EX-99.1 2 rily-20251231xex991.htm EX-99.1 Document
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FOR IMMEDIATE RELEASE

BRC Group Holdings, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results

Fourth Quarter 2025 Net Income Available to Common Shareholders of $84.8 Million;
Fourth Quarter 2025 Adjusted EBITDA of $104.2 Million
Full Year 2025 Net Income Available to Common Shareholders of $299.4 Million;
Full Year 2025 Adjusted EBITDA of $231.1 Million

LOS ANGELES, March 31, 2026 – BRC Group Holdings, Inc. (Nasdaq: RILY) (“BRCGH” or the “Company”), a diversified holding company, today announced the filing of its Annual Report on Form 10-K for the three and twelve-month periods ended December 31, 2025.

Fourth Quarter & Full Year 2025 Highlights

•Strong fourth quarter and full year 2025 financial performance was driven by investment appreciation, strategic asset dispositions and operating segment performance while accomplishing a comprehensive balance sheet and operating platform transformation.
•Total debt reduced significantly by $346.6 million to $1.43 billion through senior note exchanges, redemption of senior notes, term loan repayments, and other debt paydowns.
•Net Debt(5) declined substantially by $75.9 million in the fourth quarter 2025 and $436.7 million in the full year 2025, to $627.0 million at December 31, 2025, which was primarily achieved through asset sales, investment appreciation, and senior note exchanges.
•Completed several strategic and operational objectives throughout the year including the sale of GlassRatner and Atlantic Coast Recycling, generating proceeds that were applied to debt reduction and funding operations.
•Successfully transitioned to new chief financial officer in June and independent auditor in September, and brought all SEC financial reporting current, filing three 2025 10-Qs between November 2025 and January 2026. Regained compliance with Nasdaq’s Periodic Filing Rule in January 2026.
•Fourth quarter and full year 2025 results fall within or above estimates provided on January 29, 2026 and updated on March 17, 2026, which are summarized in table Preliminary Estimates vs. Actual Financial Results.

Bryant Riley, Chairman and Co-Chief Executive Officer of BRCGH, commented: “Strong fourth quarter and full year 2025 financial results were delivered across our diverse platform of operating companies and investment holdings. The capital markets and financial services businesses performed well, overcoming difficult market conditions in the first half of 2025. The Communications Business Group (Lingo, magicJack, Marconi Wireless, and UOL) exceeded expectations, delivering high quality earnings and strong cash flows. And, the investment holdings portfolio appreciated meaningfully with improving underlying fundamentals going into 2026.

Transitioning to the 2026 outlook, Riley added: “We enter 2026 with a great opportunity to expand our capacity to serve clients, drive earnings across our operating businesses, increase our investment portfolio value, drive down corporate costs, and continue to reduce debt. We have unique middle market and small cap market experiences and capabilities to deliver complex, specialized capital solutions, advise companies, and acquire businesses. With many operating distractions resolved in 2025, we are positioned to capitalize on market opportunities while we drive enterprise-wide efficiencies.

“As we approach our 30th year in business, we wanted to congratulate our team on a great year and look to continue to leverage their agility and determination to serve our clients and shareholders.”




