Company: BCG
Filing Date: 2025-02-14
Form Type: S-1
Source: 0001410578-25-000143
Chunk: 61

Company: Binah Capital Group, Inc.
Filing Date: 2025-02-14
Form: S-1
Chunk 61
---
 revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control including market volatility and the client’s investment hold period and the Company does not believe that it can overcome such constraints until the market value of the fund and the investor activities are known. The revenues will not be recognized until it is probable that a significant reversal will not occur.

37

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 4 - Revenues From Contracts with Customers within the notes to the audited consolidated financial statements for the years ended December 31, 2023, and 2022 for further details regarding our commission revenue by product category. The following tables sets forth the components of our commission revenue for the three and nine-month periods ended September 30, 2024 and 2023 (in thousands):

| ​                        | ​ | For the three months ended September 30, |   2024 |   |   |   2023 | ​ | ​ |        ​ 
 $ Change | ​ |     ​ | ​        
 % Change |
|:-------------------------|:--|:-----------------------------------------|-------:|:--|:--|-------:|:--|:--|---------:|:--|------:|:---------|
| Sales-based              |   | $                                        | 16,441 | ​ | $ | 18,939 | ​ | $ |   -2,498 |   | -13.2 | %        |
| Trailing                 |   |                                          | 18,339 | ​ |   | 16,530 | ​ | $ |    1,807 |   |  10.9 | %        |
| Total commission revenue |   | $                                        | 34,780 | ​ | $ | 35,469 | ​ | $ |     -691 |   |  -1.9 | %        |

| ​                        | ​ 
 ​ | For the nine months ended September 30,​ |    2024 |   |   |    2023 | ​ |      ​ | ​        
 $ Change |     ​ | ​        
 % Change |
|:-------------------------|:--|:-----------------------------------------|--------:|:--|:--|--------:|: