BRC Group Holdings, Inc.

Listed Company

RILYPCIK 0001464790NasdaqAcceleratedSmaller ReportingInvestment AdviceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$967.60M

Net Income

$307.42M

Total Assets

$1.71B

Equity

$-171.53M

Shares Out

35.15M

Op. Cash Flow

$-59.71M

+ 13F Filer

Business

BRC Group Holdings, Inc. operates a diversified financial services platform that provides tailored strategic, operational and capital solutions through consolidated subsidiaries. It offers investment banking, brokerage, wealth and asset management, direct lending, financial and restructuring advisory, communications, consumer products and e-commerce services. The company reports six principal business segments: Capital Markets, Wealth Management, Financial Consulting, Communications, Consumer Products and E-Commerce. It serves public and private companies, institutional and individual investors, financial sponsors and consumers across the U.S. and in international markets via offices, digital platforms and third-party distribution.

Summary from filing dated 2025-09-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	968	746	1,466	939	1,555
Direct cost of services	139	214	214	119	54
Cost of goods sold	145	168	173	61	27
Selling, general and administrative expenses	600	689	765	655	906
Restructuring charge	195,000	2	2	9	0
Impairment of goodwill and tradenames	2	105	21	0	0
Interest expense - Securities lending and loan participations sold	6	66	145	66	53
Total operating expenses	892	1,244	1,370	910	1,040
Operating income (loss)	76	−498	96	30	515
Interest income	4	4	4	3	229,000
Dividend income	2	4	13	8	20
Realized and unrealized gains (losses) on investments	63	−264	−162	−248	166
Change in fair value of financial instruments and other	11	4	−4	10	4
Gain on sale and deconsolidation of businesses	86	306,000	—	—	—
Gain on senior note exchange	67	0	—	—	—
Income from equity investments	35	31,000	−152,000	4	3
Loss on extinguishment of debt	21	19	−5	0	—
Interest expense	−93	−133	−156	−141	−92
Income (loss) from continuing operations before income taxes	230	−900	−199	−334	615
Benefit from (provision for) income taxes	10	−22	39	65	−164
Income (loss) from continuing operations	239	−922	−160	−269	—
Income from discontinued operations, net of income taxes	71	147	55	112	—
Net income (loss)	310	−775	−106	−157	451
Net income (loss) attributable to noncontrolling interests	3	−11	−6	3	6
Net income (loss) attributable to BRC Group Holdings, Inc.	307	−764	−100	−160	445
Preferred stock dividends	8	8	8	8	—
Net income (loss) available to common shareholders	299	−772	−108	−168	438
Net income (loss) available to common shareholders	299	−772	−108	−168	438
Continuing operations (in dollars per share)	7.48	−30.38	−5.38	−9.87	—
Discontinued operations (in dollars per share)	2.32	4.92	1.69	3.92	—
Basic income (loss) per common share (in dollars per share)	9.8	−25.46	−3.69	−5.95	15.99
Continuing operations (in dollars per share)	7.48	−30.38	−5.38	−9.87	—
Discontinued operations (in dollars per share)	2.32	4.92	1.69	3.92	—
Diluted income (loss) per common share (in dollars per share)	9.8	−25.46	−3.69	−5.95	15.09
Weighted average basic common shares outstanding (in shares)	31	30	29	28	27
Weighted average diluted common shares outstanding (in shares)	31	30	29	28	29

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	227	147	223	269	279
Restricted cash	3	100	2	2	927,000
Due from clearing brokers	51	31	51	49	30
Securities and other investments owned, at fair value	447	282	—	—	—
Securities borrowed	115	43	2,871	2,343	2,091
Accounts receivable, net of allowance for credit losses of $6,108 and $6,100	55	69	82	149	50
Due from related parties	0	189,000	172,000	1	—
Loans receivable - at fair value	26	90	532	702	873
Equity investments	90	85	—	—	—
Prepaid expenses and other assets	129	157	242	461	464
Operating lease right-of-use assets	32	52	87	89	57
Property and equipment, net	18	19	25	27	13
Goodwill	393	393	437	507	251
Other intangible assets, net	118	146	198	374	208
Deferred income taxes	763,000	14	34	4	—
Total assets	1,707	1,783	6,081	6,111	5,852
Accounts payable	41	51	44	81	6
Accrued expenses and other liabilities	155	186	253	323	344
Deferred revenue	50	58	71	85	70
Deferred income taxes	4	5	0	30	93
Due to related parties and partners	0	3	2	2	—
Securities sold not yet purchased, at fair value	10	6	9	6	29
Securities loaned	97	28	2,859	2,334	2,089
Operating lease liabilities	41	58	98	99	69
Notes payable	0	28	19	25	357,000
Loan participations sold	0	6	0	—	—
Revolving credit facility	7	16	44	128	80
Term loans, net	119	199	625	572	346
Senior notes payable, net	1,302	1,531	1,668	1,722	1,607
Total liabilities	1,827	2,239	5,721	5,427	4,802
Commitments and contingencies (Note 30)	—	—	—	—	—
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	0	0	0	0	0
Common stock, $0.0001 par value; 100,000,000 shares authorized; 30,597,066 and 30,499,931 shares issued and outstanding	3,000	3,000	3,000	3,000	3,000
Additional paid-in capital	598	589	572	494	413
Accumulated deficit	−763	−1,071	−281	−45	249
Accumulated other comprehensive loss	−6	−7	229,000	−2	−1
Total BRC Group Holdings, Inc. stockholders deficit	−172	−488	291	447	661
Noncontrolling interest	51	32	68	59	44
Total deficit	−120	−456	360	506	705
Total liabilities and deficit	1,707	1,783	6,081	6,111	5,852

