# EDGAR Filing Document

**Accession Number:** 0001953984
**File Stem:** 0001104659-25-077670
**Filing Date:** 2025-8
**Character Count:** 18793
**Document Hash:** dad9c5b3b6d01eb97d2c2eed20081e3c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-077670.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001104659-25-077670

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250813

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Binah Capital Group, Inc.
- **CENTRAL INDEX KEY:** 0001953984
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 883276689
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41991
- **FILM NUMBER:** 251213245

**BUSINESS ADDRESS:**
- **STREET 1:** 17 BATTERY PLACE, ROOM 625
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** (212) 404-7002

**MAIL ADDRESS:**
- **STREET 1:** 17 BATTERY PLACE, ROOM 625
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of report (Date of earliest event reported): **August 13, 2025**

**Binah Capital Group, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41991** | **88-3276689** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission File Number) | (I.R.S. Employer<br> Identification Number) |

---

**80 State Street, Albany, NY 12207**

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: **(212) 404-7002**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbols** | **Name of Each Exchange on Which <br> Registered** |
| **Common Stock, par value $0.0001 per share** | **BCG** | **The Nasdaq Stock Market LLC** |
| **Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share** | **BCGWW** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 2.02. Results of Operations and Financial Condition.**

On August 13, 2025, Binah Capital Group, Inc. ("Binah") issued a press release announcing financial results for its second quarter ended June 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.

The information in this current report on Form 8-K, including the press release attached as Exhibit 99.1 hereto, is being furnished, but shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by Binah, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

**Item 9.01. Financial Statements and Exhibits.**

**(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2523359d1_ex99-1.htm) | [Press Release dated August 13, 2025](tm2523359d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 13, 2025

---

| | |
|:---|:---|
| **BINAH CAPITAL GROUP, INC.** | **BINAH CAPITAL GROUP, INC.** |
| By: | /s/ Craig Gould |
| Name: | Craig Gould |
| Title: | Chief Executive Officer and Director |

---

## Exhibit 99.1

**E** **xhibit 99.1**

![](tm2523359d1_ex99-1img001.jpg)

**BINAH CAPITAL GROUP REPORTS SECOND QUARTER 2025 RESULTS**

***- Grew Total Revenue 2% Year-over-Year to $42 Million -***

***- Assets Under Management ("AuM") Increased 11% Year-over-Year to $28 Billion -***

***- Net Loss of $0.7 Million, Comparable to the Prior-Year Period -***

***- Increased EBITDA<sup>\*</sup> to $1.0 Million from $0.6 Million in the Prior Year -***

**New York – August 13, 2025 –** Binah Capital Group, Inc. ("Binah", "Binah Capital" or the "Company") (NASDAQ: BCG; BCGWW), a diversified financial services enterprise that owns and operates a network of industry-leading firms empowering independent financial advisors, across brokerage, advisory, and insurance solutions, today announced results for the quarter ended June 30, 2025.

"We are pleased to report another strong performance this quarter, further demonstrating our advisor-centric platform built to power growth," stated Craig Gould, Chief Executive Officer of Binah Capital Group. "Our second-quarter results reflect sustained momentum in our business model and disciplined execution of our strategy, with growth in both revenue and EBITDA. As we look ahead, our differentiated business model and strong execution capabilities position us well to capture the growth opportunities in front of us and create long-term shareholder value."

**Second Quarter 2025 Key Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ Total
 advisory and brokerage assets in the second quarter grew 11% year-over-year to $28 billion.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Total
 revenue increased 2% year-over-year to $42 million.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Gross
 profit grew 21% to $8.8 million, compared to $7.3 million in the prior-year period.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Total
 operating expenses were $42 million, consistent with the prior-year period.

&nbsp;&nbsp;&nbsp;&nbsp;▪ GAAP
 net loss of $0.7 million, comparable to the prior-year period.

&nbsp;&nbsp;&nbsp;&nbsp;▪ EBITDA<sup>\*</sup>
 increased to $1.0 million, compared to an EBITDA of $0.6 million in the prior year period.

