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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Cash and cash equivalents [1] $ 175,823 $ 226,601
Restricted cash 2,199 2,676
Due from clearing brokers 43,437 51,000
Securities and other investments owned ($— and $382,461 at fair value) [1] 639,668 446,843
Securities borrowed 133,438 114,937
Accounts receivable, net of allowance for credit losses of $6,450 and $6,108 67,329 55,473
Loans receivable, at fair value ($953 and $2,835 from related parties) 24,927 26,303
Equity investments 90,692 90,433
Prepaid expenses and other assets [1] 117,851 128,650
Operating lease right-of-use assets 33,532 32,109
Property and equipment, net 17,608 17,606
Goodwill 392,687 392,687
Other intangible assets, net 112,038 118,290
Deferred income taxes 763 763
Total assets 1,854,213 1,706,592
Liabilities:    
Accounts payable 37,721 41,463
Accrued expenses and other liabilities ($11,080 and $6,400 at fair value) [1] 153,413 154,780
Deferred revenue 48,730 49,907
Deferred income taxes 4,089 4,109
Securities sold not yet purchased, at fair value 16,833 9,809
Securities loaned 115,642 97,321
Operating lease liabilities 41,752 40,902
Revolving credit facility 10,708 6,638
Term loans, net 116,673 119,297
Senior notes payable, net 1,171,490 1,301,798
Total liabilities 1,717,881 1,826,854
Commitments and contingencies (Note 26)
BRC Group Holdings, Inc. stockholders’ equity (deficit):    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 4,563 shares issued and outstanding and liquidation preference of $124,157 and $122,142 0 0
Common stock, $0.0001 par value; 100,000,000 shares authorized; 35,150,932 and 30,597,066 issued and outstanding 4 3
Additional paid-in capital 634,479 598,022
Accumulated deficit (550,013) (763,286)
Accumulated other comprehensive loss (7,149) (6,272)
Total BRC Group Holdings, Inc. stockholders’ equity (deficit) 77,321 (171,533)
Noncontrolling interest [1] 59,011 51,271
Total equity (deficit) 136,332 (120,262)
Total liabilities and equity (deficit) 1,854,213 1,706,592
Discontinued Operations, Disposed of by Sale    
Assets:    
Assets of discontinued operations (Note 4) 2,221 2,221
Liabilities:    
Liabilities of discontinued operations (Note 4) $ 830 $ 830
[1]
(1) At March 31, 2026 and December 31, 2025 the balance sheet includes cash of $519 and $446, securities and other investments owned, at fair value of $723 and $682, prepaid and other expenses of $3,704 and $3,737, accrued expenses and other liabilities of $28 and $28, and noncontrolling interest of $4,261 and $4,192, respectively, of consolidated variable interest entities (see Note 3 - Variable Interest Entities).