Every 10-K that BRC Group Holdings, Inc. (RILY) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow RILY and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full RILY filings page.
BRC Group Holdings, Inc. filed an Amendment No. 1 to its Annual Report for the year ended December 31, 2025, mainly to add missing conformed signatures from its independent registered public accounting firm and update related officer certifications. The underlying report shows BRC, formerly B. Riley Financial, as a diversified holding company spanning capital markets, wealth management, telecom, internet access and consumer products.
The company is prioritizing deleveraging, reducing total indebtedness from $1.8 billion at December 31, 2024 to $1.4 billion at December 31, 2025 through multiple asset sales and monetization transactions. These include a brands securitization and related sales, the partial sale of Great American Group businesses, divestitures in recycling, wealth management and advisory units, and various security sales and exchanges. BRC also highlights significant legal, regulatory and reputational risks tied to its former Freedom VCM investment, the Franchise Group and Conn’s bankruptcies, SEC subpoenas, and large non‑cash impairments, alongside identified material weaknesses in internal control over financial reporting.
BRC Group Holdings, Inc. filed its annual report describing a diversified platform spanning capital markets, wealth management, telecom, internet access and consumer products. The company emphasizes deleveraging, cutting total outstanding indebtedness from $1.8 billion at December 31, 2024 to $1.4 billion at December 31, 2025, funded largely by multiple asset sales and monetizations.
Major transactions included a brands securitization and related sale generating an upfront payment of about $189.3 million plus $46.6 million in net cash proceeds, a Great American Group deal that distributed roughly $167.1 million to the company from a $203.0 million purchase price, a recycling business sale with $68.6 million cash proceeds from a $102.5 million price, a partial wealth management sale for $26.0 million, and advisory businesses sold for about $117.8 million.
The report outlines significant risks, including heavy debt with upcoming senior note maturities of approximately $355.6 million in 2026, substantial non‑cash impairments tied to investments in Freedom VCM and a related loan, SEC subpoenas seeking information on certain relationships and transactions, and identified material weaknesses in internal control over financial reporting. The wealth management segment reported assets under management of about $13.0 billion as of December 31, 2025, supported by 1,380 employees and more than 172 affiliated professionals.
B. Riley Financial, Inc. reported substantial portfolio and structural activity across 2024-2025, including multiple divestitures, impairments, and new financing arrangements. The company reported an aggregate market value of common stock held by non-affiliates of approximately $337.1 million and 30,597,066 shares outstanding as of September 16, 2025. Material asset sales generated liquidity: bebe brand assets sold for approximately $46.6 million (net cash), Great American NewCo. transaction produced approximately $167.1 million distributable to the company, Atlantic Coast Recycling cash proceeds were $68.6 million, GlassRatner and Farber were sold for aggregate cash consideration of $117.8 million, and Wealth Management assets sold to Stifel for $26.0 million.
The company recorded large non-cash impairments including a $287.0 million markdown related to its Freedom VCM investment, additional impairments aggregating $118.0 million, and a Nogin goodwill impairment of $57,664. Debt actions include a new credit facility with Oaktree ($125.0 million initial term loan and $35.0 million delayed draw) with related warrants to purchase ~1,832,290 shares at $5.14, and issuance of 8.00% Senior Secured Second Lien Notes due 2028 through private exchanges, with related warrants to purchase ~914,000 shares. Nogin’s assets were transferred under a deed of assignment on March 31, 2025 and are no longer controlled by the company.