v3.26.3
BUSINESS SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting
The following is a summary of certain financial data for each of the Company’s reportable segments:
Three Months Ended September 30, 2026Capital MarketsWealth ManagementLingomagicJackMarconi WirelessUOLConsumer ProductsTotal Reportable Segments
Corporate and All Other(1)
Total
Revenues - Services and fees(2)
$32,221 $22,091 $36,185 $8,226 $6,664 $2,790 $— $108,177 $4,274 $112,451 
Trading (losses) gains, net(125,707)2,236 — — — — — (123,471)(930)(124,401)
Fair value adjustment on loans1,182 — — — — — — 1,182 33 1,215 
Interest income - loans87 — — — — — — 87 1,422 1,509 
Interest income - securities lending2,004 — — — — — — 2,004 — 2,004 
Revenues - Sale of goods— — — 303 468 — 39,255 40,026 224 40,250 
Total revenues(90,213)24,327 36,185 8,529 7,132 2,790 39,255 28,005 5,023 33,028 
Direct cost of services— — (19,330)(1,695)(2,208)(618)— (23,851)(3,269)(27,120)
Cost of goods sold— — — (268)(532)— (27,800)(28,600)(293)(28,893)
Employee compensation and benefits(20,003)(21,257)(3,961)(713)(317)(198)(8,508)(54,957)(13,098)(68,055)
Professional services(953)(337)(179)(313)(74)(7)(891)(2,754)(10,473)(13,227)
Occupancy-related costs(1,478)(1,832)(624)(349)(448)(147)(2,017)(6,895)(3,013)(9,908)
Depreciation and amortization(91)(368)(3,219)(846)(470)(18)(1,656)(6,668)(700)(7,368)
Other selling, general and administrative expenses(3)
(6,182)(4,268)(4,314)(177)(347)(102)(1,528)(16,918)1,067 (15,851)
Restructuring charge(20)— — — — — — (20)— (20)
Impairment of tradename— — — — — — (1,200)(1,200)— (1,200)
Interest expense - Securities lending and loan participations sold(1,100)— — — — — — (1,100)— (1,100)
Segment (loss) income $(120,040)$(3,735)$4,558 $4,168 $2,736 $1,700 $(4,345)$(114,958)$(24,756)$(139,714)
(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, and individual investment and lending entities.
(2)
Revenues - Services and fees for the Corporate and All Other category includes intersegment eliminations.
(3)
Other selling, general and administrative expenses for the Corporate and All Other category includes intersegment eliminations and corporate expense allocations to segments.
Three Months Ended September 30, 2025Capital MarketsWealth ManagementLingomagicJackMarconi WirelessUOLConsumer ProductsTotal Reportable Segments
Corporate and All Other(1)
Total
Revenues - Services and fees(2)
$61,143 $34,342 $39,690 $9,038 $7,418 $3,217 $— $154,848 $15,820 $170,668 
Trading gains (losses), net45,066 8,061 — — — — — 53,127 (115)53,012 
Fair value adjustment on loans— — — — — — — — 1,299 1,299 
Interest income - loans— — — — — — — — 2,094 2,094 
Interest income - securities lending2,523 — — — — — — 2,523 — 2,523 
Revenues - Sale of goods— — — 293 710 — 46,967 47,970 305 48,275 
Total revenues108,732 42,403 39,690 9,331 8,128 3,217 46,967 258,468 19,403 277,871 
Direct cost of services— — (22,558)(1,847)(2,463)(1,046)— (27,914)(3,377)(31,291)
Cost of goods sold— — — (320)(706)— (33,607)(34,633)(368)(35,001)
Employee compensation and benefits(39,070)(30,995)(4,669)(759)(745)(351)(8,941)(85,530)(11,513)(97,043)
Professional services(658)(749)(45)(317)(81)(4)(1,060)(2,914)(8,971)(11,885)
Occupancy-related costs(1,540)(3,137)(751)(372)(594)(174)(1,465)(8,033)(3,496)(11,529)
Depreciation and amortization(544)(397)(3,340)(873)(483)(58)(1,896)(7,591)(843)(8,434)
Other selling, general and administrative expenses(3)
(10,143)65 (4,363)(235)(497)(107)(1,144)(16,424)1,423 (15,001)
Restructuring charge— — — — — — (184)(184)— (184)
Interest expense - Securities lending and loan participations sold(1,998)— — — — — — (1,998)(96)(2,094)
Segment income (loss)$54,779 $7,190 $3,964 $4,608 $2,559 $1,477 $(1,330)$73,247 $(7,838)$65,409 
(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, and individual investment and lending entities.
