B Riley Financial Pref Share RILYP 6.875 Perp 10/07/24 | 8-K: FY2025 Q4 Revenue: USD 271 M

Revenue: As of FY2025 Q4, the actual value is USD 271 M.

EPS: As of FY2025 Q4, the actual value is USD 1.96.

EBIT: As of FY2025 Q4, the actual value is USD 92.8 M.

The provided Form 8-K filing by BRC Group Holdings, Inc. announces the issuance of a press release on January 29, 2026, which contains unaudited preliminary estimated financial information for the three-month and twelve-month periods ended December 31, 2025 .

Fourth Quarter 2025 Preliminary Financial Estimates

• Net Income Available to Common Shareholders: Expected to range from $60.0 million to $65.4 million, a significant increase compared to $0.9 million in the fourth quarter of 2024 .
• Adjusted EBITDA: Expected to range from $98.9 million to $109.4 million, a substantial improvement from a loss of - $113.8 million in the fourth quarter of 2024 .
• Operating Adjusted EBITDA: Estimated to be between $18.0 million and $21.0 million, an increase from $15.2 million in the fourth quarter of 2024 .
• Total Operating Expenses: Expected to be between $216.5 million and $220.6 million, a decrease from $345.373 million in the fourth quarter of 2024 .
• Other Income (Expense): Projected to be between $18.5 million and $23.5 million, compared to - $90.345 million in the fourth quarter of 2024 .
• Income (Loss) from Continuing Operations Before Income Taxes: Expected to be between $73.0 million and $85.4 million, compared to - $257.136 million in the fourth quarter of 2024 .
• Provision for Income Taxes: Estimated to be between - $8.0 million and - $13.0 million, compared to - $4.210 million in the fourth quarter of 2024 .
• Income (Loss) from Continuing Operations: Expected to be between $65.0 million and $72.4 million, compared to - $261.346 million in the fourth quarter of 2024 .
• Net Income (Loss): Projected to be between $65.0 million and $72.4 million, compared to - $5.606 million in the fourth quarter of 2024 .
• Net Income (Loss) Attributable to Noncontrolling Interests: Expected to be between $3.0 million and $5.0 million, compared to - $8.498 million in the fourth quarter of 2024 .
• Net Income Attributable to Registrant: Estimated to be between $62.0 million and $67.4 million, compared to $2.892 million in the fourth quarter of 2024 .
• Preferred Stock Dividends: Expected to be $2.0 million, compared to $2.015 million in the fourth quarter of 2024 .

Full Year 2025 Preliminary Financial Estimates

• Net Income Available to Common Shareholders: Expected to range from $274.5 million to $279.9 million, a substantial improvement from a loss of - $772.3 million in the full year 2024 .
• Adjusted EBITDA: Expected to range from $225.8 million to $236.3 million, a significant recovery from a loss of - $568.3 million in the full year 2024 .
• Operating Adjusted EBITDA: Estimated to be between $109.6 million and $112.6 million, an increase from $100.9 million in the full year 2024 .
• Total Operating Expenses: Expected to be between $890.989 million and $895.089 million, a decrease from $1,243.968 million in the full year 2024 .
• Other Income (Expense): Projected to be between $154.091 million and $159.091 million, compared to - $402.849 million in the full year 2024 .
• Income (Loss) from Continuing Operations Before Income Taxes: Expected to be between $223.338 million and $235.738 million, compared to - $900.396 million in the full year 2024 .
• Provision for Income Taxes: Estimated to be between - $9.194 million and - $14.194 million, compared to - $22.013 million in the full year 2024 .
• Income (Loss) from Continuing Operations: Expected to be between $214.144 million and $221.544 million, compared to - $922.409 million in the full year 2024 .
• Income from Discontinued Operations, Net of Income Taxes: Expected to be $70.841 million, compared to $147.470 million in the full year 2024 .
• Net Income (Loss): Projected to be between $284.985 million and $292.385 million, compared to - $774.939 million in the full year 2024 .
• Net Income (Loss) Attributable to Noncontrolling Interests: Expected to be between - $2.406 million and - $4.406 million, compared to $10.665 million in the full year 2024 .
• Net Income (Loss) Attributable to Registrant: Estimated to be between $282.579 million and $287.979 million, compared to - $764.274 million in the full year 2024 .
• Preferred Stock Dividends: Expected to be $8.045 million, compared to $8.060 million in the full year 2024 .

Balance Sheet and Operational Metrics (as of December 31, 2025)

• Total Assets: Expected to range from $1,694.0 million to $1,724.0 million, compared to $1,783.263 million as of December 31, 2024 .
• Total Liabilities: Expected to range from $1,834.5 million to $1,843.5 million, compared to $2,239.279 million as of December 31, 2024 .
• Net Debt: Expected to range from $609.0 million to $631.0 million, a decline from $1,063.684 million as of December 31, 2024 . This is significantly lower than the peak Net Debt of $1.39 billion at September 30, 2024 . The Net Debt is estimated to decline between $72 million and $94 million in the fourth quarter of 2025, and between $433 million and $455 million for the full year 2025, driven by asset sales, investment appreciation, cash flow from operations, bond exchanges, and purchases .
• Total Debt: Estimated to be $1.4 billion, compared to $1.77 billion as of December 31, 2024 .
• Cash, Cash Equivalents, and Restricted Cash: Estimated to be $229.0 million, compared to $247.327 million as of December 31, 2024 .
• Securities and Other Investments Owned: Expected to range from $443.0 million to $463.0 million, up from $282.325 million as of December 31, 2024 .
• Total Investments: Expected to range from $514.0 million to $536.0 million, compared to $432.616 million as of December 31, 2024 .

Outlook / Guidance

BRC Group Holdings, Inc. provided strong preliminary financial estimates for both the fourth quarter and full year 2025, indicating broad economic contributions from its diverse platform, including Capital Markets, Wealth, and Communications segments . The company successfully repositioned its balance sheet and operating platform in the first half of the year, leading to strong operating performance in the second half, which is expected to lower operating costs . The company also regained Nasdaq compliance by filing three Form 10-Qs for Q1, Q2, and Q3 2025 between November 2025 and January 2026 .