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

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WEBVTT 00:00:01.094 -- 00:00:04.438 Good day and welcome to the BRC Group Holdings Inc. 00:00:04.438 -- 00:00:09.524 first quarter 2026 earnings call. My name is Isabel and I will be your ever call 00:00:09.524 -- 00:00:14.070 moderator. The format of the call includes prepared remarks from the company, followed 00:00:14.070 -- 00:00:18.836 by a question and answer session. Please note that all attendees will be on the listen 00:00:18.836 -- 00:00:22.500 only mode until the Q&A portion of the call. 00:00:22.500 -- 00:00:27.186 At this time, I will turn the call over to Bryant Riley, co-CEO of B. 00:00:27.186 -- 00:00:30.524 Riley. You may now begin. 00:00:30.524 -- 00:00:32.707 Good afternoon and thanks for joining our call. 00:00:32.707 -- 00:00:36.451 I want to stress by saying how enthusiastic our entire team is by where our firm sits 00:00:36.451 -- 00:00:40.236 today. The deliberate steps we've taken to strengthen our balance sheet and align our 00:00:40.236 -- 00:00:44.702 core operating platform position us well to capture the current market opportunity. 00:00:44.702 -- 00:00:49.047 That conviction is reflected in our momentum, which carried over from 2025 into our first 00:00:49.047 -- 00:00:53.232 quarter. For the first quarter, we generated net income available to common shareholders 00:00:53.232 -- 00:00:58.435 of $211.3 million and adjusted EBITDA of $262.2 million. 00:00:58.435 -- 00:01:04.001 Operating adjusted EBITDA was $34.6 million, up close to 40% sequentially. 00:01:04.001 -- 00:01:09.106 Net debt stands at $372 million, down approximately $255 million from year 00:01:09.106 -- 00:01:13.210 end. Our CFO, Scott Yesner, will walk through the financials in detail. 00:01:13.210 -- 00:01:18.095 My remarks today focus on three points. Our first quarter ...