BRC Group Holdings, Inc.

and welcome to the BRC Group Holdings fourth quarter and full year 2025 Financial Results Conference call. My name is Isabel, and I will be your EverCall 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 from BRC Group Holdings. You may now begin.

Thank you and good afternoon. We appreciate everyone joining us. To start, we are pleased to report that our 10-K was filed on time. It's an important milestone for our counterparties, shareholders, and organization as a whole. With that, for nearly 30 years, BRC Group Holdings has been defined by a key principle, our willingness to be opportunistic. In the deals we took on, the capital we deployed, the companies we backed, and the businesses we built. Over the years, our team has grown adept at rising to the challenges associated with capitalizing those opportunities. The last two years required the firm to apply those same skills to itself, rebuilding our balance sheet, shifting operations, refocusing parts of the platform, and positioning BRCGEH for what comes next. We made some hard decisions along the way, but we made them deliberately, and we made them so that we could get back to doing what we do best. The bedrock of success of BRCGH's platform is our ability to bring together diverse companies, aligning them to partner creatively for our clients, and building a collaborative ecosystem. Advisory, capital markets, wealth management, principal investments, and businesses that generate recurring steady cash flow, that combination creates real value for clients and shareholders alike. Over the past two years, we made the difficult decision to sell some of those businesses to strengthen our balance sheet. As we sit here today, the model is intact as exemplified by our recent results. Our communication business group continues to generate consistent, predictable cash flow. Our broker-dealer executes complex transactions, raises significant capital for our clients, and continues to grow and add talent. And our investment portfolio, anchored by our position in Babcock and Wilcox, delivered results that reflect the hands-on work our team put into our portfolio over many years. In 2025, we reported net income available to common shareholders of $299.4 million and earnings per share of $9.80. We reduced net debt significantly and continued to invest in the businesses and people that drive the platform. We welcomed a new CFO, Scott Yesner, enhanced our finance staff, and transitioned to BDO as our auditing partner. Looking at the opportunity in the market for BRCGH, the small and mid-cap market we've always served is at an inflection point. Traditional lenders have pulled back. Generalist firms can't cover the complexity. Companies in this space need experienced partners who understand the capital structure, know the equity story, and can move with speed and certainty. That's our lane, and it's been our lane for 30 years. And the demand for what we do is growing. To that end, yesterday we announced BRC Specialty Finance, a dedicated platform that addresses this exact issue, which is very exciting for us. Also yesterday, The Delaware Court of Chancery dismissed in full the Marchner v. Riley derivative action, finding that the plaintiff failed to adequately plead demand futility. BRCGH believes this outcome reflects the integrity of its board and the governance processes. We will not be commenting further on pending litigation. We're proud of what we accomplished in 2025 and we're committed to building upon these results. We are laser focused on continued growth and maximizing profitable outcomes. The world is changing fast, AI included. and we will continue to make the shifts necessary to stay relevant and competitive. Finally, we need to take a moment to acknowledge our team. These past few years have been a demanding period for the firm. Our people leaned in, stayed focused on clients, and kept us moving forward, showing exactly what the platform is built on. They are our competitive advantage. The continuity, the shared experience, and institutional knowledge, we could not be more proud of what this team has accomplished. I will now turn the call over to Co-CEO Tom Kelleher for a few additional comments.

Thanks, Brian. As mentioned in our earnings release, we've completed a number of strategic and operational objectives throughout the year. In March 2025, we closed the sale of Atlantic Coast Recycling for a purchase price of approximately $102 million, with net cash proceeds to BRCGH of approximately $69 million after adjustments. In April 2025, we sold a portion of our W-2 wealth management business, representing 36 financial advisors and approximately $4 billion in assets under management, for net consideration of $26 million. In June 2025, we completed the sale of Glass-Ratner Advisory and Capital Group and B. Riley Farber Advisory, generating cash consideration of approximately $118 million. While every one of these divestitures was a challenging decision to make, they fit with our strategy to deleverage the platform and focus the business going forward. With the Glass-Ratner sale, we executed a Transition Services Agreement, or TSA, whereby we operationally supported that business through the end of 2025. Similarly, we also executed a TSA with our 2024 partial sale of Great American, and that TSA was also completed at the end of 2025. In 2025, we also completed a multi-year project to consolidate the clearing arrangement for our wealth management business, which streamlines back office operations and will materially lower costs. Effective January 1st, 2026, we rebranded as BRC Group Holdings, reflecting our evolution from a financial services platform into a diversified portfolio of distinct businesses spanning financial services, communications, retail, and investments across equity, debt, and venture capital. Like many other firms, BRCTH has begun deploying artificial intelligence tools. We standardized around Claude a year ago, and are well positioned to capitalize on the opportunities presented by this emerging technology. More than half our corporate staff is using AI tools. Across our operating companies, AI adoption has accelerated, guided by a centralized team focused on developing and expanding these capabilities throughout the enterprise. The story heading in 2026 is straightforward. A stronger balance sheet, a growing business, and a market that needs exactly what we offer. Our CFO, Scott Yesner, will now walk through the financials in detail. Scott, over to you.