BRC Group Holdings, Inc. | www.brcgh.com



BRC Fourth Quarter and Full Year 2025 Financial Results Summary
Three Months Ended December 31,
Twelve Months Ended December 31,
(Dollars in thousands, except for share data)
2025
2024
2025
2024
Net income (loss) available to common shareholders
$
84,821 
$
877 
$
299,355 
$
(772,334)
Basic income (loss) per common share
$
2.77 
$
0.02 
$
9.80 
$
(25.46)
Diluted income (loss) per common share
$
2.77 
$
0.02 
$
9.80 
$
(25.46)
Three Months Ended December 31,
Twelve Months Ended December 31,
(Dollars in thousands)
2025
2024
2025
2024
Operating Revenues (1)
$
224,673 
$
255,940 
$
890,833 
$
1,150,226 
Investment Gains (Losses) (2)
53,690 
(77,358)
76,766 
(403,805)
      Total Revenues
$
278,363 
$
178,582 
$
967,599 
$
746,421 
Total Adjusted EBITDA (3)
$
104,213 
$
(113,838)
$
231,115 
$
(568,292)
Operating Adjusted EBITDA (4)
$
20,473 
$
15,210 
$
112,088 
$
100,903 
•Net income available to common shareholders was $84.8 million in the fourth quarter 2025, up from $0.9 million in the fourth quarter 2024. Net income available to common shareholders was $299.4 million in the full year 2025, up from a net loss of $(772.3) million in the full year 2024. The increase for the full year 2025 compared to the same year ago period was primarily driven by investment appreciation, gain on sale and deconsolidation of businesses, gain on senior note exchanges, and lower operating expenses.
•Revenues were $278.4 million in the fourth quarter 2025, up from $178.6 million in the fourth quarter 2024. Revenues were $967.6 million in the full year 2025, up from $746.4 million in the full year 2024. The increase for the full year 2025 compared to the same year ago period was primarily driven by investment appreciation.
•Adjusted EBITDA(3) was $104.2 million in the fourth quarter 2025, up from $(113.8) million in the fourth quarter 2024. Adjusted EBITDA was $231.1 million in the full year 2025, up from $(568.3) million in the full year 2024.
•Operating Adjusted EBITDA(4) was $20.5 million in the fourth quarter 2025, up from $15.2 million in the fourth quarter 2024. Operating Adjusted EBITDA was $112.1 million in the full year 2025, up from $100.9 million in the full year 2024.
•Total debt was $1.43 billion, with Net Debt(5) of $627.0 million, at December 31, 2025, down from $1.77 billion and $1.06 billion, respectively, at December 31, 2024. The reduction in Net Debt was primarily due to asset sales, investment appreciation, and senior note exchanges.
•Cash, cash equivalents, and restricted cash was $229.3 million at December 31, 2025, down from $247.3 million at December 31, 2024.
•Securities and other investments owned were $446.8 million and Total Investments(6) were $520.5 million at December 31, 2025, up from $282.3 million and $432.6 million at December 31, 2024, respectively. The increase was primarily attributable to appreciation in public equities.
•Basic and diluted earnings per common share (EPS) were $2.77 in the fourth quarter 2025, compared to $0.02 in the fourth quarter 2024. Basic and diluted EPS were $9.80 in the full year 2025, up from $(25.46) in the full year 2024.
BRC Group Holdings, Inc. | www.brcgh.com



Segment Operations Fourth Quarter and Full Year 2025 Financial Results Summary
Three Months Ended December 31,
Twelve Months Ended December 31,
(Dollars in thousands)
2025
2024
2025
2024
Segment Revenues
Capital Markets
$
92,588 
$
48,364 
$
264,712 
$
217,668 
Wealth Management
47,270 
48,032 
175,572 
200,746 
Lingo
42,998 
41,878 
164,148 
195,886 
magicJack
9,025 
10,163 
37,934 
42,845 
Marconi Wireless
7,937 
10,078 
34,784 
41,207 
UOL
3,008 
3,769 
13,145 
15,133 
Consumer Products
49,186 
49,858 
181,540 
202,597 
Segment Income (Loss)
Capital Markets
$
53,230 
$
3,836 
$
89,486 
$
(18,783)
Wealth Management
7,651 
2,303 
15,246 
6,430 
Lingo
3,846 
1,379 
13,136 
326 
magicJack
4,253 
4,265 
18,567 
18,431 
Marconi Wireless
3,302 
1,782 
9,410 
9,833 
UOL
1,421 
1,864 
6,302 
5,728 
Consumer Products
(3,970)
(16,145)
(16,345)
(52,367)
•Capital Markets segment revenues increased to $92.6 million in the fourth quarter 2025, up from $48.4 million in the fourth quarter 2024. Segment income increased to $53.2 million in the fourth quarter 2025, up from $3.8 million in the fourth quarter 2024. Segment revenues increased to $264.7 million in the full year 2025, up from $217.7 million in the full year 2024. Segment income increased to $89.5 million in the full year 2025, up from segment loss of $(18.8) million in the full year 2024. Revenues and segment income increased year-over-year, driven by higher trading gains from investment appreciation and underwriting activities. In the first half of 2025, the core investment banking and advisory business navigated a challenging market environment and the carve out transaction, with performance improving in the second half of 2025 in line with broader industry trends.
•Wealth Management segment revenues decreased to $47.3 million in the fourth quarter 2025, down from $48.0 million in the fourth quarter 2024. Segment income increased to $7.7 million in the fourth quarter 2025, up from $2.3 million in the fourth quarter 2024. Segment revenues decreased to $175.6 million in the full year 2025, down from $200.7 million in the full year 2024. Segment income increased to $15.2 million in the full year 2025, up from $6.4 million in the full year 2024. In addition to advisory and brokerage fees, the segment benefited from gains in structured equity products and carried interest appreciation during the year. In 2025, the Company completed the strategic sale of a portion of its advisory business to Stifel, which was the primary driver of the revenue decline. Despite lower assets under management, profitability improved through cost reductions and back-office integration. B. Riley Wealth had approximately $13.0 billion of client assets under management at December 31, 2025.
•Communications Business Group (“CBG”) (Lingo, magicJack, Marconi Wireless, and UOL Reportable Segments), revenues, on a combined basis, decreased to $63.0 million in the fourth quarter 2025, down from $65.9 million in the fourth quarter 2024. On a combined basis, CBG generated income of $12.8 million for the fourth quarter 2025, up from $9.3 million in the fourth quarter 2024. On a combined basis, CBG revenues decreased to $250.0 million in the full year 2025, down from $295.1 million in the full year 2024. On a combined basis, CBG generated income of $47.4 million in the full year 2025, up from $34.3 million in the full year 2024. The revenue decline was in line with expectations, and the Company’s efficient operating platform absorbed the financial impact through disciplined cost management.
BRC Group Holdings, Inc. | www.brcgh.com



