BRC Group Holdings, Inc. Reports Second Quarter 2026 Financial Results
Second Quarter 2026 Net Income Available to Common Shareholders of $18.5 Million;
Second Quarter 2026 Adjusted EBITDA of $61.3 Million; Operating Adjusted EBITDA of $66.0 Million
LOS ANGELES, August 6, 2026 – BRC Group Holdings, Inc. (Nasdaq: RILY) (“BRCGH” or the “Company”), a diversified holding company, today released its financial results for the three and six months ended June 30, 2026.
Second Quarter and Six Months Ended June 30, 2026 Highlights
•Revenues: Year-to-date revenues increased 44% to $591.2 million; second quarter revenues increased to $239.1 million, up from $225.3 million in the prior-year period.
•Net Income: Year-to-date net income available to common shareholders increased 83% to $229.8 million, or $6.47 per diluted share. Second quarter net income was $18.5 million, compared to $137.5 million in the prior-year period.
•Adjusted EBITDA(3): Year-to-date Adjusted EBITDA increased to $323.4 million, up from $14.7 million in the prior year period. Second quarter Adjusted EBITDA was $61.3 million, with Operating Adjusted EBITDA(4) of $66.0 million.
•Debt Reduction: Total Debt decreased by $150.7 million during the first six months to $1.28 billion, Net Debt(5) reduced by $341.7 million to $285.2 million.
•Investment Portfolio: Total Investments(6) increased to $804.5 million, including $723.7 million of securities and other investments owned as of June 30, 2026.
•Talent Recruiting: Five senior producers added to B. Riley Securities during the quarter, including three key alumni.
Bryant Riley, Chairman and Co-Chief Executive Officer, commented:
“For the second quarter, we generated $18.5 million in net income, and $66.0 million in Operating Adjusted EBITDA - our highest core operating result since the third quarter of 2023. Over the first six months of the year, net income totaled $229.8 million and we continued to strengthen our balance sheet, reducing Net Debt by $341.7 million over the first six months to $285.2 million as of quarter-end. These consolidated results were supported by the strong foundation of our diversified platform, anchored by proven deal execution in Capital Markets, disciplined operating leverage in Wealth Management, reliable cash conversion in our Communications portfolio, and steady operational progress in Consumer Products.”
“B. Riley Securities delivered a strong quarter, translating deepened client relationships into deal execution, and drawing senior talent to the firm. We participated in transactions representing over $21 billion in total deal value, and helped clients raise $8.5 billion in combined equity and debt capital. This included $3.5 billion in equity issuance - our highest level in over four years - and nearly $5.0 billion in debt issuance, extending a record 12-month run. We saw particular strength in sectors driving today's capital formation, including AI and data center infrastructure, power and energy, and business development companies (BDCs). The momentum we are creating makes us a destination for top talent, evidenced by the five senior producers we added this quarter - including alumni choosing to rejoin our platform.”
“A core differentiator of our platform is our ability to convene the market and surface proprietary ideas. In May, our 26th Annual Institutional Investor Conference brought issuers and investors together around approximately 180 companies, alongside our 15th 'Big Fighters, Big Cause' charitable gala. Our focus remains on execution and creative capital deployment to deliver for our colleagues, clients, partners, and shareholders, and we look forward to carrying this momentum into our Consumer TMT Conference in New York on September 10th, and our annual Convergence Conference in December.”
BRC Group Holdings, Inc. | www.brcgh.com
Second Quarter and Six Months Ended June 30, 2026 Financial Summary
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in thousands, except for per share data)
2026
2025
2026
2025
Net income available to common shareholders
$
18,534
$
137,456
$
229,792
$
125,466
Basic income per common share
$
0.49
$
4.50
$
6.59
$
4.11
Diluted income per common share
$
0.45
$
4.50
$
6.47
$
4.11
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in thousands)
2026
2025
2026
2025
Operating Revenues (1)
$
239,360
$
208,352
$
456,551
$
421,878
Investment Gains (Losses) (2)
(243)
16,950
134,626
(10,513)
Total Revenues
$
239,117
$
225,302
$
591,177
$
411,365
Total Adjusted EBITDA (3)
$
61,250
$
60,015
$
323,401
$
14,698
Operating Adjusted EBITDA (4)
$
66,032
$
43,282
$
100,412
$
38,345
•Net income available to common shareholders was $18.5 million, or $0.45 per diluted share, for the second quarter 2026, compared to $137.5 million, or $4.50 per diluted share, for the second quarter 2025, primarily due to substantial income from discontinued operations and gain on senior note exchange included in the prior-year period. For the six months 2026, net income available to common shareholders increased to $229.8 million, or $6.47 per diluted share, from $125.5 million, or $4.11 per diluted share, for the six months 2025, driven primarily by substantial gains on the Company's investment portfolio.
