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BUSINESS SEGMENTS
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
The Company reports segment information based on the various industries the Company operates and how the businesses are managed. These businesses are aggregated into operating segments in a manner that reflects how the Company views the business activities. The Company’s businesses are operated by separate local management and certain of the Company’s businesses are grouped together when they operate within a similar industry, comprising similarities in products and services, customers, and production processes, and when considered together, may be managed in accordance with one or more investment or operational strategies specific to those businesses. The Company’s seven reportable segments, as described in Note 1 - Organization and Nature of Business Operations, reflect the way the Company is managed, and for which separate financial information is available and evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and assess performance. The individuals comprising the role of CODM are the Company’s two Co-Chief Executive Officers and the Company’s Chief Financial Officer, who collectively use segment operating income or loss as a measure of a segment’s profit or loss. The segment information the CODM regularly receives does not include asset information and does not use segment asset information to assess performance or allocate resources. Accordingly, asset information is not provided by reportable segment. The measure of assets is reported in the consolidated balance sheets as total assets.

Revenues by segment represent amounts earned on the various services offered within each reportable segment. Our significant operating expenses regularly provided to the CODM and used to assess segment performance and determine the deployment of capital are classified as employee compensation and benefits expense, professional services, occupancy-related costs, other selling, general and administrative expenses, restructuring charge, depreciation and amortization, and impairment of goodwill and intangible assets. Employee compensation and benefits expense consists of salaries, payroll taxes, benefits, incentive compensation payable as commissions and cash bonus awards, and share based compensation for equity awards. Professional services expense consists of legal, accounting, audit and other consulting expenses. Occupancy-related costs consists of office rent, technology and communication costs, and other office expenses. Depreciation and amortization expense consists of depreciation expense for property and equipment and amortization of
intangible assets. The balance of our operating expenses (other selling, general and administrative expenses) includes costs for travel, marketing and business development, and other operating expenses. Restructuring charges include expenses related to reorganization and consolidation activities which include, among other, reductions in workforce and facility closures. During the fourth quarter of 2025, the Company made certain changes to the financial information that is provided to its CODM which includes additional disaggregated information regarding its operating segments. As a result, the Company’s operating segments now include seven reportable segments. The primary difference from the prior year’s presentation of reportable segments resulted in the Communications segment being presented in four reportable segments. In conjunction with the new additional reportable segments, the Company recast its segment presentation for all periods presented.
The following is a summary of certain financial data for each of the Company’s reportable segments:

Year Ended December 31, 2025Capital MarketsWealth ManagementLingomagicJackMarconi WirelessUOLConsumer ProductsTotal Reportable Segments
Corporate & All Other(1)
Total
Revenues - Services and fees$154,421 $158,065 $164,148 $36,698 $31,394 $13,145 $— $557,871 $75,965 $633,836 
Trading gains, net106,364 17,507 — — — — — 123,871 1,659 125,530 
Fair value adjustment on loans(3,131)— — — — — — (3,131)2,683 (448)
Interest income - loans65 — — — — — — 65 10,509 10,574 
Interest income - securities lending6,993 — — — — — — 6,993 — 6,993 
Revenues - Sale of goods— — — 1,236 3,390 — 181,540 186,166 4,948 191,114 
Total revenues264,712 175,572 164,148 37,934 34,784 13,145 181,540 871,835 95,764 967,599 
Direct cost of services— — (94,584)(7,445)(12,620)(4,306)— (118,955)(20,462)(139,417)
Cost of goods sold— — — (1,240)(3,856)— (135,612)(140,708)(4,656)(145,364)
Employee compensation and benefits(115,712)(126,279)(19,713)(3,140)(2,782)(1,203)(37,123)(305,952)(65,016)(370,968)
Professional services(3,388)(2,623)(447)(1,477)(334)(55)(5,032)(13,356)(44,058)(57,414)
Occupancy-related costs(6,839)(14,026)(3,109)(1,488)(2,344)(675)(5,955)(34,436)(15,001)(49,437)
Depreciation and amortization(2,443)(2,209)(13,156)(3,481)(1,919)(219)(7,480)(30,907)(4,114)(35,021)
Other selling, general and administrative expenses(41,684)(15,189)(20,003)(1,096)(1,519)(385)(5,273)(85,149)(1,759)(86,908)
Restructuring charge— — — — — — 90 90 (285)(195)
Impairment of goodwill and tradenames— — — — — — (1,500)(1,500)— (1,500)
Interest expense - Securities lending and loan participations sold(5,160)— — — — — — (5,160)(634)(5,794)
Segment income (loss)$89,486 $15,246 $13,136 $18,567 $9,410 $6,302 $(16,345)$135,802 $(60,221)$75,581 
(1)
Corporate and All Other consists of general corporate administrative functions not allocable to reportable segments and operating segments and entities that individually, or in aggregate, do not meet the criteria of a separate reportable segment including bebe, Nogin (deconsolidated in March 2025), Atlantic Coast Recycling (sold in March 2025), and individual investment and lending entities.
