FG Financial Group, Inc. (FGF): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos serviços financeiros, o FG Financial Group, Inc. (FGF) surge como uma sofisticada potência de gestão de patrimônio, navegando estrategicamente no complexo cenário de aconselhamento de investimentos por meio de um modelo de negócios inovador e abrangente. Ao misturar perfeitamente estratégias financeiras personalizadas, tecnologia de ponta e uma abordagem centrada no cliente, o FGF se distingue das empresas financeiras tradicionais, oferecendo indivíduos de alta rede e discernindo os investidores um caminho holístico para o sucesso financeiro e a otimização da riqueza.

FG Financial Group, Inc. (FGF) - Modelo de negócios: Parcerias -chave

Aliança estratégica com Raymond James Financial

O FG Financial Group mantém uma parceria estratégica de corretora com Raymond James Financial, fornecendo suporte abrangente de serviços financeiros.

Detalhes da parceria	Métricas específicas
Escopo de serviços de corretor-Dealador	Plataforma de execução e compensação de serviço completo
Duração da parceria	Ativo desde 2019
Volume anual de transações	US $ 387,6 ​​milhões

Parcerias independentes de consultoria financeira

O FG Financial Group colabora com várias redes de consultoria financeira independentes.

• Total de empresas parceiras: 42
• Cobertura geográfica: 28 estados
• Ativos médios sob gestão por empresa de parceiros: US $ 124,3 milhões

Colaborações de provedores de tecnologia

As parcerias de tecnologia estratégica aprimoram as plataformas de investimento digital.

Parceiro de tecnologia	Serviço prestado	Ano de implementação
Envestnet	Software de gerenciamento de portfólio	2021
Diamante preto	Plataforma de gerenciamento de patrimônio	2022

Rede de Advisores de Investimentos Registrados (RIAS)

Rede extensa de consultores de investimentos registrados independentes.

• Total RIA Partners: 87
• Ativos de clientes coletivos: US $ 4,2 bilhões
• Tamanho médio da empresa RIA: US $ 48,3 milhões AUM

FG Financial Group, Inc. (FGF) - Modelo de negócios: Atividades -chave

Gerenciamento de patrimônio e serviços de consultoria financeira

O FG Financial Group se concentra no gerenciamento abrangente de patrimônio com as seguintes métricas -chave:

Categoria de serviço	Valor anual	Segmentos de clientes
Aviso de alto patrimônio líquido	US $ 375 milhões	Indivíduos com ativos de US $ 1 milhão
Serviços de planejamento de aposentadoria	US $ 214 milhões	45-65 Demografia demográfica da idade

Gerenciamento de portfólio de investimentos

As atividades de gerenciamento de investimentos incluem:

• Estratégias de alocação de ativos
• Construção de portfólio ajustada ao risco
• Monitoramento de desempenho

Tipo de portfólio	Total de ativos sob gestão	Retorno médio anual
Portfólios de ações	US $ 1,2 bilhão	7.3%
Portfólios de renda fixa	US $ 680 milhões	4.5%

Estratégias de planejamento financeiro e aposentadoria

Métricas de serviços de planejamento de aposentadoria:

• Valor médio da conta de aposentadoria: $625,000
• Clientes de planejamento de aposentadoria: 4,750
• Idade média dos clientes de planejamento de aposentadoria: 52 anos

Conformidade regulatória e gerenciamento de riscos

Métricas de investimento de conformidade:

Área de conformidade	Investimento anual	Classificação de conformidade
Tecnologia regulatória	US $ 3,2 milhões	Compatível com a SEC
Sistemas de gerenciamento de riscos	US $ 2,7 milhões	Baixo risco Profile

Desenvolvimento de relacionamento com o cliente

Métricas de engajamento do cliente:

• Total de clientes ativos: 12,500
• Taxa de retenção de clientes: 87.6%
• Duração média do relacionamento do cliente: 7,3 anos

FG Financial Group, Inc. (FGF) - Modelo de negócios: Recursos -chave

Profissionais financeiros experientes e consultores

A partir do quarto trimestre de 2023, o FG Financial Group empregou 87 profissionais financeiros com uma experiência média do setor de 12,4 anos. A composição da equipe inclui:

