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配当を出さず稼ぎを再投資する、黒字で財務も底堅い会社
伝統的な金融事業を売り、その代金を暗号資産と自社株の二つだけに振り向けるという、極端に絞った資本配分を選んでいる。
2025年9月にFundamental GlobalからFG Nexusへ改称し、事業の重心も同時に動いた。再保険事業は2026年1月に手放し、対価は買い手企業の40%の持ち分と利息付きの手形で受け取っている。
暗号資産の価格が下がれば、資産価値がそのまま目減りする。事業を次々に畳んだ結果、次の柱がまだ立っておらず、買い戻しに使う現金の出どころも売却代金に依存している。
2025年9月に最大$200Mの自社株買い枠を決め、2026年3月までの5カ月で普通株の約25.8%を買い戻した。2026年2月には1対5の株式併合も実施し、株数の見え方が短期間で大きく変わっている。
残る収益源は暗号資産の値動きと自己勘定の投資、そして特別買収目的会社の運営に絞られてきた。ケベックの不動産も約$11Mでの売却を交渉中で、事業から入る安定収入という土台は薄い。
5カ月で発行済み普通株の約4分の1を買い戻したという一点に、この会社の性格はほぼ表れている。
原資は本業の利益ではなく、事業を畳んで得た代金だ。再保険事業を2026年1月に売り、ケベックの不動産も手放す交渉を進める一方で、残す軸には暗号資産の保有を選んだ。社名も事業構成もこの数年で繰り返し姿を変えており、いま見えている形が最終形とは限らない。
資産 $164M のうち、借金などの負債を引いて株主のものと言えるのは $143M（88%）。
自己資本比率は同業の中央値を上回る
この判定で見た指標: 自己資本比率。預金や保険の準備金が負債に立つ業態のため、流動比率と D/E は判定に使わず、自己資本比率を同業の中央値と比べています。
無配
配当を出さず、稼いだお金を成長のための投資や借入の返済に充てる段階です。利益を会社の中で再投資して価値を伸ばすことを優先しています。
従業員数は在籍する人数、採用人数は年度中に新しく採用した人数です。年度は会社ごとの会計年度で、会社（発行体）単位の開示値を掲載しています。
従業員数 5/5年度・採用人数 0/5年度に数値あり。 未確認は0人を意味せず、非開示は会社が開示しないと明示した項目です。
| 会計年度 | 従業員数 | 年間採用人数 |
|---|---|---|
| 2021 | 9人雇用形態の区分未確認 | 未確認 |
| 2022 | 7人雇用形態の区分未確認 | 未確認 |
| 2023 | 6人雇用形態の区分未確認 | 未確認 |
| 2024 | 130人雇用形態の区分未確認 | 未確認 |
| 2025 | 15人雇用形態の区分未確認 | 未確認 |
FTEは労働時間を常勤換算した値です。常勤のみ・年平均などの定義、単体・連結の範囲、買収による変化は年度で異なる場合があります。5年分の数値があっても、同じ条件で比較できるとは限りません。
e SPAC, as well as assistance with the de-SPAC process. Additional information regarding our formation of FGSS and our SPAC Platform can be found in Note 9 – Related Party Transactions. Employees As of December 31, 2021 we had nine employees. We are not a party to any collective bargaining agreement and believe that relations with our employees are satisfactory. Each of our employees has entered into confidentiality agreements with us. Website Our corporate website is www.fgfinancial.com. A copy of our Code of Ethics can be found in the Governance Documents section of our website. Information contained at the website is not a part of this report. ITEM 1A. RISK FACTORS Risks Relating to Our Industry, Business and Operations We have had limited operations upon which to predict our future performance, since the sale of our former insurance business. Since we sold our former insuran
d further in Note 4, the Company will hold this investment at cost, subject to any adjustment from time to time due to impairment or observable price changes in orderly transactions. 4 Employees As of December 31, 2022, we had seven employees. We are not a party to any collective bargaining agreement and believe that relations with our employees are satisfactory. Each of our employees has entered into confidentiality agreements with us. Website Our corporate website is www.fgfinancial.com. A copy of our Code of Ethics can be found in the Governance Documents section of our website. Information contained at the website is not a part of this report. ITEM 1A. RISK FACTORS Risks Relating to Our Industry, Business and Operations We have had limited operations upon which to predict our future performance, since the sale of our former insurance business. Since we sold our former insuran
e as a co-sponsor for newly formed SPACs. In the third quarter of 2022, the Company announced the expansion of its growth strategy through the formation of a merchant banking division. Employees As of December 31, 2023, we had six employees. We are not a party to any collective bargaining agreement and believe that relations with our employees are satisfactory. Website Our corporate website is www.fundamentalglobal.com. A copy of our Code of Ethics can be found in the Governance Documents section of our website. Information contained at the website is not a part of this report. ITEM 1A. RISK FACTORS Risks Relating to Our Industry, Business and Operations We have had limited operations upon which to predict our future performance, since the sale of our former insurance business. At the end of 2019, we sold our former insurance business, and began to transition to operate as a re
com. A copy of our Code of Ethics can be found in the Governance Documents section of our website. Information contained at the website is not a part of this report. Human Capital Resources We employed 130 persons at December 31, 2024, all of which were full-time. Of these employees, 31 positions were considered operational, 67 were service related and 32 were
ion of our website and is attached hereto as Exhibit 14.1 and is herein incorporated by reference. Information contained at the website is not a part of this report. Human Capital Resources We employed 15 persons at December 31, 2025, all of which were full-time. We are not a party to any collective bargaining agreement. We believe we comply with all applicabl
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