v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
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, 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 0 189
Loans receivable - at fair value 26,303 90,103
Equity investments 90,433 85,487
Prepaid expenses and other assets [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
Total assets 1,706,592 1,783,263
Liabilities:    
Accounts payable 41,463 51,238
Accrued expenses and other liabilities [1] 154,780 185,745
Deferred revenue 49,907 58,148
Deferred income taxes 4,109 5,462
Due to related parties and partners 0 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 0 28,021
Loan participations sold 0 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
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 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 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 interest [1] 51,271 32,159
Total deficit (120,262) (456,016)
Total liabilities and deficit 1,706,592 1,783,263
Disposal Group, Held-for-Sale, Not Discontinued Operations    
Assets:    
Assets held for sale (Note 5) 0 84,723
Liabilities:    
Liabilities held for sale (Note 5) 0 41,505
Discontinued Operations, Disposed of by Sale    
Assets:    
Assets of discontinued operations (Note 5) 2,221 70,373
Liabilities:    
Liabilities of discontinued operations (Note 5) $ 830 $ 21,321
[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).