BRC Group Holdings Inc 2026年季度报告

FORM 10-Q (Mark One)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September30, 2025 Or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from toCommission File Number 001-37503 BRC Group Holdings, Inc.(Exact Name of Registrant as Specified in Its Charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and(2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reportingcompany” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filerEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo BRC Group Holdings, Inc.(f/k/a B. Riley Financial, Inc.)Quarterly Report on Form 10-QFor the Quarterly Period Ended September30, 2025 Table of Contents PART I. FINANCIAL INFORMATION Item 1.Unaudited Condensed Consolidated Financial Statements1Unaudited Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 20241Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30,2025 and 20243Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine monthsended September 30, 2025 and 20245Unaudited Condensed Consolidated Statements of Equity (Deficit) for the three and nine months ended September30, 2025 and 20246Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and20248Notes to Unaudited Condensed Consolidated Financial Statements11Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations80Item 3.Quantitative and Qualitative Disclosures About Market Risk104Item 4.Controls and Procedures104 Item 1.Legal Proceedings107Item 1A.Risk Factors108Item 2.Unregistered Sales of Equity Securities and Use of Proceeds110Item 3.Defaults Upon Senior Securities110Item 4.Mine Safety Disclosures110Item 5.Other Information110Item 6.Exhibits111 PART I. FINANCIAL INFORMATION At September30, 2025, the balance sheet includes cash of $194, securities and other investments owned, at fair value of $666, prepaid and otherexpenses of $3,795, accrued expenses and other liabilities of $10 and noncontrolling interest of $4,643 of consolidated variable interest entities (Note 2(o)).(1) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. BRC GROUP HOLDINGS, INC. (F/K/A B. RILEY FINANCIAL, INC.)Condensed Consolidated Statements of Equity (Deficit)(Unaudited)(Dollars in thousands, except share and per share data) BRC GROUP HOLDINGS, INC. (F/K/A B. RILEY FINANCIAL, INC.)Condensed Consolidated Statements of Cash Flows(Unaudited)(Dollars in thousands) Table of Contents Amounts presented contain results from both continuing and discontinued operations. Refer to Note4– Discontinued Operations and Assets Held forSale for additional information regarding cash flow associated with the results of discontinued operations.(1) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. BRC GROUP HOLDINGS, INC. (F/K/A B. RILEY FINANCIAL, INC.)NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Dollars in thousands, except share and per share data) NOTE 1 — ORGANIZATION AND NATURE OF BUSINESS OPERATIONS BRC Group Holdings, Inc. (f/k/a B. Riley Financial, Inc.) and its subsidiaries (collectively, the “Company”) provide investmentbanking, brokerage, wealth management, asset management, direct lending, and business advisory services to a broad client base spanningpublic and private companies, financial sponsors, investors, financial institutions, legal and profe