•Consumer Products segment revenues slightly decreased to $49.2 million in the fourth quarter 2025, down from $49.9 million in the fourth quarter 2024. Segment loss decreased to $(4.0) million in the fourth quarter 2025, down from $(16.1) million in the fourth quarter 2024. Segment revenues decreased to $181.5 million in the full year 2025, down from $202.6 million in the full year 2024. Segment loss decreased to $(16.3) million in the full year 2025, down from $(52.4) million in the full year 2024. Quarterly revenues were flat year-over-year, signaling early signs of market stabilization. Inventory levels and shrink have normalized.

The Company’s former Communication segment has been separated into four reportable segments, which are aggregated and described as the Communications Business Group. The Capital Markets segment had a few investment entities reclassified as non-reportable segments. These entities are now captured in Corporate and All Other.

Fourth Quarter and Full Year 2025 Earnings Call
Management will provide a detailed review of the Company’s financial performance and operational highlights, followed by a question-and-answer session with analysts and investors.

Date: Tuesday, March 31, 2026

Time: 4:30 p.m. ET (1:30 p.m. PT)

Register for the call at https://evercall.co/oacc/83354 or on the Company’s website at ir.brcgh.com under Events and Presentations. An audio recording will be made available for replay until April 14, 2026.

About BRC Group Holdings, Inc.
BRC Group Holdings, Inc. (Nasdaq: RILY) is a diversified holding company, including financial services, communications, and retail, and investments in equity, debt and venture capital. Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. Our banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Our wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Our communications businesses provide consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Our retail businesses provide mobile computing accessories and home furnishings. BRCGH deploys its capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. For more information, please visit www.brcgh.com.

Note Regarding Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including Operating Revenue, Investment Gains (Losses), Adjusted EBITDA, Operating Adjusted EBITDA, Total Investments, and Net Debt, may be considered non-GAAP financial measures. BRC Group Holdings, Inc. believes this information is useful to investors because it provides a basis for measuring the Company’s available capital resources, the operating performance of its business and its revenues and cash flow, (i) including in the case of Operating Revenue, services and fees, interest income – loans, interest income - securities lending, fixed income spread, trading gains attributable to variable rate transaction spread, and sales of goods. (ii) including in the case of Investment Gains (Losses), trading gains (losses), net and fair value adjustments on loans, less fixed income spread and trading gains attributable to variable rate transaction spread (iii) excluding in the case of Adjusted EBITDA, net interest expense, provisions for or benefit from income taxes, depreciation, amortization, restructuring charge, gain or loss on extinguishment of debt, gain on bargain purchase, gain on sale and deconsolidation of businesses, gain on senior note exchange, impairment of goodwill and tradenames, share-based compensation and transaction related and other costs, (iv) excluding in the case of Operating Adjusted EBITDA, the aforementioned adjustments for adjusted EBITDA as well as trading gains (losses), net, net of fixed income and variable rate transaction spread, fair value adjustments on loans, realized and unrealized gains (losses) on investments net of variable rate transaction spread, and other investment related expenses, (v) including in the case of Total Investments, securities and other investments owned net of (a) securities sold not yet purchased, at fair value and (b) noncontrolling interest related to investments from continuing operations, loans receivable, at fair value net of loan participations sold, equity investments, and other investments reported in prepaid and other assets, (vi) including in the case of Net Debt, term loans, net, senior notes payable, net, revolving credit facility, and notes payable net of (a) cash and cash equivalents, (b) restricted cash, (c) due from clearing brokers net of due to clearing
BRC Group Holdings, Inc. | www.brcgh.com


