RILY · BRC Group Holdings, Inc.
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Q1 FY26 earnings call · May 7, 2026TL;DR. BRC Group Holdings reported Q1 2026 net income available to common shareholders of $211.3 million and Adjusted EBITDA of $262.2 million, driven primarily by $229 million of Babcock & Wilcox fair value appreciation, while also reducing total debt by $128.9 million to $1.30 billion and net debt by $254.6 million to $372.4 million. Capital markets activity surged, with B. Riley Securities executing nearly $10 billion in client raises and filing $8.7 billion in new ATMs in its most active capital-raising quarter in five years.
- + Net income available to common shareholders of $211.3 million, up from a loss of $12.0 million in Q1 2025, with diluted EPS of $6.57 vs. $(0.39). new
- + Adjusted EBITDA of $262.2 million and Operating Adjusted EBITDA of $34.6 million, up close to 40% sequentially. new
- + Net debt down approximately $254.6 million in the quarter to $372.4 million; total debt reduced by $128.9 million to $1.30 billion. new
- + Fully redeemed 5.5% senior notes due 2026 and retired an additional $40.4 million of debt via bond-for-equity exchanges and open-market repurchases. new
- + B. Riley Securities had its most active capital-raising quarter in five years, executing nearly $10 billion in client debt and equity raises and filing $8.7 billion in new ATMs. new
- + Initiated research coverage on 26 companies in the quarter and announced plans to repurchase the B. Riley Securities minority stake and combine it with B. Riley Wealth. new
- − Service and fee income was $152 million, lower year-over-year by $6.7 million, with Wealth Management down $4.6 million and Communications Business Group revenues down $4.1 million due to subscriber attrition. new
- − Babcock & Wilcox drove $229 million of gains across trading and unrealized income, indicating outsized reliance on a single investment for the quarter's earnings. new
- − Accounting fees were $4 million higher than Q1 2025, which was itself at an elevated level. new
- − Company previously operated as a delinquent filer, which Bryant Riley said caused some institutions to cut off business, indicating reputational and revenue headwinds still being worked through. new
- − Lower revenues of $10.4 million from exited businesses contributed to the year-over-year decline in service and fee income.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| Client assets under management | 12.1B | Six Months Ended June 30, 2026 | — |
| Net Debt non-GAAP | $285.2M | Six Months Ended June 30, 2026 | — |
| Total Investments non-GAAP | $804.5M | Six Months Ended June 30, 2026 | — |
| Operating Adjusted EBITDA non-GAAP | $34.65M | first quarter 2026 | — |
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| Operating revenues non-GAAP | 217.19M | Three Months Ended March 31, 2026 | — |
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GAAP → non-GAAP reconciliationGAAP Total revenues 352.06M
-145.06M Trading (gains) losses, net
-6.55M Fair value adjustments on loans
+16.74M Fixed income and trading gains attributable to variable rate transactions spread
= Operating revenues 217.19M
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| Total Adjusted EBITDA non-GAAP | $262.15M | first quarter 2026 | — |
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| Client assets under management (B. Riley Wealth) | $13B | As of December 31, 2025 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Financial Conglomerates — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
RILY
this stock
BRC Group Holdings, Inc.
|
$283.41M | +48.2% | +29.6% | — | 12.7% |
|
IX
Orix Corp
|
$42.36B | +33.4% | +1.5% | — | 0.1% |
|
FRHC
Freedom Holding Corp.
|
$11.15B | +43.8% | +9.3% | 72.3 | 1.5% |
|
VOYA
Voya Financial, Inc.
|
$9.29B | +36.0% | +1.7% | 17.3 | 3.2% |
|
HTH
Hilltop Holdings Inc.
|
$2.21B | +12.1% | +15.5% | 14.3 | 3.7% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| RILY | -1.7% | -7.6% | -10.1% | -3.4% | +48.2% |
| SPY | +0.5% | +1.2% | +13.3% | +2.7% | +12.5% |
| vs SPY | -2.2% | -8.9% | -23.4% | -6.0% | +35.7% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.