# COUNTRY CAPITAL MANAGEMENT COMPANY X-17A-5 (2026-04-17) — Broker-dealer annual report - Company: COUNTRY CAPITAL MANAGEMENT COMPANY - Form: X-17A-5 - Filed: 2026-04-17 - Period: 2024-12-31 - Accession: 0000025176-26-000006 - CIK: 25176 - File #: 8-12645 - Type: Broker-dealer - Material weakness: No - Auditor: Ernst & Young LLP - Auditor location: Chicago, IL - Contact: Chris Kostogiannes - Phone: 309-821-4465 - Email: doug.ellerman@countryfinancial.com - Website: countryfinancial.com - Signed by: Doug Ellerman (Chief Financial Officer, Financial and Operations Principal) Original filing: https://www.sec.gov/Archives/edgar/data/25176/000002517626000006/country-capital-mgt-co-24.pdf --- {0}------------------------------------------------ # FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION COUNTRY Capital Management Company Year Ended December 31, 2024 With Report of Independent Registered Public Accounting Firm {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 > ANNUAL REPORTS FORM X-17A-5 PART IIШ OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER ## FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING 01/01/2024 AND ENDING 12/31/2024 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: COUNTRY Capital Management Company TYPE OF REGISTRANT (check all applicable boxes): Broker-dealer Security-based swap dealer Check here if respondent is also an OTC derivatives dealer Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 1711 General Electric Road Bloomington (City) (No. and Street) IL (State) PERSON TO CONTACT WITH REGARD TO THIS FILING Doug Ellerman (Name) 309-821-6285 61704 (Zip Code) doug.ellerman@countryfinancial.com (Area Code - Telephone Number) (Email Address) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Ernst & Young LLP 155 N. Wacker Dr. (Address) 10/10/2003 (Name- if individual, state last, first, and middle name) (Date of Registration with PCAOB)(if applicable) Chicago IL 60606 (City) (State) (Zip Code) 42 (PCAOB Registration Number, if applicable) FOR OFFICIAL USE ONLY \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported bya statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(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 OMB control number. {2}------------------------------------------------ ![](_page_2_Figure_4.jpeg) - - - - - - - - - - - - - - - - - - - - - - - - - - - {3}------------------------------------------------ | Report of Independent Registered Public Accounting Firm
1 | | | | | | | |--------------------------------------------------------------------|----|--|--|--|--|--| | Financial Statements | | | | | | | | Statement of Financial Condition | 3 | | | | | | | Statement of Operations | 4 | | | | | | | Statement of Changes in Stockholder's Equity | 5 | | | | | | | Statement of Cash Flows | 6 | | | | | | | Notes to Financial Statements | 7 | | | | | | | Supplementary Information | 15 | | | | | | | Schedule I - Computation of Net Capital and Aggregate Indebtedness | | | | | | | | Under Rule 15c3-1 | 16 | | | | | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) Ernst & Young LLP 155 N Wacker Dr. Chicago, IL 60606 Tel: +1 312 879 2000 Fax: +1 312 879 4000 ey.com # Report of Independent Registered Public Accounting Firm To the Stockholder and the Board of Directors of COUNTRY Capital Management Company ## **Opinion on the Financial Statements** We have audited the accompanying Statement of Financial Condition of COUNTRY Capital Management Company (COUNTRY Capital) as of December 31, 2024, the related Statement of Operations, Statement of Changes in Stockholder's Equity and Statement of Cash Flows for the year then 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 COUNTRY Capital at December 31, 2024, and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles. ## **Basis for Opinion** These financial statements are the responsibility of COUNTRY Capital's management. Our responsibility is to express an opinion on COUNTRY Capital'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 COUNTRY Capital 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. {5}------------------------------------------------ ### **Supplemental Information** The accompanying information contained in Schedule I has been subjected to audit procedures performed in conjunction with the audit of COUNTRY Capital's financial statements. Such information is the responsibility of COUNTRY Capital's management. Our audit procedures included determining whether the 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. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with Rule 17a-5 under the Securities Exchange Act of 1934. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as COUNTRY Capital's auditor since 1989 February 28, 2025 {6}------------------------------------------------ ## Statement of Financial Condition ## December 31, 2024 | Assets | | |-----------------------------------------------------|-----------------| | Cash and cash equivalents | \$
