v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets:    
Cash and cash equivalents [1] $ 144,072 $ 226,601
Restricted cash 1,651 2,676
Due from clearing brokers 19,402 51,000
Securities and other investments owned ($307,830 and $382,461 at fair value) [1] 369,818 446,843
Securities borrowed 235,009 114,937
Accounts receivable, net of allowance for credit losses of $5,560 and $6,108 59,062 55,473
Loans receivable, at fair value ($1,086 and $2,835 from related parties) 10,798 26,303
Equity investments 68,059 90,433
Prepaid expenses and other assets [1] 117,961 128,650
Operating lease right-of-use assets 36,252 32,109
Property and equipment, net 18,268 17,606
Goodwill 392,687 392,687
Other intangible assets, net 94,599 118,290
Deferred income taxes 793 763
Assets of discontinued operations (Note 5) 2,221 2,221
Total assets 1,570,652 1,706,592
Liabilities:    
Accounts payable 34,929 41,463
Accrued expenses and other liabilities ($190 and $6,400 at fair value) [1] 125,198 154,780
Deferred revenue 45,030 49,907
Deferred income taxes 4,409 4,109
Securities sold not yet purchased, at fair value 7,897 9,809
Securities loaned 217,125 97,321
Operating lease liabilities 43,773 40,902
Revolving credit facilities 32,285 6,638
Term loans, net 115,421 119,297
Senior notes payable, net 988,328 1,301,798
Liabilities of discontinued operations (Note 5) 830 830
Total liabilities 1,615,225 1,826,854
Commitments and contingencies (Note 27)
BRC Group Holdings, Inc. stockholders’ deficit:    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 4,563 shares issued and outstanding and liquidation preference of $128,187 and $122,142 0 0
Common stock, $0.0001 par value; 100,000,000 shares authorized; 40,199,755 and 30,597,066 issued and outstanding 4 3
Additional paid-in capital 680,912 598,022
Accumulated deficit (770,467) (763,286)
Accumulated other comprehensive loss (8,167) (6,272)
Total BRC Group Holdings, Inc. stockholders’ deficit (97,718) (171,533)
Noncontrolling interests [1] 53,145 51,271
Total deficit (44,573) (120,262)
Total liabilities and deficit $ 1,570,652 $ 1,706,592
[1]
(1) At September 30, 2026 and December 31, 2025, the balance sheet includes cash of $1,046 and $446, securities and other investments owned, at fair value of $671 and $682, prepaid and other expenses of $3,064 and $3,737, accrued expenses and other liabilities of $28 and $28, and noncontrolling interest of $4,119 and $4,192, respectively, of consolidated variable interest entities (see Note 3 - Variable Interest Entities).