<sup>\*</sup> **Non-GAAP Financial Measures**. EBITDA is a non-GAAP financial measure defined as net income (loss) adjusted for depreciation expense, amortization expense, interest expense, and income tax. See the section captioned "Non-GAAP Financial Measures" below for a detailed description and reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures, as required by Regulation G.

**Liquidity and Capital**

The Company had cash and cash equivalents of $8.2 million and outstanding long-term debt, net of unamortized issuance costs of $18.6 million as of June 30, 2025.

\* See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

**About** Binah Capital Group**

Binah Capital Group ("Binah Capital", "Binah" or the "Company," is a financial services enterprise that owns and operates a network of industry-leading firms that empower independent financial advisors. As a national broker-dealer aggregator, Binah specializes in delivering value through its innovative hybrid-friendly model, making it an optimal platform for RIAs navigating today's complex financial landscape. Binah's portfolio companies are built to help advisors run, manage, and execute commission-based business seamlessly while providing best in class resources to support their advisory practice. We don't just offer tools—we cultivate partnerships. Binah Capital Group stands alongside RIAs as a trusted ally, delivering the structure, flexibility, and cutting-edge solutions they need to succeed in an increasingly competitive marketplace.

For more, please visit: <u>www.binahcap.com</u>

**Contact:**

**Binah Capital Investor Relations**

<u>ir@binahcap.com</u>

**Binah Capital Public Relations**

<u>media@binahcap.com</u>

**Non-GAAP Financial Measure**

EBITDA is a non-GAAP financial measure, defined as net income (loss) adjusted for depreciation expense, amortization, interest expense and income tax. The Company presents EBITDA because management believes that it can be a useful financial metric in understanding the Company's earnings from operations. EBITDA is not a measure of the Company's financial performance under GAAP or liquidity and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP. The principal limitations of EBITDA are that it excludes certain expenses that are required by U.S. GAAP to be recorded in our consolidated financial statements. In addition, EBITDA is subject to inherent limitations as these metrics reflect the exercise of judgment by management about which expenses are excluded or included in determining EBITDA. A reconciliation of EBITDA to Net income, the most directly comparable GAAP measure, appears below.

**Forward-Looking Statements**

While Binah believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: our ability to comply with supervisory and regulatory compliance obligations, the risk we may be held liable for misconduct by our advisors; poor performance of our investment products and services; our ability to effectively maintain and enhance our brand and reputation; our ability to expand and retain our customer base; our future capital requirements and sources and uses of cash; the risk that an increase in government regulation of the industries and markets in which we operate could negatively impact our business; the impact of worldwide and regional political, military or economic conditions, including declines in foreign currencies in relation to the value of the U.S. dollar, hyperinflation, devaluation and significant political or civil disturbances in international markets; and the effectiveness of Binah's control environment, including the identification of control deficiencies.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Binah with ‎the U.S. Securities and Exchange Commission from time to time, including the Annual ‎Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent ‎periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Binah cautions you not to place undue reliance on the ‎forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Binah assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Binah does not give any assurance that it will achieve its expectations.