brokers, and (d) aforementioned included items of Total Investments, that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”). In addition, the Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s operating performance, management compensation, capital resources, and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies.

Footnotes
See “Note Regarding Use of Non-GAAP Financial Measures” for further discussion of these non-GAAP terms. A reconciliation of Operating Revenues, Adjusted EBITDA, Operating Adjusted EBITDA, Total Investments, and Net Debt to the comparable GAAP financial measures is included in the financial statements portion of this press release.

(1)Operating Revenues is defined as the sum of (i) service and fees, (ii) interest income – loans, (iii) interest income - securities lending, (iv) fixed income spread, (v) trading gains attributable to variable rate transaction spread, and (vi) sales of goods.

(2)Investment Gains (Losses) is defined as sum of (i) trading gains (losses), net and (ii) fair value adjustments on loans, less fixed income spread and trading gains attributable to variable rate transaction spread.

(3)Adjusted EBITDA includes earnings from continuing operations before interest, taxes, depreciation, amortization, restructuring charge, share-based payments, gain or loss on extinguishment of debt, gain on bargain purchase, gain on sale and deconsolidation of businesses, gain on senior note exchange, impairment of goodwill and tradenames, and transaction related and other costs.

(4)Operating Adjusted EBITDA is defined as Adjusted EBITDA excluding (i) trading gains (losses), net, net of (a) fixed income and variable rate transaction spread, (ii) fair value adjustments on loans, (iii) realized and unrealized gains (losses) on investments net of variable rate transaction spread, and (iv) other investment-related expenses.

(5)Net Debt is defined as the sum of (a) term loans, net, (b) senior notes payable, net, (c) revolving credit facility, and (d) notes payable, net of (i) cash and cash equivalents, (ii) restricted cash, (iii) due from clearing brokers net of due to clearing brokers, and (iv) Total Investments.

(6)Total Investments is defined as the sum of (a) securities and other investments owned net of (i) securities sold not yet purchased, at fair value and (ii) noncontrolling interest related to investments from continuing operations, (b) loans receivable, at fair value net of loan participations sold, (c) equity investments, and (d) other investments reported in prepaid and other assets.

Forward-Looking Statements
Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. Our forward-looking statements include, without limitation, statements regarding our ability to reduce debt, expectations regarding our future business and expected revenue growth and the appreciation of our investment portfolio. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today’s date. The Company assumes no duty to update forward-looking statements, except as required by law. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s performance or achievements to be materially different from any expected future results, performance, or achievements. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risks described from time to time in the Company’s periodic filings with the SEC, including, without limitation, the risks described in the Company’s 2025 Annual Report on Form 10-K under the captions
BRC Group Holdings, Inc. | www.brcgh.com


“Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (as applicable). These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements.

