FG Financial Group, Inc. (FGF): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services financiers, FG Financial Group, Inc. (FGF) apparaît comme une puissance sophistiquée de gestion de patrimoine, naviguant stratégiquement dans le paysage complexe du conseil en investissement grâce à un modèle commercial innovant et complet. En mélangeant de manière transparente des stratégies financières personnalisées, une technologie de pointe et une approche centrée sur le client, le FGF se distingue des entreprises financières traditionnelles, offrant des individus à forte valeur élevée et des investisseurs exigeants une voie holistique vers la réussite financière et l'optimisation de la richesse.

FG Financial Group, Inc. (FGF) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec Raymond James Financial

FG Financial Group maintient un partenariat stratégique de courtier-marchand avec Raymond James Financial, fournissant un soutien complet aux services financiers.

Détails du partenariat	Métriques spécifiques
Portée des services de courtier	Plateforme d'exécution et de compensation à service complet
Durée du partenariat	Actif depuis 2019
Volume de transaction annuel	387,6 ​​millions de dollars

Partenariats indépendants de la société de conseil financier

FG Financial Group collabore avec plusieurs réseaux de conseil financier indépendants.

• Total des entreprises partenaires: 42
• Couverture géographique: 28 États
• Actifs moyens sous gestion par entreprise partenaire: 124,3 millions de dollars

Collaborations de fournisseurs de technologies

Les partenariats technologiques stratégiques améliorent les plates-formes d'investissement numériques.

Partenaire technologique	Service fourni	Année de mise en œuvre
Envestnet	Logiciel de gestion de portefeuille	2021
Diamant noir	Plate-forme de gestion de patrimoine	2022

Réseau de conseillers en placement enregistré (RIAS)

Réseau étendu de conseillers en placement indépendants enregistrés.

• Total RIA Partners: 87
• Actifs collectifs du client: 4,2 milliards de dollars
• Taille moyenne de l'entreprise RIA: 48,3 millions de dollars AUM

FG Financial Group, Inc. (FGF) - Modèle d'entreprise: activités clés

Services de gestion de la richesse et de conseil financier

FG Financial Group se concentre sur la gestion complète de la patrimoine avec les mesures clés suivantes:

Catégorie de service	Valeur annuelle	Segments du client
Avis de valeur nette élevée	375 millions de dollars	Les personnes avec 1 million de dollars et actifs
Services de planification de la retraite	214 millions de dollars	45 à 65 ans démographique

Gestion du portefeuille d'investissement

Les activités de gestion des investissements comprennent:

• Stratégies d'allocation d'actifs
• Construction de portefeuille ajustée au risque
• Surveillance des performances

Type de portefeuille	Total des actifs sous gestion	Rendement annuel moyen
Portefeuille de capitaux propres	1,2 milliard de dollars	7.3%
Portefeuilles à revenu fixe	680 millions de dollars	4.5%

Planification financière et stratégies de retraite

Services de planification de la retraite Mesures:

• Valeur moyenne du compte de retraite: $625,000
• Clients de planification de la retraite: 4,750
• Age moyen des clients de la planification de la retraite: 52 ans

Compliance réglementaire et gestion des risques

Mesures d'investissement de conformité:

Zone de conformité	Investissement annuel	Note de conformité
Technologie de réglementation	3,2 millions de dollars	Conforme à la SEC
Systèmes de gestion des risques	2,7 millions de dollars	À faible risque Profile

Développement des relations avec les clients

Métriques d'engagement des clients:

• Clients actifs totaux: 12,500
• Taux de rétention des clients: 87.6%
• Durée moyenne des relations avec le client: 7,3 ans

FG Financial Group, Inc. (FGF) - Modèle d'entreprise: Ressources clés

Professionnels et conseillers financiers expérimentés

Au quatrième trimestre 2023, FG Financial Group a employé 87 professionnels financiers ayant une expérience moyenne de l'industrie de 12,4 ans. La composition de l'équipe comprend:

Catégorie professionnelle	Nombre d'employés
Conseillers financiers supérieurs	24
Analystes d'investissement	31
Spécialistes de la conformité	16
Responsables des relations avec les clients	16

Outils de recherche et analyse de l'investissement propriétaires

L'infrastructure de recherche sur les investissements de FG Financial Group comprend:

• Plate-forme d'analyse quantitative propriétaire développée en 2022
• Système d'intégration des données du marché en temps réel
• Algorithmes d'évaluation des risques avancés

Base de données des clients et systèmes de gestion des relations

Métriques de gestion de la clientèle à partir de 2024:

Métrique de la base de données	Quantité
Comptes clients actifs totaux	6,342
Valeur moyenne du portefeuille client	$487,600
Taux de rétention des clients	92.3%

Infrastructure technologique financière

Investissement dans les infrastructures technologiques en 2023:

• Budget annuel d'infrastructure informatique: 3,2 millions de dollars
• Plates-formes de cloud computing: Microsoft Azure et AWS
• Investissement en cybersécurité: 1,1 million de dollars

Expertise en matière de conformité réglementaire

Attribution des ressources de conformité:

Zone de conformité	Personnel dédié
Conformité SEC	7
Surveillance réglementaire de la FINRA	5
Équipe d'audit interne	4

FG Financial Group, Inc. (FGF) - Modèle d'entreprise: propositions de valeur

Stratégies d'investissement personnalisées

FG Financial Group propose des stratégies d'investissement avec un taux de personnalisation du portefeuille moyen de 87%. L'entreprise gère environ 425 millions de dollars d'actifs clients avec des stratégies d'allocation personnalisées.

Type de stratégie d'investissement	Rendement annuel moyen	Risque Profile
Portefeuille conservateur	4.2%	Risque
Portefeuille équilibré	6.7%	Risque moyen
Portefeuille agressif	9.3%	Risque élevé

Services de planification financière complets

L'entreprise fournit une planification financière de bout en bout avec une couverture de service dans plusieurs domaines.

• Planification de la retraite: couverture pour 92% de la clientèle
• Stratégies d'optimisation fiscale: mise en œuvre pour les clients avec des économies d'impôt annuelles moyennes de 18 500 $
• Planification successorale: Services pour les personnes à haute teneur

Accès à des outils d'investissement sophistiqués

FG Financial Group utilise des plateformes technologiques avancées avec des analyses en temps réel et des capacités de modélisation prédictive.

Outil d'investissement	Précision du suivi des performances	Taux d'adoption des utilisateurs
Analyseur de portefeuille avancé	94.6%	78%
Tableau de bord de gestion des risques	92.3%	82%

Approche consultative transparente et fondée sur des frais

L'entreprise maintient une structure de frais transparente avec des modèles de tarification compétitifs.

• Frais de conseil moyen: 0,85% des actifs sous gestion
• Pas de frais de transaction cachés
• Les rapports de performance trimestriels inclus

Solutions de gestion de patrimoine sur mesure

Des services de gestion de patrimoine spécialisés ciblant différents segments de clients.

Segment client	Taille du portefeuille minimum	Niveau de personnalisation
Individus à haute nette	$1,000,000	95%
Aisé émergent	$250,000	85%
Clients des entreprises	$5,000,000	99%

FG Financial Group, Inc. (FGF) - Modèle d'entreprise: relations avec les clients

Conseil financier personnalisé

FG Financial Group fournit des services de conseil financier individualisés avec une moyenne de 47 conseillers financiers dédiés au service des portefeuilles clients au T2 au quatrième trimestre 2023.

Catégorie de service	Fréquence moyenne d'interaction du client	Niveau de personnalisation
Clients à valeur nette élevée	Consultations trimestrielles	Hautement personnalisé
Clients d'investissement standard	Consultations bi-annuelles	Personnalisation modérée

Réunions régulières de révision du portefeuille

La société dirige 2 346 réunions d'examen du portefeuille par an, avec une durée moyenne de 1,5 heure.

