DOSSIER · 13F-HR · Q4 2025

BRC Group Holdings, Inc.

$234M in tracked AUM across 21 positions as of Q4 2025.

BG

CIK 0001464790 · last filed Dec 31, 2025

Total AUM

$234M

as of Q4 2025

Holdings

21

—

positions

Whale Score

63

63

tracked

Activity

—

no data

changes this Q

AI Analysis · Q4 2025

Executive Summary

BRC Group Holdings’ 13F for the period ending 2024-12-31 shows a relatively small, highly concentrated, and actively-managed equity portfolio with a market value of $119.56 million across 16 positions. The portfolio declined 20.2% versus the prior quarter ($149.80M → $119.56M). Two names—BABCOCK & WILCOX ENTERPRISES and DOUBLEDOWN INTERACTIVE—account for 74.2% of the portfolio, and the top five holdings represent 91.4% of the total value. The filing reports sector allocation ...

Portfolio overview: size, strategy and diversification

Portfolio size: $119.56 million across 16 holdings.
Concentration: Extremely concentrated—top 2 positions = 74.21% of portfolio; top 3 = 81.77%; top 5 = 91.35%. This indicates a high-conviction, low-diversification approach with substantial single-name risk.
Holdings profile: Predominantly small- and micro-cap companies and illiquid names (several constituents are niche/SMID equities, SPACs, or evolving technology/energy firms), which increases idiosyncratic and liquidity risk.
Turnover/Activity: Moderate-to-high quarter-over-quarter activity (5 new positions; 4 full exits; 2 meaningful increases; 3 reductions). This suggests an opportunistic trading or rebalancing approach rather than a passive, broadly diversified buy-and-hold strategy.

Key holdings and their significance

BABCOCK & WILCOX ENTERPRISES (value $45.01M; 37.65% of portfolio): The single largest holding, representing more than one-third of assets. Any material price movement in this stock will disproportionately impact portfolio performance. Given its weight, monitoring corporate developments and liquidity in this name should be a priority for anyone benchmarking exposure to BRC.
DOUBLEDOWN INTERACTIVE CO LT (value $43.71M; 36.56%): Nearly equal in size to BABCOCK & WILCOX; together these two positions comprise ~74.2% of assets. The filer materially added to this position during the quarter (+$22.83M), indicating building of a high-conviction stake.
CADIZ INC (value $9.02M; 7.54%): A meaningful, recently enlarged position (+$8.45M added, an 825.2% increase quarter-over-quarter). This was the most aggressive proportional add and moved the company into the portfolio’s top three.
SYNCHRONOSS TECHNOLOGIES INC (value $7.20M; 6.02%): A top-five holding that was trimmed by $4.31M this quarter.
Remaining positions (LANDSEA HOMES, TRANSACT TECHNOLOGIES, 8x8, AGENUS, others): Smaller exposures individually (each ≤3.6%) but collectively make up the remaining ~8.6% of value after the top five. Several are early-stage, turnaround, or small-cap technology/industrial names which contribute to portfolio idiosyncratic risk.

Quarter at a glance — Q4 2025

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q4 2025.

#HoldingValueSharesWeight

BABCOCK & WILCOX ENTERPRISES, INC.

$174M27.4M74.4%02

DOUBLEDOWN INTERACTIVE CO., LTD.

$30M3.5M12.8%03

APPLIED DIGITAL CORPORATION

SEQUANS COMMUNICATIONS S.A.

SYNCHRONOSS TECHNOLOGIES, INC.

THE ONCOLOGY INSTITUTE, INC.

TRANSACT TECHNOLOGIES INCORPORATED

ROMAN DBDR ACQUISITION CORP II

XBP GLOBAL HOLDINGS, INC.

ISHARES BITCOIN TRUST ETF

Filing history

21 positionsView →2025Q3Sep 30

25 positionsView →2025Q2Jun 30

38 positionsLocked 2025Q1Mar 31

23 positionsLocked 2024Q4Dec 31

16 positionsLocked 2024Q3Sep 30

15 positionsLocked 2024Q2Jun 30

16 positionsLocked 2024Q1Mar 31

16 positionsLocked 2023Q4Dec 31

20 positionsLocked 2023Q3Sep 30

34 positionsLocked 2023Q2Jun 30

33 positionsLocked 2023Q1Mar 31

56 positionsLocked

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