# # #

BRC Group Holdings, Inc. | www.brcgh.com



BRC GROUP HOLDINGS, INC.
Consolidated Balance Sheets
(Dollars in thousands, except share and par value)
December 31,
2025
December 31,
2024
Assets
Assets:
Cash and cash equivalents
$
226,601 
$
146,852 
Restricted cash
2,676 
100,475 
Due from clearing brokers
51,000 
30,713 
Securities and other investments owned ($382,461 and $215,225 at fair value)
446,843 
282,325 
Securities borrowed
114,937 
43,022 
Accounts receivable, net of allowance for credit losses of $6,108 and $6,100
55,473 
68,653 
Due from related parties
— 
189 
Loans receivable, at fair value ($2,835 and $51,902 from related parties)
26,303 
90,103 
Equity investments
90,433 
85,487 
Prepaid expenses and other assets ($— and $3,449 from related parties)
128,650 
157,429 
Operating lease right-of-use assets
32,109 
51,509 
Property and equipment, net
17,606 
18,679 
Goodwill
392,687 
392,687 
Other intangible assets, net
118,290 
146,446 
Deferred income taxes
763 
13,598 
Assets held for sale
— 
84,723 
Assets of discontinued operations
2,221 
70,373 
Total assets
$
1,706,592 
$
1,783,263 
Liabilities and Equity (Deficit)
Liabilities:
Accounts payable
$
41,463 
$
51,238 
Accrued expenses and other liabilities ($6,400 and $— at fair value)
154,780 
185,745 
Deferred revenue
49,907 
58,148 
Deferred income taxes
4,109 
5,462 
Due to related parties and partners
— 
3,404 
Securities sold not yet purchased, at fair value
9,809 
5,675 
Securities loaned
97,321 
27,942 
Operating lease liabilities
40,902 
58,499 
Notes payable
— 
28,021 
Loan participations sold
— 
6,000 
Revolving credit facility
6,638 
16,329 
Term loans, net
119,297 
199,429 
Senior notes payable, net
1,301,798 
1,530,561 
Liabilities held for sale
— 
41,505 
Liabilities of discontinued operations
830 
21,321 
Total liabilities
1,826,854 
2,239,279 
BRC Group Holdings, Inc. | www.brcgh.com


BRC Group Holdings, Inc. stockholders’ equity (deficit):
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 4,563 shares issued and outstanding and liquidation preference of $122,142 and $114,082
— 
— 
Common stock, $0.0001 par value; 100,000,000 shares authorized; 30,597,066 and 30,499,931 shares issued and outstanding
3 
3 
Additional paid-in capital
598,022 
589,387 
Accumulated deficit
(763,286)
(1,070,996)
Accumulated other comprehensive loss
(6,272)
(6,569)
Total BRC Group Holdings, Inc. stockholders’ deficit
(171,533)
(488,175)
Noncontrolling interests
51,271 
32,159 
Total deficit
(120,262)
(456,016)
Total liabilities and deficit
$
1,706,592 
$
1,783,263 
BRC Group Holdings, Inc. | www.brcgh.com



BRC GROUP HOLDINGS, INC.
Consolidated Statements of Operations
(Dollars in thousands, except share and per share data)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
(Unaudited)
(Unaudited)
Revenues:
Services and fees (includes $3,375 and $10,773 for the three months ended December 31, 2025 and 2024 and $12,543 and $18,575 for the twelve months ended December 31, 2025 and 2024 from related parties, respectively)
$
158,557 
$
191,741 
$
633,836 
$
783,304 
Trading gains (losses), net
61,009 
(6,781)
125,530 
(57,007)
Fair value adjustments on loans (includes $5,246 and $(63,159) for the three months ended December 31, 2025 and 2024 and $2,061 and $(328,671) for the twelve months ended December 31, 2025 and 2024 from related parties, respectively)
5,549 
(66,238)
(448)
(325,498)
Interest income - loans (includes $92 and $(1,689) for the three months ended December 31, 2025 and 2024 and $1,910 and $33,186 for the twelve months ended December 31, 2025 and 2024 from related parties, respectively)
1,431 
2,247 
10,574 
54,141 
Interest income - securities lending
1,506 
1,248 
6,993 
70,862 
Sale of goods
50,311 
56,365 
191,114 
220,619 
Total revenues
278,363 
178,582 
967,599 
746,421 
Operating expenses:
Direct cost of services
32,210 
45,893 
139,417 
213,901 
Cost of goods sold
38,517 
48,737 
145,364 
167,634 
Selling, general and administrative expenses
146,099 
171,381 
599,748 
689,410 
Restructuring charge
(310)
597 
195 
1,522 
Impairment of goodwill and tradenames
— 
77,692 
1,500 
105,373 
Interest expense - Securities lending and loan participations sold
1,013 
1,073 
5,794 
66,128 
Total operating expenses
217,529 
345,373 
892,018 
1,243,968 
Operating income (loss)
60,834 
(166,791)
75,581 
(497,547)
Other income (expense):
Interest income
241 
708 
3,710 
3,600 
Dividend income
997 
323 
1,818 
4,462 
Realized and unrealized gains (losses) on investments
34,246 
(51,324)
62,718 
(263,686)
Change in fair value of financial instruments and other
1,857 
4,471 
11,349 
4,471 
(Loss) gain on sale and deconsolidation of businesses
— 
(484)
86,213 
306 
Gain on senior note exchange
— 
— 
67,208 
— 
Income from equity investments
752 
19 
34,996 
31 
Gain (loss) on extinguishment of debt
345 
(12,945)
(21,298)
(18,725)
Interest expense
(20,051)
(31,113)
(92,736)
(133,308)
BRC Group Holdings, Inc. | www.brcgh.com


