BRC Group Holdings, Inc. 8-K

What Happened BRC Group Holdings, Inc. (RILY) filed an 8-K on January 20, 2026 reporting two material amendments. On January 14, 2026 the company and its subsidiary BR Financial Holdings, LLC entered into Amendment No. 4 to their Credit Agreement (originally dated February 26, 2025) with Oaktree Fund Administration, LLC as agent. That amendment adds a carve-out permitting the company to repurchase unsecured notes up to an aggregate outstanding amount of $25 million on or before June 30, 2026. On January 15, 2026 the company also executed an amendment to the employment agreement with Executive Vice President and General Counsel Alan N. Forman that reduces his severance to two-thirds of his base salary as part of the company’s repositioning as a holding company.

Key Details

• Credit Agreement Amendment No. 4 dated January 14, 2026 allows repurchase of unsecured notes up to $25,000,000 total.
• Repurchases under the carve-out are permitted on or prior to June 30, 2026.
• Employment Amendment dated January 15, 2026 reduces Alan N. Forman’s severance to two-thirds of his base salary.
• The Credit Agreement involves BR Financial Holdings, LLC as Borrower and Oaktree Fund Administration, LLC as administrative and collateral agent.

Why It Matters The credit amendment gives BRC Group more flexibility to buy back unsecured notes (up to $25M) before June 30, 2026, which could affect the company’s debt profile and interest obligations depending on whether repurchases occur. The change to the general counsel’s severance reduces potential future cash obligations tied to executive departure, reflecting corporate restructuring as the company shifts to a holding company structure. Investors should watch for any debt repurchase activity or further restructuring disclosures that could impact liquidity, leverage, or governance.