(2)
 Revenues - Services and fees for the Corporate and All Other category includes intersegment eliminations.
(3)
Other selling, general and administrative expenses for the Corporate and All Other category includes intersegment eliminations and corporate expense allocations to segments.
Nine Months Ended September 30, 2026Capital MarketsWealth ManagementLingomagicJackMarconi WirelessUOLConsumer ProductsTotal Reportable Segments
Corporate and All Other(1)
Total
Revenues - Services and fees(2)
$113,710 $112,872 $115,763 $24,980 $20,568 $8,492 $— $396,385 $41,783 $438,168 
Trading gains (losses), net13,959 21,583 — — — — — 35,542 (2,008)33,534 
Fair value adjustment on loans1,933 — — — — — — 1,933 10,072 12,005 
Interest income - loans1,121 — — — — — — 1,121 4,273 5,394 
Interest income - securities lending4,887 — — — — — — 4,887 — 4,887 
Revenues - Sale of goods— — — 899 1,469 — 126,907 129,275 942 130,217 
Total revenues135,610 134,455 115,763 25,879 22,037 8,492 126,907 569,143 55,062 624,205 
Direct cost of services— — (64,299)(5,100)(6,636)(2,397)— (78,432)(9,754)(88,186)
Cost of goods sold— — — (824)(1,558)— (89,260)(91,642)(977)(92,619)
Employee compensation and benefits(74,376)(85,710)(12,552)(2,080)(996)(529)(27,419)(203,662)(40,147)(243,809)
Professional services(1,849)(848)(234)(939)(225)(79)(3,786)(7,960)(33,690)(41,650)
Occupancy-related costs(4,709)(5,949)(1,867)(1,046)(1,379)(456)(4,778)(20,184)(9,488)(29,672)
Depreciation and amortization(565)(1,137)(9,650)(2,539)(1,409)(62)(5,013)(20,375)(2,130)(22,505)
Other selling, general and administrative expenses(3)
(19,298)(11,015)(13,520)(759)(1,024)(307)(4,001)(49,924)5,426 (44,498)
Restructuring charge(1,777)(29)— — — — (128)(1,934)— (1,934)
Impairment of tradename— — — — — — (5,200)(5,200)— (5,200)
Interest expense - Securities lending and loan participations sold(2,723)— — — — — — (2,723)— (2,723)
Segment income (loss)$30,313 $29,767 $13,641 $12,592 $8,810 $4,662 $(12,678)$87,107 $(35,698)$51,409 
(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, and individual investment and lending entities.
(2)
Revenues - Services and fees for the Corporate and All Other category includes intersegment eliminations.
(3)
Other selling, general and administrative expenses for the Corporate and All Other category includes intersegment eliminations and corporate expense allocations to segments.
Nine Months Ended September 30, 2025Capital MarketsWealth ManagementLingomagicJackMarconi WirelessUOLConsumer ProductsTotal Reportable Segments
Corporate and All Other(1)
Total
Revenues - Services and fees(2)
$120,654 $114,429 $121,150 $27,957 $24,024 $10,137 $— $418,351 $56,928 $475,279 
Trading gains, net49,049 13,873 — — — — — 62,922 1,599 64,521 
Fair value adjustment on loans(3,131)— — — — — — (3,131)(2,866)(5,997)
Interest income - loans65 — — — — — — 65 9,078 9,143 
Interest income - securities lending5,487 — — — — — — 5,487 — 5,487 
Revenues - Sale of goods— — — 952 2,823 — 132,354 136,129 4,674 140,803 
Total revenues172,124 128,302 121,150 28,909 26,847 10,137 132,354 619,823 69,413 689,236 
Direct cost of services— — (70,679)(5,705)(10,497)(3,231)— (90,112)(17,095)(107,207)
Cost of goods sold— — — (970)(3,290)— (98,267)(102,527)(4,320)(106,847)
Employee compensation and benefits(90,033)(94,164)(14,325)(2,265)(2,247)(954)(28,002)(231,990)(46,178)(278,168)
Professional services(2,149)(1,740)(388)(1,111)(259)(44)(3,035)(8,726)(33,037)(41,763)
Occupancy-related costs(5,215)(11,132)(2,366)(1,128)(1,840)(527)(4,398)(26,606)(11,525)(38,131)
Depreciation and amortization(1,905)(1,814)(9,986)(2,631)(1,449)(194)(5,760)(23,739)(3,341)(27,080)
Other selling, general and administrative expenses(3)
(32,419)(11,857)(14,116)(785)(1,157)(306)(3,547)(64,187)(4,320)(68,507)
Restructuring charge— — — — — — (220)(220)(285)(505)
Impairment of tradename— — — — — — (1,500)(1,500)— (1,500)
Interest expense - Securities lending and loan participations sold(4,147)— — — — — — (4,147)(634)(4,781)
Segment income (loss)$36,256 $7,595 $9,290 $14,314 $6,108 $4,881 $(12,375)$66,069 $(51,322)$14,747 
(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.
