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Great American Group, Inc.

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Great American Group, Inc.

CIK:0001464790|SEC Filings
v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
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 0 5,372 0 [1] 86,213 [1]
Gain on senior note exchange 0 44,454 0 54,986
(Loss) income from equity investments (5,459) 25,603 (4,133) [1] 25,051 [1]
(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
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 0 69,312 0 72,707
Net income 21,597 140,999 243,756 [1] 124,432 [1]
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 (in dollars per share) $ 0.49 $ 2.23 $ 6.59 $ 1.73
Discontinued operations (in dollars per share) 0 2.27 0 2.38
Basic income per common share (in dollars per share) 0.49 4.50 6.59 4.11
Diluted net income per common share:        
Continuing operations (in dollars per share) 0.45 2.23 6.47 1.73
Discontinued operations (in dollars per share) 0 2.27 0 2.38
Diluted income per common share (in dollars per share) $ 0.45 $ 4.50 $ 6.47 $ 4.11
Weighted average basic common shares outstanding (in shares) 37,811,031 30,527,835 34,879,728 30,512,757
Weighted average diluted common shares outstanding (in shares) 38,422,185 30,527,835 35,311,001 30,512,757
Services and fees        
Revenues:        
Total revenues $ 173,595 $ 145,772 $ 325,717 $ 304,611
Trading gains, net        
Revenues:        
Total revenues 12,874 27,680 157,935 11,509
Fair value adjustments on loans        
Revenues:        
Total revenues 4,245 800 10,790 (7,296)
Interest income - loans        
Revenues:        
Total revenues 2,171 3,853 3,885 7,049
Interest income - securities lending        
Revenues:        
Total revenues 1,632 2,124 2,883 2,964
Sale of goods        
Revenues:        
Total revenues $ 44,600 $ 45,073 $ 89,967 $ 92,528
[1] Amounts presented contain results from both continuing and discontinued operations. Refer to Note 4 – Discontinued Operations and Assets Held for Sale for additional information regarding cash flow associated with the results of discontinued operations.