•Revenues were $239.1 million in the second quarter 2026, up from $225.3 million in the second quarter 2025, driven primarily by a 50% year-over-year increase in Wealth Management segment revenues. For the six months 2026, revenues increased 44% to $591.2 million, up from $411.4 million in the year-ago period, primarily due to substantial trading gains in 2026 and higher service and fees revenue in Capital Markets.
•Adjusted EBITDA(3) was $61.3 million in the second quarter 2026, up from $60.0 million in the second quarter 2025. For the six months 2026, Adjusted EBITDA(3) was $323.4 million, up from $14.7 million for the same year-ago period.
•Operating Adjusted EBITDA(4) was $66.0 million for the second quarter 2026, up from $43.3 million in the second quarter 2025. For the six months 2026, Operating Adjusted EBITDA(4) was $100.4 million, up from $38.3 million for the six months 2025.
•Net Debt(5) decreased to $285.2 million at June 30, 2026 from $627.0 million at December 31, 2025, a decrease of approximately $341.7 million, with Total Debt of $1.28 billion, down from $1.43 billion. The reduction in Net Debt was primarily due to investment appreciation.
•Cash, cash equivalents, and restricted cash totaled $155.6 million at June 30, 2026, compared to $229.3 million at December 31, 2025.
•Total Investments(6) increased to $804.5 million at June 30, 2026, up from $520.5 million at December 31, 2025, with securities and other investments owned of $723.7 million, up from $446.8 million.
BRC Group Holdings, Inc. | www.brcgh.com
Segment Operations Second Quarter and Six Months Ended June 30, 2026 Financial Results Summary
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in thousands)
2026
2025
2026
2025
Segment Revenues
Capital Markets
$
53,712
$
61,292
$
225,823
$
63,392
Wealth Management
57,953
38,621
110,128
85,899
Lingo
38,788
39,907
79,578
81,460
magicJack
8,567
9,777
17,350
19,578
Marconi Wireless
7,368
9,232
14,905
18,719
UOL
2,881
3,287
5,702
6,920
Consumer Products
43,537
43,284
87,652
85,387
Segment Income (Loss)
Capital Markets
$
13,118
$
17,220
$
150,353
$
(18,523)
Wealth Management
17,518
(1,319)
33,502
405
Lingo
5,319
2,927
9,083
5,326
magicJack
4,173
5,090
8,424
9,706
Marconi Wireless
2,997
1,805
6,074
3,549
UOL
1,489
1,550
2,962
3,404
Consumer Products
(5,692)
(5,904)
(8,333)
(11,045)
•Capital Markets: Segment revenues were $53.7 million for the second quarter 2026, compared to $61.3 million in the second quarter 2025, and segment income was $13.1 million compared to $17.2 million for the same year ago period. For the six months, segment revenues increased to $225.8 million from $63.4 million for the prior year six month period, and segment income increased to $150.4 million, up from a loss of $(18.5) million, driven primarily by investment gains and increases in underwriting and advisory activity.
•Wealth Management: Segment revenues increased to $58.0 million in the second quarter 2026, up from $38.6 million in the second quarter 2025, and segment income increased to $17.5 million, up from a loss of $(1.3) million. For the six months, segment revenues rose to $110.1 million from $85.9 million, and segment income increased to $33.5 million from $0.4 million. The improvement in segment revenue and segment income for the quarter and year-to-date periods was driven primarily by strong contributions from high-margin structured financing and carried-interest activity. B. Riley Wealth had approximately $12.1 billion of client assets under management at June 30, 2026.
