What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-31 compared with 2025-03-31 · 27 added, 15 removed, 142 unchanged (23% of the section changed)

13 unchanged sentences

Business Overview

The Company is a leading consolidator of retail wealth management businesses that owns and operates ten entities, four of which are broker-dealers, three of which are registered investment advisors, and three of which are insurance entities, that have over 1900 registered individuals working within the financial services industries.

The Company is a leading platform provider for retail wealth management businesses that owns and operates ten entities, four of which are broker-dealers, three of which are registered investment advisors, and three of which are insurance entities, that have over 1,600 registered individuals working within the financial services industries.

The Company focuses on three critical areas comprised of the hybrid, independent and W2 business models to allow affiliated advisors to choose the operating model that works best for them and run their practices on their own terms.

24 unchanged sentences

● PKS Financial Services, Inc.

(“ PKSF ”), incorporated in the State of New York, is an insurance entity providing financial services to clients.

During the year ended December 31, 2024, PKSF began to operate under the dba Binah Capital Insurance.

(dba, Binah Capital Insurance, “ PKSF ” or “ BCI ”), incorporated in the State of New York, is an insurance entity providing financial services to clients.

● Representatives Indemnity Company, Inc.

15 unchanged sentences

the Cabot Lodge Entities and the World Equity Group

Cabot Lodge Securities LLC (“ CLS ”) maintains offices in New York, New York with branch offices throughout the United States of America, more than 100 registered advisors.

and includes the following entities (the “ Cabot Entities ”):

Cabot Lodge Securities LLC (“ CLS ”) maintains offices and branch offices throughout the United States of America, more than 100 registered advisors, and includes the following entities (the “ Cabot Entities ”):

● CLS, a Delaware limited liability company, is a broker-dealer registered with the SEC and is a member of FINRA and SIPC.

● CL Wealth Management LLC (“ CLWM ”), a Virginia limited liability company, is an investment advisory firm, registered with the SEC and provides advisory services to clients.

● Wentworth Financial Partners LLC (“ WFP ”) (f/k/a CL General Agency), a Delaware limited liability company, is an insurance entity providing financial services to clients.

During the year ended December 31, 2024, WFP began to operate under the dba Binah Financial Partners.

● Wentworth Financial Partners LLC ( dba, Binah Financial Partners “ WFP ” or “ BFP ”) (f/k/a CL General Agency), a Delaware limited liability company, is an insurance entity providing financial services to clients.

World Equity Group, Inc.

8 unchanged sentences

Pursuant to the W2 Business Model, the independent broker-dealer joins one of our established branch offices and BMS is responsible for the payment of substantially all of the expenses associated with the operation of the branch office (including rent, utilities, furniture, equipment, quotation systems, employee wages and benefits and general office supplies).

The independent broker-dealer is a commission based on a smaller percentage of a branch’s commission-based

revenues from securities brokerage transactions conducted through our brokerage firms, and the fee-based revenue for asset management services provided by our corporate RIAs.

The independent broker-dealer is a commission based on a smaller percentage of a branch’s commission-based revenues from securities brokerage transactions conducted through our brokerage firms, and the fee-based revenue for asset management services provided by our corporate RIAs.

The wealth management industry is highly competitive.

57 unchanged sentences

None of our employees are represented by a labor union.

We have never experienced any work stoppages and we believe that our employee relations are positive.

We are committed to building a diverse and inclusive workforce where ideas and innovation can flourish and where individuals from every community feel a true sense of belonging.

We are committed to this through how we hire, develop and recognize our talent.

Our employees are a significant asset, and we aim to create an environment that is equitable, inclusive and representative in which our employees can grow and advance their careers, with the overall goal of developing, expanding and retaining our workforce to support our current and future business goals.

We value agility, passion and teamwork, and are building a diverse environment where our employees can thrive and one that inspires exceptional contributions and professional and personal development to achieve our goal of being a natural destination for financial advisors and assets in motion as the hybrid broker-dealer of choice.

Effective January 1, 2025, BMS entered into Management Services Agreement’s (“MSA”) with its operating subsidiaries whereby BMS will provide personnel and payroll management services to the Company.

In accordance with the MSA, expenses related to payroll and benefits are allocated to the operating subsidiaries.

The allocation of the compensation and benefits is based upon the specific personnel assigned to the operating subsidiaries as well as other personnel providing services to the operating subsidiaries.

The allocation methodology includes a direct allocation for personnel assigned to the respective operating subsidiaries and additional allocation for certain personnel based upon various factors including job responsibilities and estimated amount of time associated with each operating subsidiary.

We desire to offer a competitive total compensation offering to our employees that includes not only compensation but benefits and other programs.

Our compensation is performance based and competitive based upon the geographies in which we operate.

We strive to provide equality of pay to ensure are compensation programs are fair and equitable across the Company.

We offer an array of benefits intended to meet the needs of our employees and their eligible dependents.

We offer comprehensive benefits to all full-time employees and part-time employees working at least 30 hours per week.

Our health and welfare benefits include, among other things:

medical coverage;

dental and vision coverage;

healthcare and dependent-care flexible spending accounts;

Health Savings Accounts;

accident and critical illness coverage;

life and accidental death and dismemberment insurance;

and short-term and long-term disability insurance.

As a company focused on growth, talent drives the success of the Company.

We are focused on attracting and retaining our employees.

To attract a diverse pool of talent, we are in the marketplace and utilize various methods of recruiting to provide for a diverse and dedicated group of employees.

The Company’s senior executives receive a portion of their total compensation in Company equity and subject to a cap, we match the contribution of all our employees to our retirement savings plan.

Material Legal Proceedings

6 unchanged sentences

The SEC maintains an Internet website at www.sec.gov, which also contains reports, proxy and information statements and other information that we file electronically with the SEC.

We routinely post important information on our website, www.gettyimages.com.

We routinely post important information on our website, www.binahcap.com.

We also may use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD.

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business