BRC Group Holdings, Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
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Consolidated Balance Sheets
(Dollars in thousands, except share and par value)
| December 31,2025 | December 31,2024 | |
|---|---|---|
| Assets | ||
| Assets: | ||
| Cash and cash equivalents(1) | $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(1)) | 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(1)) | 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 (Note 5) | — | 84,723 |
| Assets of discontinued operations (Note 5) | 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(1) ($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 |
| December 31,2025 | December 31,2024 | |
|---|---|---|
| Liabilities held for sale (Note 5) | — | 41,505 |
| Liabilities of discontinued operations (Note 5) | 830 | 21,321 |
| Total liabilities | 1,826,854 | 2,239,279 |
| Commitments and contingencies (Note 30) | ||
| 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(1) | 51,271 | 32,159 |
| Total deficit | (120,262) | (456,016) |
| Total liabilities and deficit | $1,706,592 | $1,783,263 |
(1) At December 31, 2025, the balance sheet includes cash of $446, securities and other investments owned, at fair value, of $682, prepaid and other expenses of $3,737, accrued expenses and other liabilities of $28 and noncontrolling interest of $4,192 of consolidated variable interest entities (see Note 3 - Variable Interest Entities).
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