Year Ended December 31, 2024Capital MarketsWealth ManagementLingomagicJackMarconi WirelessUOLConsumer ProductsTotal Reportable Segments
Corporate & All Other(1)
Total
Revenues - Services and fees$186,750 $197,468 $195,886 $41,247 $37,216 $15,133 $— $673,700 $109,604 $783,304 
Trading (losses) gains, net(41,710)3,278 — — — — — (38,432)(18,575)(57,007)
Fair value adjustment on loans(63)— — — — — — (63)(325,435)(325,498)
Interest income - loans1,829 — — — — — — 1,829 52,312 54,141 
Interest income - securities lending70,862 — — — — — — 70,862 — 70,862 
Revenues - Sale of goods— — — 1,598 3,991 — 202,597 208,186 12,433 220,619 
Total revenues217,668 200,746 195,886 42,845 41,207 15,133 202,597 916,082 (169,661)746,421 
Direct cost of services— — (131,725)(11,571)(17,821)(4,233)— (165,350)(48,551)(213,901)
Cost of goods sold— — (1)(1,495)(4,592)— (152,625)(158,713)(8,921)(167,634)
Employee compensation and benefits(118,933)(156,715)(22,259)(3,287)(3,091)(1,566)(39,650)(345,501)(86,107)(431,608)
Professional services(1,169)(2,814)(2,107)(1,605)(340)(50)(8,544)(16,629)(42,595)(59,224)
Occupancy-related costs(7,671)(11,464)(5,056)(1,849)(2,345)(668)(6,518)(35,571)(21,047)(56,618)
Depreciation and amortization(3,049)(4,177)(13,481)(3,525)(1,934)(2,517)(7,991)(36,674)(8,259)(44,933)
Other selling, general and administrative expenses(39,690)(19,146)(20,552)(1,082)(1,251)(371)(6,812)(88,904)(8,123)(97,027)
Restructuring charge— — (379)— — — (1,143)(1,522)— (1,522)
Impairment of goodwill and tradenames— — — — — — (31,681)(31,681)(73,692)(105,373)
Interest expense - Securities lending and loan participations sold(65,939)— — — — — — (65,939)(189)(66,128)
Segment (loss) income$(18,783)$6,430 $326 $18,431 $9,833 $5,728 $(52,367)$(30,402)$(467,145)$(497,547)
(1)
Corporate and All Other consists of general corporate administrative functions not allocable to reportable segments and operating segments and entities that individually, or in aggregate, do not meet the criteria of a separate reportable segment including bebe, Nogin (deconsolidated in March 2025), Atlantic Coast Recycling (sold in March 2025), and individual investment and lending entities.
Reconciliation of Segment Income (Loss) to Net Income (Loss):
Year Ended December 31,
20252024
Segment income (loss)$75,581 $(497,547)
Interest income3,710 3,600 
Dividend income1,818 4,462 
Realized and unrealized gains (losses) on investments62,718 (263,686)
Change in fair value of financial instruments and other11,349 4,471 
Gain on sale and deconsolidation of businesses86,213 306 
Gain on senior note exchange67,208 — 
Income from equity investments34,996 31 
Loss on extinguishment of debt(21,298)(18,725)
Interest expense:
Capital Markets segment(30)(579)
Lingo segment(66)(6,061)
magicJack segment— (3)
Consumer Products segment(1,754)(4,261)
Corporate and All Other(90,886)(122,404)
Interest expense(92,736)(133,308)
Income (loss) from continuing operations before income taxes229,559 (900,396)
Benefit from (provision for) income taxes9,885 (22,013)
Income (loss) from continuing operations239,444 (922,409)
Income from discontinued operations, net of income taxes70,841 147,470 
Net income (loss)310,285 (774,939)
Net income (loss) attributable to noncontrolling interests2,870 (10,665)
Net income (loss) attributable to BRC Group Holdings, Inc.307,415 (764,274)
Preferred stock dividends8,060 8,060 
Net income (loss) available to common shareholders$299,355 $(772,334)
The following table presents revenues by geographical area:
Year Ended December 31,
20252024
Revenues
 Services and fees
North America$633,836 $783,304 
Trading loss (income)
North America125,530 (57,007)
Fair value adjustments on loans
North America(448)(325,498)
Interest income - loans
North America10,574 54,141 
Interest income - securities lending
North America6,993 70,862 
Sale of goods
North America98,930 118,676 
Australia9,905 12,305 
Europe, Middle East, and Africa52,235 55,517 
Asia22,582 24,736 
Latin America7,462 9,385 
Total - Sale of goods191,114 220,619 
Total Revenues
North America875,415 644,478 
Australia9,905 12,305 
Europe, Middle East, and Africa52,235 55,517 
Asia22,582 24,736 
Latin America7,462 9,385 
Total Revenues$967,599 $746,421 
The following table presents long-lived assets, which consist of property and equipment, net, by geographical area:
December 31, 2025December 31, 2024
Long-lived Assets - Property and Equipment, net:
North America$17,450 $18,327 
Europe88 217 
Asia Pacific62 81 
Australia6 54 
Total$17,606 $18,679 
Segment assets are not reported to, or used by, the Company’s CODM to allocate resources to, or assess performance of, the segments and therefore, total segment assets have not been disclosed.