•Communications Business Group (“CBG”) (Lingo, magicJack, Marconi Wireless, and UOL Reportable Segments): On a combined basis, CBG revenues were $57.6 million in the second quarter 2026 compared to $62.2 million in the second quarter 2025, while CBG income increased to $14.0 million for the second quarter 2026, up from $11.4 million in the second quarter 2025. For the six months, CBG revenues, on a combined basis, were $117.5 million, compared to $126.7 million, and CBG income rose to $26.5 million, up from $22.0 million. CBG income improved primarily due to successful cost reduction initiatives, which more than offset a revenue decline driven by expected customer attrition.
•Consumer Products: Segment revenues increased to $43.5 million in the second quarter 2026, up from $43.3 million in the second quarter 2025, and segment loss narrowed to $(5.7) million from $(5.9) million. For the six months, segment revenues increased to $87.7 million, up from $85.4 million, and segment loss narrowed to $(8.3) million, from $(11.0) million, driven by improvements across distribution and e-commerce channel sales.
BRC Group Holdings, Inc. | www.brcgh.com
Change in Non-GAAP Measures Presentation
The Company has updated its Operating Adjusted EBITDA calculation with adjustments that management believes better bifurcate investments from operating businesses and reflect true core operational performance. The updated calculation, applied consistently across all comparable periods, now excludes income and loss related to the Company’s equity investment in Great American Holdings, LLC, as well as the non-controlling interest associated with investment gains and losses attributable to B. Riley Securities Holdings, Inc. and its subsidiaries.
Earnings Call
Management will discuss the Company’s financial performance and operational highlights, followed by a question-and-answer session with analysts and investors.
Investors may access the call via the Company’s website at ir.brcgh.com under "Events and Presentations." A replay of the call will be available at the same location until Thursday, August 20, 2026.
About BRC Group Holdings, Inc.
BRC Group Holdings, Inc. (Nasdaq: RILY) is a diversified holding company, including financial services, communications, and retail, and investments in equity, debt and venture capital. Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. Our banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Our wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Our communications businesses provide consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Our retail businesses provide mobile computing accessories and home furnishings. BRCGH deploys its capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. For more information, please visit www.brcgh.com.
Note Regarding Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including Operating Revenue, Investment Gains (Losses), Adjusted EBITDA, Operating Adjusted EBITDA, Total Investments, and Net Debt, may be considered non-GAAP financial measures. BRC Group Holdings, Inc. believes this information is useful to investors because it provides a basis for measuring the Company’s available capital resources, the operating performance of its business and its revenues and cash flow, (i) including in the case of Operating Revenue, services and fees, interest income – loans, interest income - securities lending, fixed income spread, trading gains attributable to variable rate transaction spread, and sales of goods; (ii) including in the case of Investment Gains (Losses), trading gains (losses), net and fair value adjustments on loans, less fixed income spread and trading gains attributable to variable rate transaction spread; (iii) excluding in the case of Adjusted EBITDA, net interest expense, provisions for or benefit from income taxes, depreciation, amortization, restructuring charge, gain or loss on extinguishment of debt, gain on bargain purchase, gain on sale and deconsolidation of businesses, gain on senior note exchange, impairment of goodwill and tradenames, share-based compensation and transaction related and other costs; (iv) excluding in the case of Operating Adjusted EBITDA, the aforementioned adjustments for adjusted EBITDA as well as trading gains (losses), net, net of fixed income and variable rate transaction spread, fair value adjustments on loans, realized and unrealized gains (losses) on investments net of variable rate transaction spread, gains (losses) on investments attributable to non-controlling interest, and income (loss) related to the Company's equity investment in Great American Holdings, LLC; (v) including in the case of Total Investments, securities and other investments owned net of (a) securities sold not yet purchased, at fair value and (b) noncontrolling interest related to investments from continuing operations, loans receivable, at fair value net of loan participations sold, equity investments, and other investments reported in prepaid and other assets; and (vi) including in the case of Net Debt, term loans, net, senior notes payable, net, revolving credit
BRC Group Holdings, Inc. | www.brcgh.com
facility, and notes payable net of (a) cash and cash equivalents, (b) restricted cash, (c) due from clearing brokers net of due to clearing brokers, and (d) aforementioned included items of Total Investments, that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”). In addition, the Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s operating performance, management compensation, capital resources, and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies.
