# EDGAR Filing Document

**Accession Number:** 0001464790
**File Stem:** 0001464790-26-000022
**Filing Date:** 2026-3
**Character Count:** 47891
**Document Hash:** 197bdbd21586b60f4e997c87b2004079
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001464790-26-000022.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001464790-26-000022

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260331

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRC Group Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001464790
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 270223495
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37503
- **FILM NUMBER:** 26821581

**BUSINESS ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** 818-884-3737

**MAIL ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** B. Riley Financial, Inc.
- **DATE OF NAME CHANGE:** 20141104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Great American Group, Inc.
- **DATE OF NAME CHANGE:** 20090522

?xml version='1.0' encoding='ASCII'? rily-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 31, 2026** 

**BRC Group Holdings, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37503** | **27-0223495** |
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |

---

**11100 Santa Monica Blvd., Suite 800**

**Los Angeles, CA 90025**

**<u>310-966-1444</u>**

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, par value $0.0001 per share** | **RILY** | **Nasdaq Global Market** |
| **Depositary Shares (each representing 1/1000th of a share of 6.875% Series A Cumulative Perpetual Preferred Share)** | **RILYP** | **Nasdaq Global Market** |
| **Depositary Shares (each representing 1/1000th of a share of 7.375% Series B Cumulative Perpetual Preferred Stock)** | **RILYL** | **Nasdaq Global Market** |
| **5.00% Senior Notes due 2026** | **RILYG** | **Nasdaq Global Market** |
| **6.50% Senior Notes due 2026** | **RILYN** | **Nasdaq Global Market** |
| **5.25% Senior Notes due 2028** | **RILYZ** | **Nasdaq Global Market** |
| **6.00% Senior Notes due 2028** | **RILYT** | **Nasdaq Global Market** |

---

**Not applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 2.02. Results of Operations and Financial Condition.**

On March 31, 2026, BRC Group Holdings, Inc. (f/k/a B. Riley Financial, Inc.) (the "Company") issued a press release reporting its financial results for the fiscal quarter and year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

The information set forth in this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Current Report, including Exhibit 99.1 attached hereto, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing to this Current Report.

**Item 9.01. Financial Statements and Exhibits.**

**(d) Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Earnings Release dated March 31, 2026](rily-20251231xex991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| BRC Group Holdings, Inc. | BRC Group Holdings, Inc. |
| By: | /s/ Scott Yessner |
| Name: | Scott Yessner |
| Title: | EVP & CFO |

---

Date: March 31, 2026

## Exhibit 99.1

![image_8.jpg](image_8.jpg)<br>

**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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Debt<sup>(5)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 30<sup>th</sup> 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,** | **Three Months Ended December 31,** | **Twelve 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 | $84821  | $877  | $299355  | $(772334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic income (loss) per common share | $2.77  | $0.02  | $9.80  | $(25.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted income (loss) per common share | $2.77  | $0.02  | $9.80  | $(25.46) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| *(Dollars in thousands)* | **2025** | **2024** | **2025** | **2024** |
| Operating Revenues <sup>(1)</sup> | $224673  | $255940  | $890833  | $1150226  |
| Investment Gains (Losses) <sup>(2)</sup> | 53690  | (77358) | 76766  | (403805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Revenues | $278363  | $178582  | $967599  | $746421  |
| Total Adjusted EBITDA <sup>(3)</sup> | $104213  | $(113838) | $231115  | $(568292) |
| Operating Adjusted EBITDA <sup>(4)</sup> | $20473  | $15210  | $112088  | $100903  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>(3)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating Adjusted EBITDA<sup>(4)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total debt was $1.43 billion, with Net Debt<sup>(5)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash, cash equivalents, and restricted cash was $229.3 million at December 31, 2025, down from $247.3 million at December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities and other investments owned were $446.8 million and Total Investments<sup>(6)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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**Segment Operations Fourth Quarter and Full Year 2025 Financial Results Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| *(Dollars in thousands)* | **2025** | **2024** | **2025** | **2024** |
| **Segment Revenues** |  |  |  |  |
| Capital Markets | $92588  | $48364  | $264712  | $217668  |
| Wealth Management | 47270  | 48032  | 175572  | 200746  |
| Lingo | 42998  | 41878  | 164148  | 195886  |
| magicJack | 9025  | 10163  | 37934  | 42845  |
| Marconi Wireless | 7937  | 10078  | 34784  | 41207  |
| UOL | 3008  | 3769  | 13145  | 15133  |
| Consumer Products | 49186  | 49858  | 181540  | 202597  |
| **Segment Income (Loss)** |  |  |  |  |
| Capital Markets | $53230  | $3836  | $89486  | $(18783) |
| Wealth Management | 7651  | 2303  | 15246  | 6430  |
| Lingo | 3846  | 1379  | 13136  | 326  |
| magicJack | 4253  | 4265  | 18567  | 18431  |
| Marconi Wireless | 3302  | 1782  | 9410  | 9833  |
| UOL | 1421  | 1864  | 6302  | 5728  |
| Consumer Products | (3970) | (16145) | (16345) | (52367) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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"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

