Binah Capital revenue rises 9.4% to $50.561 million despite asset outflows
Key Facts
Binah Capital Group reported revenue of $50.561 million for the three months ended September 30, 2026, up 9.4% from $46.198 million in the same period of 2025, according to its quarterly filing with the U.S. Securities and Exchange Commission. Net income rose to $2.646 million from $1.760 million a year earlier. Basic and diluted earnings per share were $0.13. The improvement in revenue and earnings coincided with negative net new assets of $0.9 billion during the quarter. Meanwhile, total advisory and brokerage assets served by the company were $31.4 billion at the end of September, compared with $29.9 billion a year earlier.
Most revenue came from commissions, which rose 10.4% to $41.259 million from $37.370 million. Advisory fees increased 10.0% to $8.145 million, compared with $7.407 million. By contrast, interest and other revenue fell 18.6% to $1.157 million from $1.421 million. The company said sales-based revenue increased by about $2.6 million, or 15.8%, attributing the increase mainly to higher sales of insurance products. Recurring revenue also grew by about $1.3 million, or 6.2%, which the company attributed to an increase in assets eligible for flows, favorable market conditions and positive net flows within this revenue component.
Asset data showed different growth rates for advisory and brokerage assets through the end of September. Advisory assets were $3.3 billion, up 12.3% from $2.9 billion a year earlier. Brokerage assets were $28.1 billion, up 4.0% from $27.0 billion. Total assets therefore rose to $31.4 billion from $29.9 billion year over year. But growth in total balances did not come from net flows alone: the company reported asset outflows during the quarter and across the first nine months of the year.
Brokerage net new assets were negative $0.8 billion in the third quarter, compared with negative $0.2 billion in the same period of 2025. For the nine months ended September 30, brokerage net new assets reached negative $2.5 billion, versus negative $1.3 billion a year earlier. Advisory assets also recorded negative net new assets of $0.1 billion during the quarter. Companywide, total net new assets were negative $0.9 billion in the quarter, compared with negative $0.2 billion in the third quarter of 2025. For the nine months, the total was negative $2.5 billion, compared with negative $1.3 billion in the year-earlier period.
Market impact added $0.6 billion to brokerage asset balances during the quarter and $3.6 billion over the nine months. This shows how the assets served by the company could rise year over year despite net outflows: market impact offset part of the outflow of new assets. The company also provided additional profitability measures in its report. Gross profit, a non-GAAP measure as defined by the company, was $10.0 million, up 11.1% from $9.0 million a year earlier. Earnings before interest, taxes, depreciation and amortization were $4.7 million, compared with $2.7 million, while the adjusted measure reached $4.9 million from $2.9 million. The company classified both measures as non-GAAP indicators.
In the first nine months of 2026, revenue was $145.778 million, up 6.7% from $136.632 million in the same period of 2025. Net income for the period rose to $4.885 million from $2.141 million. On expenses, the company said professional expenses fell by about $0.4 million in the quarter, while expenses related to the costs of being a public company remained stable. It also described market conditions during the quarter, noting that the Federal Reserve raised interest rates by 0.25 percentage point to a target range of 3.75% to 4.00%. The company added that the S&P 500 rose about 3.0% during the quarter, bringing its year-to-date performance to about 18.8%.
Binah Capital describes itself as an aggregator of wealth management businesses for individuals. It says it owns and operates 10 entities, including 4 broker-dealers, 3 registered investment advisory firms and 3 insurance entities, with more than 1,600 registered financial services professionals. In trading on November 12, 2026, its shares, which trade under the symbol BCG, closed at $1.1, according to EL7 data. Third-quarter results show higher revenue, net income and assets served by the company compared with the same period a year earlier. At the same time, net new assets remained negative in the quarter and over the nine months, with differing effects on brokerage and advisory assets. The figures for the three months ended September 30 remain the latest detailed financial period reported in the quarterly filing.