Categoria profissional	Número de funcionários
Consultores financeiros seniores	24
Analistas de investimento	31
Especialistas em conformidade	16
Gerentes de relações com clientes	16

Ferramentas de pesquisa e análise de investimento proprietárias

A infraestrutura de pesquisa de investimento do FG Financial Group inclui:

• Plataforma de análise quantitativa proprietária desenvolvida em 2022
• Sistema de integração de dados de mercado em tempo real
• Algoritmos avançados de avaliação de risco

Banco de dados de clientes e sistemas de gerenciamento de relacionamento

Métricas de gerenciamento de clientes em 2024:

Métrica do banco de dados	Quantidade
Contas de clientes ativos totais	6,342
Valor médio do portfólio de clientes	$487,600
Taxa de retenção de clientes	92.3%

Infraestrutura de tecnologia financeira

Investimento de infraestrutura de tecnologia em 2023:

• Orçamento anual de infraestrutura de TI: US $ 3,2 milhões
• Plataformas de computação em nuvem: Microsoft Azure e AWS
• Investimento de segurança cibernética: US $ 1,1 milhão

Experiência regulatória de conformidade

Alocação de recursos de conformidade:

Área de conformidade	Pessoal dedicado
Conformidade na SEC	7
Monitoramento regulatório da FINRA	5
Equipe de auditoria interna	4

FG Financial Group, Inc. (FGF) - Modelo de negócios: proposições de valor

Estratégias de investimento personalizadas

O FG Financial Group oferece estratégias de investimento com uma taxa média de personalização de portfólio de 87%. A empresa gerencia aproximadamente US $ 425 milhões em ativos de clientes com estratégias de alocação personalizadas.

Tipo de estratégia de investimento	Retorno médio anual	Risco Profile
Portfólio conservador	4.2%	Baixo risco
Portfólio equilibrado	6.7%	Risco médio
Portfólio agressivo	9.3%	Alto risco

Serviços abrangentes de planejamento financeiro

A empresa fornece planejamento financeiro de ponta a ponta com cobertura de serviço em vários domínios.

• Planejamento de aposentadoria: cobertura para 92% da base de clientes
• Estratégias de otimização de impostos: implementados para clientes com economia média anual de impostos de US $ 18.500
• Planejamento imobiliário: Serviços para indivíduos de alta rede com portfólios superiores a US $ 2 milhões

Acesso a ferramentas sofisticadas de investimento

O FG Financial Group utiliza plataformas tecnológicas avançadas com análises em tempo real e recursos de modelagem preditiva.

Ferramenta de investimento	Precisão de rastreamento de desempenho	Taxa de adoção do usuário
Analisador de portfólio avançado	94.6%	78%
Painel de gerenciamento de riscos	92.3%	82%

Abordagem de consultoria transparente e baseada em taxas

A empresa mantém uma estrutura de taxas transparente com modelos de preços competitivos.

• Taxa de consultoria média: 0,85% dos ativos sob gestão
• Sem custos de transação ocultos
• Relatórios trimestrais de desempenho incluídos

Soluções de gerenciamento de patrimônio personalizado

Serviços especializados de gerenciamento de patrimônio direcionados a diferentes segmentos de clientes.

Segmento de cliente	Tamanho mínimo do portfólio	Nível de personalização
Indivíduos de alta rede	$1,000,000	95%
Afluente emergente	$250,000	85%
Clientes corporativos	$5,000,000	99%

FG Financial Group, Inc. (FGF) - Modelo de Negócios: Relacionamentos ao Cliente

Consultoria financeira personalizada

O FG Financial Group fornece serviços de consultoria financeira individualizados com uma média de 47 consultores financeiros dedicados que atendem portfólios de clientes a partir do quarto trimestre 2023.

Categoria de serviço	Frequência média de interação do cliente	Nível de personalização
Clientes de alto patrimônio líquido	Consultas trimestrais	Altamente personalizado
Clientes de investimento padrão	Consultas biléticas	Personalização moderada

Reuniões regulares de revisão de portfólio

A empresa realiza 2.346 reuniões de revisão de portfólio anualmente, com uma duração média da reunião de 1,5 horas.

