---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-019417"
form_type: "8-K"
ticker: "RILY"
cik: "0001464790"
company_name: "BRC Group Holdings, Inc."
filed_at: "2025-03-03T23:59:59+00:00"
generated_at: "2026-05-25T17:27:16.709677+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# B. Riley prelim Q4 net income $48M-$68M (incl disc ops); continuing ops loss ($178M)-($187M)

## Summary
- Net income available to common shareholders $48M-$68M ($1.57-$2.22 diluted); includes ~$236M-$247M discontinued ops from Great American sale.
- Net loss from continuing ops ($178M)-($187M), with $73M-$79M goodwill/intangibles impairments and $49M trading/investment losses.
- Operating adjusted EBITDA from continuing ops expected $12M-$14M; total debt $1.78B; net debt $991M, down $221M from Q3.
- Reduced debt >$700M since Jan 2024; retired Nomura facility; cash $257M incl $101M restricted for redeemed Feb 2025 senior notes.
- Company says unusual legal/transaction/restructuring fees should decline in 2025; core B. Riley Securities had strong December.

## SEC filing metadata
- accession: 0001213900-25-019417
- form_type: 8-K
- ticker: RILY
- cik: 0001464790
- company_name: BRC Group Holdings, Inc.
- filed_at: 2025-03-03T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1464790/000121390025019417/0001213900-25-019417-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1464790/000121390025019417/ea0232830-8k_briley.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-019417
- JSON: https://secwatch.observer/filing/0001213900-25-019417.json
- Plain text: https://secwatch.observer/filing/0001213900-25-019417.txt

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