, 2025	F&G Annuities & Life (FG)
Net Reinsurance Premiums Earned (Historical)	$4.2 million	Q3 2023	FG Financial Group (FGF)

Potential Future Fees from the Ethereum Treasury Strategy and Tokenization

The strategic pivot to an Ethereum treasury strategy, following a $200 million private placement announced July 29, 2025, is designed to create new value drivers beyond traditional revenue. The company announced it held 47,331 ETH as of August 11, 2025, with a stated goal of targeting a 10% Stake in the Ethereum Network.

• Capital raised to fund ETH acquisition: $200 million (via private placement).
• Ethereum holdings: 47,331 ETH (as of August 11, 2025).
• Long-term network target: 10% stake in the Ethereum Network.
• Capital flexibility via shelf registration: Up to $5 billion.
• Legacy asset monetization: Supported by the newly formed FG CVR Trust.

Future fee potential is tied to staking rewards from the ETH holdings and supporting the adoption of Ethereum in real-world finance, though specific fee schedules are not yet public.