Full Year 2025 Adjusted EBITDA of $231.1 Million

LOS ANGELES, March 31, 2026 – BRC Group Holdings, Inc. (Nasdaq: RILY) (“BRCGH” or the “Company”), a diversified holding company, today announced the filing of its Annual Report on Form 10-K for the three and twelve-month periods ended December 31, 2025.

•Strong fourth quarter and full year 2025 financial performance was driven by investment appreciation, strategic asset dispositions and operating segment performance while accomplishing a comprehensive balance sheet and operating platform transformation.

•Total debt reduced significantly by $346.6 million to $1.43 billion through senior note exchanges, redemption of senior notes, term loan repayments, and other debt paydowns.

•Net Debt(5) declined substantially by $75.9 million in the fourth quarter 2025 and $436.7 million in the full year 2025, to $627.0 million at December 31, 2025, which was primarily achieved through asset sales, investment appreciation, and senior note exchanges.

•Completed several strategic and operational objectives throughout the year including the sale of GlassRatner and Atlantic Coast Recycling, generating proceeds that were applied to debt reduction and funding operations.

•Successfully transitioned to new chief financial officer in June and independent auditor in September, and brought all SEC financial reporting current, filing three 2025 10-Qs between November 2025 and January 2026. Regained compliance with Nasdaq’s Periodic Filing Rule in January 2026.

•Fourth quarter and full year 2025 results fall within or above estimates provided on January 29, 2026 and updated on March 17, 2026, which are summarized in table Preliminary Estimates vs. Actual Financial Results.

Bryant Riley, Chairman and Co-Chief Executive Officer of BRCGH, commented: “Strong fourth quarter and full year 2025 financial results were delivered across our diverse platform of operating companies and investment holdings. The capital markets and financial services businesses performed well, overcoming difficult market conditions in the first half of 2025. The Communications Business Group (Lingo, magicJack, Marconi Wireless, and UOL) exceeded expectations, delivering high quality earnings and strong cash flows. And, the investment holdings portfolio appreciated meaningfully with improving underlying fundamentals going into 2026.

Transitioning to the 2026 outlook, Riley added: “We enter 2026 with a great opportunity to expand our capacity to serve clients, drive earnings across our operating businesses, increase our investment portfolio value, drive down corporate costs, and continue to reduce debt. We have unique middle market and small cap market experiences and capabilities to deliver complex, specialized capital solutions, advise companies, and acquire businesses. With many operating distractions resolved in 2025, we are positioned to capitalize on market opportunities while we drive enterprise-wide efficiencies.

“As we approach our 30th year in business, we wanted to congratulate our team on a great year and look to continue to leverage their agility and determination to serve our clients and shareholders.”

•Net income available to common shareholders was $84.8 million in the fourth quarter 2025, up from $0.9 million in the fourth quarter 2024. Net income available to common shareholders was $299.4 million in the full year 2025, up from a net loss of $(772.3) million in the full year 2024. The increase for the full year 2025 compared to the same year ago period was primarily driven by investment appreciation, gain on sale and deconsolidation of businesses, gain on senior note exchanges, and lower operating expenses.

•Revenues were $278.4 million in the fourth quarter 2025, up from $178.6 million in the fourth quarter 2024. Revenues were $967.6 million in the full year 2025, up from $746.4 million in the full year 2024. The increase for the full year 2025 compared to the same year ago period was primarily driven by investment appreciation.

•Adjusted EBITDA(3) was $104.2 million in the fourth quarter 2025, up from $(113.8) million in the fourth quarter 2024. Adjusted EBITDA was $231.1 million in the full year 2025, up from $(568.3) million in the full year 2024.

•Operating Adjusted EBITDA(4) was $20.5 million in the fourth quarter 2025, up from $15.2 million in the fourth quarter 2024. Operating Adjusted EBITDA was $112.1 million in the full year 2025, up from $100.9 million in the full year 2024.

•Total debt was $1.43 billion, with Net Debt(5) of $627.0 million, at December 31, 2025, down from $1.77 billion and $1.06 billion, respectively, at December 31, 2024. The reduction in Net Debt was primarily due to asset sales, investment appreciation, and senior note exchanges.

•Cash, cash equivalents, and restricted cash was $229.3 million at December 31, 2025, down from $247.3 million at December 31, 2024.

