US Edition — The Fed, add-backs, et Cetera

<p>Everyone knows interest rates are higher than they were last year. No-one can say <em>for sure</em> where they’ll be this time next year, but people have a fairly good idea.</p><p>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?</p><p>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.</p>