1,916,506 | | Investment securities, trading, at fair value | 4,385,728 | | Receivable due from parent and affiliates | 17,792 | | Accounts receivable - net of credit loss allowance | 644,089 | | Income taxes recoverable | 13,265 | | Prepaid expenses | 37,825 | | Other assets | 12,086 | | Total assets | \$
7,027,291 | | Liabilities and stockholder's equity | | | Liabilities: | | | Accounts payable and accrued expenses | \$
914,707 | | Payable to parent and affiliates | 117,432 | | Income taxes payable | 20,121 | | Net deferred tax liability | 12,164 | | Contract liability | 26,734 | | Total liabilities | 1,091,158 | | Stockholder's equity: | | | Common stock, stated value \$50 per share: | | | Authorized, issued, and outstanding – 10,000 shares | 500,000 | | Retained earnings | 5,436,133 | | Total stockholder's equity | 5,936,133 | | Total liabilities and stockholder's equity | \$
7,027,291 | | | | {7}------------------------------------------------ ## Statement of Operations ## Year Ended December 31, 2024 | Revenues | | |------------------------------------------|-----------------| | Marketing fees: | | | Insurance sales | \$
7,290,799 | | Mutual fund sales | 2,175,046 | | College savings plans | 382,861 | | Service fees from parent | 1,500,000 | | Investment income | 281,482 | | Net loss on trading securities | (2,624) | | Total revenues | 11,627,564 | | Expenses | | | Commission expense: | | | Insurance sales | 4,186,980 | | Mutual fund sales | 1,166,265 | | College savings plans | 203,112 | | General management services – affiliates | 4,673,037 | | Professional services | 9,055 | | Dues and assessments | 15,665 | | Other expenses | 22,178 | | Total expenses | 10,276,292 | | Income before income taxes | 1,351,272 | | Income taxes: | | | Current income tax expense | 360,696 | | Deferred income tax expense | 2,788 | | Total income tax expense | 363,484 | | Net income | \$
987,788 | {8}------------------------------------------------ ## Statement of Changes in Stockholder's Equity ## Year Ended December 31, 2024 | | Common
Stock | Retained
Earnings | | Total | | |----------------------------------------|--------------------|----------------------|----------------------|-------|----------------------| | Balance, January 1, 2024
Net income | \$
500,000
– | \$ | 4,448,345
987,788 | \$ | 4,948,345
987,788 | | Balance, December 31, 2024 | \$
500,000 | \$ | 5,436,133 | \$ | 5,936,133 | {9}------------------------------------------------ ## Statement of Cash Flows ## Year Ended December 31, 2024 | Operating activities | | |----------------------------------------------------|-----------------| | Net income | \$
987,788 | | Adjustments to reconcile net income to net cash | | | provided by operating activities: | | | Deferred income tax expense | 2,788 | | Net unrealized gain on investment securities | (70,164) | | Purchase of trading securities | (2,329,846) | | Sale of trading securities | 1,592,195 | | (Increase) decrease in assets | | | Receivable due from parent and affiliates | (2,319) | | Accounts receivable - net of credit loss allowance | (4,321) | | Income taxes recoverable | 80,774 | | Prepaid expenses | (77) | | Other assets | (1,893) | | Increase in liabilities | | | Accounts payable and accrued expenses | 283,459 | | Payable to parent and affiliates | 45,944 | | Income taxes payable | 969 | | Contract liability | 15,759 | | Net cash provided by operating activities | 601,056 | | | | | Increase in cash and cash equivalents | 601,056 | | Cash and cash equivalents at beginning of year | 1,315,450 | | Cash and cash equivalents at end of year | \$
1,916,506 | | | | {10}------------------------------------------------ Notes to Financial Statements December 31, 2024 ## **1. Nature of Operations and Organization** #### **Operations and Organization** COUNTRY Capital Management Company (COUNTRY Capital) is a wholly owned subsidiary of COUNTRY Life Insurance Company (COUNTRY Life), which is a wholly owned subsidiary of the Illinois Agricultural Holding Company (IAHC), which, in turn, is a subsidiary of the Illinois Agricultural Association (IAA). COUNTRY Capital's primary business is to serve as a broker-dealer of mutual funds, variable and fixed annuities, variable universal life insurance, and college savings plans for the financial representatives of the