I too thought of the RHG analog. The risk-return is nowhere near...

I too thought of the RHG analog. The risk-return is nowhere near as favorable for FIG (in a run-off scenario) as it was with RHG, though - RHG at one stage was trading at something like 20% of a very bearish liquidation scenario analysis, with significant upside beyond that liquidation assumption (assuming some of their securitized loan pools didn't go bad, which turned out to be correct). FIG is trading now at >50% of liquidation value, assuming their trail commission is roughly fairly valued, with little upside to that trail commission value.

RHG turned out to be a >10 bagger for those who got it near the lows, whereas those returns aren't on offer for FIG (yet...).