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| | | |
|:---|:---|:---|
| **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| **(Dollars in thousands, except share and par value)** | **(Dollars in thousands, except share and par value)** | **(Dollars in thousands, except share and par value)** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| **Assets** |  |  |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $226601  | $146852  |
| &nbsp;&nbsp;&nbsp;Restricted cash | 2676  | 100475  |
| &nbsp;&nbsp;&nbsp;Due from clearing brokers | 51000  | 30713  |
| &nbsp;&nbsp;&nbsp;Securities and other investments owned ($382,461 and $215,225 at fair value) | 446843  | 282325  |
| &nbsp;&nbsp;&nbsp;Securities borrowed | 114937  | 43022  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $6,108 and $6,100 | 55473  | 68653  |
| &nbsp;&nbsp;&nbsp;Due from related parties | —  | 189  |
| &nbsp;&nbsp;&nbsp;Loans receivable, at fair value ($2,835 and $51,902 from related parties) | 26303  | 90103  |
| &nbsp;&nbsp;&nbsp;Equity investments | 90433  | 85487  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets ($— and $3,449 from related parties) | 128650  | 157429  |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 32109  | 51509  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 17606  | 18679  |
| &nbsp;&nbsp;&nbsp;Goodwill | 392687  | 392687  |
| &nbsp;&nbsp;&nbsp;Other intangible assets, net | 118290  | 146446  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 763  | 13598  |
| &nbsp;&nbsp;&nbsp;Assets held for sale | —  | 84723  |
| &nbsp;&nbsp;&nbsp;Assets of discontinued operations | 2221  | 70373  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1706592  | $1783263  |
| **Liabilities and Equity (Deficit)** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $41463  | $51238  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities ($6,400 and $— at fair value) | 154780  | 185745  |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 49907  | 58148  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 4109  | 5462  |
| &nbsp;&nbsp;&nbsp;Due to related parties and partners | —  | 3404  |
| &nbsp;&nbsp;&nbsp;Securities sold not yet purchased, at fair value | 9809  | 5675  |
| &nbsp;&nbsp;&nbsp;Securities loaned | 97321  | 27942  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 40902  | 58499  |
| &nbsp;&nbsp;&nbsp;Notes payable | —  | 28021  |
| &nbsp;&nbsp;&nbsp;Loan participations sold | —  | 6000  |
| &nbsp;&nbsp;&nbsp;Revolving credit facility | 6638  | 16329  |
| &nbsp;&nbsp;&nbsp;Term loans, net | 119297  | 199429  |
| &nbsp;&nbsp;&nbsp;Senior notes payable, net | 1301798  | 1530561  |
| &nbsp;&nbsp;&nbsp;Liabilities held for sale | —  | 41505  |
| &nbsp;&nbsp;&nbsp;Liabilities of discontinued operations | 830  | 21321  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1826854  | 2239279  |

