# EDGAR Filing Document

**Accession Number:** 0001464790
**File Stem:** 0001464790-26-000033
**Filing Date:** 2026-5
**Character Count:** 37799
**Document Hash:** 6718a4b3985375f02456bf897a936613
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001464790-26-000033.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001464790-26-000033

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260507

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**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:** 26953031

**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-20260507

**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): May 7, 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 May 7, 2026, BRC Group Holdings, Inc. (the "Company") issued a press release reporting its financial results for the fiscal quarter ended March 31, 2026. 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 Ma](rily-20260331xex991.htm)[y](rily-20260331xex991.htm)[7](rily-20260331xex991.htm)[, 2026](rily-20260331xex991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**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: May 7, 2026

## Exhibit 99.1

![image_8a.jpg](image_8a.jpg)<br>

**FOR IMMEDIATE RELEASE**

**BRC Group Holdings, Inc. Reports First Quarter 2026 Financial Results**

*First Quarter 2026 Net Income Available to Common Shareholders of $211.3 Million;* 

*First Quarter 2026 Adjusted EBITDA of $262.2 Million;Operating Adjusted EBITDA of $34.6 Million*

**LOS ANGELES, May 7, 2026** – BRC Group Holdings, Inc. (Nasdaq: RILY) ("BRCGH" or the "Company"), a diversified holding company, today announced the filing of its Quarterly Report on Form 10-Q for the three month period ended March 31, 2026.

**First Quarter 2026 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong first quarter 2026 financial performance was driven by trading gains and operating segment performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total debt reduced by $128.9 million to $1.30 billion, and Net Debt<sup>(5)</sup> declined substantially by $254.6 million in the first quarter 2026, to $372.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced plan for BRCGH to repurchase minority shares of B. Riley Securities ("BRS") and merge BRS with B. Riley Wealth ("BRW"), estimated by year-end.

**Bryant Riley, Chairman and Co-Chief Executive Officer of BRCGH, commented**: "For the first quarter, we generated $211.3 million in net income and $34.6 million in Operating Adjusted EBITDA. We made progress on the balance sheet, retiring $129 million in debt while continuing to deliver for our clients. B. Riley Securities had its most active quarter for capital raising in five years, executing on nearly $10 billion in total debt and equity raised.

"Our team was active across the entire capital structure. During the quarter, we acted as joint lead bookrunner on a $230 million convert, participated in a $1.3 billion follow-on, led key M&A advisory and restructuring mandates and filed $8.7 billion in new ATMs. We also expanded our research footprint, initiating coverage on 26 companies in the first quarter.

"As we look ahead, our strategy is built on our 30-year heritage and an expanding opportunity set for our team. Over the last three decades, we have built this platform to serve as an active advisory partner and liquidity provider to companies in the historically underserved small- and mid-cap market. Our first-quarter also reflects the significant value generated by our principal investments. While the timing of these returns naturally varies, this merchant banking capability is a deliberate feature of our model designed to capture significant upside alongside our clients. The planned combination of our institutional banking and capital markets business and B. Riley Wealth aligns us to better serve this core client base and put proprietary capital to work to back our partners. Our focus has proven to be a major differentiator for recruiting, and we continue to add top-tier producers who recognize the value of our franchise.

"With a strengthened balance sheet, steady contributions of our non-correlated Communications and Consumer businesses, an expanding pipeline, and operational discipline, we remain focused on executing for our team, our clients, and our shareholders. We look forward to discussing with our clients and partners at our 26th Annual Institutional Investor Conference later this month."

