FG Financial Group, Inc. (FGF): Business Model Canvas [Dec-2025 Updated]

You're digging into FG Financial Group, Inc. (FGF), and honestly, what you'll find isn't a straight line-it's a fascinating, complex pivot. As an analyst who's seen a few market cycles, I can tell you this business model is running on two tracks: disciplined specialty reinsurance and SPAC management, balanced against a major, near-term bet on blockchain via an Ethereum Treasury Strategy. With a current ratio of 4.13 as of October 2025 and legacy assets valued near $30.00 per share, the foundation is solid, but the future hinges on executing this dual strategy. Dive into the nine building blocks below to see exactly how FG Financial Group, Inc. is trying to bridge traditional finance with the tokenized future.

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

You're looking at the core alliances that power Fundamental Global Inc. (the entity formed from the merger of FG Financial Group, Inc. and FG Group Holdings Inc.). These aren't just casual agreements; they are structural dependencies for capital deployment and risk management, especially following the major pivot toward digital assets.

The relationship with Fundamental Global, LLC is now largely internal following the all-stock merger, which created the unified public company, Fundamental Global Inc. This combination aimed to enhance scale, with pre-merger combined assets totaling over $110 million and annual revenue surpassing $65 million. The goal was to consolidate operations and target high Return on Invested Capital (ROIC) businesses, including merchant banking activities that were previously part of the partnership structure.

For the SPAC platform, which supports strategic corporate transactions, capital allocation happens in partnership with the larger Fundamental Global entity and other strategic investors. This structure was key to launching Special Purpose Acquisition Companies (SPACs). For instance, the IPO for one such vehicle, FG Merger Corp., closed at $80.5 million, including the exercise of the over-allotment option. This shows the reliance on institutional backing for these capital markets ventures.

The most transformative recent partnership centers on the Ethereum Treasury Strategy. To launch this, Fundamental Global Inc. successfully closed a $200 million private placement around August 1, 2025. This capital is immediately deployed, with the company announcing it now holds 47,331 ETH as its primary treasury reserve asset. This strategy is supported by a network of world-class digital asset institutions:

• Galaxy Digital (TSX: GLXY)
• Kraken
• Hivemind Capital
• Syncracy Capital
• Digital Currency Group (DCG)

Galaxy Digital specifically serves as a strategic advisor for managing the Ethereum treasury, providing asset management, yield execution, and infrastructure support. This is defintely a critical relationship for maximizing value drivers beyond simple price appreciation, like staking rewards.

In the core reinsurance business, access to the global market is facilitated through relationships with reinsurance brokers and ceding companies. A key component of this is the participation of FG Reinsurance, Ltd. (FGRe) in the Funds at Lloyd's syndicate. This allows FGRe to underwrite specialty property and casualty risks. While specific premium ceded to external brokers isn't public in the latest filings, the environment they operate in is massive; for context, the broader Lloyd's market reported Gross Written Premium of £32.5 billion for the first half of 2025. The ability to access the Lloyd's market via the syndicate is a primary mechanism for risk transfer and capital deployment in this segment.

Here's a quick look at the scale of the activities tied to these key relationships as of late 2025 data:

Partnership/Activity Focus	Metric/Value	Reference Period/Date
Ethereum Treasury Strategy Funding	$200 million (Gross Proceeds)	July/August 2025
Ethereum Holdings	47,331 ETH	August 2025
SPAC Platform Capital Raise (Example)	$80.5 million (FG Merger Corp. IPO)	March 2022 (Illustrative of platform activity)
Pre-Merger Combined Assets	Over $110 million	Pre-Early 2024
Projected Annual Expense Savings (Post-Merger)	Exceed $3 million	First Year Post-Merger

The reinsurance segment relies on these external ceding companies to take on risk, which is a reciprocal relationship. The success of FGRe in this space is tied to the overall performance of the Lloyd's market, which reported an underwriting profit of £1.5 billion in the first half of 2025, despite major claims activity.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions FG Financial Group, Inc., now operating as FG Nexus, is taking to drive its business in late 2025. This involves a sharp pivot toward digital assets alongside managing its established insurance and legacy holdings.

Disciplined capital allocation and opportunistic value investing.

The firm's capital allocation is currently dominated by its strategic pivot into digital assets, supported by a significant capital raise. The company's 2024 performance showed total assets of $109.5 million and stockholders' equity of $74.2 million. For context, the total revenue in fiscal year 2024 reached $48.7 million, against a reported net loss of $7.9 million for that year.

Underwriting specialty property and casualty (P&C) reinsurance contracts.

The reinsurance segment remains a key activity, focusing on niche, loss-capped contracts. While the most recent specific 2025 underwriting profit is not detailed, the division showed a net underwriting profit exceeding $1 million in the first quarter of 2023. Net reinsurance premiums earned for the full year 2022 were $13 million, with the first quarter of 2023 seeing net premiums earned rise to $3.7 million from $2.5 million in the prior year quarter.

Sponsoring and managing Special Purpose Acquisition Companies (SPACs).

FG Financial Group, Inc. continues to execute its SPAC platform strategy, sponsoring vehicles focused on the financial services sector. The leadership team, including CEO Larry Swets Jr., is actively involved in these launches. The latest filing in late 2025 shows a new vehicle targeting the sector.

SPAC Vehicle	Filing/Closing Date	Target IPO Size	Unit Price
FG Merger Corp.	March 2022 (Closed)	$80.5 million	N/A
FG Merger II Corp.	October 2023 (Filed)	$75 million	$10.00
FG Imperii Acquisition	October 2025 (Filed)	$200 million	$10.00

The FG Imperii Acquisition filing proposed offering 20 million units at $10.00 each.

