# CONNERS & CO., INC. X-17A-5 (2026-06-16) — Broker-dealer annual report - Company: CONNERS & CO., INC. - Form: X-17A-5 - Filed: 2026-06-16 - Period: 2025-12-31 - Accession: 0000023478-26-000003 - CIK: 23478 - File #: 8-08228 - Type: Broker-dealer - Material weakness: Yes - Auditor: Rodefer Moss & Co PLLC - Auditor location: Knoxville, TN - Contact: Kelly C. Vaughn - Phone: 513-421-0606 - Email: rluttrell@rodefermoss.com - Website: connersinvestments.com - Signed by: John A. Conners (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/23478/000002347826000003/connerscoaudit25_1.pdf --- {0}------------------------------------------------ **Nasdaq ISE, LLC, Nasdaq GEMX, LLC, Nasdaq MRX, LLC** **Nasdaq Stock Market, LLC, Nasdaq BX, Inc., NASDAQ PHLX LLC** **New York Stock Exchange LLC, NYSE American LLC** **NYSE Arca, Inc., NYSE Texas, Inc., NYSE National, Inc.** FINRA may share a copy of the submitted Annual Audit with any SRO(s) listed above of which your firm is a member. **If you are a member of an SRO that is not listed above and that has not waived the filing requirement by rule, you· must continue to file directly with such SRO.** | Name of Auditor• | | PCAOB#* | | | | | |-----------------------------------------|----------------|------------|------|-----------------|-----|--------| | I
Rodefer Moss & Co, PLLC | | 1910 | | | | | | Auditor Address -
Street* | City* | State* | | Zip Code* | | | | !
eoa Mabry Hood Road | I
Knoxville | l'---- T_N | ____ | _JI l.__37_93_2 | ___ | _____, | | Auditor Main Phone Number* | | | | | | | | 1865-583-0091 • | | | | | | | | Lead Audit Partner Name" | | | | | | | | I
Rickey Luttrell | | | | | | | | Lead Audit Partner Direct Phone Number* | | | | | | | | 1865-583-0091 | | | | | | | | Lead Audit Partner Email Address* | | | | | | | | I
rluttrell@rodefermoss.com | | | | | | | | FYE: 12025-12-31 | | | | | | | **Below is a list of required documents. Please check to indicate the document is attached.\*** FINRA reminds member firms that the SEC has updated the Facing Page and Oath or Affirmation that member firms are required to file with their annual report pursuant to SEA Rule 17a-5. All firms must use the amended Facing Page and Oath or Affirmation beginning for fiscal years ending October 31, 2021. The updated Facing Page and Oath or Affirmation is available on the SEC Ylr'.ebsjte. lilFacing Page [Form X-17 A-5 Part 111] ™1An Oath or Affirmation [SEA Rule 17a-5(e)(2}] ~Independent Public Accountant's Report (SEA Rules 17a-5(g)(1 ), 17a-:5(i)(2) and (3)] Qstatement of Financial Condition [SEA Rule 17a-5(d)(2)(i)] ~Statement of Income [SEA Rule 17a-5(d)(2)(i)] ~Statement of Cash Flows [SEA Rule 17a~5(d)(2)(i)] {1}------------------------------------------------ ~Statement of Changes in Stockholder's or Partner's or Sole Proprietor's Equity [SEA Rule 17a-5(d)(2)(i)] ~Notes to Financial Statements (Include Summary of Financial Data of Subsidiaries if applicable [SEA Rule 17a-5( d)(2)(i)]) licomputation of Net Capital [SEA Rule 17a-5(d)(2)(ii)] lilReconciliation of Computation of Net Capital Under SEA Rule 15c3-1 or Applicable Statement [SEA Rule 17a-5(d}(2)(iii)] **SEA Rule 1 Sc3-3 (Select ONLY One) See Annual Audit Notice Information above.** m Exemption Report [SEA Rule 17 a-5( d)( 4 )] **AND** Independent Public Accountant's Review of the Exemption Report [SEA Rule 17a-5(g)(2)(ii)J ® Compliance Report [SEA Rule 17a-5(d)(3)] **AND** Independent Public Accountant's Examination of the Compliance Report **AND** Computation of Determination of the Reserve Requirements [SEA Rule 17a-5(d)(2)(ii)] **AND** Reconciliation of Computation for Determination of the Reserve Requirements Under Exhibit A of SEA Rule 15c3-3 or Applicable Statement [SEA Rule 17a-5(d)(2)(iii)] **AND** Information Relating to the Possession or Control Requirements Under SEA Rule 15c3-3 [SEA Rule 17a-5(d)(2)(ii)] ## **The items below may be required based on the business of the firm. Please check to indicate the document is attached.** IT:Tistatement of Changes in Liabilities Subordinated to Claims of General Creditors [SEA Rule 17a-5(d)(2)(i)] ElFor Dual FINRA/CFTC Members which are FCMs, a Schedule of Customer Segregated Funds lmiFor Alternative Net Capital {ANC) Filers, Supplemental Report on Management Controls [SEA Rule 17a-5(k)] Attach Audit\*. Conners & Co;, Inc. - 2025 Auditors Regort.P.df 133908 byjes Conners & Co., Inc. - 2025 AUP ReP-ort.P.df 203282 byjes Conners & Co .. Inc. - 2025 114 Letter.pdf 215859 by.:tes {2}------------------------------------------------ ## • **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** # **ANNUAL REPORTS FORM X-17A-5 PART Ill** | OMS APPROVAL | | | | |--------------------------|--|--|--| | OMS Number: 3235-01 23 | | | | | Expires: Oct. 31, 2023 | | | | | Estimated average burden | | | | | hours per response: 12 | | | | | | | | | | SEC FILE NUMBER | | | | | 8 2 7 g
~- | | | | **FACING PAGE** **Information Required Pursuant to Rules 17a~S, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** • | FILING FOR THE PERIOD BEGINNING 0 | 1 /01 /25 | AND ENDING | 12131125 | | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------------------------------|---------------------------------|--------------------------------------------|--| | | MM/DD/YY | | | MM/DD/VY | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME OF FIRM: Conners & Co., Inc. | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