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

------

**BRC First Quarter 2026 and 2025 Financial Results Summary**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(Dollars in thousands, except for share data)* | **2026** | **2025** |
| Net income (loss) available to common shareholders | $211258  | $(11990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic income (loss) per common share | $6.62  | $(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted income (loss) per common share | $6.57  | $(0.39) |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(Dollars in thousands)* | **2026** | **2025** |
| Operating Revenues <sup>(1)</sup> | $217191  | $213526  |
| Investment Gains (Losses) <sup>(2)</sup> | 134869  | (27463) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Revenues | $352060  | $186063  |
| Total Adjusted EBITDA <sup>(3)</sup> | $262151  | $(45317) |
| Operating Adjusted EBITDA <sup>(4)</sup> | $34648  | $(5610) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income available to common shareholders was $211.3 million in the first quarter 2026, up from $(12.0) million in the first quarter 2025, primarily due to trading gains and lower operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues were $352.1 million in the first quarter 2026, up from $186.1 million in the first quarter 2025. The increase for the first quarter 2026, compared to the same period last year, was primarily driven by trading gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>(3)</sup> was $262.2 million in the first quarter 2026, up from $(45.3) million in the first quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating Adjusted EBITDA<sup>(4)</sup> was $34.6 million in the first quarter 2026, up from $(5.6) million in the first quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total debt was $1.30 billion, with Net Debt<sup>(5)</sup> of $372.4 million, at March 31, 2026, down from $1.43 billion and $627.0 million, respectively, at December 31, 2025. The reduction in Net Debt was primarily due to investment appreciation and bond-for-equity senior note exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash, cash equivalents, and restricted cash was $178.0 million at March 31, 2026, down from $229.3 million at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities and other investments owned were $639.7 million and Total Investments<sup>(6)</sup> were $705.1 million at March 31, 2026, up from $446.8 million and $520.5 million at December 31, 2025, respectively. The increase was primarily attributable to investment appreciation in Babcock & Wilcox.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Basic and diluted earnings per common share (EPS) were $6.62 and $6.57 in the first quarter 2026, respectively, compared to $(0.39) in the first quarter 2025.

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

------

**Segment Operations First Quarter 2026 and 2025 Financial Results Summary**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(Dollars in thousands)* | **2026** | **2025** |
| **Segment Revenues** |  |  |
| Capital Markets | $172111  | $2100  |
| Wealth Management | 52175  | 47278  |
| Lingo | 40790  | 41553  |
| magicJack | 8783  | 9801  |
| Marconi Wireless | 7537  | 9487  |
| UOL | 2821  | 3633  |
| Consumer Products | 44115  | 42103  |
| **Segment Income (Loss)** |  |  |
| Capital Markets | $137235  | $(35743) |
| Wealth Management | 15984  | 1724  |
| Lingo | 3764  | 2399  |
| magicJack | 4251  | 4616  |
| Marconi Wireless | 3077  | 1744  |
| UOL | 1473  | 1854  |
| Consumer Products | (2641) | (5141) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Capital Markets*** segment revenues increased to $172.1 million in the first quarter 2026, up from $2.1 million in the first quarter 2025. Segment income increased to $137.2 million in the first quarter 2026, up from $(35.7) million in the first quarter 2025. Revenues and segment income increased year-over-year, driven by higher trading gains and advisory revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Wealth Management*** segment revenues increased to $52.2 million in the first quarter 2026, up from $47.3 million in the first quarter 2025. Segment income increased to $16.0 million in the first quarter 2026, up from $1.7 million in the first quarter 2025. B. Riley Wealth had approximately $11.9 billion of client assets under management at March 31, 2026. Revenues and segment income increased year-over-year, driven by increased carried interest appreciation and lower operating expenses.

&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 $59.9 million in the first quarter 2026, down from $64.5 million in the first quarter 2025. On a combined basis, CBG generated income of $12.6 million for the first quarter 2026, up from $10.6 million in the first quarter 2025. The revenue decline was in line with customer attrition expectations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Consumer Products*** segment revenues increased to $44.1 million in the first quarter 2026, up from $42.1 million in the first quarter 2025. Segment loss decreased to $(2.6) million in the first quarter 2026, down from $(5.1) million in the first quarter 2025. Marginal increases in revenue and segment income were driven by improvements in distribution channel sales.

**First Quarter 2026 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:** Thursday, May 7, 2026

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

Register for the call at https://evercall.co/oacc/14524 or on the Company's website at ir.brcgh.com under Events and Presentations. An audio recording will be made available for replay until May 21, 2026.

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

------

**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 gains (losses) on investments attributable to non-controlling interest, (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 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, Investment Gains (Losses), 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.

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

------

&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 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) gains (losses) on investments attributable to non-controlling interest.