Income (loss) from continuing operations before income taxes
79,221 
(257,136)
229,559 
(900,396)
Benefit from (provision for) income taxes
11,079 
(4,210)
9,885 
(22,013)
Income (loss) from continuing operations
90,300 
(261,346)
239,444 
(922,409)
Income from discontinued operations, net of income taxes
— 
255,740 
70,841 
147,470 
Net income (loss)
90,300 
(5,606)
310,285 
(774,939)
Net income (loss) attributable to noncontrolling interests
3,464 
(8,498)
2,870 
(10,665)
Net income (loss) attributable to BRC Group Holdings, Inc.
86,836 
2,892 
307,415 
(764,274)
Preferred stock dividends
2,015 
2,015 
8,060 
8,060 
Net income (loss) available to common shareholders
$
84,821 
$
877 
$
299,355 
$
(772,334)
Basic net income (loss) per common share:
Continuing operations
$
2.77 
$
(8.36)
$
7.48 
$
(30.38)
Discontinued operations
— 
8.38 
2.32 
4.92 
Basic income (loss) per common share
$
2.77 
$
0.02 
$
9.80 
$
(25.46)
Diluted net income (loss) per common share:
Continuing operations
$
2.77 
$
(8.36)
$
7.48 
$
(30.38)
Discontinued operations
— 
8.38 
2.32 
4.92 
Diluted income (loss) per common share
$
2.77 
$
0.02 
$
9.80 
$
(25.46)
Weighted average basic common shares outstanding
30,597,066 
30,499,931 
30,555,258 
30,336,274 
Weighted average diluted common shares outstanding
30,597,066 
30,499,931 
30,555,258 
30,336,274 

BRC Group Holdings, Inc. | www.brcgh.com


BRC GROUP HOLDINGS, INC.
Operating Revenues Reconciliation
(Unaudited)
(Dollars in thousands)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Total revenues
$
278,363 
$
178,582 
$
967,599 
$
746,421 
Operating revenues adjustments:
Trading (gains) losses, net
(61,009)
6,781 
(125,530)
57,007 
Fair value adjustments on loans
(5,549)
66,238 
448 
325,498 
Fixed income and trading gains attributable to variable rate transactions spread
12,868 
4,339 
48,316 
21,300 
Total operating revenue adjustments
(53,690)
77,358 
(76,766)
403,805 
Operating revenues
$
224,673 
$
255,940 
$
890,833 
$
1,150,226 
BRC Group Holdings, Inc. | www.brcgh.com


