# EDGAR Filing Document

**Accession Number:** 0001953984
**File Stem:** 0001104659-25-111478
**Filing Date:** 2025-11
**Character Count:** 19867
**Document Hash:** d662a7d143007894e4367bbb2db9afec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-111478.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001104659-25-111478

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251113

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**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:** 251479689

**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): **November 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 November 13, 2025, Binah Capital Group, Inc. ("Binah") issued a press release announcing financial results for its third quarter ended September 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](tm2531199d1_ex99-1.htm) | [Press Release dated November 13, 2025](tm2531199d1_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: November 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

**Exhibit 99.1**

![](tm2531199d1_ex99-1img01.jpg)

**BINAH CAPITAL GROUP REPORTS RESULTS FOR THIRD QUARTER AND**

**FIRST NINE MONTHS OF 2025**

***- Grew Total Revenue 10% Year-over-Year to $137.0 Million -***

***- Assets Under Management ("AuM") Increased 11% Year-over-Year to $30.0 Billion -***

***- Net Income of $2.1 Million -***

***- Increased EBITDA<sup>[\*]</sup> to $5.8 Million from $1.0 Million in the Prior Year -***

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

"In the third quarter this year, we again generated strong results, which reflects the appeal and performance of our differentiated RIA platform," stated Craig Gould, Chief Executive Officer of Binah Capital Group. " Our sustained momentum and growth initiatives enabled us to achieve double-digit year-over-year growth in both revenue and EBITDA while delivering GAAP profitability. We are grateful to our expanding team whose dedication helped to drive this excellent performance. We remain confident that the dynamic macro environment offers us meaningful opportunity to continue our growth and demonstrate the agility of our differentiated platform, and through our strong performance, achieve long-term shareholder value."

**Third Quarter and First Nine Months of 2025 Key Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ Total advisory and brokerage assets as of September
30, 2025, grew 11% year-over-year to $30.0 billion.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Total revenue increased 10% year-over-year to
$137.0 million; for the third quarter, total revenue grew 9.5% to $46.2 million

&nbsp;&nbsp;&nbsp;&nbsp;▪ Gross profit was $26.4 million, compared to $23.5
million in the prior-year period.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Total operating expenses were $23.5 million,
compared to $26.0 million in the prior-year period, with the improvement primarily reflecting non-recurring costs from the prior-year
period related to the consummation of the business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ GAAP net income for the first three quarters of 2025 grew to $2.1 million, compared to a GAAP net loss of $3.5 million in the same period in 2024. In the third quarter of 2025, GAAP net income rose to $1.8 million from a GAAP net loss of $1.2 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, share-based compensation 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.

&nbsp;&nbsp;&nbsp;&nbsp;▪ EBITDA<sup>\*</sup> increased to $5.8 million for the first three quarters
of 2025, compared to $1.0 million in the prior year period. In the third quarter of 2025, EBITDA\* rose to $2.9 million from $0.4 million
in the same period in 2024. The increases in both 2025 periods primarily reflect higher revenue growth and lower expenses.

**Liquidity and Capital**

The Company had cash and cash equivalents of $8.3 million and outstanding long-term debt of $18.2 million as of September 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: www.binahcap.com

**Contact:**

**Binah Capital Investor Relations**

Mary T. Conway

Conway Communications

mtconway@conwaycommsir.com

**Binah Capital Media Relations**

Donald Cutler or Lorene Yue

Haven Tower Group

(424) 317-4864 or (424) 317-4854

binah@haventower.com

**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

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

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

---

| | | |
|:---|:---|:---|
|  | **Unaudited**<br>**September 30, 2025** |<br>**December 31, 2024** |
| **<u>ASSETS</u>** |  |  |
| **Assets:** |  |  |
| Cash, cash equivalents and restricted cash | $8339 | $8486 |
| Receivables, net: |  |  |
| &nbsp;&nbsp;Commission receivable | 10239 | 9198 |
| &nbsp;&nbsp;Due from clearing broker | 900 | 873 |
| &nbsp;&nbsp;Other | 1207 | 938 |
| Property and equipment, net | 389 | 599 |
| Right of use assets | 3258 | 3730 |
| Intangible assets, net | 758 | 1021 |
| Goodwill | 39839 | 39839 |
| Other assets | 2635 | 1993 |
| **TOTAL ASSETS** | $67564 | $66677 |
| **<u>LIABILITIES AND STOCKHOLDERS' EQUITY</u>** |  |  |
| **Liabilities:** |  |  |
| Accounts payable, accrued expenses and other liabilities | $10520 | $10208 |
| Commissions payable | 12104 | 11468 |
| Operating lease liabilities | 3378 | 3820 |
| Notes payable, net of unamortized debt issuance costs of $627 and $739 as of September 30, 2025 and December 31, 2024, respectively | 18150 | 19561 |
| Promissory notes-affiliates | 5313 | 5442 |
| **TOTAL LIABILITIES** | 49464 | 50499 |
| **Mezzanine Equity:** |  |  |
| &nbsp;&nbsp;Redeemable Series A Convertible Preferred Stock, par value $0.0001, 2,000,000 shares authorized, 1,608,000 and 1,555,000 shares outstanding at September 30, 2025 and December 31, 2024 | 15483 | 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 September 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 September 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Additional paid-in-capital | 22383 | 22984 |
| &nbsp;&nbsp;Accumulated deficit | (21133) | (23253) |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss) | (154) |  |
| **Total Stockholders' Equity and Mezzanine Equity** | 18099 | 16178 |
| **TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY** | $67564 | $66677 |

---

**Binah Capital Group Consolidated Statement of Operations** 

 

 

BINAH CAPITAL GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| **Revenue from Contracts with Customers:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions | 37370 | 34780 | $112506 | $102836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 7407 | 6247 | 20948 | 18250 |
| **Total Revenue from Contracts with Customers** | 44777 | 41027 | 133454 | 121086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | 1421 | 1170 | 3178 | 3209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 46198 | 42197 | 136632 | 124295 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and fees | 37202 | 33832 | 110240 | 100839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee compensation and benefits | 4679 | 3937 | 13956 | 10988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent and occupancy | 286 | 285 | 857 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 558 | 1120 | 1807 | 6059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology fees | 751 | 386 | 2194 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 534 | 775 | 1643 | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 167 | 268 | 537 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 71 | 2207 | 2551 | 3394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 44248 | 42810 | 133785 | 126872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before provision for income taxes | 1950 | (613) | 2847 | (2577) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 190 | 537 | 706 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $1760 | $(1150) | $2141 | $(3467) |
| &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. | $1760 | $(1150) | 2141 | (4197) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) per common share, basic | $0.08 | $(0.09) | $0.06 | $(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) per common share, diluted | $0.08 | $(0.09) | $0.06 | $(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares: basic | 16709 | 16602 | 16638 | 16588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares: diluted | 16720 | 16602 | 16921 | 16588 |

---

**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 September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
| **EBITDA Reconciliation** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp; Net income | $1.8 | $(1.2) | $2.1 | $(3.5) |
| &nbsp;&nbsp; Interest expense | 0.5 | 0.8 | 1.6 | 2.6 |
| &nbsp;&nbsp; Share based compensation | 0.2 |  | 0.9 |  |
| &nbsp;&nbsp; Provision for income taxes | 0.2 | 0.5 | 0.7 | 0.9 |
| &nbsp;&nbsp; Depreciation and amortization | 0.2 | 0.3 | 0.5 | 0.9 |
| &nbsp;&nbsp; **EBITDA** | $2.9 | $0.4 | $5.8 | $0.9 |

---

 

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