•Securities and other investments owned were $446.8 million and Total Investments(6) were $520.5 million at December 31, 2025, up from $282.3 million and $432.6 million at December 31, 2024, respectively. The increase was primarily attributable to appreciation in public equities.

•Basic and diluted earnings per common share (EPS) were $2.77 in the fourth quarter 2025, compared to $0.02 in the fourth quarter 2024. Basic and diluted EPS were $9.80 in the full year 2025, up from $(25.46) in the full year 2024.

•Capital Markets segment revenues increased to $92.6 million in the fourth quarter 2025, up from $48.4 million in the fourth quarter 2024. Segment income increased to $53.2 million in the fourth quarter 2025, up from $3.8 million in the fourth quarter 2024. Segment revenues increased to $264.7 million in the full year 2025, up from $217.7 million in the full year 2024. Segment income increased to $89.5 million in the full year 2025, up from segment loss of $(18.8) million in the full year 2024. Revenues and segment income increased year-over-year, driven by higher trading gains from investment appreciation and underwriting activities. In the first half of 2025, the core investment banking and advisory business navigated a challenging market environment and the carve out transaction, with performance improving in the second half of 2025 in line with broader industry trends.

•Wealth Management segment revenues decreased to $47.3 million in the fourth quarter 2025, down from $48.0 million in the fourth quarter 2024. Segment income increased to $7.7 million in the fourth quarter 2025, up from $2.3 million in the fourth quarter 2024. Segment revenues decreased to $175.6 million in the full year 2025, down from $200.7 million in the full year 2024. Segment income increased to $15.2 million in the full year 2025, up from $6.4 million in the full year 2024. In addition to advisory and brokerage fees, the segment benefited from gains in structured equity products and carried interest appreciation during the year. In 2025, the Company completed the strategic sale of a portion of its advisory business to Stifel, which was the primary driver of the revenue decline. Despite lower assets under management, profitability improved through cost reductions and back-office integration. B. Riley Wealth had approximately $13.0 billion of client assets under management at December 31, 2025.

•Communications Business Group (“CBG”) (Lingo, magicJack, Marconi Wireless, and UOL Reportable Segments), revenues, on a combined basis, decreased to $63.0 million in the fourth quarter 2025, down from $65.9 million in the fourth quarter 2024. On a combined basis, CBG generated income of $12.8 million for the fourth quarter 2025, up from $9.3 million in the fourth quarter 2024. On a combined basis, CBG revenues decreased to $250.0 million in the full year 2025, down from $295.1 million in the full year 2024. On a combined basis, CBG generated income of $47.4 million in the full year 2025, up from $34.3 million in the full year 2024. The revenue decline was in line with expectations, and the Company’s efficient operating platform absorbed the financial impact through disciplined cost management.

•Consumer Products segment revenues slightly decreased to $49.2 million in the fourth quarter 2025, down from $49.9 million in the fourth quarter 2024. Segment loss decreased to $(4.0) million in the fourth quarter 2025, down from $(16.1) million in the fourth quarter 2024. Segment revenues decreased to $181.5 million in the full year 2025, down from $202.6 million in the full year 2024. Segment loss decreased to $(16.3) million in the full year 2025, down from $(52.4) million in the full year 2024. Quarterly revenues were flat year-over-year, signaling early signs of market stabilization. Inventory levels and shrink have normalized.

The Company’s former Communication segment has been separated into four reportable segments, which are aggregated and described as the Communications Business Group. The Capital Markets segment had a few investment entities reclassified as non-reportable segments. These entities are now captured in Corporate and All Other.

Management will provide a detailed review of the Company’s financial performance and operational highlights, followed by a question-and-answer session with analysts and investors.

Date: Tuesday, March 31, 2026

Time: 4:30 p.m. ET (1:30 p.m. PT)

Register for the call at https://evercall.co/oacc/83354 or on the Company’s website at ir.brcgh.com under Events and Presentations. An audio recording will be made available for replay until April 14, 2026.

BRC Group Holdings, Inc. (Nasdaq: RILY) is a diversified holding company, including financial services, communications, and retail, and investments in equity, debt and venture capital. Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. Our banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Our wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Our communications businesses provide consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Our retail businesses provide mobile computing accessories and home furnishings. BRCGH deploys its capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. For more information, please visit www.brcgh.com.

