Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by BRC Group Holdings, Inc. to the U.S. Securities and Exchange Commission. The report covers the period ending March 31, 2026. It discloses the company's holdings in equity securities and other investment instruments as of the reporting date.
Key Financial Metrics and Portfolio Composition
The filing details a portfolio of 21 distinct positions, primarily consisting of common stock, American Depositary Shares (ADS), and warrants. The total aggregate value of the reported holdings is approximately $467.5 million.
| Issuer | Security Type | Shares/Units | Value (USD) | Voting Authority |
|---|---|---|---|---|
| Babcock & Wilcox Enterprises, Inc. | Common Stock | 27,446,522 | $403,189,408 | Sole |
| Doubledown Interactive Co., Ltd. | ADS | 3,467,509 | $29,300,451 | Sole |
| Sequans Communications S.A. | Sponsored ADS | 1,757,340 | $4,446,070 | Sole |
| Riot Platforms, Inc. | Common Stock | 325,000 | $4,017,000 | Sole |
| Roman DBDR Acquisition Corp II | Ordinary Shares Class A | 605,913 | $3,171,955 | Sole |
| LifeMD, Inc. | Common Stock | 871,580 | $3,146,404 | Sole |
| The Oncology Institute, Inc. | Common Stock | 929,734 | $2,854,283 | Sole |
| Transact Technologies Incorporated | Common Stock | 545,812 | $1,795,721 | Sole |
| Dave Inc. | Common Stock | 7,000 | $1,218,630 | Sole |
| Ur-Energy Inc. | Common Stock | 600,000 | $894,000 | Sole |
| NextNav Inc. | Common Stock | 50,000 | $801,000 | Sole |
| XBP Global Holdings, Inc. | Common Stock | 73,657 | $324,091 | Sole |
| OTG Acquisition Corp. I | Ordinary Shares Class A | 115,000 | $235,520 | Sole |
| Mister Car Wash, Inc. | Common Stock | 30,000 | $209,100 | Sole |
| Blaise Holdings, Inc. | Common Stock | 83,353 | $151,702 | Sole |
| NextNav Inc. | Warrants | 21,000 | $132,930 | Sole |
| Stardust Power Inc. | Common Stock | 42,122 | $99,408 | Sole |
| Diversified Healthcare Trust | Common Stock | 10,000 | $66,400 | Sole |
| GCT Semiconductor Holding, Inc. | Common Stock | 56,818 | $64,773 | Sole |
| Royalty Management Holding Corp. | Class A Common Stock | 20,000 | $59,400 | Sole |
| Xerox Holdings Corporation | Note | 200,000 | $53,320 | Sole |
Note: All positions listed have "Sole" voting authority. No "Shared" or "None" voting authority was reported for these specific holdings.
Material Changes
The filing text provided does not contain comparative data from the prior quarter (December 31, 2025). Therefore, material changes in position size, new acquisitions, or divestitures cannot be determined from this document alone.
Guidance, Outlook, and Risks
This Form 13F is a statutory disclosure of holdings and does not contain management commentary, financial guidance, or forward-looking statements regarding the company's future performance. The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Concentration Risk: The portfolio is heavily concentrated in a single position, Babcock & Wilcox Enterprises, Inc., which represents approximately 86.2% of the total reported value ($403.2M of $467.5M).
- Asset Class: The portfolio is predominantly equity-based, with one fixed-income instrument (Xerox Holdings Corporation Note) and one warrant position (NextNav Inc.).
- Reporting Date: Verify that the March 31, 2026, date aligns with the company's fiscal calendar and expected filing deadlines.
- Voting Control: BRC Group Holdings, Inc. exercises sole voting authority over all reported positions, indicating direct control without shared management agreements for these specific assets.