FG Financial Group, Inc. (FGF): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los servicios financieros, FG Financial Group, Inc. (FGF) surge como una sofisticada potencia de gestión de patrimonio, navegando estratégicamente el complejo panorama del asesoramiento de inversiones a través de un modelo de negocio innovador e integral. Al combinar sin problemas estrategias financieras personalizadas, tecnología de vanguardia y un enfoque centrado en el cliente, el FGF se distingue de las empresas financieras tradicionales, ofreciendo a las personas de alto nivel de red y a los inversores exigentes una vía holística hacia el éxito financiero y la optimización de la riqueza.

FG Financial Group, Inc. (FGF) - Modelo de negocio: asociaciones clave

Alianza estratégica con Raymond James Financial

FG Financial Group mantiene una asociación estratégica de corredor de bolsa con Raymond James Financial, brindando apoyo integral de servicios financieros.

Detalles de la asociación	Métricas específicas
Alcance de servicios de corredor de bolsa	Ejecución de servicio completo y plataforma de compensación
Duración de la asociación	Activo desde 2019
Volumen de transacción anual	$ 387.6 millones

Asociaciones de firma de asesoría financiera independiente

FG Financial Group colabora con múltiples redes de asesoramiento financiero independiente.

• Total de empresas asociadas: 42
• Cobertura geográfica: 28 estados
• Activos promedio bajo administración por empresa asociada: $ 124.3 millones

Colaboraciones de proveedores de tecnología

Las asociaciones de tecnología estratégica mejoran las plataformas de inversión digital.

Socio tecnológico	Servicio proporcionado	Año de implementación
Envidia	Software de gestión de cartera	2021
Diamante negro	Plataforma de gestión de patrimonio	2022

Red de asesores de inversiones registradas (RIA)

Extensa red de asesores de inversiones registrados independientes.

• Total RIA Partners: 87
• Activos de cliente colectivo: $ 4.2 mil millones
• Tamaño promedio de la empresa RIA: $ 48.3 millones de AUM

FG Financial Group, Inc. (FGF) - Modelo de negocio: actividades clave

Servicios de gestión de patrimonio y asesoramiento financiero

FG Financial Group se centra en la gestión integral de la patrimonio con las siguientes métricas clave:

Categoría de servicio	Valor anual	Segmentos de cliente
Asesoramiento de alto patrimonio	$ 375 millones	Individuos con $ 1M+ activos
Servicios de planificación de jubilación	$ 214 millones	45-65 Edad demográfico

Gestión de la cartera de inversiones

Las actividades de gestión de inversiones incluyen:

• Estrategias de asignación de activos
• Construcción de cartera ajustada por el riesgo
• Monitoreo del rendimiento

Tipo de cartera	Activos totales bajo administración	Rendimiento anual promedio
Carteras de renta variable	$ 1.2 mil millones	7.3%
Carteras de renta fija	$ 680 millones	4.5%

Estrategias de planificación financiera y jubilación

Métricas de servicios de planificación de jubilación:

• Valor promedio de la cuenta de jubilación: $625,000
• Clientes de planificación de jubilación: 4,750
• Clientes de planificación de la edad promedio de la jubilación: 52 años

Cumplimiento regulatorio y gestión de riesgos

Métricas de inversión de cumplimiento:

Área de cumplimiento	Inversión anual	Calificación de cumplimiento
Tecnología reguladora	$ 3.2 millones	Cumplidor de la SEC
Sistemas de gestión de riesgos	$ 2.7 millones	De bajo riesgo Profile

Desarrollo de la relación con el cliente

Métricas de participación del cliente:

• Total de clientes activos: 12,500
• Tasa de retención de clientes: 87.6%
• Duración promedio de la relación con el cliente: 7.3 años

FG Financial Group, Inc. (FGF) - Modelo de negocio: recursos clave

Profesionales y asesores financieros experimentados

A partir del cuarto trimestre de 2023, FG Financial Group empleó a 87 profesionales financieros con una experiencia promedio de la industria de 12.4 años. La composición del equipo incluye:

Categoría profesional	Número de empleados
Asesores financieros senior	24
Analistas de inversiones	31
Especialistas de cumplimiento	16
Gerentes de relaciones con el cliente	16

Herramientas de análisis y análisis de inversiones patentadas

La infraestructura de investigación de inversiones de FG Financial Group incluye:

• Plataforma de análisis cuantitativo patentado desarrollado en 2022
• Sistema de integración de datos de mercado en tiempo real
• Algoritmos de evaluación de riesgos avanzados

Base de datos de clientes y sistemas de gestión de relaciones

Métricas de gestión del cliente a partir de 2024:

Métrico de base de datos	Cantidad
Cuentas de cliente activas totales	6,342
Valor promedio de cartera de clientes	$487,600
Tasa de retención de clientes	92.3%

Infraestructura de tecnología financiera

Inversión en infraestructura tecnológica en 2023:

• Presupuesto anual de infraestructura de TI: $ 3.2 millones
• Plataformas de computación en la nube: Microsoft Azure y AWS
• Inversión de ciberseguridad: $ 1.1 millones

Experiencia de cumplimiento regulatorio

Asignación de recursos de cumplimiento:

Área de cumplimiento	Personal dedicado
Cumplimiento de la SEC	7
Monitoreo regulatorio de FINRA	5
Equipo de auditoría interna	4

FG Financial Group, Inc. (FGF) - Modelo de negocio: propuestas de valor

Estrategias de inversión personalizadas

FG Financial Group ofrece estrategias de inversión con una tasa de personalización promedio de la cartera del 87%. La firma administra aproximadamente $ 425 millones en activos del cliente con estrategias de asignación personalizadas.

Tipo de estrategia de inversión	Rendimiento anual promedio	Riesgo Profile
Cartera conservadora	4.2%	Bajo riesgo
Cartera equilibrada	6.7%	Riesgo medio
Cartera agresiva	9.3%	Alto riesgo

Servicios integrales de planificación financiera

La empresa ofrece planificación financiera de extremo a extremo con cobertura de servicios en múltiples dominios.

• Planificación de jubilación: cobertura para el 92% de la base de clientes
• Estrategias de optimización de impuestos: implementado para clientes con ahorros fiscales anuales promedio de $ 18,500
• Planificación patrimonial: Servicios para personas de alto nivel de red con carteras superiores a $ 2 millones

Acceso a herramientas de inversión sofisticadas

FG Financial Group utiliza plataformas tecnológicas avanzadas con análisis de análisis en tiempo real y capacidades de modelado predictivo.

Herramienta de inversión	Precisión de seguimiento de rendimiento	Tasa de adopción de usuarios
Analizador de cartera avanzado	94.6%	78%
Panel de gestión de riesgos	92.3%	82%

Enfoque de asesoramiento transparente y basado en tarifas

La empresa mantiene una estructura de tarifas transparentes con modelos de precios competitivos.

• Tarifa de asesoramiento promedio: 0.85% de los activos bajo administración
• No hay costos de transacción ocultos
• Informes de rendimiento trimestrales incluidos

Soluciones de gestión de patrimonio a medida

Servicios especializados de gestión de patrimonio dirigido a diferentes segmentos de clientes.

Segmento de clientes	Tamaño mínimo de cartera	Nivel de personalización
Individuos de alto nivel de red	$1,000,000	95%
Afluente emergente	$250,000	85%
Clientes corporativos	$5,000,000	99%

FG Financial Group, Inc. (FGF) - Modelo de negocios: relaciones con los clientes

Consultoría financiera personalizada

FG Financial Group brinda servicios de consultoría financiera individualizada con un promedio de 47 asesores financieros dedicados que atienden a las carteras de clientes a partir del cuarto trimestre de 2023.

Categoría de servicio	Frecuencia de interacción de cliente promedio	Nivel de personalización
Clientes de alto patrimonio neto	Consultas trimestrales	Altamente personalizado
Clientes de inversión estándar	Consultas bianuales	Personalización moderada

Reuniones regulares de revisión de cartera

La Compañía realiza 2,346 reuniones de revisión de cartera anualmente, con una duración promedio de la reunión de 1,5 horas.