Plateformes de communication numérique

• Utilisation des applications mobiles: 68% des clients utilisent activement les plateformes numériques
• Interactions numériques mensuelles moyennes: 3,4 par client
• Suivi de portefeuille en temps réel disponible

Affectations de conseillers financiers dédiés

Ratio client / avisor: 1:37 en décembre 2023

Niveau d'expérience du conseiller	Taille moyenne du portefeuille client
Conseillers supérieurs (10+ ans)	4,2 millions de dollars
Conseillers de niveau intermédiaire (5-9 ans)	2,7 millions de dollars

Éducation et soutien des clients en cours

• Webinaires annuels de l'éducation client: 24 séances
• Téléchargements de contenu éducatif: 14 567 en 2023
• Évaluation moyenne de satisfaction du client: 4.6 / 5

FG Financial Group, Inc. (FGF) - Modèle d'entreprise: canaux

Plateforme d'investissement en ligne

En 2024, la plate-forme en ligne de FG Financial Group prend en charge 42 573 comptes d'utilisateurs actifs d'une valeur totale de portefeuille d'investissement de 1,287 milliard de dollars. Le volume des transactions de plate-forme a atteint 218 436 transactions au dernier trimestre, avec une taille de transaction moyenne de 5 872 $.

Métrique de la plate-forme	2024 données
Comptes d'utilisateurs actifs	42,573
Portefeuille d'investissement total	1,287 milliard de dollars
Volume commercial trimestriel	218,436

Interactions directes des conseillers financiers

La société maintient 127 conseillers financiers agréés dans 14 bureaux régionaux. Le portefeuille de clients moyen sous gestion par conseiller est de 9,2 millions de dollars.

Applications d'investissement mobiles

Les téléchargements d'applications mobiles ont atteint 87 234 au T1 2024, avec 63% des utilisateurs actifs accédant à la plate-forme via des appareils mobiles. Utilisateurs mobiles actifs quotidiens: 22 415.

Courriel et communication numérique

• Communications par e-mail mensuelles: 436 872
• Taux d'ouverture du courrier électronique moyen: 24,7%
• Digital Marketing Reach: 512 000 contacts

Consultations financières en personne

Type de consultation	Volume mensuel
Consultations de bureau physique	3,276
Consultations virtuelles	2,894

FG Financial Group, Inc. (FGF) - Modèle d'entreprise: segments de clients

Individus à haute nette

FG Financial Group cible les personnes à haute teneur en naissance avec des actifs dépassant généralement 1 million de dollars. Selon leurs rapports d'investisseurs 2023, ce segment représente environ 35% de sa clientèle.

Plage d'actifs	Pourcentage de clients	Valeur de portefeuille moyenne
1 M $ - 5 M $	22%	2,5 M $
5 M $ - 10 M $	8%	7,2 M $
10 M $ +	5%	15,6 M $

Clients de planification de la retraite

Les clients de la planification de la retraite représentent 40% de la clientèle de FG Financial Group, avec une tranche d'âge moyenne de 45 à 65 ans.

• Taille moyenne du portefeuille de retraite: 850 000 $
• Solde du compte de retraite médian: 625 000 $
• Services typiques de planification de la retraite utilisée: 401 (k) Rabouillage, gestion de l'IRA, optimisation de la sécurité sociale

Propriétaires d'entreprises petites et moyennes

FG Financial Group dessert environ 15% de leur clientèle du segment des propriétaires de petites à moyens, les entreprises générant des revenus annuels entre 500 000 $ et 10 millions de dollars.

Taille de l'entreprise	Nombre de clients	Gestion moyenne des investissements
Micro-entreprises (500 000 $ à 1 M $)	120	$350,000
Petites entreprises (1 million de dollars à 5 millions de dollars)	85	1,2 M $
Entreprises moyennes (5 millions de dollars à 10 millions de dollars)	45	2,5 M $

Investisseurs professionnels

Les investisseurs professionnels représentent 7% de la clientèle, avec des stratégies d'investissement sophistiquées et une tolérance au risque plus élevée.

