XML 26 R12.htm IDEA: XBRL DOCUMENT v3.20.4
6. Investment in Securities
12 Months Ended
Dec. 31, 2020
Investments [Abstract]  
6. Investment in Securities

The Company has an investment in a limited partnership, FGI 1347 Holdings, LP (“1347 LP”), of which the Company is the sole limited partner. FGI 1347 Holdings, LP was established for the purpose of investing in securities.

As of December 31, 2020, the Company indirectly held approximately $110 in cash and 477,282 shares of FG Financial Group, Inc. (formerly 1347 Property Insurance Holdings, Inc.) (Nasdaq: FGF) with fair value of $2,014, through an investment in FGI 1347 Holdings, LP. These shares were purchased in March and May 2018 for approximately $3,741.

During the years ended December 31, 2020 and 2019, the Company recognized a loss of approximately $620 and a gain of approximately $716, respectively, due to changes in the unrealized loss on investment in securities.

Affiliates of Fundamental Global Investors, LLC (“FG”) serve as the general partner and the investment manager of 1347 LP, and the Company is the sole limited partner. As the sole limited partner, the Company is entitled to 100% of net assets held by 1347 LP. The general partner of 1347 LP is entitled to a management fee from 1347 LP. There were no fees paid to the general partner or its affiliates for the years ended December 31, 2020 or 2019. As of December 31, 2020, the Company and the affiliates of FG, including, without limitation, Ballantyne Strong, Inc., beneficially owned in the aggregate 3,109,891 shares of FGF’s common stock, representing approximately 62.7% of FGF’s outstanding shares. FG with its affiliates is the largest stockholder of the Company. Mr. Kyle Cerminara, a member of the Company’s Board of Directors, is Chief Executive Officer, Co-Founder and Partner of FG and serves as Chairman of the Board of Directors of Ballantyne Strong, Inc. Mr. Cerminara also serves as Chairman of the Board of Directors of FGF.