# BOSTON PARTNERS SECURITIES, L.L.C. X-17A-5/A (2026-06-18) — Broker-dealer annual report - Company: BOSTON PARTNERS SECURITIES, L.L.C. - Form: X-17A-5/A - Filed: 2026-06-18 - Period: 2025-12-31 - Accession: 0000105464-26-000006 - CIK: 105464 - File #: 8-15648 - Type: Broker-dealer - Material weakness: No - Auditor: KPMG LLP - Auditor location: George Town, E9 - Contact: Lynn Jian - Phone: 2129089708 - Email: mkimball@bostonpartners.com - Website: bostonpartners.com - Signed by: Lynn Jian (Assistant Controller) Original filing: https://www.sec.gov/Archives/edgar/data/105464/000010546426000006/BPSECFS2025.pdf --- {0}------------------------------------------------ #### F I N A N C I A L S T A T E M E N T S A N D S U P P L E M E N T A L I N F O R M A T I O N Boston Partners Securities, L.L.C. (a Limited Liability Company) As of and for the Year Ended December 31, 2025 *(SEC I.D. No.8-15648)* *This report is deemed confidential in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934.* {1}------------------------------------------------ ## Financial Statements and Supplemental Information As of and for the Year Ended December 31, 2025 # **Contents** | Facing Page and Oath or Affirmation | | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm1 | | | Financial Statements | | | Statement of Financial Condition
2 | | | Statement of Operations3 | | | Statement of Changes in Member's Equity
4 | | | Statement of Cash Flows
5 | | | Notes to Financial Statements | 6-14 | | Supplemental Information | | | Schedule I –
Computation of Net Capital Pursuant to Rule 15c3-1 of the Securities and
Exchange Commission
15 | | | Schedule II
–
Computation for Determination of Customer Reserve Requirements and
PAB Account Reserve Requirements pursuant to Rule 15c3-3 of the Securities and | | | Exchange Commission
16 | | | Schedule III
–
Information Relating to Possession or Control Requirements pursuant to
Rule 15c3-3 of the Securities and Exchange Commission17 | | | | | {2}------------------------------------------------ | | (No. and Street) | | | |--------------------------------------------------|---------------------------------------------------------------------------------------|--------------------------------------------|-------------------------------------| | Boston | MA | | 02108 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Michael Kimball | 212-908-9728 | mkimball@bostonpartners.com | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
KPMG LLP | | | | | (Name - if individual, state last, first, and middle name) | | | | Six Cricket Square | George Town | | | | (Address) | (City) | (State) | Grand Cayman KY1-1106
(Zip Code) | | 06/10/2004 | | 1323 | | | (Date of Registration with PCAOB)(if applicable) | | (PCAOB Registration Number, if applicable) | | {3}------------------------------------------------ | Michael Kimball | | , swear (or affirm) that, to the best of my knowledge and belief, the | | |-------------------------------------------------------------------------------|-------|-----------------------------------------------------------------------------------|-------| | tinancial report pertaining to the firm of Boston Partners Securities, L.L.C. | | | as of | | December 31 | 7 025 | is true and correct. I further swear (or affirm) that neither the company nor any | | - - - - - - - - - - - - - - - - - - - - - - - - - - - {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) KPMG LLP P.O. Box 493 SIX Cricket Square Grand Cayman KY1-1106 Cayman Islands Tel +1 345 949 4800 Fax +1 345 949 7164 Web www.kpmg.com/ky #### **Report of Independent Registered Public Accounting Firm** To the Member and Those Charged with Governance Boston Partners Securities, L.L.C.: #### *Opinion on the Financial Statements* We have audited the accompanying statement of financial condition of Boston Partners Securities, L.L.C. (the "Company") as of December 31, 2025, the related statements of operations, changes in member's equity, and cash flows for the year then ended, and the related notes (collectively, 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 U.S. generally accepted accounting principles. #### *Basis for Opinion* These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these 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. #### *Accompanying Supplemental Information* The supplemental information contained in Schedules I, II, and III 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 the 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 {5}------------------------------------------------ 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 contained in Schedules I, II, and III is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2022. George Town, Cayman Islands February 26, 2026 {6}------------------------------------------------ ## Statement of Financial Condition December 31, 2025 | Assets | | |-----------------------------------------------------------------------------------------|------------------------| | Cash | \$12,272,719 | | Prepaid expenses | 107,523 | | Receivable from Parent, net | 269,410 | | Deferred tax assets | 25,416 | | Total assets | \$12,675,068 | | Liabilities
and Member's Equity
Sales commissions payable
Other
liabilities | \$1,823,936
117,329 | | Total liabilities | \$1,941,265 | | Member's equity | 10,733,803 | | Total liabilities and member's equity | \$
12,675,068 | | | | {7}------------------------------------------------ ## Statement of Operations #### Year Ended December 31, 2025 | Revenue | | |----------------------------------------|-----------------| | Placement fees | \$
4,416,836 | | Total revenue | 4,416,836 | | Expenses | | | Sales commissions | \$