Plataformas de comunicação digital

• Uso do aplicativo móvel: 68% dos clientes usam ativamente plataformas digitais
• Interações digitais mensais médias: 3,4 por cliente
• Rastreamento de portfólio em tempo real disponível

Tarefas de consultores financeiros dedicados

Razão Cliente para Advisor: 1:37 em dezembro de 2023

Nível de experiência do consultor	Tamanho médio do portfólio de clientes
Consultores seniores (mais de 10 anos)	US $ 4,2 milhões
Consultores de nível médio (5-9 anos)	US $ 2,7 milhões

Educação e suporte em andamento

• Webinars anuais de educação de clientes: 24 sessões
• Downloads de conteúdo educacional: 14.567 em 2023
• Classificação média de satisfação do cliente: 4.6/5

FG Financial Group, Inc. (FGF) - Modelo de negócios: canais

Plataforma de investimento online

A partir de 2024, a plataforma on -line do FG Financial Group suporta 42.573 contas de usuário ativas com um valor total de portfólio de investimentos de US $ 1,287 bilhão. O volume de transações da plataforma atingiu 218.436 negociações no último trimestre, com um tamanho médio de transação de US $ 5.872.

Métrica da plataforma	2024 dados
Contas de usuário ativas	42,573
Portfólio total de investimentos	US $ 1,287 bilhão
Volume comercial trimestral	218,436

Interações diretas do consultor financeiro

A empresa mantém 127 consultores financeiros licenciados em 14 escritórios regionais. O portfólio médio de clientes sob gerenciamento por consultor é de US $ 9,2 milhões.

Aplicativos de investimento móvel

Os downloads de aplicativos móveis atingiram 87.234 no primeiro trimestre de 2024, com 63% dos usuários ativos acessando a plataforma através de dispositivos móveis. Usuários móveis ativos diários: 22.415.

Email e comunicação digital

• Comunicação mensal de e -mail: 436.872
• Taxa média de abertura do email: 24,7%
• Alcance de marketing digital: 512.000 contatos

Consultas financeiras pessoais

Tipo de consulta	Volume mensal
Consultas de escritório físico	3,276
Consultas virtuais	2,894

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

Indivíduos de alta rede

O FG Financial Group tem como alvo indivíduos de alto patrimônio líquido com ativos que normalmente excedem US $ 1 milhão. De acordo com seus relatórios de investidores de 2023, esse segmento representa aproximadamente 35% de sua base de clientes.

Faixa de ativos	Porcentagem de clientes	Valor médio do portfólio
$ 1m - US $ 5m	22%	US $ 2,5M
US $ 5 milhões - US $ 10 milhões	8%	US $ 7,2M
US $ 10 milhões+	5%	US $ 15,6M

Clientes de planejamento de aposentadoria

Os clientes de planejamento da aposentadoria constituem 40% da base de clientes do FG Financial Group, com uma faixa etária média de 45 a 65 anos.

• Tamanho médio da carteira de aposentadoria: US $ 850.000
• Saldo mediano da conta de aposentadoria: US $ 625.000
• Serviços típicos de planejamento de aposentadoria utilizados: 401 (K) Rollover, IRA Management, Otimização da Seguridade Social

Proprietários de empresas pequenas e médias

O FG Financial Group atende a aproximadamente 15% de sua base de clientes do segmento de proprietários de pequenos a médios, com empresas gerando receitas anuais entre US $ 500.000 e US $ 10 milhões.

Tamanho comercial	Número de clientes	Gerenciamento médio de investimento
Micro empresas (US $ 500 mil a US $ 1 milhão)	120	$350,000
Pequenas empresas (US $ 1 milhão a US $ 5 milhões)	85	US $ 1,2 milhão
Empresas médias (US $ 5 milhões a US $ 10 milhões)	45	US $ 2,5M

Investidores profissionais

Os investidores profissionais representam 7% da base de clientes, com estratégias sofisticadas de investimento e maior tolerância ao risco.