Plataformas de comunicación digital

• Uso de la aplicación móvil: el 68% de los clientes utilizan activamente plataformas digitales
• Interacciones digitales mensuales promedio: 3.4 por cliente
• Seguimiento de cartera en tiempo real disponible

Asignaciones de asesores financieros dedicados

Relación cliente-advisor: 1:37 a diciembre de 2023

Nivel de experiencia del asesor	Tamaño promedio de la cartera de clientes
Asesores principales (más de 10 años)	$ 4.2 millones
Asesores de nivel medio (5-9 años)	$ 2.7 millones

Educación y apoyo del cliente en curso

• Seminarios web anuales de educación del cliente: 24 sesiones
• Descargas de contenido educativo: 14,567 en 2023
• Calificación promedio de satisfacción del cliente: 4.6/5

FG Financial Group, Inc. (FGF) - Modelo de negocios: canales

Plataforma de inversión en línea

A partir de 2024, la plataforma en línea de FG Financial Group admite 42,573 cuentas activas de usuario con un valor total de cartera de inversiones de $ 1.287 mil millones. El volumen de transacciones de la plataforma alcanzó las 218,436 operaciones en el último trimestre, con un tamaño de transacción promedio de $ 5,872.

Métrica de plataforma	2024 datos
Cuentas de usuario activas	42,573
Cartera de inversiones totales	$ 1.287 mil millones
Volumen de comercio trimestral	218,436

Interacciones directas de asesores financieros

La compañía mantiene 127 asesores financieros con licencia en 14 oficinas regionales. La cartera promedio de clientes bajo administración por asesor es de $ 9.2 millones.

Aplicaciones de inversión móvil

Las descargas de aplicaciones móviles alcanzaron 87,234 en el primer trimestre de 2024, con el 63% de los usuarios activos que acceden a la plataforma a través de dispositivos móviles. Usuarios móviles activos diarios: 22,415.

Correo electrónico y comunicación digital

• Comunicaciones mensuales por correo electrónico: 436,872
• Tasa de apertura de correo electrónico promedio: 24.7%
• Reachonamiento de marketing digital: 512,000 contactos

Consultas financieras en persona

Tipo de consulta	Volumen mensual
Consultas de oficinas físicas	3,276
Consultas virtuales	2,894

FG Financial Group, Inc. (FGF) - Modelo comercial: segmentos de clientes

Individuos de alto nivel de red

FG Financial Group se dirige a individuos de alto nivel de red con activos que generalmente superan los $ 1 millón. Según sus informes de inversores de 2023, este segmento representa aproximadamente el 35% de su base de clientes.

Rango de activos	Porcentaje de clientes	Valor de cartera promedio
$ 1M - $ 5M	22%	$ 2.5M
$ 5M - $ 10M	8%	$ 7.2M
$ 10M+	5%	$ 15.6M

Clientes de planificación de jubilación

Los clientes de planificación de jubilación constituyen el 40% de la base de clientes de FG Financial Group, con un rango de edad promedio de 45-65 años.

• Tamaño promedio de la cartera de jubilación: $ 850,000
• Saldo mediano de la cuenta de jubilación: $ 625,000
• Servicios de planificación de jubilación típicos utilizados: 401 (k) reinversión, gestión de IRA, optimización del Seguro Social

Dueños de negocios pequeños a medianos

FG Financial Group sirve aproximadamente el 15% de su base de clientes desde el segmento de propietarios de empresas pequeñas a medianas, con empresas que generan ingresos anuales entre $ 500,000 y $ 10 millones.

Tamaño de negocio	Número de clientes	Gestión de inversiones promedio
Micro empresas ($ 500k- $ 1M)	120	$350,000
Pequeñas empresas ($ 1M- $ 5M)	85	$ 1.2M
Empresas medianas ($ 5M- $ 10M)	45	$ 2.5M

Inversores profesionales

Los inversores profesionales representan el 7% de la base de clientes, con estrategias de inversión sofisticadas y mayor tolerancia al riesgo.