---

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

------

---

| | | |
|:---|:---|:---|
| BRC Group Holdings, Inc. stockholders' equity (deficit): |  |  |
| &nbsp;&nbsp;&nbsp;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 | —  | —  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 100,000,000 shares authorized; 30,597,066 and 30,499,931 shares issued and outstanding | 3  | 3  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 598022  | 589387  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (763286) | (1070996) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (6272) | (6569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total BRC Group Holdings, Inc. stockholders' deficit | (171533) | (488175) |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 51271  | 32159  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deficit | (120262) | (456016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and deficit | $1706592  | $1783263  |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** |
| **Consolidated Statements of Operations** | **Consolidated Statements of Operations** | **Consolidated Statements of Operations** | **Consolidated Statements of Operations** | **Consolidated Statements of Operations** |
| **(Dollars in thousands, except share and per share data)** | **(Dollars in thousands, except share and per share data)** | **(Dollars in thousands, except share and per share data)** | **(Dollars in thousands, except share and per share data)** | **(Dollars in thousands, except share and per share data)** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |  |  |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;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) | $158557  | $191741  | $633836  | $783304  |
| &nbsp;&nbsp;Trading gains (losses), net | 61009  | (6781) | 125530  | (57007) |
| &nbsp;&nbsp;Fair value adjustments on loans (includes $5,246 and $(63159) for the three months ended December 31, 2025 and 2024 and $2,061 and $(328671) for the twelve months ended December 31, 2025 and 2024 from related parties, respectively) | 5549  | (66238) | (448) | (325498) |
| &nbsp;&nbsp;Interest income - loans (includes $92 and $(1689) 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) | 1431  | 2247  | 10574  | 54141  |
| &nbsp;&nbsp;Interest income - securities lending | 1506  | 1248  | 6993  | 70862  |
| &nbsp;&nbsp;Sale of goods | 50311  | 56365  | 191114  | 220619  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 278363  | 178582  | 967599  | 746421  |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Direct cost of services | 32210  | 45893  | 139417  | 213901  |
| &nbsp;&nbsp;Cost of goods sold | 38517  | 48737  | 145364  | 167634  |
| &nbsp;&nbsp;Selling, general and administrative expenses | 146099  | 171381  | 599748  | 689410  |
| &nbsp;&nbsp;Restructuring charge | (310) | 597  | 195  | 1522  |
| &nbsp;&nbsp;Impairment of goodwill and tradenames | —  | 77692  | 1500  | 105373  |
| &nbsp;&nbsp;Interest expense - Securities lending and loan participations sold | 1013  | 1073  | 5794  | 66128  |
| &nbsp;&nbsp;Total operating expenses | 217529  | 345373  | 892018  | 1243968  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | 60834  | (166791) | 75581  | (497547) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;Interest income | 241  | 708  | 3710  | 3600  |
| &nbsp;&nbsp;Dividend income | 997  | 323  | 1818  | 4462  |
| &nbsp;&nbsp;Realized and unrealized gains (losses) on investments | 34246  | (51324) | 62718  | (263686) |
| &nbsp;&nbsp;Change in fair value of financial instruments and other | 1857  | 4471  | 11349  | 4471  |
| &nbsp;&nbsp;(Loss) gain on sale and deconsolidation of businesses | —  | (484) | 86213  | 306  |
| &nbsp;&nbsp;Gain on senior note exchange | —  | —  | 67208  | —  |
| &nbsp;&nbsp;Income from equity investments | 752  | 19  | 34996  | 31  |
| &nbsp;&nbsp;Gain (loss) on extinguishment of debt | 345  | (12945) | (21298) | (18725) |
| &nbsp;&nbsp;Interest expense | (20051) | (31113) | (92736) | (133308) |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations before income taxes | 79221  | (257136) | 229559  | (900396) |
| Benefit from (provision for) income taxes | 11079  | (4210) | 9885  | (22013) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations | 90300  | (261346) | 239444  | (922409) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from discontinued operations, net of income taxes | —  | 255740  | 70841  | 147470  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | 90300  | (5606) | 310285  | (774939) |
| Net income (loss) attributable to noncontrolling interests | 3464  | (8498) | 2870  | (10665) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to BRC Group Holdings, Inc. | 86836  | 2892  | 307415  | (764274) |