2,797,408 | | Administrative services costs | 600,158 | | Regulatory and exchange fees | 148,968 | | Other
expenses | 126,660 | | Total expenses | 3,673,194 | | Other Income | | | Interest income | \$
262,012 | | Total other income | 262,012 | | Income before income
tax
expense | 1,005,654 | | Income tax
expense | 325,596 | | Net income | \$
680,058 | {8}------------------------------------------------ ## Statement of Changes in Member's Equity Year Ended December 31, 2025 | Member's equity at December 31, 2024 | \$
10,053,745 | |-----------------------------------------|------------------| | Net income | 680,058 | | Member's equity at December
31, 2025 | \$
10,733,803 | {9}------------------------------------------------ ## Statement of Cash Flows Year Ended December 31, 2025 | Cash flows from operating activities | | |-------------------------------------------------------------|------------------| | Net income | \$
680,058 | | Adjustments to reconcile net income to net cash provided by | | | operating activities: | | | Deferred tax expense | 1,619 | | Net change in operating assets and liabilities: | | | Increase in receivable from Parent | (39,537) | | Increase in prepaid
expenses | (1,322) | | Increase in sales commissions payable | 857,858 | | Increase in other liabilities | 1,747 | | Net cash provided by operating activities | 1,500,423 | | | | | Net increase in cash | 1,500,423 | | Cash at beginning of year | 10,772,296 | | Cash at end of year | \$
12,272,719 | | Supplemental disclosure of cash flow information | | | Cash paid for: | | | Income taxes (settled through intercompany accounts) | \$
305,382 | {10}------------------------------------------------ Notes to Financial Statements December 31, 2025 #### **1. Organization** Boston Partners Securities, L.L.C. (the "Company"), a Delaware limited liability company, is a wholly-owned subsidiary of Boston Partners Global Investors, Inc. (the "Parent" or "Adviser"). The Parent is a registered investment adviser under the Securities and Exchange Commission ("SEC") Investment Advisers Act of 1940. The parent is a wholly-owned subsidiary of OCE US Holding, Inc., which is 100% owned by ORIX Corporation Europe N.V., based in the Netherlands, which is 100% owned by the ORIX Corporation, based in Japan. The Company was established as a limited purpose broker-dealer under the Securities Exchange Act of 1934 for the purpose of having registered sales representatives provide their services to the Parent. The Company is registered as a broker-dealer with the SEC in all 50 states, the District of Columbia and Puerto Rico and is also a member of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corporation. The Company does not hold customer funds or safekeep customer securities. The Company is subject to regulation by the SEC, FINRA and the various state securities regulators. The Company is registered as an Exempt Market Dealer (EMD) with the Ontario Securities Commission "OSC" in Ontario, Canada. Exempt market securities are securities issued in Canada that fall under National Instrument 45-106 and are exempt from prospectus requirements. #### **2. Summary of Significant Accounting Policies** #### **(a) Basis of Presentation** The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), as codified in the Accounting Standards Codification ("ASC") and set forth by the Financial Accounting Standards Board ("FASB"). #### **(b) Use of Estimates** The preparation of the 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. {11}------------------------------------------------ Notes to Financial Statements December 31, 2025 ## **2. Summary of Significant Accounting Policies (continued)** ## **(c) Cash** The Company's cash is held by JPMorgan Chase ("JPMorgan"). The Company holds one foreign currency cash account denominated in CAD (Canadian Dollar). The JPMorgan accounts include one interest bearing and one non-interest-bearing account. At December 31, 2025, there were no cash equivalents or restricted cash. #### **(d) Foreign currency translation** Assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Adjustments arising from foreign currency transactions are reflected in the statement of operations within other expenses. The U.S. dollar (\$) is the functional currency of the Company. ## **(e) Revenue Recognition** The Company follows a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the Company satisfies a performance obligation. In accordance with the placement agent agreement entered on January 29, 2025, effective January 1, 2024 between and among the Company, the Adviser and the funds managed by the Adviser, the Company serves as the placement agent for the purpose of distributing interests in these funds to investors. The Adviser has been identified as the Company's customer. In exchange for successfully introducing investors to the funds and maintaining investor relationships, the Company earns a placement fee. The Adviser will pay to the Company a placement fee (a "Fee") equal to 130% of the compensation and administrative costs incurred by the Company (the "costplus method"), excluding any direct costs incurred by the Company such as certain legal and regulatory costs. Placement fees paid to the Company are determined as soon as feasible following the determination of each quarter's sales commissions and administrative services costs incurred by the Company. {12}------------------------------------------------ Notes to Financial Statements December 31, 2025 ## **2. Summary of Significant Accounting Policies (continued)** #### **(e) Revenue Recognition (continued)** Revenue is measured