Footnotes
See “Note Regarding Use of Non-GAAP Financial Measures” for further discussion of these non-GAAP terms. A reconciliation of Operating Revenues, Investment Gains (Losses), Adjusted EBITDA, Operating Adjusted EBITDA, Total Investments, and Net Debt to the comparable GAAP financial measures is included in the financial statements portion of this press release.
(1)Operating Revenues is defined as the sum of (i) service and fees, (ii) interest income – loans, (iii) interest income - securities lending, (iv) fixed income spread, (v) trading gains attributable to variable rate transaction spread, and (vi) sales of goods.
(2)Investment Gains (Losses) is defined as the sum of (i) trading gains (losses), net and (ii) fair value adjustments on loans, less fixed income spread and trading gains attributable to variable rate transaction spread.
(3)Adjusted EBITDA includes earnings from continuing operations before interest, taxes, depreciation, amortization, restructuring charge, share-based payments, gain or loss on extinguishment of debt, gain on bargain purchase, gain on sale and deconsolidation of businesses, gain on senior note exchange, impairment of goodwill and tradenames, and transaction related and other costs.
(4)Operating Adjusted EBITDA is defined as Adjusted EBITDA excluding (i) trading gains (losses), net, net of fixed income and variable rate transaction spread, (ii) fair value adjustments on loans, (iii) realized and unrealized gains (losses) on investments net of variable rate transaction spread, and (iv) gains (losses) on investments attributable to non-controlling interest, and (v) income (loss) from the Company's equity investment in Great American Holdings, LLC.
(5)Net Debt is defined as the sum of (a) term loans, net, (b) senior notes payable, net, (c) revolving credit facility, and (d) notes payable, net of (i) cash and cash equivalents, (ii) restricted cash, (iii) due from clearing brokers net of due to clearing brokers, and (iv) Total Investments.
(6)Total Investments is defined as the sum of (a) securities and other investments owned net of (i) securities sold not yet purchased, at fair value and (ii) noncontrolling interest related to investments from continuing operations, (b) loans receivable, at fair value net of loan participations sold, (c) equity investments, and (d) other investments reported in prepaid and other assets.
Forward-Looking Statements
Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expected future financial and operational results; our expectations regarding the continued strength, deal execution, and operating leverage of our core businesses; and our ability to execute on disciplined capital allocation and further debt reduction. These statements are based on management’s current expectations and assumptions and are subject to risks and uncertainties, many beyond the Company's control, that could cause the Company's performance and actual results to differ materially. Such risks include, but are not limited to: macroeconomic conditions, including interest rate fluctuations and inflation; market volatility and its direct impact on our Capital Markets and Wealth Management segments; the episodic nature of our capital markets business and the unpredictable timing of transaction closings; our ability to maintain disciplined operating leverage and reliable cash conversion across our operating segments; our ability to successfully execute our merchant banking strategies and the impact of market conditions on our investment portfolio; changes in regulatory and legal environments affecting our operating units; and the risks described from time to time in the Company’s periodic filings with the SEC, including, without limitation, the risks described in the Company’s 2025 Annual Report on Form 10-K, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and its Quarterly Report on Form 10-Q for
BRC Group Holdings, Inc. | www.brcgh.com
the quarter ended June 30, 2026. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update them, except as required by law.
BRC Group Holdings, Inc. | www.brcgh.com
BRC GROUP HOLDINGS, INC.
