Binah Capital Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of approximately $1.2 million for the three-month period and $3.5 million for the nine-month period ended September 30, 2024. Total revenue for these periods was approximately $42.2 million and $124.3 million, respectively.
Total advisory and brokerage assets were $26.9 billion as of September 30, 2024, compared to $22.8 billion in the same period of the previous year. Net new assets were $0.4 billion for the three-month period and $(1.8) billion for the nine-month period ended September 30, 2024.
Gross profit for the quarter was $8.4 million, an increase from $7.0 million in the same quarter of the previous year. For the nine-month period, gross profit was $23.5 million, up from $22.8 million.
Commissions and fees for the quarter were $33.8 million, a decrease from $35.9 million in the previous year. Employee compensation and benefits increased to $3.9 million from $3.1 million in the previous year.
Interest and other income decreased to $1.2 million from $1.9 million in the previous year. This decrease was attributed to a non-recurring income item earned in March 2023.
Binah Capital's Series A Redeemable Convertible Preferred Stock carries a cumulative dividend at a rate of 9% per annum. The Series B Convertible Preferred Stock carries a cumulative dividend at a rate of 7% per annum.
The company has outstanding debt obligations with Oak Street Funding, LLC, with a total outstanding balance of $19.1 million as of September 30, 2024.
The filing also details the merger and recapitalization with Kingswood Acquisition Corp, resulting in Binah Capital becoming a wholly-owned subsidiary of Kingswood Acquisition Corp.
Binah Capital Group, Inc. operates as a holding company for its subsidiaries in the retail wealth management business, including broker-dealers and investment advisory firms.
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. Warrants quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.