COUNTRY Financial brand. Marketing fees from variable and fixed annuities and variable universal life insurance products represented approximately 63% of total revenues in 2024. Marketing fees from mutual funds represented approximately 19% of total revenues in 2024 and are generated through the sales of mutual funds offered by unaffiliated brokers. Marketing fees from sales of college savings plans represented approximately 3% of total revenues in 2024. Although COUNTRY Capital is registered in 30 states, its principal market is Illinois. COUNTRY Capital operates as a single-segment securities broker-dealer, which is comprised of principal and agency transactions. As overseer of the financial operations and results of COUNTRY Capital, the Financial and Operational Principal (FINOP) will also act as COUNTRY Capital's Chief Operating Decision Maker (CODM). As a single-segment entity, the FINOP relies on the reported Net Income as the primary measure of COUNTRY Capital's operating results and financial performance. Additionally, the CODM uses excess net capital (see Supplementary Information), 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. As COUNTRY Capital's operations constitute a single operating segment, therefore a single reportable segment, the CODM manages the business activities using information of COUNTRY Capital as a whole. The accounting policies used to measure the profit and loss of COUNTRY Capital are those described in the Note 2 Significant Accounting Policies. Revenue from Transamerica totaled \$2,150,361 which exceeded ten percent of COUNTRY Capital's total revenue. This was the lone external customer that generated more than ten percent. {11}------------------------------------------------ Notes to Financial Statements (continued) # 2. Significant Accounting Policies ## Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. # 2. Significant Accounting Policies ## Basis of Presentation The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). ## Cash and Cash Equivalents Cash and cash equivalents include cash balances and investments with initial maturities of three months or less, including money market mutual funds. Money market mutual funds are valued based on the reported net asset value per share of the fund. ## Investment Securities The investment portfolio is carried at fair value. Changes in fair values of these securities are reported in earnings. Fair values of exchange traded funds and mutual funds are based upon quoted market prices. In determining the cost basis of a security upon its sale, COUNTRY Capital uses the specific identification of that security's cost basis. ## Revenue Recognition COUNTRY Capital earns marketing fees from the insurance companies, mutual funds and college savings plans it has contracts with. The marketing fees are broken down into the upfront sales commission earned at a point in time upon the sale of distribution services and a trail commission earned over time for providing ongoing distribution services. Marketing fee income is recognized as revenue on a trade-date basis as transactions occur. Additionally, COUNTRY Capital earns a service fee from its parent, COUNTRY Life. The service fee is earned ratably over the annual service period, based on the terms of the service agreement, for maintaining a block of compliant insurance and financial products. {12}------------------------------------------------ Notes to Financial Statements (continued) ## **2. Significant Accounting Policies (continued)** Within the identified insurance company, mutual funds and college savings plan promises, COUNTRY Capital identified a distinct service, the promise to sell, and a promise to provide distribution services. COUNTRY Capital determined that each day of service is distinct in that each day is both capable of being distinct as the customer can benefit from each day on its own and no day of service significantly impacts COUNTRY Capital's ability to fulfill another day of service nor does one day significantly modify another day. Additionally, COUNTRY Capital determined that the services represent a series of distinct services in that each day is substantially the same and has the same pattern of transfer to the customer. Therefore, the performance obligations are that of 1) selling, and 2) providing distribution services. The upfront and trail commissions are both considered variable. The upfront commission is considered variable due to the existence of chargeback rights if the investor withdraws the funds within a certain amount of time. The trail commission is considered variable as it is based upon the assets under management