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 /PRNewswire/ -- 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
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 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 | |
| | | | | | | | | |
| | | | | | | | | |
| | 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) | |
| | | | | | | | | |
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 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 "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. | |||
| 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. 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. | |||||||
| 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) |
| 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. | |||||||
| 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 | |||||||
| 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 | 0 | | 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 | 0 | | 484 | | (86,213) | | (306) |
| Gain on senior note exchange | 0 | | 0 | | (67,208) | | — |
| (Gain) loss on extinguishment of debt | (345) | | 12,945 | | 21,298 | | 18,725 |
| Impairment of goodwill and tradenames | 0 | | 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. | |||
| 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. | |||||
| 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 |
Contacts
Investors
mfrank@brcgh.com
Media
efogerty@brcgh.com
View original content:https://www.prnewswire.com/news-releases/brc-group-holdings-inc-reports-fourth-quarter-and-full-year-2025-financial-results-302730566.html
SOURCE BRC Group Holdings, Inc.
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