Condensed Consolidated Balance Sheets
(Dollars in thousands, except share and par value)
June 30, 2026
December 31, 2025
(Unaudited)
Assets
Assets:
Cash and cash equivalents
$
154,112
$
226,601
Restricted cash
1,530
2,676
Due from clearing brokers
31,706
51,000
Securities and other investments owned ($660,185 and $382,461 at fair value)
723,715
446,843
Securities borrowed
206,717
114,937
Accounts receivable, net of allowance for credit losses of $6,209 and $6,108
61,382
55,473
Loans receivable, at fair value ($1,035 and $2,835 from related parties)
38,802
26,303
Equity investments
84,817
90,433
Prepaid expenses and other assets
110,862
128,650
Operating lease right-of-use assets
38,476
32,109
Property and equipment, net
17,850
17,606
Goodwill
392,687
392,687
Other intangible assets, net
101,867
118,290
Deferred income taxes
794
763
Assets of discontinued operations
2,221
2,221
Total assets
$
1,967,538
$
1,706,592
Liabilities and Equity (Deficit)
Liabilities:
Accounts payable
$
35,475
$
41,463
Accrued expenses and other liabilities ($797 and $6,400 at fair value)
156,333
154,780
Deferred revenue
46,985
49,907
Deferred income taxes
4,642
4,109
Securities sold not yet purchased, at fair value
9,487
9,809
Securities loaned
189,192
97,321
Operating lease liabilities
46,307
40,902
Revolving credit facilities
31,316
6,638
Term loans, net
115,770
119,297
Senior notes payable, net
1,129,966
1,301,798
Liabilities of discontinued operations
830
830
Total liabilities
1,766,303
1,826,854
Commitments and contingencies
BRC Group Holdings, Inc. | www.brcgh.com
BRC Group Holdings, Inc. stockholders’ equity (deficit):
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 4,563 shares issued and outstanding and liquidation preference of $126,172 and $122,142
—
—
Common stock, $0.0001 par value; 100,000,000 shares authorized; 40,199,755 and 30,597,066 issued and outstanding
4
3
Additional paid-in capital
680,097
598,022
Accumulated deficit
(529,464)
(763,286)
Accumulated other comprehensive loss
(8,468)
(6,272)
Total BRC Group Holdings, Inc. stockholders’ equity (deficit)
142,169
(171,533)
Noncontrolling interests
59,066
51,271
Total equity (deficit)
201,235
(120,262)
Total liabilities and equity (deficit)
$
1,967,538
$
1,706,592
BRC Group Holdings, Inc. | www.brcgh.com
BRC GROUP HOLDINGS, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except share and per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenues:
Services and fees ($6,976 and $5,121 for the three months and $12,899 and $7,849 for the six months ended June 30, 2026 and 2025 from related parties, respectively)
$
173,595
$
145,772
$
325,717
$
304,611
Trading gains, net
12,874
27,680
157,935
11,509
Fair value adjustments on loans ($82 and $(992) for the three months and $56 and $(3,137) for the six months ended June 30, 2026 and 2025 from related parties, respectively)
4,245
800
10,790
(7,296)
Interest income - loans ($— and $475 for the three months and $— and $1,171 for the six months ended June 30, 2026 and 2025 from related parties, respectively)
2,171
3,853
3,885
7,049
Interest income - securities lending
1,632
2,124
2,883
2,964
Sale of goods
44,600
45,073
89,967
92,528
Total revenues
239,117
225,302
591,177
411,365
Operating expenses:
Direct cost of services
29,364
33,216
61,066
75,916
Cost of goods sold
31,361
35,113
63,726
71,846
Selling, general and administrative expenses
133,377
142,369
267,725
309,757
Restructuring charge
1,914
321
1,914
321
Impairment of tradename
4,000
1,500
4,000
1,500
Interest expense - Securities lending and loan participations sold
906
1,968
1,623
2,687
Total operating expenses
200,922
214,487
400,054
462,027
Operating income (loss)
38,195
10,815
191,123
(50,662)
Other income (expense):
Interest income
339
492
697
1,978
Dividend income
133
122
802
257
Realized and unrealized gains (losses) on investments
12,092
10,216
117,192
(4,284)
Change in fair value of financial instruments and other
1,546
11,884
(2,881)
12,806
Gain on sale and deconsolidation of businesses
—
5,372
—
86,213
Gain on senior note exchange
—
44,454
—
54,986
(Loss) income from equity investments
(5,459)
25,603
(4,133)
25,051
(Loss) gain on extinguishment of debt
(1,283)
(10,266)
1,607
(20,693)
Interest expense
(18,016)
(23,952)
(37,810)
(53,916)
Income from continuing operations before income taxes
27,547
74,740
266,597
51,736
BRC Group Holdings, Inc. | www.brcgh.com
Provision for income taxes
(5,950)
(3,053)
(22,841)
(11)
Income from continuing operations
21,597
71,687
243,756
51,725
Income from discontinued operations, net of income taxes
—
69,312
—
72,707
Net income
21,597
140,999
243,756
124,432
Net income (loss) attributable to noncontrolling interests
1,048
1,528
9,934
(5,064)
Net income attributable to BRC Group Holdings, Inc.
