Company: BCG
Filing Date: 2025-04-03
Form Type: S-1/A
Source: 0001410578-25-000637
Chunk: 45

Company: Binah Capital Group, Inc.
Filing Date: 2025-04-03
Form: S-1/A
Chunk 45
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 ​                                
 For the Years Ended December 31, 
 ​                                |    ​ 
 2024 | ​ | ​ |    ​ 
 2023 |
|:--------------------------------------------|:----------------------|:---------------------------------|-----:|:--|:--|-----:|
| Net (loss) income                           | ​                     | $                                | -4.6 | ​ | $ |  0.6 |
| Interest expense                            | ​                     |                                  |  4.0 | ​ |   |  5.1 |
| (Benefit) Provision for income taxes        | ​                     |                                  |  1.4 | ​ |   | -0.1 |
| Depreciation and amortization               | ​                     | ​                                |  1.0 | ​ |   |  1.2 |
| EBITDA                                      | ​                     | $                                |  1.9 | ​ | $ |  6.8 |
| Business combination and re-financing costs | ​                     | ​                                |  4.4 | ​ | ​ |  1.6 |
| Adjusted EBITDA(2)                          | ​                     | $                                |  6.3 | ​ | $ |  8.4 |

Economic Overview and Impact of Financial Market Events Our business is directly and indirectly sensitive to several macroeconomic factors and the state of the United States financial markets.

26

According to the most recent estimate from the U.S. Bureau of Economic Analysis, the U.S. economy grew 2.8% in 2024, and at an annualized pace of 2.3% in the fourth quarter of 2024 after growing at an annualized pace of 2.8% in the third quarter of 2024. Although inflation, interest rates and volatile global markets were all headwinds the U.S. economy added roughly 500,000 jobs in the fourth quarter of 2024, while the unemployment rate averaged 4.2% in the fourth quarter of 2024, up slightly from the average in the prior quarter. Our business is also sensitive to current and expected short-term interest rates, which are largely driven by Fed policy. During the fourth quarter of 2024, Fed policymakers maintained the target range for the federal funds rate at 4.25% to 4.50%. Please consult the Factors Affecting Our Financial Condition and Results of Operations, including those described in the section