[!] Broker-dealer
D Check here if respondent is also an OTC derivatives dealer | □ Security-based swap dealer | D Major security-based swap participant | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P;O. box no.) | | | | | | | 5080 Wooster Road, Suite 300 | | | | | | | | (No. and Street) | | | | | | Cincinnati | | OH | | 45209 | | | (City) | | (State) | (Zip Code) | | | | PERSONTO CONTACT WITH REGARD TO THIS FILING | | | | | | | John A. Conners | 513-421-0606 .· | | jconners@connersinvestments.com | | | | (Name) | (Area Code - Telephone Number! | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Rodefer Moss | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | 608 Mabry Hood Road | Knoxville | | TN | 37932 | | | (Address) | (City) | | (State} | (Zip Code) | | | 11/5/2003 | | 910 | | | | | l"
of Regist,at;Oo with PCAOB)(if applicable) | | | | (PCAOB Regi,tcatloD Nombec, If applicable) | | | | FOR OFFICIAL USE ONLY | | | | | | * Claims for e>accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption • See 17 | | | | | | CFR 240.17a-5(e)(l)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid 0MB control number. {3}------------------------------------------------ ## **OATH OR AFFIRMATION** | John A. Conners
L. | |-----------------------| |-----------------------| I, John A. Conners swear (or affirm) that, to the best of my knowledge and belief, t he financial report pertaining to the firm of Conners & Co., INc. as of **3/31** 2~ is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. > **Notary** Public **State** of Ohio **August 12, 2028** ![](_page_3_Picture_4.jpeg) Titl : c:::;al Officer ## **This fiUng\*\* contains (check all applicable boxes):** - **18** (a) Statement of financial condition. - D (b) **Notes** to consolidated statement of financial condition. - ~ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - el (d) Statement of cash flows. - 111!1 (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - D (g) Notes to consolidated financial statements. - fil (h) Computation of net capital under 17 CFR 240.15c3-l cir 17 CFR 240.18a-1, as applicable. - D (i) Computation of tangible net Worth under 17 CFR 240.18a-2. - lil U) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3: - ~ (ml Information relating to possession or control requirements for customers under 17 CFR 240.-1Sc3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - 1!11 (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.lSa-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.1Sc3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial coridition. - ll!!I (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - 0 (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - -~ (s} Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (t) Independent public accountant's report based on an examination of the statement of financial condition. - !I (u) Independent public accountant's report basep,on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.l?a-12; as applicable. - □ **(v)** Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - ~ (w) Independent public accountant' s report based on a review of t he exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR **240.17a-12,** as applicable. - □ (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). □ (z) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e){3) or 17 CFR 240.18a-7(d)(2), as applicable. {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders of Conners & Co., Inc. We have reviewed management's statements, included in the accompanying Rule 15c3-3 Exemption Report pursuant to SEC Rule 17a-5, in which (1) Conners & Co., Inc. (the "Company") identified the following provisions of 17 C.F.R. § 15c3-3(k) under which the Company claimed an exemption from 17 C.F.R. § 240.15c3-3: (kX2Xi) and (kX2Xii}, (the "exemption provisions") and (2) the Company stated that the Company met the identified exemption provisions throughout the most recent fiscal year without exception. The Company's management is responsible for compliance with the exemption provisions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board ("United States") and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the conditions set forth in paragraph (kX2Xi) and ( kX2Xii), of Rule 15c3-3 under the Securities Exchange Act of 1934. Knoxville, Tennessee March 31, 2026 Listening Better, Trying Harder, Caring More. That's Rodefer Noss. {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) March 31, 2026 ## To the Shareholder of Conners & Co., Inc. In connection with our audit of the financial statements and supplemental information of Coriners & Co., Inc. (the "Company")tor the year ended December 31, 2025, we will issue our report thereon dated March 31, 2026. Professional standards require that we provide you with the following information related to our audit. ## Significant and Critical Accounting Policies and Practices Management is responsible for the selection and use of appropriate accounting policies. In accordance with the terms of our engagement letter, we will advise management about the appropriateness of accounting policies and their application. The