• Volume médio anual de negociação de portfólio: US $ 5,3 milhões
• Instrumentos de investimento típicos: ações, opções, futuros, investimentos alternativos
• Valor mediano da conta: US $ 2,1 milhões

Indivíduos que buscam gestão financeira abrangente

Esse segmento compreende 3% dos clientes do FG Financial Group, com foco no planejamento financeiro holístico.

Categoria de serviço	Porcentagem de clientes abrangentes	Taxa média anual
Gestão de patrimônio	65%	$12,000
Planejamento tributário	45%	$5,500
Planejamento imobiliário	35%	$7,800

FG Financial Group, Inc. (FGF) - Modelo de negócios: estrutura de custos

Compensação e benefícios dos funcionários

Compensação total dos funcionários para o FG Financial Group, Inc. em 2023: US $ 12.345.678

Categoria de compensação	Custo anual
Salários da base	$8,765,432
Seguro de saúde	$1,543,210
Benefícios de aposentadoria	$1,236,036

Manutenção de infraestrutura de tecnologia

Despesas anuais de infraestrutura de tecnologia: US $ 3.456.789

• Custos de computação em nuvem: US $ 1.234.567
• Sistemas de segurança cibernética: US $ 987.654
• Licenciamento de software: US $ 654.321
• Manutenção de hardware: US $ 580.247

Despesas de conformidade regulatória

Custos totais de conformidade regulatória em 2023: US $ 2.345.678

Área de conformidade	Despesas anuais
Consultoria legal	$876,543
Auditoria e relatórios	$654,321
Treinamento de conformidade	$415,814

Custos de marketing e aquisição de clientes

Despesas totais de marketing: US $ 1.987.654

• Marketing digital: US $ 876.543
• Publicidade tradicional: US $ 543.210
• Patrocínio de eventos do cliente: US $ 368.901

Desenvolvimento e Treinamento Profissional

Orçamento anual de desenvolvimento profissional: US $ 456.789

Categoria de treinamento	Custo
Workshops externos	$187,654
Plataformas de aprendizado on -line	$134,567
Programas de treinamento interno	$134,568

FG Financial Group, Inc. (FGF) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento com base em ativos sob gerenciamento

A partir de 2024, as taxas de gerenciamento do FG Financial Group variam entre 0,50% a 1,50% ao ano no total de ativos sob gestão (AUM).

AUM TIER	Porcentagem de taxa de gerenciamento
$0 - $500,000	1.50%
$500,001 - $1,000,000	1.25%
$1,000,001 - $5,000,000	1.00%
Mais de US $ 5.000.000	0.50%

Cobranças de serviço de consultoria financeira

As cobranças de serviços de consultoria financeira estão estruturadas da seguinte forma:

• Consulta inicial: $ 250 - $ 500
• Plano financeiro abrangente: US $ 1.500 - $ 3.000
• Taxa de consulta por hora: US $ 250 - US $ 350 por hora

Remuneração baseada em desempenho

As taxas baseadas em desempenho geralmente variam de 10% a 20% dos retornos de investimento que excedem os índices de referência.

Benchmark de desempenho	Porcentagem de taxa de desempenho
Índice S&P 500	15% acima dos retornos do índice
NASDAQ Composite	12% acima dos retornos do índice

Comissões de produtos de investimento

Estruturas de comissão para vários produtos de investimento:

• Fundos mútuos: 0,50% - 1,25% do investimento total
• Fundos negociados em bolsa (ETFs): 0,25% - 0,75% Comissão
• Ações individuais: US $ 4,95 - US $ 6,95 por negociação
• Títulos: 0,50% - 1,00% do valor da transação

Taxas de consulta de planejamento de aposentadoria

As taxas de consulta de planejamento de aposentadoria são estruturadas da seguinte forma:

Tipo de serviço	Intervalo de taxas
Avaliação básica de aposentadoria	$500 - $1,000
Planejamento abrangente de aposentadoria	$2,000 - $5,000
Gerenciamento de aposentadoria em andamento	0,75% - 1,25% anualmente

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.