| Preferred stock dividends | 2015  | 2015  | 8060  | 8060  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to common shareholders | $84821  | $877  | $299355  | $(772334) |
| Basic net income (loss) per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $2.77  | $(8.36) | $7.48  | $(30.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | —  | 8.38  | 2.32  | 4.92  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic income (loss) per common share | $2.77  | $0.02  | $9.80  | $(25.46) |
| Diluted net income (loss) per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $2.77  | $(8.36) | $7.48  | $(30.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | —  | 8.38  | 2.32  | 4.92  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted income (loss) per common share | $2.77  | $0.02  | $9.80  | $(25.46) |
| Weighted average basic common shares outstanding | 30597066  | 30499931  | 30555258  | 30336274  |
| Weighted average diluted common shares outstanding | 30597066  | 30499931  | 30555258  | 30336274  |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** |
| **Operating Revenues Reconciliation** | **Operating Revenues Reconciliation** | **Operating Revenues Reconciliation** | **Operating Revenues Reconciliation** | **Operating Revenues Reconciliation** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Total revenues | $278363  | $178582  | $967599  | $746421  |
| Operating revenues adjustments: |  |  |  |  |
| &nbsp;&nbsp;Trading (gains) losses, net | (61009) | 6781  | (125530) | 57007  |
| &nbsp;&nbsp;Fair value adjustments on loans | (5549) | 66238  | 448  | 325498  |
| &nbsp;&nbsp;Fixed income and trading gains attributable to variable rate transactions spread | 12868  | 4339  | 48316  | 21300  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating revenue adjustments | (53690) | 77358  | (76766) | 403805  |
| Operating revenues | $224673  | $255940  | $890833  | $1150226  |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BRC GROUP HOLDINGS, INC** | **BRC GROUP HOLDINGS, INC** | **BRC GROUP HOLDINGS, INC** | **BRC GROUP HOLDINGS, INC** | **BRC GROUP HOLDINGS, INC** |
| **Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations** | **Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations** | **Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations** | **Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations** | **Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) attributable to BRC Group Holdings, Inc. | $86836  | $2892  | $307415  | $(764274) |
| Income from discontinued operations, net of income taxes | —  | 255740  | 70841  | 147470  |
| Net (income) loss attributable to noncontrolling interests | (3464) | 8498  | (2870) | 10665  |
| Income (loss) from continuing operations | 90300  | (261346) | 239444  | (922409) |
| EBITDA Adjustments: |  |  |  |  |
| &nbsp;&nbsp;Net (income) loss from continuing operations attributable to noncontrolling interests  | (3464) | 8523  | (2870) | 8920  |
| &nbsp;&nbsp;(Benefit from) provision for income taxes | (11079) | 4210  | (9885) | 22013  |
| &nbsp;&nbsp;Interest expense | 20051  | 31113  | 92736  | 133308  |
| &nbsp;&nbsp;Interest income | (241) | (708) | (3710) | (3600) |
| &nbsp;&nbsp;Share based payments | 2955  | 2063  | 12936  | 17437  |
| &nbsp;&nbsp;Depreciation and amortization | 7942  | 11175  | 35021  | 44932  |
| &nbsp;&nbsp;Restructuring charge | (310) | 597  | 195  | 1522  |
| &nbsp;&nbsp;Loss (gain) on sale and deconsolidation of businesses | —  | 484  | (86213) | (306) |
| &nbsp;&nbsp;Gain on senior note exchange | —  | —  | (67208) | —  |
| &nbsp;&nbsp;(Gain) loss on extinguishment of debt | (345) | 12945  | 21298  | 18725  |
| &nbsp;&nbsp;Impairment of goodwill and tradenames | —  | 77692  | 1500  | 105373  |
| &nbsp;&nbsp;Transactions related costs and other | (1596) | (586) | (2129) | 5793  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EBITDA adjustments | 13913  | 147508  | (8329) | 354117  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $104213  | $(113838) | $231115  | $(568292) |
| Operating EBITDA Adjustments: |  |  |  |  |
| &nbsp;&nbsp;Trading (gains) losses, net | (61009) | 6781  | (125530) | 57007  |
| &nbsp;&nbsp;Fair value adjustments on loans | (5549) | 66238  | 448  | 325498  |
| &nbsp;&nbsp;Realized and unrealized (gains) losses on investments | (34246) | 51324  | (62718) | 263686  |
| &nbsp;&nbsp;Fixed income and variable rate transaction spread | 17371  | 4339  | 69870  | 21300  |
| &nbsp;&nbsp;Other investment related expenses | (307) | 366  | (1097) | 1704  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Operating EBITDA Adjustments | (83740) | 129048  | (119027) | 669195  |
| Operating Adjusted EBITDA | $20473  | $15210  | $112088  | $100903  |