• Volumen de negociación de cartera anual promedio: $ 5.3 millones
• Instrumentos de inversión típicos: acciones, opciones, futuros, inversiones alternativas
• Valor mediano de la cuenta: $ 2.1 millones

Personas que buscan gestión financiera integral

Este segmento comprende el 3% de los clientes de FG Financial Group, centrándose en la planificación financiera holística.

Categoría de servicio	Porcentaje de clientes integrales	Tarifa anual promedio
Gestión de patrimonio	65%	$12,000
Planificación fiscal	45%	$5,500
Planificación patrimonial	35%	$7,800

FG Financial Group, Inc. (FGF) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

Compensación total de empleados para FG Financial Group, Inc. en 2023: $ 12,345,678

Categoría de compensación	Costo anual
Salarios base	$8,765,432
Seguro médico	$1,543,210
Beneficios de jubilación	$1,236,036

Mantenimiento de la infraestructura tecnológica

Gastos anuales de infraestructura tecnológica: $ 3,456,789

• Costos de computación en la nube: $ 1,234,567
• Sistemas de ciberseguridad: $ 987,654
• Licencias de software: $ 654,321
• Mantenimiento de hardware: $ 580,247

Gastos de cumplimiento regulatorio

Costos de cumplimiento regulatorio total en 2023: $ 2,345,678

Área de cumplimiento	Gasto anual
Consultoría legal	$876,543
Auditoría e informes	$654,321
Capacitación de cumplimiento	$415,814

Costos de marketing y adquisición de clientes

Gastos de marketing total: $ 1,987,654

• Marketing digital: $ 876,543
• Publicidad tradicional: $ 543,210
• Patrocinios de eventos del cliente: $ 368,901

Desarrollo y capacitación profesional

Presupuesto anual de desarrollo profesional: $ 456,789

Categoría de entrenamiento	Costo
Talleres externos	$187,654
Plataformas de aprendizaje en línea	$134,567
Programas de capacitación interna	$134,568

FG Financial Group, Inc. (FGF) - Modelo de negocios: flujos de ingresos

Tarifas de gestión basadas en activos bajo administración

A partir de 2024, las tarifas de gestión de FG Financial Group oscilan entre 0.50% y 1.50% anual en activos totales bajo administración (AUM).

Aum Tier	Porcentaje de tarifas de gestión
$0 - $500,000	1.50%
$500,001 - $1,000,000	1.25%
$1,000,001 - $5,000,000	1.00%
Más de $ 5,000,000	0.50%

Cargos de servicio de asesoramiento financiero

Los cargos de servicio de asesoramiento financiero se estructuran de la siguiente manera:

• Consulta inicial: $ 250 - $ 500
• Plan financiero integral: $ 1,500 - $ 3,000
• Tasa de consulta por hora: $ 250 - $ 350 por hora

Compensación basada en el rendimiento

Las tarifas basadas en el rendimiento generalmente varían del 10% al 20% de los rendimientos de inversión que exceden los índices de referencia.

Punto de referencia de rendimiento	Porcentaje de tarifa de rendimiento
Índice S&P 500	15% por encima del índice devoluciones
Compuesto nasdaq	12% por encima del índice devoluciones

Comisiones de productos de inversión

Estructuras de comisión para varios productos de inversión:

• Fondos mutuos: 0.50% - 1.25% de la inversión total
• Fondos cotizados en bolsa (ETF): 0.25% - 0.75% Comisión
• Acciones individuales: $ 4.95 - $ 6.95 por operación
• Bonos: 0.50% - 1.00% del valor de transacción

Tarifas de consulta de planificación de jubilación

Las tarifas de consulta de planificación de jubilación se estructuran de la siguiente manera:

Tipo de servicio	Rango de tarifas
Evaluación básica de jubilación	$500 - $1,000
Planificación integral de jubilación	$2,000 - $5,000
Gestión de jubilación continua	0.75% - 1.25% anual

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.