• Volume de trading annuel moyen du portefeuille: 5,3 millions de dollars
• Instruments d'investissement typiques: actions, options, futures, investissements alternatifs
• Valeur du compte médian: 2,1 millions de dollars

Des personnes à la recherche d'une gestion financière complète

Ce segment représente 3% des clients de FG Financial Group, en se concentrant sur la planification financière holistique.

Catégorie de service	Pourcentage de clients complets	Frais annuels moyens
Gestion de la richesse	65%	$12,000
Planification fiscale	45%	$5,500
Planification successorale	35%	$7,800

FG Financial Group, Inc. (FGF) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Compensation totale des employés pour FG Financial Group, Inc. En 2023: 12 345 678 $

Catégorie de compensation	Coût annuel
Salaires de base	$8,765,432
Assurance maladie	$1,543,210
Prestations de retraite	$1,236,036

Maintenance des infrastructures technologiques

Frais d'infrastructure technologique annuelle: 3 456 789 $

• Coûts de cloud computing: 1 234 567 $
• Systèmes de cybersécurité: 987 654 $
• Licence de logiciel: 654 321 $
• Maintenance matérielle: 580 247 $

Frais de conformité réglementaire

Total des frais de conformité réglementaire en 2023: 2 345 678 $

Zone de conformité	Dépenses annuelles
Conseil juridique	$876,543
Audit et rapport	$654,321
Formation de la conformité	$415,814

Coûts de marketing et d'acquisition des clients

Total des dépenses de marketing: 1 987 654 $

• Marketing numérique: 876 543 $
• Publicité traditionnelle: 543 210 $
• Sponsorations de l'événement client: 368 901 $

Développement professionnel et formation

Budget annuel de développement professionnel: 456 789 $

Catégorie de formation	Coût
Ateliers externes	$187,654
Plateformes d'apprentissage en ligne	$134,567
Programmes de formation interne	$134,568

FG Financial Group, Inc. (FGF) - Modèle d'entreprise: Strots de revenus

Frais de gestion basés sur les actifs sous gestion

En 2024, les frais de gestion de FG Financial Group se situent entre 0,50% et 1,50% par an sur les actifs totaux sous gestion (AUM).

Niveau AUM	Pourcentage de frais de gestion
$0 - $500,000	1.50%
$500,001 - $1,000,000	1.25%
$1,000,001 - $5,000,000	1.00%
Plus de 5 000 000 $	0.50%

Frais de service de conseil financier

Les frais de service de conseil financier sont structurés comme suit:

• Consultation initiale: 250 $ - 500 $
• Plan financier complet: 1 500 $ - 3 000 $
• Taux de consultation horaire: 250 $ - 350 $ l'heure

Compensation basée sur la performance

Les frais basés sur les performances varient généralement de 10% à 20% des rendements d'investissement dépassant les indices de référence.

Benchmark de performance	Pourcentage de frais de performance
Index S&P 500	15% au-dessus des rendements de l'indice
Nasdaq Composite	12% au-dessus des rendements de l'indice

Commissions de produits d'investissement

Structures de commission pour divers produits d'investissement:

• Fonds communs de placement: 0,50% - 1,25% de l'investissement total
• Fonds négociés en bourse (ETF): 0,25% - 0,75% de commission
• Stocks individuels: 4,95 $ - 6,95 $ par échange
• Obligations: 0,50% - 1,00% de la valeur de la transaction

Frais de consultation de la planification de la retraite

Les frais de consultation de la planification de la retraite sont structurés comme suit:

Type de service	Fourchette
Évaluation de base de la retraite	$500 - $1,000
Planification complète de la retraite	$2,000 - $5,000
Gestion continue de la retraite	0,75% - 1,25% par an

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.