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Binah Capital Group Inc. (BCG-1.51%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a net loss of approximately $4.6 million and total revenue of approximately $168.9 million for the year. This compares to net income of $0.5 million and total revenue of approximately $168.0 million for the previous year.
The company reported total advisory and brokerage assets of $27.1 billion at the end of 2024, an increase from $23.9 billion at the end of 2023. Net new assets for the year were negative $2.1 billion, compared to negative $3.6 billion in 2023.
Binah Capital's gross profit was reported at $32.0 million, a slight increase from $31.8 million the previous year. The company focuses on three business models: hybrid, independent, and W2, allowing advisors to choose their preferred operating model.
The company completed a business combination with Kingswood Acquisition Corp. in March 2024, which was accounted for as a reverse recapitalization. This resulted in Binah Capital becoming a publicly traded company on the Nasdaq under the symbols BCG and BCGWW.
Binah Capital's subsidiaries, which include broker-dealers and investment advisors, are subject to extensive regulation by the SEC and FINRA. The company reported compliance with all regulatory requirements as of the filing date.
The filing also details the company's debt obligations, including a $20.3 million term loan with Byline Bank, which was used to refinance existing credit facilities. The company is subject to certain financial covenants under this credit agreement.
Binah Capital issued Series A Redeemable Convertible Preferred Stock in a private placement, raising $14.4 million. The preferred stock carries a cumulative dividend and has specific redemption and conversion terms outlined in the filing.
The company reported no material legal proceedings that would have a significant adverse effect on its business. However, it is involved in various legal and regulatory matters typical for companies in the financial services industry.
Binah Capital's management emphasized the importance of maintaining liquidity and capital resources to support strategic initiatives and meet regulatory requirements. The company's liquidity strategy includes managing cash flows and maintaining access to capital markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Binah Capital Group Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.