Company: BCG
Filing Date: 2025-04-03
Form Type: S-1/A
Source: 0001410578-25-000637
Chunk: 49

Company: Binah Capital Group, Inc.
Filing Date: 2025-04-03
Form: S-1/A
Chunk 49
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 probable that a significant reversal will not occur. The Company is principal for the commission revenue, as it is responsible for the execution of the clients’ purchases and sales and maintains relationships with the product sponsors. Advisors assist the Company in performing it obligations. Accordingly, total commission revenue is reported on a gross basis. See Note 5 — Revenues From Contracts with Customers within the notes to the audited consolidated financial statements for the years ended December 31, 2024, and 2023 for further details regarding our commission revenue by product category. The following table sets forth the components of our commission revenue for years December 31, 2024 and 2023 (in thousands):

| ​                        
 ​                        | ​ 
 ​ 
 ​ | ​                                
 For the years ended December 31, 
 ​                                |       ​ 
    2024 | ​ | ​ 
 ​ |       ​ 
    2023 | ​ 
 ​ |       ​ 
       ​ 
       ​ | ​        
 ​        
 $ Change |     ​ 
     ​ 
     ​ | ​        
 % Change |
|:-------------------------|:--|:---------------------------------|--------:|:--|:--|--------:|:--|--------:|:---------|------:|:---------|
| Sales-based              |   | $                                |  62,827 |   | $ |  74,525 |   | -11,698 |          | -15.7 | %        |
| Trailing                 | ​ |                                  | 101,564 | ​ |   |  85,334 |   |  16,230 |          |  19.0 | %        |
| Total commission revenue | ​ | $                                | 164,391 | ​ | $ | 159,859 |   |   4,532 |          |   2.8 | %        |

Sales based revenue decreased by approximately $11.7 million or 15.7% for the year ended December 31, 2024 as compared to 2023. Trailing based revenue increased by approximately $16.2 million or 19.0% for the year ended December 31, 2024 as compared to 2023. The decrease in sales based revenue for the year ended December 31, 2024 as compared to 2023 is attributable to a decrease in the generation of transactional based products. The increase in the trailing based revenues is primarily due to volatility driven increases in trail eligible