Monitor SpaceX's share price and lock-up expiration schedule for potential catalysts. The $70.4M net carried interest is a material but contingent asset; actual realization depends on SPV manager's timing and market conditions. Watch for 8-K filings or press releases regarding share sales or distributions.
Price Chart
Executive Summary
BRC Group Holdings (RILY) disclosed that its subsidiaries hold a carried interest in SPVs that invested in SpaceX, valued at approximately $84.2M gross and $70.4M net based on SpaceX's IPO closing price of $160.95. This represents ~20% of RILY's market cap, a material contingent asset that will be monetized as lock-ups expire through 2026.
Key Facts
- Gross carried interest value: ~$84.2 million
- Net expected proceeds: ~$70.4 million
- Based on SpaceX closing price of $160.95 per share on June 12, 2026
- Each $5 change in SpaceX share price changes net carried interest by ~$2.3 million
- Lock-up restrictions expire in stages through remainder of 2026
- Client investments in SPVs totaled ~$233 million between 2018 and 2021
Financial Impact
Net carried interest of ~$70.4M, representing ~20% of RILY's $350M market cap, subject to SpaceX price fluctuations and lock-up restrictions
Risk Factors
- SpaceX stock price volatility could materially reduce realized value
- Lock-up restrictions and manager discretion delay monetization
- Preliminary estimates subject to change based on expenses, taxes, and adjustments
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-068514 |
| Document: ea029472701ex99-1.htm | 0001213900-26-068514 |
| Document: 0001213900-26-068514-index-headers.html | 0001213900-26-068514 |
| Document: 0001213900-26-068514-index.html | 0001213900-26-068514 |
| Document: 0001213900-26-068514.txt | 0001213900-26-068514 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | Press Release | $4.20 | awaiting T+5 | — | $4.01 (−4.40%) |
Oct 1, 2026 25d ago | 8-K | $4.86 $5.11 | ▲ +5.14% | ▲ +3.98% | $4.01 (−17.39%) |
Sep 22, 2026 4w ago | Institutional Cluster | $6.13 $4.92 | ▼ −19.74% | ▼ −18.55% | $4.01 (−34.50%) |
Aug 6, 2026 11w ago | Press Release | $7.18 $7.45 | ▲ +3.76% | ▲ +3.36% | $4.01 (−44.08%) |
Jun 16, 2026 18w ago | 144 | $8.79 $7.51 | ▲ +14.62% | ▲ +13.58% | $4.01 (+54.32%) |
Jun 15, 2026 19w ago | 8-K | $9.16 $9.33 | ▲ +1.86% | ▲ +3.24% | $4.01 (−56.17%) |
Jun 12, 2026 19w ago | Institutional Cluster | $8.72 $9.00 | ▼ −3.21% | ▼ −2.54% | $4.01 (+53.96%) |
US Market Status
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