&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 expectations regarding our future business and expected revenue growth and the appreciation of our investment portfolio, our ability and intent to repurchase minority shares of BRS, the anticipated merger of BRS and BRW and the timing of the anticipated transactions. The proposed merger of BRS and BRW is subject to approval by FINRA and other applicable regulatory requirements, and there can be no assurance that such approval will be obtained, or that it will not be subject to conditions that materially affect the structuring or timing of the proposed merger. 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, failure to negotiate a purchase price for the minority shares of BRS, regulatory delays, general economic conditions and 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 "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.** |
| **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** | **Condensed 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)** |
| | **March 31,<br>2026** | **December 31,<br>2025** |
| | **(Unaudited)**  | |
| **Assets** |  | |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $175823  | $226601  |
| &nbsp;&nbsp;&nbsp;Restricted cash | 2199  | 2676  |
| &nbsp;&nbsp;&nbsp;Due from clearing brokers | 43437  | 51000  |
| &nbsp;&nbsp;&nbsp;Securities and other investments owned ($576,153 and $382,461 at fair value) | 639668  | 446843  |
| &nbsp;&nbsp;&nbsp;Securities borrowed | 133438  | 114937  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $6,450 and $6,108 | 67329  | 55473  |
| &nbsp;&nbsp;&nbsp;Loans receivable, at fair value ($953 and $2,835 from related parties) | 24927  | 26303  |
| &nbsp;&nbsp;&nbsp;Equity investments | 90692  | 90433  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 117851  | 128650  |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 33532  | 32109  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 17608  | 17606  |
| &nbsp;&nbsp;&nbsp;Goodwill | 392687  | 392687  |
| &nbsp;&nbsp;&nbsp;Other intangible assets, net | 112038  | 118290  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 763  | 763  |
| &nbsp;&nbsp;&nbsp;Assets of discontinued operations | 2221  | 2221  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1854213  | $1706592  |
| **Liabilities and Equity (Deficit)** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $37721  | $41463  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities ($11,080 and $6,400 at fair value) | 153413  | 154780  |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 48730  | 49907  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 4089  | 4109  |
| &nbsp;&nbsp;&nbsp;Securities sold not yet purchased, at fair value | 16833  | 9809  |
| &nbsp;&nbsp;&nbsp;Securities loaned | 115642  | 97321  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 41752  | 40902  |
| &nbsp;&nbsp;&nbsp;Revolving credit facility | 10708  | 6638  |
| &nbsp;&nbsp;&nbsp;Term loans, net | 116673  | 119297  |
| &nbsp;&nbsp;&nbsp;Senior notes payable, net | 1171490  | 1301798  |
| &nbsp;&nbsp;&nbsp;Liabilities of discontinued operations | 830  | 830  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1717881  | 1826854  |

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

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| | | |
|:---|:---|:---|
| Commitments and contingencies |  |  |
| 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 $124,157 and $122,142 | —  | —  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 100,000,000 shares authorized; 35,150,932 and 30,597,066 issued and outstanding | 4  | 3  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 634479  | 598022  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (550013) | (763286) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (7149) | (6272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total BRC Group Holdings, Inc. stockholders' equity (deficit) | 77321  | (171533) |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 59011  | 51271  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity (deficit) | 136332  | (120262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity (deficit) | $1854213  | $1706592  |

---

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

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| | | |
|:---|:---|:---|
| **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** | **BRC GROUP HOLDINGS, INC.** |
| **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** |
| **(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)** |
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
| Revenues: |  |  |
| &nbsp;&nbsp;Services and fees ($5,923 and $3,945 from related parties) | $152122  | $158839  |
| &nbsp;&nbsp;Trading gains (losses), net | 145061  | (16171) |
| &nbsp;&nbsp;Fair value adjustments on loans ($(26) and $(2146) from related parties) | 6545  | (8096) |
| &nbsp;&nbsp;Interest income - loans ($— and $696 from related parties) | 1714  | 3196  |
| &nbsp;&nbsp;Interest income - securities lending | 1251  | 840  |
| &nbsp;&nbsp;Sale of goods | 45367  | 47455  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 352060  | 186063  |
| Operating expenses: |  |  |
| &nbsp;&nbsp;Direct cost of services | 31702  | 42700  |
| &nbsp;&nbsp;Cost of goods sold | 32365  | 36733  |
| &nbsp;&nbsp;Selling, general and administrative expenses | 134348  | 167388  |
| &nbsp;&nbsp;Interest expense - Securities lending and loan participations sold | 717  | 719  |
| &nbsp;&nbsp;Total operating expenses | 199132  | 247540  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | 152928  | (61477) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;Interest income | 358  | 1486  |
| &nbsp;&nbsp;Dividend income | 669  | 135  |
| &nbsp;&nbsp;Realized and unrealized gains (losses) on investments | 105100  | (14500) |
| &nbsp;&nbsp;Change in fair value of financial instruments and other | (4427) | 922  |
| &nbsp;&nbsp;Gain on sale and deconsolidation of businesses | —  | 80841  |
| &nbsp;&nbsp;Gain on senior note exchange | —  | 10532  |
| &nbsp;&nbsp;Income (loss) from equity investments | 1326  | (552) |
| &nbsp;&nbsp;Gain (loss) on extinguishment of debt | 2890  | (10427) |
| &nbsp;&nbsp;Interest expense | (19794) | (29964) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations before income taxes | 239050  | (23004) |
| (Provision for) benefit from income taxes | (16891) | 3042  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations | 222159  | (19962) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from discontinued operations, net of income taxes | —  | 3395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | 222159  | (16567) |
| Net income (loss) attributable to noncontrolling interests | 8886  | (6592) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to BRC Group Holdings, Inc. | 213273  | (9975) |
| Preferred stock dividends | 2015  | 2015  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to common shareholders | $211258  | $(11990) |

