BRC Group Holdings, Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 31, 2026
RILY$3.66-4.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities(1): | ||
| Net income (loss) | $310,285 | $(774,939) |
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
| Depreciation and amortization | 35,174 | 45,405 |
| Provision for losses on accounts receivable | 4,021 | 5,993 |
| Share-based compensation | 13,974 | 19,054 |
| Fair value and remeasurement adjustments ($(2,061) and $328,671 from related parties) | (15,956) | 327,630 |
| Non-cash interest and other ($(268) and $(32,256) from related parties) | 10,951 | (23,259) |
| Depreciation of rental merchandise | 13,068 | 15,092 |
| Net foreign currency gains | (473) | (247) |
| Income from equity investments | (34,996) | (31) |
| Dividends from equity investments | 397 | 159 |
| Deferred income taxes | 11,482 | 25,888 |
| Impairment of goodwill and tradenames | 1,500 | 105,373 |
| Gain on disposal of discontinued operations | (66,795) | (217,504) |
| (Gain) loss on sale or disposal of fixed assets and other | (1,021) | 143 |
| Gain on sale and deconsolidation of businesses | (86,213) | (306) |
| Loss on extinguishment of debt | 21,298 | 19,158 |
| Gain on senior note exchange | (67,208) | — |
| Income allocated and fair value adjustment for mandatorily redeemable noncontrolling interests | — | 1,170 |
| Change in operating assets and liabilities: | ||
| Amounts due to/from clearing brokers | (20,288) | 20,622 |
| Securities and other investments owned | (165,366) | 699,616 |
| Securities borrowed | (71,915) | 2,827,917 |
| Accounts receivable | 6,789 | 2,230 |
| Prepaid expenses and other assets ($(3,449) and $8,353 from related parties) | 4,439 | 26,040 |
| Accounts payable, accrued expenses and other liabilities | (24,622) | (14,120) |
| Amounts due to/from related parties and partners | (3,303) | (1,250) |
| Securities sold not yet purchased | 4,134 | (2,926) |
| Deferred revenue | (8,202) | (11,993) |
| Securities loaned | 69,135 | (2,831,364) |
| Net cash (used in) provided by operating activities | (59,711) | 263,551 |
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from investing activities(1): | ||
| Purchases of loans receivable ($78,458 and $57,615 from related parties) | (125,755) | (118,721) |
| Repayments of loans receivable ($123,419 and $74,770 by related parties) | 183,527 | 149,047 |
| Proceeds from sale of loans receivable ($6,611 and $— from related parties) | 10,415 | 31,012 |
| Proceeds from loan participations sold | 4,475 | 5,980 |
| Acquisition of businesses and minority interest, net of $— and $604 cash acquired | — | (19,142) |
| Proceeds from sale of business, net of cash sold and other | 94,938 | 261 |
| Purchases of property, equipment and intangible assets | (11,317) | (7,952) |
| Proceeds from sale of property, equipment, intangible assets, and other | 7,588 | — |
| Distributions from equity investments | 39,841 | — |
| Consolidation of VIE | 359 | — |
| Proceeds from sale of discontinued operations, net of $(3,344) cash sold | 114,032 | — |
| Sale of Great American Group | — | 167,064 |
| Sale of Brands Interests, net of $(585) cash sold | — | 234,050 |
| Purchases of equity and other investments | (6,621) | (1,065) |
| Net cash provided by investing activities | 311,482 | 440,534 |
| Cash flows from financing activities(1): | ||
| Proceeds from revolving line of credit | 132,440 | 89,274 |
| Repayment of revolving line of credit | (142,131) | (116,746) |
| Proceeds from note payable | 850 | 15,000 |
| Repayment of notes payable and other | (13,740) | (6,653) |
| Proceeds from term loan | 235,550 | — |
| Repayment of term loan | (318,253) | (444,770) |
| Redemption of senior notes | (145,302) | (140,491) |
| Repurchases and payments on senior notes | (9,783) | — |
| Payment of debt issuance and offering costs | (13,296) | (3,484) |
| Payment of contingent consideration | (1,424) | (12,921) |
| ESPP and payment of employment taxes on vesting of restricted stock | — | (3,218) |
| Common dividends paid | — | (33,731) |
| Preferred dividends paid | — | (8,060) |
| Distributions to noncontrolling interests | (4,283) | (10,747) |
| Contributions from noncontrolling interests | — | 3,947 |
| Proceeds from exercise of warrants | — | 653 |
| Net cash used in financing activities | (279,372) | (671,947) |
| (Decrease) increase in cash, cash equivalents and restricted cash(1) | (27,601) | 32,138 |
| Effect of foreign currency on cash, cash equivalents and restricted cash(1) | 202 | (9,301) |
| Net (decrease) increase in cash, cash equivalents and restricted cash(1) | (27,399) | 22,837 |
| Cash, cash equivalents and restricted cash from continuing operations, beginning of year | 248,651 | 218,546 |
| Cash, cash equivalents and restricted cash from discontinued operations, beginning of year | 8,025 | 15,293 |
| Cash, cash equivalents and restricted cash, beginning of year | 256,676 | 233,839 |
| Cash, cash equivalents and restricted cash from continuing operations, end of year(2) | 229,277 | 248,651 |
| Cash, cash equivalents and restricted cash from discontinued operations, end of year | — | 8,025 |
| Cash, cash equivalents and restricted cash, end of year(1)(2) | $229,277 | $256,676 |
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Supplemental disclosure of cash flow information: | ||
| Interest paid | $97,040 | $240,298 |
| Taxes paid | 5,227 | 6,924 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Transfer of loans to held for sale from loans receivable at fair value | $8,876 | $30,927 |
| Issuance of common stock in equity of subsidiary | 1,575 | — |
| Issuance of warrants for term loan | 7,860 | — |
| Recognition of derivative liability for term loan exit fee | 11,244 | — |
| Disposition of noncontrolling interests through sale and deconsolidation of businesses | 2,918 | — |
| Capital from noncontrolling interest upon initial consolidation of VIE | 12,494 | — |
| Reclassification of restricted stock units from equity to liability | 2,138 | — |
| Operating lease right-of-use assets obtained in exchange for lease liabilities | 465 | 3,720 |
| Exchange of senior notes: | ||
| Redemption of 5.50% senior notes due March 2026 | 115,844 | — |
| Redemption of 6.50% senior notes due September 2026 | 2,061 | — |
| Redemption of 5.00% senior notes due December 2026 | 146,448 | — |
| Redemption of 6.00% senior notes due January 2028 | 51,134 | — |
| Redemption of 5.25% senior notes due August 2028 | 39,486 | — |
| Issuance of 8.00% new notes due January 2028 | 277,007 | — |
| Redemption of 6.375% senior notes due February 2025 | — | 1,130 |
| Issuance of common stock | — | 1,011 |
| Receipt of note receivable upon sale of certain assets | — | 2,000 |
| Conversion of loan receivable at fair value into equity securities | — | 53,530 |
| Conversion of DIP loan to purchase consideration equity for purchase of Nogin | — | 37,700 |
| Receipt of loans receivable related to sale of Great American Group | — | 16,698 |
| Receipt of noncontrolling equity interest related to sale of Great American Group | — | 82,462 |
(1) Amounts presented contain results from both continuing and discontinued operations. Refer to Note 5 – Discontinued Operations and Assets Held for Sale for additional information regarding cash flow associated with the results of discontinued operations.
(2)Includes cash from assets held for sale of $1,324 in 2024.
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