based on consideration specified in the placement agent agreement with the Adviser and the funds managed by the Adviser. The Company satisfies its performance obligation over time as the services are performed, including successfully introducing investors to the funds managed by the Adviser and maintaining investor relationships. Accordingly, the Company recognizes revenue over time as it satisfies its performance obligation. #### **(f) Sales Commissions** Sales commissions are comprised of discretionary quarterly sales commissions and discretionary annual commissions. Sales commissions are awarded to registered sales representatives based on commissionable capital flows into the funds managed by the Adviser and are accrued monthly commencing with the first month of the first calendar quarter following the funding of such commissionable capital flows. Discretionary annual commissions are accrued monthly and adjusted to the final amount upon approval by management at the end of each fiscal year. ## **(g) Income Taxes** The Company uses the asset and liability method to account for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities (i.e., temporary differences) and are measured at the enacted rates that will be in effect when these differences are expected to be realized. If necessary, a valuation allowance is established to reduce deferred tax assets to the amount that is more likely than not to be realized. In order to recognize and measure unrecognized tax benefits, the Company first determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the recognition thresholds, the position is measured as the largest amount of tax benefit that is greater than 50 percent likely to be realized. Interest and/or penalties related to income taxes are recognized in income tax expense. {13}------------------------------------------------ Notes to Financial Statements December 31, 2025 ## **3. Related Party Transactions** The Company earns revenue based on a cost-plus 30% margin approach. The cost-plus revenue is calculated as 130% of the total Sales commissions and Administrative service costs and excludes any direct costs incurred by the Company, such as certain legal and regulatory costs. For the year ended December 31, 2025, revenue amounted to \$4,416,836 and is recorded as placement fees in the statement of operations. Pursuant to an amended Service Level and Expense Agreement ("Services Agreement") dated August 25, 2025 between the Company and its Parent, the Company has agreed to pay the Parent a monthly fee, which is updated no less than annually, as determined by the Parent's allocation methodology, for support services, including but not limited to, management assistance, financial, legal, compliance, human resources, accounting, information technology, data processing, the use of computer hardware and software, the use of office space, equipment and supplies, telecommunications and related services, which are provided by the Parent to the Company. For the year ended December 31, 2025, the Company incurred expenses of \$600,158 pursuant to the Services Agreement. Such expenses are recorded as administrative services costs in the statement of operations. Intercompany balances are settled on a net basis periodically and presented as receivable from Parent, in the statement of financial condition. The intercompany receivable from Parent balance of \$269,410 at December 31, 2025 consists of the following amounts: | Placement
fees | 387,575 | |-------------------------------------|---------------| | Administrative
services
costs | (78,014) | | Tax | (34,441) | | Legal | (5,710) | | | \$
269,410 | As of December 31, 2025, the Company has an income tax payable of \$34,441 to the Parent, which is included in receivable from Parent balance of \$269,410. {14}------------------------------------------------ Notes to Financial Statements December 31, 2025 ## **4. Risks and Uncertainties** Cash is held by one financial institution, JPMorgan. The total cash balances are insured by the Federal Deposit Insurance Corporation ("FDIC") up to \$250,000. The Company has cash balances with JPMorgan that exceeded the balance insured by the FDIC in the amount of \$12,022,719. In the event that the financial institution is unable to fulfill its obligations, the Company would be subject to credit risk. Bankruptcy or insolvency may cause the Company's rights with respect to the cash held by JPMorgan to be delayed or limited. The Company monitors its risk by monitoring the credit quality of JPMorgan and its subsidiaries. #### **5. Sales Commissions** Included in sales commissions are discretionary quarterly sales commissions and discretionary annual commissions for registered sales representatives. The Company does not directly employ any personnel; however, certain employees of the Parent are registered sales representatives of the Company for purposes of the sale and distribution of funds managed by the Adviser. For the fiscal year ended December 31, 2025, the Company accrued a total of \$1,608,917 in discretionary annual commissions, which is also included as sales commissions payable on the statement of financial condition. The discretionary annual commissions were paid in January 2026 in the form of cash. #### **6. Income Taxes** The Company is a single-member limited liability company and, for income tax purposes, is disregarded as an entity separate from its owner, the Parent. Therefore, the results of the Company's operations are included in the Parent's federal, state and local income tax returns. The Parent does not file a standalone federal income tax return because it is a single member