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

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| | | |
|:---|:---|:---|
| Basic net income (loss) per common share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $6.62  | $(0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | —  | 0.11  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic income (loss) per common share | $6.62  | $(0.39) |
| Diluted net income (loss) per common share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $6.57  | $(0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | —  | 0.11  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted income (loss) per common share | $6.57  | $(0.39) |
| Weighted average basic common shares outstanding | 31915854  | 30497512  |
| Weighted average diluted common shares outstanding | 32167246  | 30497512  |

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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.** |
| **Operating Revenues Reconciliation** | **Operating Revenues Reconciliation** | **Operating Revenues Reconciliation** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
| Total revenues | $352060  | $186063  |
| Operating revenues adjustments: |  |  |
| &nbsp;&nbsp;Trading (gains) losses, net | (145061) | 16171  |
| &nbsp;&nbsp;Fair value adjustments on loans | (6545) | 8096  |
| &nbsp;&nbsp;Fixed income and trading gains attributable to variable rate transactions spread | 16737  | 3196  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating revenue adjustments | (134869) | 27463  |
| Operating revenues | $217191  | $213526  |

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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** |
| **Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations** | **Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations** | **Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
| Net income (loss) attributable to BRC Group Holdings, Inc. | $213273  | $(9975) |
| Income from discontinued operations, net of income taxes | —  | 3395  |
| Net (income) loss attributable to noncontrolling interests | (8886) | 6592  |
| Income (loss) from continuing operations | 222159  | (19962) |
| EBITDA Adjustments: |  |  |
| &nbsp;&nbsp;Net (income) loss from continuing operations attributable to noncontrolling interests | (8886) | 6592  |
| &nbsp;&nbsp;Provision for (benefit from) income taxes | 16891  | (3042) |
| &nbsp;&nbsp;Interest expense | 19794  | 29964  |
| &nbsp;&nbsp;Interest income | (358) | (1486) |
| &nbsp;&nbsp;Share based payments | 2440  | 3346  |
| &nbsp;&nbsp;Depreciation and amortization | 7589  | 9997  |
| &nbsp;&nbsp;Gain on sale and deconsolidation of businesses | —  | (80841) |
| &nbsp;&nbsp;Gain on senior note exchange | —  | (10532) |
| &nbsp;&nbsp;(Gain) loss on extinguishment of debt | (2890) | 10427  |
| &nbsp;&nbsp;Transactions related costs and other | 5412  | 10220  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EBITDA adjustments | 39992  | (25355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $262151  | $(45317) |
| Operating EBITDA Adjustments: |  |  |
| &nbsp;&nbsp;Trading (gains) losses, net | $(145061) | $16171  |
| &nbsp;&nbsp;Fair value adjustments on loans | (6545) | 8096  |
| &nbsp;&nbsp;Realized and unrealized (gains) losses on investments | (105100) | 14500  |
| &nbsp;&nbsp;Fixed income and variable rate transaction spread | 17814  | 3196  |
| &nbsp;&nbsp;Gains (losses) on investments attributable to non-controlling interest | 11389  | (2256) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Operating EBITDA Adjustments | (227503) | 39707  |
| Operating Adjusted EBITDA | $34648  | $(5610) |

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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)** |
| | **March 31,<br>2026** | **December 31,<br>2025** |
| Cash, cash equivalents, and restricted cash | $178022  | $229277  |
| Due from clearing brokers | 43437  | 51000  |
| Securities and other investments owned | 639668  | 446843  |
| Securities sold not yet purchased, at fair value | (16833) | (9809) |
| Loans receivable, at fair value | 24927  | 26303  |
| Equity investments | 90692  | 90433  |
| Noncontrolling interest | (33393) | (33305) |
| &nbsp;&nbsp;Total investments | 705061  | 520465  |
| Revolving credit facility | 10708  | 6638  |
| Term loans, net | 116673  | 119297  |
| Senior notes payable, net | 1171490  | 1301798  |
| &nbsp;&nbsp; Total debt | 1298871  | 1427733  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net debt | $372351  | $626991  |

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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

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