BRC Group Holdings, Inc. (RILY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the BRC Group Holdings Inc. first quarter 2026 earnings call. My name is Isabel and I will be your ever call moderator. The format of the call includes prepared remarks from the company, followed by a question and answer session. Please note that all attendees will be on the listen only mode until the Q&A portion of the call. At this time, I will turn the call over to Bryant Riley, co-CEO of B. Riley. You may now begin. Good afternoon and thanks for joining our call. I want to stress by saying how enthusiastic our entire team is by where our firm sits today. The deliberate steps we've taken to strengthen our balance sheet and align our core operating platform position us well to capture the current market opportunity. That conviction is reflected in our momentum, which carried over from 2025 into our first quarter. For the first quarter, we generated net income available to common shareholders of $211.3 million and adjusted EBITDA of $262.2 million. Operating adjusted EBITDA was $34.6 million, up close to 40% sequentially. Net debt stands at $372 million, down approximately $255 million from year end. Our CFO, Scott Yesner, will walk through the financials in detail. My remarks today focus on three points. Our first quarter execution, our strategic path forward, and our ongoing commitment to our core franchise. During the quarter, our team executed against two key priorities, strengthening our balance sheet and delivering for our clients. On the balance sheet, we continue to optimize our capital structure. In March, we fully redeemed our 5.5% senior notes due 2026. We also retired $40.4 million of debt through bonds for equity exchanges and open market repurchases through the end of March. Altogether, total debt is down $129 million in the qua...