(2)
Revenues - Services and fees for the Corporate and All Other category includes intersegment eliminations.
(3)
Other selling, general and administrative expenses for the Corporate and All Other category includes intersegment eliminations and corporate expense allocations to segments.
Schedule of Reconciliation of Segment Income (Loss) to Net Income
Reconciliation of Segment (Loss) Income to Net (Loss) Income:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
Segment (loss) income $(139,714)65,409 $51,409 $14,747 
Interest income241 1,491 938 3,469 
Dividend income198 564 1,000 821 
Realized and unrealized (losses) gains on investments(97,485)32,756 19,707 28,472 
Change in fair value of financial instruments and other(245)(3,314)(3,126)9,492 
Gain on sale and deconsolidation of businesses— — — 86,213 
Gain on senior note exchange— 12,222 — 67,208 
(Loss) income from equity investments(14,492)9,193 (18,625)34,244 
(Loss) gain on extinguishment of debt— (950)1,607 (21,643)
Interest expense:
Capital Markets segment— — — (30)
Lingo segment— — — (66)
Consumer Products segment(432)(656)(1,165)(1,516)
Corporate and All Other(17,410)(18,113)(54,487)(71,073)
Interest expense(17,842)(18,769)(55,652)(72,685)
(Loss) income from continuing operations before income taxes(269,339)98,602 (2,742)150,338 
Benefit from (provision for) income taxes24,048 (1,183)1,207 (1,194)
(Loss) income from continuing operations(245,291)97,419 (1,535)149,144 
(Loss) income from discontinued operations, net of income taxes(2,401)(1,866)(2,401)70,841 
Net (loss) income(247,692)95,553 (3,936)219,985 
Net (loss) income attributable to noncontrolling interests(6,689)4,470 3,245 (594)
Net (loss) income attributable to BRC Group Holdings, Inc.(241,003)91,083 (7,181)220,579 
Preferred stock dividends2,015 2,015 6,045 6,045 
Net (loss) income available to common shareholders$(243,018)$89,068 $(13,226)$214,534 
Schedule of Revenues by Geographical Area
The following table presents revenues by geographical area:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
Revenues
Services and fees
North America$112,451 $170,668 $438,168 $475,279 
Trading (losses) gains, net
North America(124,401)53,012 33,534 64,521 
Fair value adjustments on loans
North America1,215 1,299 12,005 (5,997)
Interest income - loans
North America1,509 2,094 5,394 9,143 
Interest income - securities lending
North America2,004 2,523 4,887 5,487 
Sale of goods
North America19,868 25,166 66,015 73,985 
Australia1,999 2,189 6,110 6,871 
Europe, Middle East, and Africa10,840 13,270 34,714 38,240 
Asia4,833 6,084 16,521 16,361 
Latin America2,710 1,566 6,857 5,346 
Total - Sale of goods40,250 48,275 130,217 140,803 
Total Revenues
North America12,646 254,762 $560,003 $622,418 
Australia1,999 2,189 6,110 6,871 
Europe, Middle East, and Africa10,840 13,270 34,714 38,240 
Asia4,833 6,084 16,521 16,361 
Latin America2,710 1,566 6,857 5,346 
Total Revenues$33,028 $277,871 $624,205 $689,236 
Schedule of Long-Lived Assets by Geographic Areas
The following table presents long-lived assets, which consists of property and equipment, net, by geographical area:
September 30, 2026December 31, 2025
Long-lived Assets - Property and Equipment, net:
North America$17,931 $17,450 
Europe288 88 
Asia Pacific43 62 
Australia6 6 
Total$18,268 $17,606