v3.26.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues:        
Total revenues $ 33,028 $ 277,871 $ 624,205 $ 689,236
Operating expenses:        
Direct cost of services 27,120 31,291 88,186 107,207
Cost of goods sold 28,893 35,001 92,619 106,847
Selling, general and administrative expenses 114,409 143,892 382,134 453,649
Restructuring charge (Note 19) 20 184 1,934 505
Impairment of tradename 1,200 0 5,200 1,500
Interest expense - Securities lending and loan participations sold 1,100 2,094 2,723 4,781
Total operating expenses 172,742 212,462 572,796 674,489
Operating (loss) income (139,714) 65,409 51,409 14,747
Other income (expense):        
Interest income 241 1,491 938 3,469
Dividend income 198 564 1,000 821
Realized and unrealized (losses) gains on investments (97,485) 32,756 19,707 28,472
Change in fair value of financial instruments and other (245) (3,314) (3,126) 9,492
Gain on sale and deconsolidation of businesses 0 0 0 [1] 86,213 [1]
Gain on senior note exchange 0 12,222 0 67,208
(Loss) income from equity investments (14,492) 9,193 (18,625) 34,244
(Loss) gain on extinguishment of debt 0 (950) 1,607 (21,643)
Interest expense (17,842) (18,769) (55,652) (72,685)
(Loss) income from continuing operations before income taxes (269,339) 98,602 (2,742) 150,338
Benefit from (provision for) income taxes 24,048 (1,183) 1,207 (1,194)
(Loss) income from continuing operations (245,291) 97,419 (1,535) 149,144
(Loss) income from discontinued operations, net of income taxes (2,401) (1,866) (2,401) 70,841
Net (loss) income (247,692) 95,553 (3,936) [1] 219,985 [1]
Net (loss) income attributable to noncontrolling interests (6,689) 4,470 3,245 (594)
Net (loss) income attributable to BRC Group Holdings, Inc. (241,003) 91,083 (7,181) 220,579
Preferred stock dividends 2,015 2,015 6,045 6,045
Net (loss) income available to common shareholders $ (243,018) $ 89,068 $ (13,226) $ 214,534
Basic net income (loss) per common share:        
Continuing operations (in dollars per share) $ (5.98) $ 2.97 $ (0.29) $ 4.70
Discontinued operations (in dollars per share) (0.06) (0.06) (0.07) 2.32
Basic (loss) income per common share (in dollars per share) (6.04) 2.91 (0.36) 7.02
Diluted net income (loss) per common share:        
Continuing operations (in dollars per share) (5.98) 2.97 (0.33) 4.70
Discontinued operations (in dollars per share) (0.06) (0.06) (0.07) 2.32
Diluted (loss) income per common share (in dollars per share) $ (6.04) $ 2.91 $ (0.40) $ 7.02
Weighted average basic common shares outstanding (in shares) 40,232,819 30,597,066 36,683,700 30,541,169
Weighted average diluted common shares outstanding (in shares) 40,232,819 30,597,066 36,837,593 30,541,169
Services and fees        
Revenues:        
Total revenues $ 112,451 $ 170,668 $ 438,168 $ 475,279
Trading (losses) gains, net        
Revenues:        
Total revenues (124,401) 53,012 33,534 64,521
Fair value adjustments on loans        
Revenues:        
Total revenues 1,215 1,299 12,005 (5,997)
Interest income - loans        
Revenues:        
Total revenues 1,509 2,094 5,394 9,143
Interest income - securities lending        
Revenues:        
Total revenues 2,004 2,523 4,887 5,487
Sale of goods        
Revenues:        
Total revenues $ 40,250 $ 48,275 $ 130,217 $ 140,803
[1] Amounts presented contain results from both continuing and discontinued operations. Refer to Note 5 - Discontinued Operations and Assets Held for Sale for additional information regarding cash flow associated with the results of discontinued operations.