Certain of the information set forth herein, including Operating Revenue, Investment Gains (Losses), Adjusted EBITDA, Operating Adjusted EBITDA, Total Investments, and Net Debt, may be considered non-GAAP financial measures. BRC Group Holdings, Inc. believes this information is useful to investors because it provides a basis for measuring the Company’s available capital resources, the operating performance of its business and its revenues and cash flow, (i) including in the case of Operating Revenue, services and fees, interest income – loans, interest income - securities lending, fixed income spread, trading gains attributable to variable rate transaction spread, and sales of goods. (ii) including in the case of Investment Gains (Losses), trading gains (losses), net and fair value adjustments on loans, less fixed income spread and trading gains attributable to variable rate transaction spread (iii) excluding in the case of Adjusted EBITDA, net interest expense, provisions for or benefit from income taxes, depreciation, amortization, restructuring charge, gain or loss on extinguishment of debt, gain on bargain purchase, gain on sale and deconsolidation of businesses, gain on senior note exchange, impairment of goodwill and tradenames, share-based compensation and transaction related and other costs, (iv) excluding in the case of Operating Adjusted EBITDA, the aforementioned adjustments for adjusted EBITDA as well as trading gains (losses), net, net of fixed income and variable rate transaction spread, fair value adjustments on loans, realized and unrealized gains (losses) on investments net of variable rate transaction spread, and other investment related expenses, (v) including in the case of Total Investments, securities and other investments owned net of (a) securities sold not yet purchased, at fair value and (b) noncontrolling interest related to investments from continuing operations, loans receivable, at fair value net of loan participations sold, equity investments, and other investments reported in prepaid and other assets, (vi) including in the case of Net Debt, term loans, net, senior notes payable, net, revolving credit facility, and notes payable net of (a) cash and cash equivalents, (b) restricted cash, (c) due from clearing brokers net of due to clearing brokers, and (d) aforementioned included items of Total Investments, that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”).

In addition, the Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s operating performance, management compensation, capital resources, and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies.

See “Note Regarding Use of Non-GAAP Financial Measures” for further discussion of these non-GAAP terms. A reconciliation of Operating Revenues, Adjusted EBITDA, Operating Adjusted EBITDA, Total Investments, and Net Debt to the comparable GAAP financial measures is included in the financial statements portion of this press release.

(1)Operating Revenues is defined as the sum of (i) service and fees, (ii) interest income – loans, (iii) interest income - securities lending, (iv) fixed income spread, (v) trading gains attributable to variable rate transaction spread, and (vi) sales of goods.

(2)Investment Gains (Losses) is defined as sum of (i) trading gains (losses), net and (ii) fair value adjustments on loans, less fixed income spread and trading gains attributable to variable rate transaction spread.

(3)Adjusted EBITDA includes earnings from continuing operations before interest, taxes, depreciation, amortization, restructuring charge, share-based payments, gain or loss on extinguishment of debt, gain on bargain purchase, gain on sale and deconsolidation of businesses, gain on senior note exchange, impairment of goodwill and tradenames, and transaction related and other costs.

(4)Operating Adjusted EBITDA is defined as Adjusted EBITDA excluding (i) trading gains (losses), net, net of (a) fixed income and variable rate transaction spread, (ii) fair value adjustments on loans, (iii) realized and unrealized gains (losses) on investments net of variable rate transaction spread, and (iv) other investment-related expenses.

(5)Net Debt is defined as the sum of (a) term loans, net, (b) senior notes payable, net, (c) revolving credit facility, and (d) notes payable, net of (i) cash and cash equivalents, (ii) restricted cash, (iii) due from clearing brokers net of due to clearing brokers, and (iv) Total Investments.

(6)Total Investments is defined as the sum of (a) securities and other investments owned net of (i) securities sold not yet purchased, at fair value and (ii) noncontrolling interest related to investments from continuing operations, (b) loans receivable, at fair value net of loan participations sold, (c) equity investments, and (d) other investments reported in prepaid and other assets.

Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. Our forward-looking statements include, without limitation, statements regarding our ability to reduce debt, expectations regarding our future business and expected revenue growth and the appreciation of our investment portfolio. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today’s date. The Company assumes no duty to update forward-looking statements, except as required by law. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s performance or achievements to be materially different from any expected future results, performance, or achievements. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risks described from time to time in the Company’s periodic filings with the SEC, including, without limitation, the risks described in the Company’s 2025 Annual Report on Form 10-K under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (as applicable).

These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements.

mfrank@brcgh.com

efogerty@brcgh.com