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	35	45	50	40	26
Provision for losses on accounts receivable	4	6	7	4	1
Share-based compensation	14	19	45	61	36
Fair value and remeasurement adjustments ($(2,061) and $328,671 from related parties)	−16	328	−11	35	−8
Non-cash interest and other ($(268) and $(32,256) from related parties)	11	−23	−10	−3	−22
Depreciation of rental merchandise	13	15	4	0	0
Net foreign currency gains	−473,000	−247,000	−310,000	754,000	127,000
Dividends from equity investments	397,000	159,000	434,000	4	2
Deferred income taxes	11	26	−41	−80	62
Impairment of goodwill and tradenames	2	105	70	0	—
Gain on disposal of discontinued operations	−67	−218	0	0	—
(Gain) loss on sale or disposal of fixed assets and other	−1	143,000	−9	5	—
Loss on extinguishment of debt	21	19	5	−1	—
Gain on senior note exchange	−67	0	0	−7	−4
Income allocated and fair value adjustment for mandatorily redeemable noncontrolling interests	0	1	2	1	857,000
Amounts due to/from clearing brokers	−20	21	−22	−69	41
Securities and other investments owned	−165	700	123	391	−582
Securities borrowed	−72	2,828	−528	−252	−1,326
Accounts receivable	7	2	26	7	−715,000
Prepaid expenses and other assets ($(3,449) and $8,353 from related parties)	4	26	737,000	−54	−4
Accounts payable, accrued expenses and other liabilities	−25	−14	−80	−141	38
Amounts due to/from related parties and partners	−3	−1	−1	4	−1
Securities sold not yet purchased	4	−3	3	−23	18
Deferred revenue	−8	−12	−15	9	−4
Securities loaned	69	−2,831	525	245	1,329
Net cash (used in) provided by operating activities	−60	264	25	7	51
Purchases of loans receivable ($78,458 and $57,615 from related parties)	−126	−119	−545	−503	−739
Repayments of loans receivable ($123,419 and $74,770 by related parties)	184	149	607	575	172
Proceeds from sale of loans receivable ($6,611 and $ from related parties)	10	31	85	0	0
Proceeds from loan participations sold	4	6	0	0	0
Acquisition of businesses and minority interest, net of $ and $604 cash acquired	0	−19	−26	−262	—
Proceeds from sale of business, net of cash sold and other	95	261,000	17	2,000	14,000
Purchases of property, equipment and intangible assets	−11	−8	−8	−4	−676,000
Proceeds from sale of property, equipment, intangible assets, and other	8	0	—	2,000	14,000
Funds received from trust account of subsidiary	40	0	176	173	—
Consolidation of VIE	359,000	0	—	—	—
Proceeds from sale of discontinued operations, net of $(3,344) cash sold	114	0	—	—	—
Purchases of equity and other investments	−7	−1	−5	−11	—
Net cash provided by investing activities	311	441	301	−32	−957
Proceeds from revolving line of credit	132	89	219	65	80
Repayment of revolving line of credit	−142	−117	−303	−17	0
Proceeds from note payable	850,000	15	0	0	—
Repayment of notes payable and other	−14	−7	−14	−530,000	−38
Proceeds from term loan	236	0	628	324	300
Repayment of term loan	−318	−445	−521	−96	−21
Redemption of senior notes	−145	−140	−59	0	−507
Repurchases and payments on senior notes	−10	0	—	—	—
Payment of debt issuance and offering costs	−13	−3	−28	−8	−33
Payment of contingent consideration	−1	−13	−2	−2	−4
ESPP and payment of employment taxes on vesting of restricted stock	0	−3	−8	−10	−10
Common dividends paid	0	−34	−141	−119	−347
Preferred dividends paid	0	−8	−8	−8	−7
Distributions to noncontrolling interests	−4	−11	−7	−4	−17
Contributions from noncontrolling interests	0	4	6	21	345
Proceeds from exercise of warrants	0	653,000	0	0	—
Net cash used in financing activities	−279	−672	−366	18	1,081
Increase (decrease) in cash, cash equivalents and restricted cash	−28	32	−40	−8	—
Effect of foreign currency on cash, cash equivalents and restricted cash	202,000	−9	3	−933,000	−382,000
Net increase (decrease) in cash, cash equivalents and restricted cash	−27	23	−37	−9	175
Interest paid	97	240	315	193	138
Taxes paid	5	7	20	49	88
Transfer of loans to held for sale from loans receivable at fair value	9	31	—	—	—
Disposition of noncontrolling interests through sale and deconsolidation of businesses	3	0	—	—	—
Capital from noncontrolling interest upon initial consolidation of VIE	12	0	—	—	—
Operating lease right-of-use assets obtained in exchange for lease liabilities	465,000	4	—	—	—
Proceeds from issuance of common stock	0	1	115	0	65
Receipt of note receivable upon sale of certain assets	0	2	—	—	—
Conversion of loan receivable at fair value into equity securities	0	54	—	—	—
Business combination, consideration transferred, loans receivable	0	17	—	—	—

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 56 positions

Reported AUM

$578.90M

Holdings

Top sector

$578.90M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$578.90M	100.0%

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