Company's significant accounting policies are disclosed in the notes to the financial statements as required by generally accepted accounting principles pursuant to Rule 17a-5 under the Securities and Exchange Act of 1934. No new accounting policies were adopted, and the application of existing accounting policies was not changed during 2025. We noted no transactions entered into by the Company during the year for which accounting policies are controversial or for which there is a lack of authoritative guidance or consensus or diversity in practice. Critical accounting policies and practices are those that are both (1) most important to the portrayal of the Company's financial condition and results and (2) require management's most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain. The critical accounting policies used by the Company in its December 31, 2025 financial statements are described in Note 1 to the financial statements and relate to the policies the Company uses to account for current expected credit losses, depreciation, concentrations of risk, income taxes and uncertain tax positions, revenue recognition, cash, advertising cost and use of estimates. ## Critical Accounting Estimates Accounting estimates are an integral part of the financial statements prepared by management and are based on management's knowledge and experience about past and current events and assumptions about future events. Critical accounting estimates are estimates .for which (1) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (2) the impact of the estimate on financial condition or operating performance is material. The Company's critical accounting estimate(s) affecting the financial statements are described in Note 1 to the financial statements. ## Significant Unusual Transactions For purposes of this letter, professional standards define significant unusual transactions as transactions that are outside the normal course of business for the Company or that otherwise appear to be unusual due to their timing, size or nature. We noted no significant unusual transactions during our audit. ## Related-party Relationships and Transactions As part of our audit, we evaluated the Company's identification of, accounting for, and disclosure of the Company's relationships and transactions with related parties as required by professional standards. We noted no related parties or related-party relationships or transactions that were previously undisclosed to us; significant related-party transactions that have not been approved in accordance with the Company's policies or procedures or for which exceptions to the Company's policies or procedures were granted; or significant related-party transactions that appeared to lack a business purpose. {6}------------------------------------------------ ## Quality of the Company's Financial Reporting Management is responsible not only for the appropriateness of the accounting policies and practices but also for the quality of such policies and practices. Our responsibility under professional standards is to evaluate the qualitative aspects of the company's accounting practices, including potential bias in management's judgments about the amounts and disclosures in the financial statements and to communicate the results of our evaluation and our conclusions tci you. We did not note any potential bias by management in its judgment of amounts and disclosures in the financial statements. ### Uncorrected and Corrected Misstatements Professional standards require us to accumulate misstatements identified during the audit, other than those that are clearly trivial, and to communicate accumulated misstatements to management. There were no uncorrected misstatements noted during our audit. ### Auditors' Report In connection with the audit of the financial statements, we have provided you a draft of our auditors' report and have discussed with you. ### Exceptions to Exemption Provisions In connection with our review of the Company's Exemption Report, we did not identify any exceptions to the exemption provisions that would cause the Company's assertions (statements) not to be fairly stated, in all material respects. ### Disagreements with Management For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a disagreement on a financial accounting, reporting, or auditing matter that could be significant to the financial statements or the auditors' report. We are pleased to report that no disagreements with management arose during the course of our audit. ### Difficulties Encountered in Performing the Audit We encountered no significant difficulties in dealing with management in performing and completing our audit. ### Supplemental Information Based on the regulatory requirements of SEC Rule 17a-5, the Company presents Schedule I - Computation of Net Capital under rule 15c3-1 of the SEC and Schedules II and Ill - Computation for Determination of Reserve Requirement and Information Related to Possession or Control Requirements Pursuant to Rule 15c3-3 that accompanies the financial statements. We subjected that supplemental information to audit procedures in accordance with PCAOB Auditing Standard No. 2701, Auditing Supplemental Information Accompanying Audited Financial Statements. Based on our audit procedures performed, the supplemental information is fairly stated, in all material respects, in relation to the financial statements taken as a whole. This information is intended solely for the use of the shareholder and management of the Company and is not intended to be, and should not be, used by anyone other than these specified parties. Very truly yours, Rodefer Moss & Co, PLLC Listening Better, Trying Harder, Caring More. That's Rodefer Noss. {7}------------------------------------------------ ![](_page_7_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPLYING AGREED-UPON PROCEDURES To the Shareholder of Conners & Co., Inc. We have performed the procedures included in Rule 17a-5(eX4) under the Securities Exchange Act of 1934 and in the Securities Investor Protection Corporation ("SIPC") Series 600 Rules, which are enumerated below on the accompanying General Assessment Reconciliation ("Form SIPC-7") for the year ended December 31, 2025. Management of Conners & Co., Inc. (the "Company'') is responsible for its Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7. Management of the Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Company's compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2025. Additionally, SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. The procedures we performed and our associated findings are as follows: . - l) Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records entries and bank statements, noting no differences; - 2) Compared the Total Revenue amount reported on the annual audited report Form X-17A-5 Part Ill for the year ended December 31, 2025, with the Total Revenue amount reported in Form SIPC-7 for the year ended December 31 , 2025, noting no differences; - 3) Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers, noting no differences; - 4) Recalculated the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related schedules and working papers supporting the adjustments noting no differences; and - 5) Compared the amount of any overpayment applied to the current assessment with the Form SIPC-7 on which it was originally computed, nbting no differences. We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the AICPA and in accordance with the standards of the Public Company Accounting Oversight Board (United States). We were not engaged to and did not conduct an examination or a review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7 for the year ended December 31 , 2025. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. Listening Better, Trying Harder, Caring More. That's Rodefer Hoss. {8}------------------------------------------------ This report is intended solely for the information and use of the Company and SIPC and is not intended to be and should not be used by anyone other than these specified parties. Knoxville, Tennessee March 31 , 2026 **Listening Better, Trying Harder, Caring More.** That's Rodefer Hoss. {9}------------------------------------------------ ![](_page_9_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholder of Conners & Co., Inc. ## **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Conners & Co., Inc. (the "Company") as of December 31, 2025, and the related statements of operations changes in shareholder's equity, and cash flows for the year theri ended, and the related notes (collectively referred to as the "financial statements"). In our opinion the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. ## **Basis for Opinion** These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. ### **Auditors' Report on Supplemental Information** The supplementary information on pages 11 - 13 has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In our opinion, the supplemental information on pages 11 -13 is fairly stated, in all material respects, in rnlation to the financial statements as a whole. We have served Conners and Co., Inc's auditor since 2025. Knoxville, Tennessee March 31, 2026 Listening Better, Trying Harder, Caring More. That's Rodefer Hoss. {10}------------------------------------------------ Financial Statements for **CONNERS** & **CO., INC Year Ended December 31, 2025** {11}------------------------------------------------ ## **CONNERS** & **CO., INC TABLE OF CONTENTS** # **PAGE** ## Financial Statements | Statement of Financial Condition ~ , 1 | | |---------------------------------------------------------------------------------------------------------------|--| | Statement of Operations , 2 | | | Statement of Shareholder's Equity
· 3 | | | Statement of Cash Flows 4 | | | Notes to Financial Statements 5 | | | Supplementary Information | | | Schedule I -
Computation of Net Capital Under Rule 15c3-1 of
the Securities and Exchange Commission 11 | | | Schedule II and Ill -
Computation for Determination of Reserve Requirements 12 | | Exemption Report under Rule 15c3-3 of the Securities and Exchange Commission .............. 13 {12}------------------------------------------------ ## **CONNERS & CO., INC. STATEMENT OF FINANCIAL CONDITION December 31, 2025** #### **ASSETS** | Cash and Cash Equivalents | \$
