---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-093703"
form_type: "8-K"
ticker: "RILY"
cik: "0001464790"
company_name: "BRC Group Holdings, Inc."
filed_at: "2024-11-04T23:59:59+00:00"
generated_at: "2026-05-30T05:57:54.171881+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# B. Riley records additional ~$120M impairment after Franchise Group files Ch. 11

## Summary
- Franchise Group, including Freedom VCM, filed for Chapter 11 on Nov 3, 2024.
- Additional non-cash impairment of ~$120M on Freedom VCM equity investment and Vintage loan receivable.
- Company monetized >$500M of assets; sold majority stake of Great American (raises ~$400M) and Stifel transaction (raises $30-40M).
- Expects Nomura facility paid down to $125M by end of November; foresees >$300M cash and $500M investments after further asset sales.
- CEO states no equity recovery expected for FRG investors including B. Riley shareholders.

## SEC filing metadata
- accession: 0001213900-24-093703
- form_type: 8-K
- ticker: RILY
- cik: 0001464790
- company_name: BRC Group Holdings, Inc.
- filed_at: 2024-11-04T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.06, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1464790/000121390024093703/0001213900-24-093703-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1464790/000121390024093703/ea0219794-8k_briley.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-093703
- JSON: https://secwatch.observer/filing/0001213900-24-093703.json
- Plain text: https://secwatch.observer/filing/0001213900-24-093703.txt

## Key facts
- Restructurings & Charges
  BRC Group Holdings, Inc. announced a impairment with charges of approximately $120 million in the aggregate affecting Freedom VCM Investment and the Vintage Loan Receivable.
  - Type: impairment
  - Charge: approximately $120 million in the aggregate
  - Affected area: Freedom VCM Investment and the Vintage Loan Receivable
  source text: On November 4, 2024, the Company concluded that it is required to record an additional impairment with respect to the Freedom VCM Investment and the Vintage Loan Receivable. The Company expects that the non-cash impairments of the Freedom VCM Investment and the Vintage Loan Receivable will be approximately $120 million in the aggregate.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1464790/000121390024093703/0001213900-24-093703-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.