Implementing the new Ethereum Treasury Strategy and tokenization of real-world assets.

Following a rebranding to FG Nexus, the company executed a major strategic pivot to establish an Ethereum treasury. This was supported by a $200 million private placement, which included 40 million prefunded common stock warrants priced at $5.00 each. This capital influx immediately increased outstanding common shares from 1.3 million to 35.4 million.

The activity centers on accumulating and staking Ether (ETH) to generate yield and gain exposure to tokenized real-world assets (RWAs). As of August 10, 2025, FG Nexus held 47,331 ETH, placing it among the 7 largest corporate Ether treasury companies globally. The company has filed a $5 billion shelf registration statement to further scale this accumulation strategy, targeting a 10% stake in the Ethereum network.

Key metrics related to the Ethereum pivot include:

• $200 million private placement to fund ETH acquisition.
• Holding 47,331 ETH as of August 10, 2025.
• Targeting a 10% stake in the Ethereum network.
• Warrant price in private placement: $5.00 per warrant.
• Increase in outstanding common shares: from 1.3 million to 35.4 million.

Monetizing legacy assets held in the FG CVR Trust.

The FG CVR Trust was formed on August 8, 2025, for the benefit of common shareholders of record as of that date-approximately 1.3 million shareholders received a non-transferable Contingent Value Right (CVR). The Management Committee, including D. Kyle Cerminara, is tasked with monetizing these legacy assets over the next 3 years.

The monetization activity includes an initial, concrete payout:

• Initial cash distribution approved: $10.00 per CVR.
• Expected commencement date for initial distribution: September 17, 2025.
• CVR Trust assets' estimated book value exceeds $30.00 per common share.
• Initial distribution contingent on trust assets exceeding $40 million.

FG Nexus will retain approximately $5.00 per share in net asset value (NAV) through retained holdings and the new strategy implementation. The stock price for FGF at the close of day on December 03, 2025, was $3.73.

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

You're looking at the core assets FG Financial Group, Inc. (FGF) relies on to execute its strategy, which is a mix of insurance, reinsurance, and a recent, significant pivot into digital assets. These aren't just line items; they are the engines driving potential returns.

The firm's liquidity position, a key indicator of capital strength, shows a strong buffer. As of the Trailing Twelve Months ending October 2025 for the FGFPP ticker, the Current Ratio was reported at 3.91. That same period showed the Quick Ratio and Cash Ratio also at 3.91, indicating substantial short-term financial flexibility based on the most conservative measures.

The investment portfolio and capital base are central, especially given the recent capital raise. The company's structure is that of a diversified insurance, reinsurance, and investment management holding company. The insurance segment, through F&G Annuities & Life, Inc. (NYSE: FG), reported strong performance, with Adjusted Net Earnings of $1.22 per share for the third quarter of 2025.

A critical resource is the licensed reinsurance subsidiary, FG Reinsurance, Ltd. (FGRe), which conducts principal business operations alongside asset management and merchant banking activities. The reinsurance segment showed significant growth in Q3 2022, with net premiums earned rising to $4.4 million year-over-year.

The management team's expertise is a non-quantifiable but vital asset, spanning insurance, merchant banking, and the newly emphasized digital asset space. The leadership team appointed for the digital asset strategy includes Maja Vujinovic, CEO of Digital Assets, who has experience launching institutional-grade finance transactions on blockchain in 2015. Theodore Rosenthal, President of Digital Assets, is noted as a hedge fund founder and manager of TMR Capital.

The capital infusion to fuel the new strategy is a concrete, recent resource injection. FG Financial Group, Inc. (then Fundamental Global Inc.) successfully closed a $200 million private placement around August 5, 2025, to accelerate its Ethereum treasury strategy. The company sold 40,000,000 prefunded common stock warrants at $5.00 per warrant.

The value tied up in legacy assets provides a foundational equity base. While the prompt suggests an estimate, the reported Tangible Book Value per Share for FG Financial Group (FGFPP) provides a hard figure. The Quarterly Tangible Book Value per Share was reported at $54.26. For context on the insurance subsidiary's equity value, the Book Value per Share for F&G Annuities & Life (FG) in Q3 CY2025 was $33.88.

Here is a summary of the key financial and capital resources:

Resource Component	Metric/Detail	Value/Amount	Date/Period Reference
Liquidity	Current Ratio (TTM)	3.91	TTM Oct 2025
Capital Base	Private Placement Proceeds	$200 million	Closed Aug 2025
Legacy Assets Equity	Tangible Book Value per Share (Quarterly)	$54.26	Most Recent Quarterly
Reinsurance Operations	Net Premiums Earned (Q3)	$4.4 million	Year-over-Year Q3 2022
Insurance Subsidiary Performance	Adjusted Net Earnings per Share (Q3)	$1.22	Q3 CY2025

The strategic deployment of this capital is focused on digital transformation, as evidenced by the plan to establish Ethereum as the primary treasury reserve asset. The company's structure is designed to offer multiple value drivers, including staking rewards and access to tokenized real-world asset opportunities.

The key operational and capital components supporting FG Financial Group, Inc. include:

• Licensed reinsurance subsidiary, FG Reinsurance, Ltd. (FGRe).
• Investment portfolio with a Current Ratio of 3.91.
• Management team experience in insurance, merchant banking, and digital assets.
• Secured $200 million in private placement capital.
• Legacy assets supporting a Quarterly Tangible Book Value per Share of $54.26.

Finance: draft 13-week cash view by Friday.

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.