held after a specified holding period. Based on COUNTRY Capital's assessment of variable constraints, COUNTRY Capital recognizes a refund liability for chargebacks representing the amount expected to be refunded. As of December 31, 2024, the refund liability for chargebacks is \$26,734 recorded as a Contract liability in the Statement of Financial Condition. COUNTRY Capital records receivables for marketing fees in the month the performance obligations are met using the output method which is a direct measurement of the value of the services transferred to the customer to date. Accruals are estimated based on the expected value. As of December 31, 2024, the receivable balance is \$650,017, net of \$5,928 of credit loss allowance. Contract costs will be accrued and recorded as contract liabilities. These costs are expensed at the time the performance obligation is met as substantially all the efforts in generating the upfront and trail commissions have been completed. As of December 31, 2024, there is no accrued liability for contract costs recorded in the Statement of Financial Condition. | | Point In Time | Over Time | Total | |------------------------------|---------------|--------------|--------------| | Insurance sales \$ 3,765,877 | | \$ 3,524,922 | \$ 7,290,799 | | Mutual fund sales | 1,099,794 | 1,075,252 | 2,175,046 | | College savings plans | 145,179 | 237,682 | 382,861 | | Service fees from parent | | 1,500,000 | 1,500,000 | {13}------------------------------------------------ Notes to Financial Statements (continued) # 2. Significant Accounting Policies (continued) #### Financial Instruments - Credit Losses COUNTRY Capital estimates expected credit losses over the life of its financial assets, as of the reporting date, based on relevant information about past events, current conditions, and reasonable and supportable forecasts. COUNTRY Capital records the estimate of expected credit losses as an allowance for credit losses, if any. To determine the expected credit loss estimate COUNTRY Capital applies a percentage to the balance of trade receivables each month. The percentage is based on vendor information, current market conditions, and forecast of future market conditions. Credit loss allowances are recorded net in Accounts receivable in the Statement of Financial Condition. ### Credit Loss Allowance | January 1, 2024 | \$
5,617 | |--------------------------------------------|-------------| | Current year change in credit loss reserve | 311 | | December 31, 2024 | \$
5,928 | #### Effect of New Accounting Pronouncements ### Financial Instruments - Segment Reporting In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segment Disclosures which became effective December 15, 2023. COUNTRY Capital adopted the new guidance effective January 1, 2024. The guidance requires additional disclosures of a company's reportable segments and addresses requests from investors for additional and more detailed information about a reportable segment's expenses. As outlined in Footnote 1, Organization and Operations, COUNTRY Capital operates only as a single segment. Accordingly, the impact of ASU 2023-07 is minimal to COUNTRY Capital and the newly required disclosures were included in Footnote 1. # 3. Investment Securities COUNTRY Capital has a portfolio of investment securities which are carried at fair value based on quoted market prices, with changes in fair value reported in earnings. The \$2,624 net losses on investment securities included in the Statement of Operations includes \$72,314 of net realized losses on investment securities sold during the year and \$70,164 of net unrealized gains on investment securities still held at December 31, 2024. The remaining \$474 reflects losses on short-term investments during the year. {14}------------------------------------------------ Notes to Financial Statements (continued) # 4. Fair Value of Financial Instruments Assets and liabilities recorded at fair value in the accompanying Statement of Financial Condition are categorized based upon the level of judgment associated with the inputs used to measure their fair values. There is no uncertainty noted in the fair value measurements as of the reporting date and any changes in the fair value measurements would not materially impact COUNTRY Capital's performance or cash flows. The hierarchy of inputs, as defined by Accounting Standards Codification 820, Fair Value Measurements and Disclosures, is as follows: Level 1 - Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date. Level 2 - Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date. Level 3 - These are unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. The following table summarizes fair value measurements, by level, for the investment securities measured at fair value on a recurring basis: | | Level 1 | Level 2 | | Level 3 | Total | |------------------------------|--------------|---------|---|---------|----------------| | December 31, 2024 | | | | | | | Investments in mutual funds: | | | | | | | U.S. fixed income | \$ 2,717,374 | \$ | - | \$ | - \$ 2,717,374 | | International fixed income | 546,074 | | - | - | 546,074 | | U.S. equities | 867,545 | | - | - | 867,545 | | International equities | 254,735 | | - | - | 254,735 | | Total | \$ 4,385,728 | \$ | - | \$ | - \$ 4,385,728 | {15}------------------------------------------------ Notes to Financial Statements (continued) # 5. Net Capital Requirements Pursuant to the net capital provisions of Rule 15c-3 of the Securities Exchange Act of 1934, COUNTRY Capital is required to maintain a minimum amount of net capital equal to the greater of 6-2/3% of aggregate indebtedness or \$100,000. Net capital and the related net capital ratio may fluctuate on a daily basis. At December 31, 2024, COUNTRY Capital had net capital of \$4,541,775 and net capital requirements of \$100,000. COUNTRY Capital's ratio of aggregate indebtedness to net capital was 0.24 to 1.00 at December 31, 2024. The net capital rules may effectively restrict the payment of advances or cash dividends. # 6. Related-Party Transactions COUNTRY Capital is a party to a service agreement with COUNTRY Life in recognition of the benefits provided to COUNTRY Life's agency force by the availability of compliant registered insurance and financial products not offered by COUNTRY Life. Under the terms of the service agreement, COUNTRY Life paid COUNTRY Capital an annual service fee of \$1,500,000 in 2024. The service fees generated under this agreement accounted for 13% of COUNTRY Capital's total revenues in 2024. COUNTRY Capital is a party to a service agreement with CC Services, Inc., an affiliate, whereby CC Services, Inc. provides necessary management and operational services required to run its business. COUNTRY Capital recorded \$4,621,401 in 2024 of expense for the management and operational services provided by CC Services, Inc., which are included in General management services - affiliates in the accompanying Statement of Operations. As of December 31, 2024, the net payable to CC Services, Inc. was \$115,549. Respective balances are included in the receivable from and payable to parent and affiliate lines in the accompanying Statement of Financial Condition. COUNTRY Capital recorded \$51,636 in 2024 for services provided by IAA including, but not limited to, administration services, board of directors, general counsel, and treasury services, which are included in General management services - affiliates in the accompanying Statement of Operations. COUNTRY Capital administers existing policies and contracts based on regulatory requirements and agent commissions related to the closed block of variable universal life and variable annuity business for an affiliate, COUNTRY Investors Life Assurance Company. COUNTRY Capital earned commissions of \$169,915 for brokering products during 2024 which are included in Marketing fees - Insurance sales in the accompanying Statement of Operations. As of December 31, 2024, commissions receivable from COUNTRY Investors Life Assurance Company of \$15,909 are included in Receivable due from parent and affiliates in the accompanying Statement of Financial Condition. {16}------------------------------------------------ Notes to Financial Statements (continued) # 7. Income Taxes COUNTRY Capital will file a consolidated federal income tax return with the IAHC and its subsidiaries. The 2024 effective tax rate differs from the prevailing corporate tax rate due principally to the effect of state income taxes, dividend received deduction, and prior year taxes. As of December 31, 2024, the net recoverable from IAHC for income taxes was \$7,138. Respective balances are included in the income tax recoverable and payable lines in the accompanying Statement of Financial Condition. The Company has a written agreement which sets forth the manner in which the total combined federal income tax is allocated to each entity which is a party to the consolidation. As provided in Treasury Regulation Section 1.1552-1(a)(2) as supplemented by the methodology in Section 1.1502-33(d)(3), allocation of the consolidated tax liability to each company of the consolidated group is based upon that company's separate return liability provided, however, that intercompany transactions which are