BRC GROUP HOLDINGS, INC
Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations
(Unaudited)
(Dollars in thousands)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Net income (loss) attributable to BRC Group Holdings, Inc.
$
86,836 
$
2,892 
$
307,415 
$
(764,274)
Income from discontinued operations, net of income taxes
— 
255,740 
70,841 
147,470 
Net (income) loss attributable to noncontrolling interests
(3,464)
8,498 
(2,870)
10,665 
Income (loss) from continuing operations
90,300 
(261,346)
239,444 
(922,409)
EBITDA Adjustments:
Net (income) loss from continuing operations attributable to noncontrolling interests
(3,464)
8,523 
(2,870)
8,920 
(Benefit from) provision for income taxes
(11,079)
4,210 
(9,885)
22,013 
Interest expense
20,051 
31,113 
92,736 
133,308 
Interest income
(241)
(708)
(3,710)
(3,600)
Share based payments
2,955 
2,063 
12,936 
17,437 
Depreciation and amortization
7,942 
11,175 
35,021 
44,932 
Restructuring charge
(310)
597 
195 
1,522 
Loss (gain) on sale and deconsolidation of businesses
— 
484 
(86,213)
(306)
Gain on senior note exchange
— 
— 
(67,208)
— 
(Gain) loss on extinguishment of debt
(345)
12,945 
21,298 
18,725 
Impairment of goodwill and tradenames
— 
77,692 
1,500 
105,373 
Transactions related costs and other
(1,596)
(586)
(2,129)
5,793 
Total EBITDA adjustments
13,913 
147,508 
(8,329)
354,117 
Adjusted EBITDA
$
104,213 
$
(113,838)
$
231,115 
$
(568,292)
Operating EBITDA Adjustments:
Trading (gains) losses, net
(61,009)
6,781 
(125,530)
57,007 
Fair value adjustments on loans
(5,549)
66,238 
448 
325,498 
Realized and unrealized (gains) losses on investments
(34,246)
51,324 
(62,718)
263,686 
Fixed income and variable rate transaction spread
17,371 
4,339 
69,870 
21,300 
Other investment related expenses
(307)
366 
(1,097)
1,704 
Total Operating EBITDA Adjustments
(83,740)
129,048 
(119,027)
669,195 
Operating Adjusted EBITDA
$
20,473 
$
15,210 
$
112,088 
$
100,903 
BRC Group Holdings, Inc. | www.brcgh.com



BRC GROUP HOLDINGS, INC.
Total Investments and Net Debt Reconciliation
(Unaudited)
(Dollars in thousands)
December 31,
2025
December 31,
2024
Cash, cash equivalents, and restricted cash
$
229,277 
$
247,327 
Due from clearing brokers
51,000 
30,713 
Securities and other investments owned
446,843 
282,325 
Securities sold not yet purchased, at fair value
(9,809)
(5,675)
Loans receivable, at fair value
26,303 
90,103 
Loans participations sold
— 
(6,000)
Equity investments
90,433 
85,487 
Other investments reported in prepaid and other assets
— 
14,593 
Noncontrolling interest
(33,305)
(28,217)
Total investments
520,465 
432,616 
Notes payable
— 
28,021 
Revolving credit facility
6,638 
16,329 
Term loans, net
119,297 
199,429 
Senior notes payable, net
1,301,798 
1,530,561 
 Total debt
1,427,733 
1,774,340 
Net debt
$
626,991 
$
1,063,684 
BRC Group Holdings, Inc. | www.brcgh.com


BRC GROUP HOLDINGS, INC.
Preliminary Estimates vs. Actual Financial Results
(Unaudited)
(Dollars in thousands, except share and per share data)
Preliminary Estimate
Three Months Ended December 31,
Three Months Ended December 31,
2025
2025
Low
High
Actual
Total revenues
$
271,000 
$
282,500 
$
278,363 
Total operating expenses
216,500 
220,600 
217,529 
Other income
18,500 
23,500 
18,387 
Income from continuing operations
65,000 
72,400 
90,300 
Net income available to common shareholders
60,000 
65,400 
84,821 
Diluted income per common share
$
1.96 
$
2.14 
$
2.77 
Weighted average diluted common shares outstanding
30,597,066 
30,597,066 
30,597,066 

BRC GROUP HOLDINGS, INC.
Preliminary Estimates vs. Actual Financial Results
(Unaudited)
(Dollars in thousands, except share and per share data)
Preliminary Estimate
Twelve Months Ended December 31,
Twelve Months Ended December 31,
2025
2025
Low
High
Actual
Total revenues
$
966,000 
$
968,000 
$
967,599 
Total operating expenses
897,000 
892,000 
892,018 
Other income
153,000 
155,000 
153,978 
Income from continuing operations
233,000 
241,000 
239,444 
Net income available to common shareholders
293,000 
301,000 
299,355 
Diluted income per common share
$
9.60 
$
9.86 
$
9.80 
Weighted average diluted common shares outstanding
30,555,258 
30,555,258 
30,555,258 



BRC Group Holdings, Inc. | www.brcgh.com



Contacts

Investors
mfrank@brcgh.com

Media
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BRC Group Holdings, Inc. | www.brcgh.com