BRC Group Holdings, Inc.

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 quarter, and we expect that trend to continue. While we enjoyed a solid quarter across the entire platform, B. Reilly Securities delivered our most active quarter for capital raising in five years. During the quarter, we executed on nearly $10 billion in total debt and equity raises for clients. We acted as joint lead book runner on White Fiber's $230 million convert, participated in a VSEC $1.3 million follow-on, and led key advisory mandates at the TrueCard TechPrivate. We are active across the entire capital structure. We filed $8.7 billion in new ATMs in the first quarter, including a $6 billion facility for iron and a $1 billion facility for SMR. We also expanded our research footprint, initiating coverage of 26 companies in the first quarter alone. We see a deep expanding opportunity set for our team in the quarters ahead and expect momentum to continue. Ultimately, our broader strategy remains straightforward. We reinvest operating cash flows into our businesses and compelling market opportunities with our core franchise serving as the primary engine. Next year marks our 30th anniversary, and over the last three decades, we've intentionally built our business based on a commitment to be an active, dedicated advisory and liquidity partners for companies in the historically underserved small and mid-cap market. We have navigated every market cycle. During periods of macro stress, we have stayed committed to the strategy while others have cycled in and out. This consistency and a commitment to this market have proven to be our structural advantage. That same commitment is why we launched BRC Specialty Finance to enhance our commitment to small and mid-cap companies by providing capital and liquidity solutions. We will continue to leverage our platform and put capital to work to back our clients and our long-term partners. Executing our strategy requires absolute operational discipline and a world-class team. We're incredibly grateful for our team's hard work and continued dedication to the firm and our clients. I will now turn the call over to co-CEO Tom Kelleher to provide additional context on our operating performance.

Tom? Thanks, Brian. In April, we announced our intention to repurchase the outstanding minority stake of B-Riley Securities and combine B-Riley Securities with B-Riley Wealth. We are incredibly excited about this. The proposed transaction streamlines our corporate structure, but more importantly, it intentionally aligns our investment banking, our broad retail and institutional distribution, and our equity research engine. Scott will spend some more time on the numbers, but from an operational standpoint, the platform is continuing to normalize from all the activity that has transpired over the last two years. Targus continues to stabilize their business, operating at roughly break-even. We are encouraged by recent improvements in distribution channel sales as tariff concerns begin to ease. Our communications group continues to deliver high-margin cash flow by leveraging our team in India, and we remain relentlessly focused on efficiency across the entire enterprise. We are actively deploying AI, not just as a corporate efficiency tool, but as a force multiplier across our entire revenue generating platform. By equipping our bankers, Salesforce, and research teams with advanced tools to accelerate analysis and insights, we are empowering our teams to scale their output and capture more market opportunity without proportionally increasing our cost structure. While technology allows us to operate faster and smarter, our core business is fundamentally a relationship business. Our ultimate differentiator remains our people and the partnerships we build. In two weeks, we will host our 26th Annual Investor Conference at the Ritz-Carlton in Marina del Rey. With approximately 200 companies and 1,000 attendees, this conference remains the clearest expression of who we work with and the partnerships we build. During the conference, We will once again host our annual Big Fighters Big Cause Charitable Boxing Gala, benefiting the Sugar Ray Leonard Foundation and its mission to knock out pediatric diabetes. We are proud to have raised over $6 million for this cause since inception. And next week, on May 13th, B-Riley Securities is hosting our annual Commissions for Charity Day, where 100% of our equity trading commissions will be donated to Children's Hospital L.A., For nearly three decades, our firm has been defined not just by the deals we execute but by the relationships we build. While we are incredibly proud of our operational execution this quarter, these events reflect the true character of our firm and our commitment to our clients, our partnerships, and our community. Our proprietary platform continues to serve as a major differentiator for recruiting, and we are actively leveraging it to add high-impact talent. We were fielding numerous conversations for positions across the company, and just last month we welcomed back one senior sales trader as well as brought on an institutional salesman new to the firm. High-performing producers want to be part of a company where deals are actively getting done, where the platform supports them, and where the culture is set by the fellow producers across our management team. With that, I will turn the call over to our CFO, Scott Yesner, to walk through the detailed financials.