deferred under a consolidated return, as well as losses incurred and credits utilized by the consolidated group, shall be recognized. Such provisions shall be applied taking into account the subgroup method set forth in Treasury Regulation Section 1.1502-47 and the related limitations on utilizing a loss from a life or nonlife subgroup, as applicable, against the income of the other subgroup. Intercompany tax balances are settled within 30 days of the filing of the applicable estimated or actual consolidated federal income tax return. The components of income tax expense for the year ended December 31, 2024 are as follows: | | Federal | | State | | Total | | |-----------------------------------------------|---------|---------|---------------|----|---------|--| | Current income tax expense | \$ | 258,415 | \$
102,323 | \$ | 360,738 | | | Refunds received of interest previously paid | | - | (2) | | (2) | | | Refunds received of penalties previously paid | | - | (40) | | (40) | | | Deferred income tax expense | | 1,734 | 1,054 | | 2,788 | | | Income tax expense | \$ | 260,149 | \$
103,335 | \$ | 363,484 | | The 2024 effective tax rate is 27% and differs from the corporate tax rate due principally to the effect of state taxes, dividends received deduction and prior year taxes. COUNTRY Capital made tax payments of \$374,271 and received tax refunds of \$95,276 in 2024. The gross deferred tax asset at December 31, 2024 relates primarily to the unrealized loss on investments and contract liability as of December 31, 2024. The gross deferred tax liability at December 31, 2024 relates primarily to prepaid expenses and unrealized gain on investments. At December 31, 2024, COUNTRY Capital had recorded gross deferred tax assets and liabilities of \$65,837 and \$78,001 respectively; and no valuation allowances. {17}------------------------------------------------ Notes to Financial Statements (continued) ## **7. Income Taxes (continued)** COUNTRY Capital did not recognize any liability for uncertain tax positions and does not foresee any changes in the next 12 months. COUNTRY Capital classifies interest and penalties related to all tax matters in income tax expense. COUNTRY Capital received refunds for interest and penalties of \$2 and \$40 for the year ended December 31, 2024. COUNTRY Capital, as a member of the consolidated filing with IAHC, files tax returns in the U.S. federal and Illinois jurisdictions. COUNTRY Capital files additional state tax returns with CC Services, Inc., or on a stand alone basis depending on the state. As of 2024, the tax years that remain subject to examination begin with 2016. At December 31, 2024, COUNTRY Capital has no federal or state net operating loss carryforwards. ### **8. Subsequent Events** Subsequent events have been evaluated through February 28, 2025, the date at which the financial statements were available to be issued. Management is not aware of any events occurring subsequent to the preparation of the accompanying financial statements that would materially affect the amounts reported or which should be disclosed. {18}------------------------------------------------ Supplementary Information {19}------------------------------------------------ ## Schedule I - Computation of Net Capital and Aggregate Indebtedness Under Rule 15c3-1 December 31, 2024 | Aggregate Indebtedness:
Accounts payable and accrued expenses, income taxes payable,
payable to parent and affiliates, and contract liability | | \$ 1,078,994 | |-----------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------------| | Net capital | | | | Common stock | | 500,000 | | Retained earnings | | 5,436,133 | | Total stockholder's equity | | 5,936,133 | | Addition adjustment: | | | | Net deferred tax liability | | 12,164 | | Less non-allowable assets: | | | | Disallowed receivables: | | | | Receivable due from parent and affiliates | \$
17,792 | | | Accounts receivable - net of credit loss allowance | 644,089 | | | Income taxes recoverable | 13,265 | | | Prepaid expenses | 37,825 | | | Securities haircut | 693,551 | 1,406,522 | | Net capital | | \$ 4,541,775 | | Minimum net capital requirement (greater of | | | | \$100,000 or 6-2/3% of aggregate indebtedness) | | \$100,000 | | Net capital in excess of requirements | | 4,441,775 | | Net capital as above | | \$ 4,541,775 | | Ratio of aggregate indebtedness to net capital | | 0.24 to 1 | No material differences exist between the above computation and the computation included in COUNTRY Capital's corresponding unaudited FOCUS Part IIA filing as of December 31, 2024 submitted January 28, 2025. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.