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

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| | | |
|:---|:---|:---|
| **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** |
| **Total Investments and Net Debt Reconciliation** | **Total Investments and Net Debt Reconciliation** | **Total Investments and Net Debt Reconciliation** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| Cash, cash equivalents, and restricted cash | $229277  | $247327  |
| Due from clearing brokers | 51000  | 30713  |
| Securities and other investments owned | 446843  | 282325  |
| Securities sold not yet purchased, at fair value | (9809) | (5675) |
| Loans receivable, at fair value | 26303  | 90103  |
| Loans participations sold | —  | (6000) |
| Equity investments | 90433  | 85487  |
| Other investments reported in prepaid and other assets | —  | 14593  |
| Noncontrolling interest | (33305) | (28217) |
| &nbsp;&nbsp;Total investments | 520465  | 432616  |
| Notes payable | —  | 28021  |
| Revolving credit facility | 6638  | 16329  |
| Term loans, net | 119297  | 199429  |
| Senior notes payable, net | 1301798  | 1530561  |
| &nbsp;&nbsp; Total debt | 1427733  | 1774340  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net debt | $626991  | $1063684  |

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

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| | | | |
|:---|:---|:---|:---|
| **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** |
| **Preliminary Estimates vs. Actual Financial Results** | **Preliminary Estimates vs. Actual Financial Results** | **Preliminary Estimates vs. Actual Financial Results** | **Preliminary Estimates vs. Actual Financial Results** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(Dollars in thousands, except share and per share data)** | **(Dollars in thousands, except share and per share data)** | **(Dollars in thousands, except share and per share data)** | **(Dollars in thousands, except share and per share data)** |
|  | **Preliminary Estimate** | **Preliminary Estimate** |  |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
|  | **2025** | **2025** | **2025** |
|  | **Low** | **High** | **Actual** |
| Total revenues | $271000  | $282500  | $278363  |
| Total operating expenses | 216500  | 220600  | 217529  |
| Other income | 18500  | 23500  | 18387  |
| Income from continuing operations | 65000  | 72400  | 90300  |
| Net income available to common shareholders | 60000  | 65400  | 84821  |
| Diluted income per common share | $1.96  | $2.14  | $2.77  |
| Weighted average diluted common shares outstanding | 30597066  | 30597066  | 30597066  |

---

---

| | | | |
|:---|:---|:---|:---|
| **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** |
| **Preliminary Estimates vs. Actual Financial Results** | **Preliminary Estimates vs. Actual Financial Results** | **Preliminary Estimates vs. Actual Financial Results** | **Preliminary Estimates vs. Actual Financial Results** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(Dollars in thousands, except share and per share data)** | **(Dollars in thousands, except share and per share data)** | **(Dollars in thousands, except share and per share data)** | **(Dollars in thousands, except share and per share data)** |
|  | **Preliminary Estimate** | **Preliminary Estimate** |  |
|  | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **2025** | **2025** | **2025** |
|  | **Low** | **High** | **Actual** |
| Total revenues | $966000  | $968000  | $967599  |
| Total operating expenses | 897000  | 892000  | 892018  |
| Other income | 153000  | 155000  | 153978  |
| Income from continuing operations | 233000  | 241000  | 239444  |
| Net income available to common shareholders | 293000  | 301000  | 299355  |
| Diluted income per common share | $9.60  | $9.86  | $9.80  |
| Weighted average diluted common shares outstanding | 30555258  | 30555258  | 30555258  |

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

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**Contacts**

*Investors*

mfrank@brcgh.com

*Media*

efogerty@brcgh.com

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

<br>