On this page of StockholderLetter.com we present the latest annual shareholder letter from Binah Capital Group, Inc. — ticker symbol BCG. Reading current and past BCG letters to shareholders can bring important insights into the investment thesis.
2025 Z
BINAH CAPITAL GROUP Annual Report 2025 Letter to Shareholders To Our Shareholders, As we complete our rst full year as a publicly traded company, I m delighted to share with you our progress in 2025 and our strategy to harness and capture continued growth in 2026 and the years ahead. We are excited about our accomplishments, and see them as proof points that at Binah, we are truly building the future business model for wealth management services. First, I want to recognize the meaningful contributions of our team members who enabled us to produce strong growth in the past year. We re pleased to have approximately 1,600 nancial advisors, for whom our multi-clearing, multi-custodial platform o ers the choice, exibility and built-in risk mitigation they need to provide exceptional client service and successfully scale their businesses. As we continue to attract more groups of dedicated nancial advisors in the future, building on our national footprint of more than 1,600 nancial advisors across the US at year-end 2025, we see clear signs that Binah s culture of transparency and independence resonates rmly with them. Second, we are grateful that, with the best-in-class resources and leading-edge expertise, technology and support we provide, the productivity of our associates, both current and new, grew strongly in 2025, driving our client assets to approximately $30.0 billion, about an 11% increase from the prior year. This is a commendable achievement, and I ll share more details about that below. Third, I want to thank our shareholders who have put their trust in our company. We believe our plan to grow and develop Binah Capital Group will drive innovation across the wealth management space and enhance the value of the company for everyone. Where We Started With this letter, I d like to lay the foundation for what brought Binah Capital Group to the public markets and a little of our transformation since then. Our goal in becoming a publicly-traded wealth management platform was to offer deeper transparency and flexibility to financial advisors and registered investment advisors (RIAs) seeking the right environment to support their growth, a goal which we share. Our hybrid-friendly model and strategically developed platform underscore our leadership in flexible affiliation, with deep clearing and custodial relationships.
Today, Binah Capital Group supports more than $400 billion in affiliated assets across a diversified wealth management platform that includes four broker-dealers: PKS Investments, PKS Securities, Cabot Lodge Securities, and World Equity Group, alongside Corporate RIAs and insurance affiliates. Together, these entities deliver full-service brokerage, hybrid RIA capabilities, and a boutique alternatives practice, with meaningful capacity to add value. We bring Wall Street experience to address the challenges that RIAs and financial advisors face, and we have developed a strong track record for seamless transitioning of business along with a robust, best-in-class platform and the infrastructure needed for growth. We cultivate a sense of partnership with our advisor base, offering cutting-edge solutions to support their clients appropriately within the culture of a long-term relationship-oriented firm. a " i The wealth management space is undergoing seismic changes as the US population ages, nancial assets become more meaningful, complexity and competition continue to increase and the advisor base itself ages. To align with the evolution in our market, our business philosophy is: Intentional: Multi-brand, multi-clearing and multi-custodial, to deliver optimal support across distinct business models serving a diverse client base Transformative: Delivering value through an innovative, hybrid-friendly model responsive to the specific needs of financial advisors and clients Sophisticated: Invests in tools, resources, and technologies that equip advisors to expertly navigate the evolving wealth management landscape This approach has fostered our appeal to the fast-growing RIA segment, and today, about 350 di erent RIAs use our platform for commission-based business. Independent models like RIAs and hybrid RIAs are capturing record levels of business from wire houses. Industry observers expect advised relationships in the U.S. wealth management industry to grow by 28% to 34% by 20341.
Moreover, nancial planning has become more complex, with frequent tax law changes, which requires comprehensive service capabilities to support both brokerage and advisory accounts. Lastly, the demographic changes in the US population are mirrored in the advisor base, creating succession challenges that are better addressed by rms like Binah Capital that cultivate long-term relationships with clients and can facilitate succession planning within their networks for advisors seeking to retire. Executing on That Strategy in 2026 ur e orts to continue to build and evolve our portfolio of wealth management services and attract more advisors continue apace this year. We are con dent that the constant changes in the marketplace, in addition to the demographic trends we are seeing, will bene t us as the partner of choice for more independent advisors and RIAs, as levels of M&A, especially for strategic roll-ups, continue to increase in our business. We intend to deploy a range of strategic actions this year to foster and cultivate growth opportunities, both organically and through M&A. That includes innovative product development along with attractive service o erings and tangible lifecycle processes that re ect our value-add approach. Engaging more intentionally with our advisors will also further partnership growth opportunities and advisor onboarding. And we are always seeking to improve our e iciency and enhance the agility of our systems and operations to serve our advisors and their customers.
To that end, we also anticipate using our in uence within the industry to advocate for even more transparency and customer-friendly approaches in our business. We take our client commitments seriously, and we endeavor to ensure that our public voice embraces the values that are important to us and to our clients. Highlights As A Publicly-Traded Company Amid the rapidly changing and sometimes challenging nancial markets, Binah made important progress in late 2024 and 2025 to strengthen and further develop our company. This included: A former Commonwealth Financial Network advisory group, recently acquired by Merit Financial Advisors (Merit), announced that it would utilize PKS Investments as its brokerdealer. The Chicago-based team represents about $1.2 billion in client assets. PKS was also selected by Bleakley Investments, an RIA with more than $10 billion in assets under management, as its broker dealer for hybrid advisory services. Concurrent Advisors, a group of 100 registered representatives with $9 billion in assets, also chose PKS as its broker-dealer. Binah appointed industry veteran Ryan Marcus Chief Business Development and Engagement Officer, as we focus on enhancing our unified value proposition and driving sustainable growth including through new products and services. Redesigned the Binah logo and brand to unify the company and its subsidiaries and create more connectivity among its operations Along the way, Binah and its subsidiaries continue to win accolades from industry groups and publications for our achievements and our approach to driving innovation in wealth management. We re grateful for this recognition, as it a irms our dedication to client service. 2025 Financial Performance For the full year 2025, Binah recorded revenues of $187 million, an 11% increase from 2024. We exhibited steady growth over the course of the year, closing out our fourth quarter with revenues at $51 million, a 13% increase from the same quarter in 2024. We also demonstrated strong growth in assets under management, ending 2025 with a record $30 billion in total assets under management, up 11% on a year over year basis, and producing compound growth over the past four years of 15.2%.
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BCG Shareholder/Stockholder Letter Transcript:

2025
            Z          

BINAH CAPITAL GROUP
Annual Report 2025
Letter to Shareholders
To Our Shareholders,
As we complete our    rst full year as a publicly traded company, I   m delighted to share with
you our progress in 2025 and our strategy to harness and capture continued growth in 2026
and the years ahead. We are excited about our accomplishments, and see them as proof
points that at Binah, we are truly building the future business model for wealth
management services.
First, I want to recognize the meaningful contributions of our team members who enabled
us to produce strong growth in the past year. We   re pleased to have approximately 1,600
   nancial advisors, for whom our multi-clearing, multi-custodial platform o   ers the choice,
   exibility and built-in risk mitigation they need to provide exceptional client service and
successfully scale their businesses. As we continue to attract more groups of dedicated
   nancial advisors in the future, building on our national footprint of more than 1,600
   nancial advisors across the US at year-end 2025, we see clear signs that Binah   s culture of
transparency and independence resonates    rmly with them.
Second, we are grateful that, with the best-in-class resources and leading-edge expertise,
technology and support we provide, the productivity of our associates, both current and
new, grew strongly in 2025, driving our client assets to approximately $30.0 billion, about
an 11% increase from the prior year. This is a commendable achievement, and I   ll share
more details about that below.
Third, I want to thank our shareholders who have put their trust in our company. We believe
our plan to grow and develop Binah Capital Group will drive innovation across the wealth
management space and enhance the value of the company for everyone.
Where We Started
With this letter, I   d like to lay the foundation for what brought Binah Capital Group to the
public markets and a little of our transformation since then. Our goal in becoming a
publicly-traded wealth management platform was to offer deeper transparency and
flexibility to financial advisors and registered investment advisors (RIAs) seeking the right
environment to support their growth, a goal which we share. Our hybrid-friendly model and
strategically developed platform underscore our leadership in flexible affiliation, with deep
clearing and custodial relationships.

