SCHEDULE: Susquehanna Affiliates Disclose 4.0% Stake in BRC Group Holdings

A group of affiliated Susquehanna entities has disclosed a 4.0% beneficial ownership stake in BRC Group Holdings, Inc., totaling 1,237,541 common shares.

Summary

• G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Financial Group, LLLP, and Susquehanna Securities, LLC, collectively referred to as 'Reporting Persons,' have filed an Amendment No. 1 to Schedule 13G.
• The Reporting Persons, identified as affiliated independent broker-dealers, beneficially own an aggregate of 1,237,541 shares of BRC Group Holdings, Inc. (f/k/a B. Riley Financial, Inc.) common stock.
• This aggregate ownership represents 4.0% of the issuer's class of securities, based on 30,597,066 shares outstanding as of November 17, 2025, as reported in the Company's Form 10-Q.
• Susquehanna Securities, LLC's beneficial ownership includes options to buy 1,131,100 shares.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a routine disclosure of beneficial ownership by affiliated broker-dealers, indicating standard market activities rather than a significant positive or negative event for the issuer.

Positives

• The filing indicates that the shares were acquired and are held in the ordinary course of business, suggesting no intent to influence or change control of BRC Group Holdings, Inc.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's future performance or the reporting persons' future intentions beyond the ordinary course of business.

Industry Context

StockSavvy.ai notes that this disclosure by a group of affiliated broker-dealers, including significant options, is typical for entities engaged in market-making, proprietary trading, or hedging activities. Such filings often reflect positions taken in the normal course of their financial services business rather than a strategic, long-term investment with an intent to influence corporate governance.

Comparison to Industry Standards

• StockSavvy.ai observes that a 4.0% beneficial ownership stake, particularly by broker-dealers, is generally considered a non-controlling interest and is below the 5% threshold that often triggers more stringent reporting requirements and potential activist investor scrutiny.
• Holdings by broker-dealers, such as the Susquehanna entities, typically differ from those of traditional institutional investors (e.g., mutual funds, pension funds) whose benchmarks often focus on long-term capital appreciation and strategic influence. Broker-dealer positions frequently reflect liquidity provision, arbitrage, or hedging strategies related to their trading operations.

Stakeholder Impact

• Shareholders are informed of a significant, albeit non-controlling, ownership stake held by a group of affiliated financial institutions, which may provide insights into market activity for BRC Group Holdings, Inc. common stock.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of beneficial ownership by affiliated broker-dealers, indicating standard market activities rather than a strategic investment. It does not provide new information to warrant a change in investment thesis, thus a 'hold' recommendation is appropriate.

Keywords

BRC Group Holdings, B. Riley Financial, Schedule 13G, Beneficial Ownership, Susquehanna, Broker-Dealer, Common Stock, SEC Filing