The Fed, add-backs, et Cetera

Everyone knows interest rates are higher than they were last year. No-one can say for sure where they’ll be this time next year, but people have a fairly good idea. Given those expectations, it’s no surprise that some brokerage companies are using rate-related adjustments to boost their EBITDA. But is there a way these adjustments could go awry? This week, Will Caiger-Smith and Emily Fasold dig into Cetera Financial’s latest loan deal, and the add-backs the company is using to flatter its credit profile.