11,220 | |-------------------------------------------------------|---------------------------| | Deposits with Clearing Broker | 200,163 | | Receivable from Clearing Broker | 29;274 | | Securities Owned at Fair Value | 141,507 | | Furniture and Equipment, Net | 223 | | Other Assets | 2,691 | | Total Assets | \$ =· =====3=8~5,=07=8==· | | | | | LIABILITIES AND SHAREHOLDER EQUITY | | | Liabilities | | | Payable to Clearing Broker | \$
115,950 | | Accrued Expenses | 5,252 | | Total Liabilities | 121,202 | | Shareholder's Equity | | | Common Stock, No Par Value; 14,735 Shares Authorized, | | | 6,981 Shares Issued and Outstanding | 798,200 | | Additional Paid-In Capital | 569,550 • | | Retained Deficit | (1,103,874) | | Total Shareholder's Equity | 263,876 | | Total Liabilities and Shareholder's Equity | \$ ====3=85='=07=8= | {13}------------------------------------------------ ## **CONNERS** & **CO., INC. STATEMENT OF OPERATIONS Year Ended December 31, 2025** | Revenue | | |------------------------------------|-----------------| | Commissions | \$
92,580 | | 12b-1 Fees | 28,921 | | Extraordinary Service Fees | 83,613 | | Trading Gain on Dealer Account | 135,618 | | Total Revenue | 340,732 | | Expenses | | | Employee Compensation and Benefits | 264,355 | | Clearance Paid to·Non-Brokers | 15,422 | | Communications | 56,793 | | Occupancy and Equipment Costs | 22,738 | | Regulatory Fees | 46,068 | | Professional Fees and Licenses | 35,362 | | Total Expenses | 440,738 | | Loss from Operations | (100,006) | | Other Expenses | | | Income Tax Expense | (30,000) | | Other Expenses, Net | (26,000) | | Total Other Expenses | (56,000) | | Net Loss | \$
{156,006} | {14}------------------------------------------------ ## CONNERS & CO., INC. STATEMENT OF SHAREHOLDER'S EQUITY Year Ended December 31 , 2025 | | Additional | | | | | | |------------------------------|------------|-----------------|--------------------|----|---------------------|-----------| | | | Common
Stock | Paid-In
Capital | | Retained
Deficit | Total | | Balance at January 1, 2025 | \$ | 798;200 | \$
441 ,550 | \$ | (947,868) \$ | 291,882 | | Capital Contribution | | | 128,000 | | | 128,000 . | | Net Loss | | | | | {156,006) | (156,006) | | Balance at December 31, 2025 | \$ | 798,200 • \$ | . 569,550 | \$ | {1,103,874} \$ | 263,876 | {15}------------------------------------------------ ## **CONNERS** & **CO., INC. STATEMENT OF CASH FLOWS Year Ended December 31, 2025** | Cash Flows from Operating Activities | | |------------------------------------------------------------|-----------------| | Net Loss | \$
(156,006} | | Reconciliation of Net Loss with Cash Flows from Operations | | | Depreciation | 446 | | Non Cash Lease Expense | (560) | | Deferred Tax Asset | 30,000 | | Changes In | | | Receivable from Clearing Brokers | {6,501) | | Securities Owned at Fair Value | 67,850 | | Other Assets | 8,048 | | Payable to Clearing Broker | (78,823) | | Accrued Expenses | 2,805 | | Cash Used by Operating Activities | (132,741) | | Cash Flows from Financing Activities | | | Capital Contributions | 128,000 | | Net Change in Cash | (4,741) | | Beginning Cash and Cash Equivalents Balance | 15,961 | | Ending Cash and Cash Equivalents Balance | \$
11 ,220 | {16}------------------------------------------------ ### **CONNERS & CO., INC. NOTES TO FINANCIAL STATEMENTS** ### **NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** Conners & Co., Inc. (the"Company") is a fully-disclosed introducing broker-dealer, located in Cincinnati, Ohio. The Company is primarily in the business of underwriting, brokering, and trading common stock and municipal bonds, and related investment services. The Company is registered with the Securities and Exchange Commission (SEC) and the states of Ohio, Kentucky, Florida, and Indiana, and is a member of the Financial Industry Regulatory Authority (FINRA). The Company's viability is dependent on the strength of the investment markets in which it operates. **It** is the policy of the Company to employ U.S. generally accepted accounting principles (GAAP) in the preparation of its financial statements. A summary of the Company's significant accounting policies follows: #### **Accounting Estimates** The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of ,assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. #### **Cash and Cash Equivalents** The Company considers all highly liquid investments with a maturity ofthreemonths or less at the date of acquisition to be cash equivalents. Cash segregated under federal securities regulations for the benefit ofcustomers is not included as a cash equivalent item. #### **Deposits with Clearing Broker** The Company is required to maintain a \$100,000 deposit with the clearing broker who allows the Company to serve as an "introducing broker" into the clearing broker's system. The Company also maintains a trading deposit with the clearing broker to enable the Company to engage in security transactions. This deposit represents the 'amount in excess of the fair value of the securities maintained with the clearing broker. #### **Receivables from and Payable to Clearing and Other Broker-Dealers** Receivables from broker-dealer include commissions from security transactions. Payable to clearing broker are the amounts due for uncollateralized financing of proprietary inventory positions. Management assesses the collectability of receivable from the broker-dealers and records an allowance for credit losses when