Basic earnings per share is calculated by dividing income (loss) from continuing operations, income (loss) from discontinued operations, or net income (loss) by the weighted-average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing income (loss) from continuing operations, income (loss) from discontinued operations, or net income (loss) by the weighted-average number of common shares outstanding, after giving effect to all dilutive potential common shares outstanding during the period. Dilutive potential common shares include shares that may be issued under warrants, including warrants issued in connection with the Oaktree Credit Agreement and private exchange transactions, and restricted stock and stock option awards.

Securities that could potentially dilute basic net income (loss) per share in the future that were not included in the computation of diluted net income (loss) per share as the effect would be anti-dilutive were 3,306,820 and 1,412,305 during the years ended December 31, 2025 and 2024, respectively.


	Year Ended December 31, 2025
	Continuing Operations		Discontinued Operations		Total
Net income	$	239,444	$	70,841	$	310,285
Net income attributable to noncontrolling interests	2,870		—		2,870
Net income attributable to BRC Group Holdings, Inc.	236,574		70,841		307,415
Preferred stock dividends	8,060		—		8,060
Net income available to common shareholders	$	228,514	$	70,841	$	299,355

	Year Ended December 31, 2024
	Continuing Operations		Discontinued Operations		Total
Net (loss) income	$	(922,409)	$	147,470	$	(774,939)
Net loss attributable to noncontrolling interests	(8,920)		(1,745)		(10,665)
Net (loss) income attributable to BRC Group Holdings, Inc.	(913,489)		149,215		(764,274)
Preferred stock dividends	8,060		—		8,060
Net (loss) income available to common shareholders	$	(921,549)	$	149,215	$	(772,334)


	Year Ended December 31,
	2025		2024







Weighted average common shares outstanding:
Basic	30,555,258		30,336,274
Effect of dilutive potential common shares:
Restricted stock units, warrants, and stock options	—		—
Diluted	30,555,258		30,336,274

Basic net income (loss) per common share:
Continuing operations	$	7.48	$	(30.38)
Discontinued operations	2.32		4.92
Basic income (loss) per common share	$	9.80	$	(25.46)
Diluted net income (loss) per common share:
Continuing operations	$	7.48	$	(30.38)
Discontinued operations	2.32		4.92
Diluted income (loss) per common share	$	9.80	$	(25.46)