$
20,549
$
139,471
$
233,822
$
129,496
Preferred stock dividends
2,015
2,015
4,030
4,030
Net income available to common shareholders
$
18,534
$
137,456
$
229,792
$
125,466
Basic net income per common share:
Continuing operations
$
0.49
$
2.23
$
6.59
$
1.73
Discontinued operations
—
2.27
—
2.38
Basic income per common share
$
0.49
$
4.50
$
6.59
$
4.11
Diluted net income per common share:
Continuing operations
$
0.45
$
2.23
$
6.47
$
1.73
Discontinued operations
—
2.27
—
2.38
Diluted income per common share
$
0.45
$
4.50
$
6.47
$
4.11
Weighted average basic common shares outstanding
37,811,031
30,527,835
34,879,728
30,512,757
Weighted average diluted common shares outstanding
38,422,185
30,527,835
35,311,001
30,512,757
BRC Group Holdings, Inc. | www.brcgh.com
BRC GROUP HOLDINGS, INC.
Operating Revenues Reconciliation
(Unaudited)
(Dollars in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Total revenues
$
239,117
$
225,302
$
591,177
$
411,365
Operating revenues adjustments:
Trading gains, net
(12,874)
(27,680)
(157,935)
(11,509)
Fair value adjustments on loans
(4,245)
(800)
(10,790)
7,296
Fixed income and trading gains attributable to variable rate transactions spread
17,362
11,530
34,099
14,726
Total operating revenue adjustments
243
(16,950)
(134,626)
10,513
Operating revenues
$
239,360
$
208,352
$
456,551
$
421,878
BRC Group Holdings, Inc. | www.brcgh.com
BRC GROUP HOLDINGS, INC.
Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations
(Unaudited)
(Dollars in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net income attributable to BRC Group Holdings, Inc.
$
20,549
$
139,471
$
233,822
$
129,496
Income from discontinued operations, net of income taxes
—
69,312
—
72,707
Net (income) loss attributable to noncontrolling interests
(1,048)
(1,528)
(9,934)
5,064
Income from continuing operations
21,597
71,687
243,756
51,725
EBITDA Adjustments:
Net (income) loss from continuing operations attributable to noncontrolling interests
(1,048)
(1,528)
(9,934)
5,064
Provision for income taxes
5,950
3,053
22,841
11
Interest expense
18,016
23,952
37,810
53,916
Interest income
(339)
(492)
(697)
(1,978)
Share based payments
3,226
4,234
5,666
7,580
Depreciation and amortization
7,548
8,648
15,137
18,645
Restructuring charge
1,914
321
1,914
321
Gain on sale and deconsolidation of businesses
—
(5,372)
—
(86,213)
Gain on senior note exchange
—
(44,454)
—
(54,986)
Loss (gain) on extinguishment of debt
1,283
10,266
(1,607)
20,693
Impairment of tradename
4,000
1,500
4,000
1,500
Transactions related costs and other
(897)
(11,800)
4,515
(1,580)
Total EBITDA adjustments
39,653
(11,672)
79,645
(37,027)
Adjusted EBITDA
$
61,250
$
60,015
$
323,401
$
14,698
Operating EBITDA Adjustments:
Trading gains, net
$
(12,874)
$
(27,680)
$
(157,935)
$
(11,509)
Fair value adjustments on loans
(4,245)
(800)
(10,790)
7,296
Realized and unrealized (gains) losses on investments
(12,092)
(10,216)
(117,192)
4,284
Fixed income and variable rate transaction spread
27,984
16,913
45,798
20,109
Loss attributable to equity method investment in Great American Holdings, LLC
5,827
3,190
5,505
3,639
Gains (losses) on investments attributable to non-controlling interest