considered necessary. Based on these reviews, management has determined that an allowance is not necessary atDecember 31, 2025. #### **Furniture and Equipment** Furniture and equipment are stated at cost and are depreciated over the estimated useful lives ofthe related assets ranging from five to seven years. Depreciation is computed using the accelerated method for financial reporting and income tax purposes. Depreciation expense for the year ended December 31, 2025 was \$446. Maintenance and repairs are expensed when incurred. Significant improvements 9nd renewals are capitalized. {17}------------------------------------------------ ## **NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)** #### **Securities Owned and Related Revenue** The Company's proprietary securities transactions in regular-way trades are recorded on trade date. Profit and loss arising from proprietary securities transactions cleared by RBC are recorded on a trade date basis and recorded on the statement of operations as part of commissions, fees, and net trading gains. Mutual fund and 12b-1 fees are earned through the marketing and distribution of mutual funds and are recorded when earned. • Interest and dividends related to securities owned are accrued by the Company when earned. Securities owned and securities sold but not yet settled are stated at fair value. The Company determines fair value by using public market quotations, quoted prices from dealers,· recent market transactions, or its best judgment, depending upon the underlying security. #### **Revenue Recognition** #### Significant Judgements Revenue from contracts with customers includes commission income. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgement is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under th·e contract; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration should be applied due to uncertain future events. #### Commissions Brokerage commissions - The Company buys and sells securities on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Company charges a commission. Commissions and related clearing expenses are recorded on the trade date (the date that the Company fills the trade order by finding and contracting with a counterparty and confirms the trade with the customer). The Company believes that the performance obligation is satisfied-oh the trade date because that is when the underlying financial instrument or purchaser is identified, the price is agreed upon and the risks and rewards of ownership of the securities have been transferred to/from the customer. #### 12b-1 Fees The Company underwrites securities for business entities and governmental entities that want to raise funds through a sale of securities. This includes management placement fees associated with certain underwritings. Underwriting income is earned from the sale of the securities from the underwriting. Underwriting fees and income are both built into the underwriting and is recorded once all the bonds are sold. The transactions represent one performance obligation, which is the sale of the bonds. The company recognizes its share of the revenue when all the securities are sold. The Company believes that this date is the appropriate point in time to recognize the revenue for securities underwriting transactions as there are no significant actions which the Company need to take subsequent to this date and the isswer obtains the control and benefit of the capital markets offering at that point. Underwriting costs that are deferred under the guidance in FASB ASC 940-340-25-3 are recognized in expense at the time the related revenues are recorded. {18}------------------------------------------------ ## **NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)** #### Extraordinary Account Services The Company provides extraordinary account services for certain customers. The Company enters into a written agreement with the Customer regarding these services. Each customer is provided with a fee schedule that outlines each extraordinary charge. The fee schedule provided outlines the appropriate fees related to each agreement. The Company's principals calculate and determine the transaction price. The services performed represent one performance obligation for each customer. The Company recognizes revenue when the services are complete, and the invoice is generated. There was no contract asset or liability balance at January 1, 2025 or December 31, 2025. #### **Other Considerations** Contracts with customers may include multiple performance obligations for which the consideration is allocated between performance obligations. Depending on the terms of the contract, the Company may defer the recognition of revenue and record a contract liability vvhen a future performance obligation has not yet occurred. #### **Related Party Transactions** The Company currently leases a space in a building separately owned by the Company's owner, A total of \$15,958 in rent related expenses was paid during the year ended December 31, 2025. The terms of the lease are considered mohth-to-month and therefore are not subject to the treatment of leases as described in the guidelines under FASS ASC 842, Leases. #### **Income Taxes** Income taxes are accounted for using the liability method. Under this