BRC Group Holdings (formerly B. Riley Financial) is a diversified holding company built around a small- and mid-cap financial services platform, with a collection of non-financial businesses spanning telecom, consumer products, and investments. The core financial services business focuses on investment banking — helping small- and mid-cap public and private companies raise equity and debt capital, execute M&A, and navigate restructuring. Alongside investment banking, BRC runs institutional brokerage, equity research, and a direct lending business that makes secured loans to middle-market companies. BRC also operates a wealth management business serving individuals and small organizations with brokerage, investment management, and tax services, with roughly $13B in AUM as of end of 2025. Beyond financial services, BRC owns a portfolio of telecom businesses — including Lingo (cloud/unified communications for SMBs), magicJack (consumer VoIP), Marconi Wireless (an MVNO under the Credo Mobile brand), and UOL (legacy dial-up and DSL internet) — as well as Targus, which designs and sells laptop bags, docking stations, and computer accessories globally. The telecom and legacy internet businesses are mature and declining, but generate recurring cash flow. Capital Markets revenue is driven by deal fees, trading, interest income on loans, and gains or losses on BRC's proprietary portfolio — making it inherently lumpy. A defining feature of BRC's model is co-investing alongside clients, blurring the line between financial services firm and holding company. BRC is currently focused on deleveraging, having divested non-core assets and reduced total debt meaningfully since end of 2024.