Full text of SECURITIES MANAGEMENT AND RESEARCH, INC.'s X-17A-5 filed 2026-03-17 (period 2025-12-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------ Financial Statements and Report of Independent Registered Public Accounting Firm December 31, 2025 {1}------------------------------------------------ ## **TABLE OF CONTENTS** | | Page | |----------------------------------------------------------------------------------------------------------------------|--------| | OATH OR AFFIRMATION | 1-2 | | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 3-4 | | FINANCIAL STATEMENTS | | | Statement of Financial Condition | 5 | | Statement of Income | 6 | | Statement of Changes in Stockholder's Equity | 7 | | Statement of Cash Flows | 8 | | Notes to the Financial Statements | 9 - 14 | | SUPPLEMENTARY INFORMATION REQUIRED BY RULE 17a-5 UNDER THE<br>SECURITIES EXCHANGE ACT OF 1934 | | | Schedule I - Computation of Regulatory Net<br>Capital under Rule 15c3-1 of the<br>Securities and Exchange Commission | 15 | | Schedule II - Computation for Determination of Reserve Requirements<br>Pursuant to SEC Rule 15c3-3 | 16 | | Schedule III – Information Relating to Possession or Control Requirements<br>Pursuant to SEC Rule 15c3-3 | 17 | | EXEMPTION REPORT AS REQUIRED BY RULE 17a-5 UNDER THE<br>SECURITIES EXCHANGE ACT OF 1934 | | | Report of Independent Registered Public Accounting Firm | 18 | | Exemption Report | 19 | {2}------------------------------------------------ | OMB APPROVAL | |---------------------------| | OMB Number: 3235-0123 | | Expires: Nov. 30, 2026 | | Estimated average burden | | hours per response:<br>12 | | | | SEC FILE NUMBER | | |-----------------|--| | 8-12745 | | {3}------------------------------------------------ | | | | DIEGHT OF HILLELL DINE TO DIA BADE OLLER FREUSELWARD MITH WATHE BEA | |-------|--|------------------------------------------------------------------------------------|---------------------------------------------------------------------| | | | financial report pertaining to the firm of Securities Management and Research, Inc | as of | | 12/31 | | | 2025 | | Signature: | | |---------------|--| | Title:<br>CFO | | - - - - - - - - - - - - - - - - - - - - - - - - - - - {4}------------------------------------------------  *CBIZ CPAs P.C.* Nine Parkway North Suite 200 Deerfield, IL 60015 P: 847.282.6300 ## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** ## To the Board of Directors and Stockholder of **Securities Management and Research, Inc.** ## **Opinion on the Financial Statements** We have a…Read the full text as markdown