method, deferred iricome taxes are determined based upon enacted tax laws and rates applied to the differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets and liabilities result principally from temporary differences in the financial and tax bases of investment securities and net operating loss carryforwards. The Company recognizes the financial statement impact of a tax position when it is more likely than not that the position will be sustained upon examination. In determining its tax positions, the Company assumes that the positions will be examined by the appropriate taxing authority and the taxing authority would have full knowledge of all relevant information. The measurement of tax positions is based on managements' best judgment of the amount the Company would ultimately accept in a settlement with taxing authorities. The Company has no uncertain tax positions at December 31, 2025. The Company remains subject to examinations by the Internal Revenue Service, Ohio Department of Taxation, and various local municipalities for the years ended December 31, 2022 and after. #### **Subsequent Events** The Company has evaluated the impact of events that have occurred subsequent to December 31, 2025 through March 31, 2026, which is the date the financial statements were available to be issued. #### **NOTE 2** - **CASH AND CASH FLOW INFORMATION** At various times throughout the year, the Company may have cash in financial institutions in excess of insured limits. The Federal Deposit Insurance Corporation (FDIC} insures account balances in accounts up to \$250,000 for each business depositor. Using these criteria, the Company did not have any cash in excess of insured limits as of December 31, 2025. 7 {19}------------------------------------------------ #### **NOTE 3** ~ **FAIR VALUE MEASUREMENTS** The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows: **LEVEL 1** - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. **LEVEL 2** - Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified ( contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. **LEVEL 3** - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation methodology used for assets measured at fair value. There have been no changes in the methodology used at December 31, 2025. Bonds - Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. The preceding method described may provide a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table sets forth by level, within t.he fair value hierarchy, the Company's assets at fair value atDecember 31, 2025. | | Quoted Prices
in Active
Markets for
Identical Assets | Significant
other
Observable
Inputs | Significant
Unobservable
Inputs | | |-------------------|---------------------------------------------------------------|----------------------------------------------|---------------------------------------|---------| | December 31, 2025 | (Level 1) | (Level 2). | {Level 3) | Total | | Bonds | -
\$
\$ | 141,507 \$ | -
\$ | 141,507 | 8 {20}------------------------------------------------ ### **N.OTE 4 - FURNITURE AND EQUIPMENT** Furniture an.d equipment consist of the following: | | | December 31,
2025 | | |-------------------------------------|--|-----------------------|--| | Furniture and Fixtures
Equipment | | \$
5,000
28,156 | | | Accumulated Depreciation | | 33,156
(32,933) | | | Total Furniture and Equipment, Net | | \$
=====
223 | | ## **NOTE 5** - **INCOME TAXES** The Company has net operating loss carryforwards of approximately \$1,910,000. Oue to the uncertainty of the future realization of the net operating loss carryforward, a valuation allowance has been recorded at December 31, 2025. The components of deferred income taxes are as follows: | Deferred Tax Asset | \$ | 75,000 | |------------------------|----|----------| | Valuation Allowance | | (75;000) | | | | | | Net Deferred Tax Asset | | \$==== | | | | | #### **NOTE 6** - **CAPITAL STOCK RESTRICTIONS** The Company and its shareholder have entered into an agreement which defines the rights and . obligations of the stockholders with respect to the encumbering and disposition of the Company's capital stock. The agreement sets forth the method of establishing the price to be paid and the terms of payment by the Company. #### **NOTE 7 -NET CAPITAL REQUIREMENTS** The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC Rule 15c3-1 ), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, may not exceed 15 to 1. The rule also provides that equity may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. The Company's minimum capital requirement is the greater of \$100,000 or 6 2/3% of its aggregate indebtedness. At December 31 , 2025, the Company had net capital, as computed under Rule 15c3-1, of \$251,107 which was \$151,107 greater than its required net capital of \$100,000. The Company had aggregate indebtedness of \$5,252 as of December 31 , 2025. The Company's net capital ratio was 0.0209to 1. • • {21}------------------------------------------------ ## **NOTE 8** - **PROFIT SHARING PLAN** The Company has a qualified profit-sharing plan covering all employees meeting certain conditions. Contributions to the plan are determined annually by the Board of Directors. An employee earns a vested interest in the plan after completing two full years of employment. No contribution was made to the plan in the year ended December 31, 2025. • #### **NOTE 9** - **FINANCIAL INSTRUMENTS AND CONCENTRATIONS** Finandal instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, receivables form clearing brokers and securities owned.The Company places its cash investments with high-credit-quality financial institutions located in Cincinnati, Ohio. At times, balances may exceed the federally insured limits. In addition, the Company maintains a cash account with the clearing broker. Management does not believe significant concentrations of credit risk exists with respect to these financial instruments. The Company invests in various investment securities on its own account. