
	December 31, 2025		December 31, 2024
Assets
Assets:
Cash and cash equivalents	$	2,278	$	1,033











Investment in consolidated subsidiaries	1,155,470		1,095,523

Other assets	31,318		19,903
Total assets	$	1,189,066	$	1,116,459

Liabilities And Stockholders’ Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	57,190	$	71,539












Dividends payable	611		2,534
Senior notes payable, net	1,301,798		1,530,561
Total liabilities	1,359,599		1,604,634





Total stockholders’ deficit	(170,533)		(488,175)
Total liabilities and stockholders’ deficit	$	1,189,066	$	1,116,459


	Year Ended December 31,
	2025		2024
Revenues	$	3,332	$	3,642
Operating expenses:
Selling, general and administrative expenses	50,752		48,896
Total operating expenses	50,752		48,896
Operating loss	(47,420)		(45,254)
Other income (expense):
Interest and dividend income	36		7
Interest expense	(69,233)		(92,657)
(Loss) gain on sale of discontinued operations	(205)		2,277
Gain on extinguishment of debt	67,554		120
Loss before income taxes	(49,268)		(135,507)
Benefit from (provision for) income taxes	15,759		(54,636)
Loss before income in equity investees	(33,509)		(190,143)
Equity in income (loss) of subsidiaries	341,924		(574,131)
Net income (loss)	308,415		(764,274)
Other comprehensive income (loss)	297		(6,798)
Comprehensive income (loss)	$	308,712	$	(771,072)


	Year Ended December 31,
	2025		2024
Cash flows from operating activities:
Net income (loss)	$	308,415	$	(764,274)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in net (income) loss of subsidiaries	(341,924)		574,131
Share-based compensation	3,479		7,746
Non-cash interest and other	2,922		4,162
Depreciation and amortization	335		382
Gain on extinguishment of debt	(346)		(120)
Gain on senior note exchange	(67,208)		—
Change in operating assets and liabilities:
Investments in consolidated subsidiaries and other assets	144,227		102,225
Accounts payable, accrued expenses and other liabilities	(11,591)		(3,486)
Other liabilities	(4,687)		(2,533)
Net cash provided by (used in) operating activities	33,622		(81,767)
Cash flows from investing activities:
Contributions to subsidiaries	(4,000)		(7,500)
Distributions from subsidiaries	133,900		274,000
Net cash provided by investing activities	129,900		266,500
Cash flows from financing activities:
Redemption of senior notes	(145,302)		(140,491)
Repurchases and payments on senior notes	(9,783)		—
Payment of debt issuance and offering costs	(7,192)		—
ESPP and payment of employment taxes on vesting of restricted stock	—		(3,218)
Common dividends paid	—		(33,731)
Preferred dividends paid	—		(8,060)



Proceeds from exercise of warrants	—		653
Net cash used in financing activities	(162,277)		(184,847)
Increase (decrease) in cash, cash equivalents and restricted cash	1,245		(114)
Cash, cash equivalents and restricted cash, beginning of year	1,033		1,147
Cash, cash equivalents and restricted cash, end of year	$	2,278	$	1,033

The condensed financial statements of the Parent Company have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of the Parent Company (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed 25% of the consolidated net assets of the Company. The ability of the Parent Company’s operating subsidiaries to pay dividends may be restricted due to the terms of the Nomura Credit Agreement.

In these statements, the Parent Company’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date the Parent Company began consolidating them. The Parent Company’s share of net income of its unconsolidated subsidiaries is included in consolidated income using the equity method. The Parent Company financial statements should be read in conjunction with the consolidated financial statements of BRC Group Holdings, Inc. and subsidiaries for the corresponding years.

During the years ended December 31, 2025 and 2024, distributions from subsidiaries to the Parent Company were $133,900 and $274,000, respectively, and contributions from the Parent Company to its subsidiaries were $4,000 and $7,500, respectively. The Parent Company maintains most of its cash and cash equivalents at its wholly owned subsidiaries to maximize returns on investments. Distributions from subsidiaries to the Parent Company are primarily to fund periodic investments that are made at the Parent Company or to fund debt service and interest costs on the senior notes, common stock and preferred stock dividends, and repurchases of common stock or other Parent Company securities. Contributions from the Parent Company to its subsidiaries are primarily made to fund acquisitions and investments that are made at the subsidiary level.