FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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OMB Number: 3235-0287
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Fundamental Global GP, LLC		 2. Issuer Name and Ticker or Trading Symbol

FG Financial Group, Inc. [ FGF ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    __X__ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle)

108 GATEWAY BLVD., SUITE 204, 		 3. Date of Earliest Transaction (MM/DD/YYYY)

12/2/2022
(Street)

MOORESVILLE, NC 28117
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
 6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
8.00% Cumulative Preferred Stock, Series A, $25.00 par value 12/2/2022  P  650 A$19.06 (1)56131 (2)(3)(4)I FG Financial Holdings, LLC 
COMMON STOCK, PAR VALUE $0.01 PER SHARE         5619111 (2)(3)(4)I FG Financial Holdings, LLC 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)		8. Price of Derivative Security
(Instr. 5)		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
(1) The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $19.00 to $19.46, inclusive. The Reporting Persons undertake to provide to the Company, any security holder of the Company or the staff of the U.S. Securities and Exchange Commission, upon request, full information regarding the number of shares of Preferred Stock purchased at each separate price within the range set forth above.
(2) FG Financial Holdings, LLC ("FGFH"), which is managed by Fundamental Global GP, LLC ("FGGP"), beneficially owns in the aggregate 56,131 shares of Preferred Stock and 5,619,111 shares of Common Stock, which represent approximately 59.8% of the Company's outstanding shares of Common Stock. FGGP may be deemed to be a beneficial owner of the securities disclosed as directly owned by FGFH.
(3) Due to their positions with FGGP and affiliated entities, Messrs. D. Kyle Cerminara and Joseph H. Moglia may be deemed to be beneficial owners of the securities disclosed as directly owned by FGFH. Mr. Cerminara also holds additional shares of Common Stock and Preferred Stock. Each Reporting Person disclaims beneficial ownership of the securities referred to herein except to the extent of his or its pecuniary interest therein.
(4) Ballantyne Strong, Inc. ("BTN") owns membership interests in FGFH and may be deemed to be a beneficial owner of the securities disclosed as directly owned by FGFH; however, BTN disclaims beneficial ownership of the securities referred to herein except to the extent of its pecuniary interest therein.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Fundamental Global GP, LLC
108 GATEWAY BLVD., SUITE 204
MOORESVILLE, NC 28117
X

Cerminara Kyle
C/O FUNDAMENTAL GLOBAL GP, LLC
108 GATEWAY BOULEVARD, SUITE 204
MOORESVILLE, NC 28117		XX

MOGLIA JOSEPH H
C/O FUNDAMENTAL GLOBAL GP, LLC
108 GATEWAY BOULEVARD, SUITE 204
MOORESVILLE, NC 28117
X

BALLANTYNE STRONG, INC.
5960 FAIRVIEW ROAD, SUITE 275
CHARLOTTE, NC 28210
X

FG Financial Holdings, LLC
108 GATEWAY BLVD., SUITE 204
MOORESVILLE, NC 28117
X
Signatures
FUNDAMENTAL GLOBAL GP, LLC /S/ D. KYLE CERMINARA, CHIEF EXECUTIVE OFFICER12/6/2022
**Signature of Reporting PersonDate

BALLANTYNE STRONG, INC., /S/ MARK D. ROBERSON, CHIEF EXECUTIVE OFFICER12/6/2022
**Signature of Reporting PersonDate

FG FINANCIAL HOLDINGS, LLC, /S/ D. KYLE CERMINARA, MANAGER12/6/2022
**Signature of Reporting PersonDate

FG FINANCIAL HOLDINGS, LLC, /S/ RYAN R. K. TURNER, MANAGER12/6/2022
**Signature of Reporting PersonDate

/S/ D. KYLE CERMINARA12/6/2022
**Signature of Reporting PersonDate

/S/ JOSEPH H. MOGLIA12/6/2022
**Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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