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported within the financial statements. • The Company's activities involve the execution, settlement, and financing of various customer securities transactions through a clearing broker. These activities may expose the Company to off-balance sheet risk in the event the customer or other broker is unable to fulfill its contractual obligations. In the event counterparties do not fulfill their obligations, the Company may be required to purchase, or sell, financial instruments underlying the contract, which could result in a loss. #### **NOTE 10 - BROKER DEALER - SINGLE REPORTING SEGMENT** The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of underwriting, brokering, and trading common stock and municipal bonds, and related investment services. The Company has identified its CEO as the chief operating decision maker ("CODM"), w.ho uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Schedule I), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant policies. {22}------------------------------------------------ ## SUPPLEMENTARY INFORMATION {23}------------------------------------------------ ## **CONNERS & CO., INC. SCHEDULE I COMPUTATION OF NET CAPITAL UNDER RULE 15c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION December31,2025** ## **Computation of Basic Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission** | Shareholder Equity from Statement of Financial Condition
Deduct Shareholder Equity Not Allowable for Net Capital | \$ | 263,876 | |---------------------------------------------------------------------------------------------------------------------|-------------|-----------------------| | Total Shareholder Equity Qualified for Net Capital | | 263,876 | | Add Liabilities Subordinated to Claims of General Creditors | | | | Total Capital and Allowable Subordinated Liabilities | | 263,876 | | Deductions and/or Changes
Non-Allowable Assets
Furniture and Equipment
Prepaid Expenses | | (223)
(2,691) | | Total Deductions and/or Changes | | (2,914) | | Net Capital Before Haircuts on Securities Position | | 260,962 | | Haircuts on Securities
State and Municipal Securities
Other Securities
Undue Concentration | | 9,855 | | Total Haircuts on Securities | | 9,855 | | Net Capital | | \$ ===2=5=1'=10=7= | | Aggregate Indebtedness | | | | Items Included in Statement of Financial Condition
Accounts Payable and Accrued Expenses | \$ | 5,252 .
======== | | Computation of Basic Net Capital Requirements | | | | Greater of 6 2/3% of Aggregate Indebtedness or \$100,000 | | | | 6 2/3% of Aggregate Indebtedness | | \$ ======35=0= | | Minimum Dollar Net Capital Requirement | \$ | 100,000
======== | | Excess Net Capital | \$ | 151,107
========== | | Percentage of Aggregate Indebtedness to Net Capital | 0.0209 to 1 | | NOTE: There are no material differences between the preceding computation and the Company's corresponding unaudited Part II of Form X-17A-5 as of December 31, 2025. {24}------------------------------------------------ ## **CONNERS** & **CO., INC. SCHEDULE** II and Ill **COMPUTATION FORDETERMINATION OF RESERVE REQUIREMENTS AND INFORMATION FOR POSSESSION OR CONTROL REQUIREMENTS PURSUANT TO RULE 15C3-3 UNDER THE SECURITIES EXCHANGE ACT OF 1934 DECEMBER 31, 2025** The Company is not required to present the schedules "Computation for Determination of Reserve Requirements under Rule 15c3-3" or "Information for Possession or Control Requirements under Rule 15c3-3" as it meets the exemptive provisions of Rule 15c3~3 under Section (k}(2)(i) and (k)(2)(ii) of that Rule. {25}------------------------------------------------ # **CONNERS .. &** C()i, **INC,** E.XEMPi'lO.N t{J:PORT PECl!:Ma~R 31, 2ois Co11ners & Co;.Jt~e ''CoirlP,~nY") 'iSJl re!ji~~~re# \_ br{)ker~cf¢ale(.subjecno Rul~ 17i1"5 ptomulgated qy:the Securities a11d : Exchange G,otnmission.l17 G.F,Ft-§~40,17:a".5; ~Reports to be ·made by certain brokers and d~aJers''), ih1\$ ~Xe(Jlplton g4:!p9rrwas prepare.cl. asreqllite~ PY 11 C,F,R, §24.0.,17a~5(d)(1Jarid (4); \_ To the oe-stof'itsk.nqW.f~dgaa)id belief1 th~ Ccf1tipaoy.,stalestiiefollowi1:1g: - 1) The CompanY.c\«1imecl an exemption from 17 Q .. F :R .i§240:15c3-3 as oft he year: ~nd1,:;d December. 31, '2025,, undertbe folioWil'ig proviS-ions of 17 OJF;R; §2-4(kt5c3~·3(k)'(Z}(i)aod: (k}I2)(ii). • • • • - 2) ihe\_- Coropany :met the Identified eiemptionproviskms in 17 O.ltR; §240.A5C~'3.{k)(2){f} and (k){2)(ii)thrqi.ighollttheyaar endetfDecember j1, 20~5. WJthqlite~c!,iptbn, • • . , Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.