**Binah Capital Group Consolidated Balance Sheet**

BINAH CAPITAL GROUP, INC.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

**JUNE 30, 2025 AND DECEMBER 31, 2024**

**(in thousands, except per share amounts)** 

---

| | | |
|:---|:---|:---|
|  | **Unaudited**<br>**June 30, 2025** |<br>**December 31, 2024** |
| **<u>ASSETS</u>** |  |  |
| **Assets:** |  |  |
| Cash, cash equivalents and restricted cash | $8170 | $8486 |
| Receivables, net: |  |  |
| &nbsp;&nbsp;Commission receivable | 9607 | 9198 |
| &nbsp;&nbsp;Due from clearing broker | 938 | 873 |
| &nbsp;&nbsp;Other | 1101 | 938 |
| Property and equipment, net | 454 | 599 |
| Right of use assets | 3417 | 3730 |
| Intangible assets, net | 846 | 1021 |
| Goodwill | 39839 | 39839 |
| Other assets | 3419 | 1993 |
| **Total Assets** | $67791 | $66677 |
| **<u>LIABILITIES AND STOCKHOLDERS' EQUITY</u>** |  |  |
| **Liabilities:** |  |  |
| Accounts payable, accrued expenses and other liabilities | $12234 | $10208 |
| Commissions payable | 11709 | 11468 |
| Operating lease liabilities | 3528 | 3820 |
| Notes payable, net of unamortized debt issuance costs of $665 and $739 as of June 30, 2025 and December 31, 2024, respectively | 18620 | 19561 |
| Promissory notes-affiliates | 5313 | 5442 |
| **Total Liabilities** | 51404 | 50499 |
| **Mezzanine Equity:** |  |  |
| &nbsp;&nbsp;Redeemable Series A Convertible Preferred Stock, par value $0.0001, 2,000,000 shares authorized, 1,590,000 and 1,555,000 shares outstanding at June 30, 2025 and December 31, 2024 | 15300 | 14947 |
| **Stockholders' Equity and Members' Equity:** |  |  |
| &nbsp;&nbsp;Series B Convertible Preferred Stock, par value $0.0001, 500,000 shares authorized, 150,000 shares outstanding at June 30, 2025 and December 31, 2024 | 1500 | 1500 |
| &nbsp;&nbsp;Common stock, $0.0001 par value, 55,000,000 authorized, 16,602,460 issued and outstanding at June 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Additional paid-in-capital | 22613 | 22984 |
| &nbsp;&nbsp;Accumulated deficit | (22874) | (23253) |
| &nbsp;&nbsp;Accumulated other comprehensive loss | (152) |  |
| **Total Stockholders' Equity and Mezzanine Equity** | 16387 | 16178 |
| **TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY** | $67791 | $66677 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

**Binah Capital Group Consolidated Statement of Operations**

BINAH CAPITAL GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

**(in thousands, except per share amounts)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| **Revenue from Contracts with Customers:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions | 33998 | 33663 | $75137 | $68057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 6627 | 6320 | 13542 | 12004 |
| **Total Revenue from Contracts with Customers** | 40625 | 39983 | 88679 | 80061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | 872 | 665 | 1752 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 41497 | 40648 | 90431 | 82095 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and fees | 32740 | 33352 | 73038 | 67007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee compensation and benefits | 4926 | 3594 | 9277 | 7051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent and occupancy | 286 | 290 | 571 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 713 | 602 | 1249 | 4939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology fees | 690 | 480 | 1443 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 543 | 795 | 1109 | 1857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 183 | 293 | 370 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1977 | 1765 | 2480 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 42058 | 41171 | 89537 | 84062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before provision for income taxes | (561) | (523) | 894 | (1967) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 93 | 213 | 516 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $(654) | $(736) | $378 | $(2319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Legacy Wentworth Management Services LLC members |  |  |  | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to Binah Capital Group, Inc. | $(654) | $(736) | 378 | (3049) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) per share basic and diluted | $(0.04) | $(0.04) | $0.02 | $(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares: basic and diluted | 16602 | 16573 | 16602 | 16573 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

**Binah Capital Group Reconciliation of GAAP Net Income to EBITDA** 

 

EBITDA is non-GAAP financial measure. EBITDA is defined as net income plus interest expense, provision for income taxes, and depreciation and amortization. The Company presents EBITDA because management believes that it can be a useful financial metric in understanding the Company's earnings from operations. EBITDA is not a measure of the Company's financial performance under GAAP or liquidity and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP.

Below is a reconciliation of net income to EBITDA for the periods presented (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the six months ended June 30,** | **For the six months ended June 30,** |
| <br>**EBITDA Reconciliation** | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | (0.7) | (0.7) | 0.4 | (2.3) |
| Interest expense | 0.5 | 0.8 | 1.1 | 1.9 |
| Share-based compensation | 0.8 |  | 0.8 |  |
| Provision for income taxes | 0.1 | 0.2 | 0.5 | 0.4 |
| Depreciation and amortization | 0.2 | 0.3 | 0.4 | 0.6 |
| &nbsp;&nbsp;&nbsp;**EBITDA** | $1.0 | $0.6 | $3.2 | $0.5 |

---