Today, Binah Capital Group supports more than $400 billion in affiliated assets across a
diversified wealth management platform that includes four broker-dealers: PKS
Investments, PKS Securities, Cabot Lodge Securities, and World Equity Group, alongside
Corporate RIAs and insurance affiliates. Together, these entities deliver full-service
brokerage, hybrid RIA capabilities, and a boutique alternatives practice, with meaningful
capacity to add value.
We bring Wall Street experience to address the challenges that RIAs and financial advisors
face, and we have developed a strong track record for seamless transitioning of business
along with a robust, best-in-class platform and the infrastructure needed for growth. We
cultivate a sense of partnership with our advisor base, offering cutting-edge solutions to
support their clients appropriately within the culture of a long-term relationship-oriented
firm.
          a                "                  i                                             
The wealth management space is undergoing seismic changes as the US population ages,
   nancial assets become more meaningful, complexity and competition continue to
increase and the advisor base itself ages.
To align with the evolution in our market, our business philosophy is:

Intentional: Multi-brand, multi-clearing and multi-custodial, to deliver optimal
support across distinct business models serving a diverse client base

Transformative: Delivering value through an innovative, hybrid-friendly model
responsive to the specific needs of financial advisors and clients

Sophisticated: Invests in tools, resources, and technologies that equip advisors to
expertly navigate the evolving wealth management landscape
This approach has fostered our appeal to the fast-growing RIA segment, and today, about
350 di   erent RIAs use our platform for commission-based business. Independent models
like RIAs and hybrid RIAs are capturing record levels of business from wire houses. Industry
observers expect advised relationships in the U.S. wealth management industry to grow by
28% to 34% by 20341.

Moreover,    nancial planning has become more complex, with frequent tax law changes,
which requires comprehensive service capabilities to support both brokerage and advisory
accounts. Lastly, the demographic changes in the US population are mirrored in the advisor
base, creating succession challenges that are better addressed by    rms like Binah Capital
that cultivate long-term relationships with clients and can facilitate succession planning
within their networks for advisors seeking to retire.
Executing on That Strategy in 2026
   ur e   orts to continue to build and evolve our portfolio of wealth management services
and attract more advisors continue apace this year. We are con   dent that the constant
changes in the marketplace, in addition to the demographic trends we are seeing, will
bene   t us as the partner of choice for more independent advisors and RIAs, as levels of
M&A, especially for strategic roll-ups, continue to increase in our business.
We intend to deploy a range of strategic actions this year to foster and cultivate growth
opportunities, both organically and through M&A. That includes innovative product
development along with attractive service o   erings and tangible lifecycle processes that
re   ect our value-add approach. Engaging more intentionally with our advisors will also
further partnership growth opportunities and advisor onboarding. And we are always
seeking to improve our e   iciency and enhance the agility of our systems and operations to
serve our advisors and their customers.

To that end, we also anticipate using our in   uence within the industry to advocate for even
more transparency and customer-friendly approaches in our business. We take our client
commitments seriously, and we endeavor to ensure that our public voice embraces the
values that are important to us and to our clients.
Highlights As A Publicly-Traded Company
Amid the rapidly changing and sometimes challenging    nancial markets, Binah made
important progress in late 2024 and 2025 to strengthen and further develop our company.
This included:

A former Commonwealth Financial Network advisory group, recently acquired by Merit
Financial Advisors (Merit), announced that it would utilize PKS Investments as its brokerdealer. The Chicago-based team represents about $1.2 billion in client assets.

PKS was also selected by Bleakley Investments, an RIA with more than $10 billion in
assets under management, as its broker dealer for hybrid advisory services.

Concurrent Advisors, a group of 100 registered representatives with $9 billion in assets,
also chose PKS as its broker-dealer.

Binah appointed industry veteran Ryan Marcus Chief Business Development and
Engagement Officer, as we focus on enhancing our unified value proposition and driving
sustainable growth including through new products and services.

Redesigned the Binah logo and brand to unify the company and its subsidiaries and create
more connectivity among its operations
Along the way, Binah and its subsidiaries continue to win accolades from industry groups
and publications for our achievements and our approach to driving innovation in wealth
management. We   re grateful for this recognition, as it a   irms our dedication to client
service.
2025 Financial Performance
For the full year 2025, Binah recorded revenues of $187 million, an 11% increase from
2024. We exhibited steady growth over the course of the year, closing out our fourth quarter
with revenues at $51 million, a 13% increase from the same quarter in 2024.
We also demonstrated strong growth in assets under management, ending 2025 with a
record $30 billion in total assets under management, up 11% on a year over year basis, and
producing compound growth over the past four years of 15.2%.


shareholder letter icon 4/30/2026 Letter Continued (Full PDF)
 

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