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INCOME TAXES
 3 Months Ended
Mar. 31, 2026
INCOME TAXES  
INCOME TAXES

11.

INCOME TAXES

For the year ending December 31, 2025, Binah Capital has elected to file a consolidated tax return which will include all subsidiaries including Binah Capital Corp., BMS, the PKSH Entities, the Cabot Entities and WEG. Therefore, these consolidated financial statements include an income tax provision for all the taxable entities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases and net operating loss carryforwards.

The effective tax rate was approximately 28% and 23% for the three months ended March 31, 2026 and 2025, respectively. The effective income tax rate for the periods ended March 31, 2026 and 2025 differed significantly from the statutory rate primarily due to state taxes, warrant revaluations, and other permanent differences.