Quarterly report pursuant to Section 13 or 15(d)

[1]	The following table reconciles EBITDA, as adjusted, to (loss) income before income taxes for the three months ended March 31, 2015 and 2014: Three months ended March 31,EBITDA, as adjusted2015 2014 Independent Brokerage and Advisory Services$11,786 $11,617 Ladenburg1,392 6,655 Insurance Brokerage(378) — Corporate(2,310) (2,543) Total Segments10,490 15,729(1) Adjustments: Interest income60 53 Change in fair value of contingent consideration31 12 Loss on extinguishment of debt(252) (314) Interest expense(1,440) (1,893) Depreciation and amortization(6,590) (3,838) Non-cash compensation expense(3,260) (1,927) Financial advisor acquisition expense(520) (164) Amortization of retention and forgivable loans(2,698) (2,780) Other(985)(2) — Acquisition-related expenses(108) — Net loss attributable to noncontrolling interest(20) (21) (Loss) income before income taxes$(5,292) $4,857 (1) Includes increase of $1,156 in 2014 related to amortization of forgivable loans and financial advisor acquisition expenses to conform to the 2015 presentation.(2) Consists primarily of loss on write-off of receivable from subtenant of $855.
[2]	Includes increase of $1,156 in 2014 related to amortization of forgivable loans and financial advisor acquisition expenses to conform to the 2015 presentation.
[3]	Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses.
[4]	Includes cash and cash equivalents of $67,595 and $5,281 for the three months ended March 31, 2015 and 2014, respectively.