LLC that is also disregarded. The Parent is part of the OCE US Holding, Inc's consolidated federal income tax return. OCE US Holding, Inc. owns 100% of the Parent. The Parent files standalone state and local income tax returns in certain jurisdictions. The Company has an accounting policy to recognize an allocated portion of the Parent's income taxes as if the Company were subject to tax. In determining the amount of income taxes allocated to the Company, a portion of the consolidated income taxes is calculated as if the Company were a separate income taxpayer. For the year ended December 31, 2025, the Parent allocated the total tax expense of \$325,596 to the Company as included in Note 3. {15}------------------------------------------------ ## Notes to Financial Statements December 31, 2025 #### **6. Income Taxes (continued)** Income tax expense for the year ended December 31, 2025, consists of the following amounts: | | Current | Deferred | Total | |--------------------------------|-----------|-------------|-----------| | Federal | \$179,876 | \$
899 | \$180,775 | | and
local
State | 144,101 | 720 | \$144,821 | | Total
income
tax expense | \$323,977 | \$
1,619 | \$325,596 | For the year ended December 31, 2025, the Company's domestic income before income taxes is \$1,005,654. The Company does not have income from foreign sources and therefore does not have any foreign income tax. Net deferred tax asset for the year ended December 31, 2025, consists of the following amounts: | Deferred tax assets before valuation allowance | \$
25,416 | |------------------------------------------------|--------------| | Less: valuation allowance | – | | Total deferred tax assets | \$
25,416 | The temporary differences, which give rise to the Company's deferred tax assets and liabilities, consisted of the following at December 31, 2025: | Deferred tax asset:
Consulting fees | \$
27,790 | |--------------------------------------------|---------------| | Deferred tax liability:
Consulting fees | \$
(2,374) | | Deferred tax asset, net | \$
25,416 | During the year ended December 31, 2025, the Company determined that its deferred tax assets are more-likely-than-not realizable. As such, no valuation allowance has been recorded. {16}------------------------------------------------ Notes to Financial Statements December 31, 2025 #### **6. Income Taxes (continued)** A reconciliation of the U.S. federal statutory income tax rate to the Company's effective tax rate for the year ended December 31, 2025, is as follows: | | Amount | Percent | |----------------------------------------------------------------------------------|---------------|---------| | Federal
U.S.
Statutory
Tax
rate | \$
211,187 | 21.00% | | State
and
Local
of
Federal
tax effect:
Taxes,
Net
Income | | | | York
(54.86%
of
state/local
effect)
New
State | 62,769 | 6.24% | | Other
state and
local
income
taxes | 51,640 | 5.14% | | | | | | Effective
Tax
Rate | \$
325,596 | 32.38% | | | | | As of December 31, 2025, the Company determined that it has no unrecognized tax benefits, nor any accrued interest or penalties related to income taxes. The Company does not believe that it is reasonably possible that the total unrecognized benefits will significantly increase within the next 12 months. The federal statute of limitations runs for 3 years after the tax return is filed. The earliest federal return that is subject to tax examination is 2022. As of December 31, 2025, the Parent is currently under examination by New York City for 2018-2020. The impact of the examination is not expected to be material. ## **7. Commitments and Contingencies** The Company may be subject to claims as well as reviews by self-regulatory agencies arising out of the conduct of its business. Management is not aware of any unasserted claims or assessments that would have a material adverse effect on the financial condition and the results of operations of the Company. {17}------------------------------------------------ Notes to Financial Statements December 31, 2025 ## **8. Regulatory Matters** The SEC, FINRA and Ontario Securities Commission ("OSC") adopt rules and examine brokerdealers and require strict compliance with their rules and regulations. All broker-dealers have a self-regulatory organization (SRO) that is assigned by the SEC as the broker-dealer's designated examining authority ("DEA"). The DEA is responsible for examining a broker-dealer for compliance with the SEC's financial responsibility rules. FINRA is the Company's current DEA. Failure to comply with the SEC's requests in a satisfactory manner may have adverse consequences, and changing the Company's DEA may entail additional regulatory costs. ## **9. Net Capital Requirements** The Company is subject to the SEC's Uniform Net Capital Rule ("Rule 15c3-1"). The Company computes its net capital requirements under the Basic or Aggregate Indebtedness method of Rule 15c3-1 which requires the Company to maintain minimum net capital of the greater of 6-2/3% of aggregate indebtedness or \$5,000. At December 31, 2025, the Company had net capital of \$10,329,009, which was \$10,199,591 in excess of its minimum net capital requirement of \$129,418 (6-2/3% of aggregate indebtedness). The Company's percentage of aggregate indebtedness to net capital is 18.79%. Advances to affiliates, repayment of borrowings, dividend payments, distributions and other equity withdrawals are subject to certain notification and other requirements of Rule 15c3-1 and other regulatory bodies. In connection with the Company's registration as an Exempt Market Dealer with the OSC, the Company is required to maintain a minimum capital of CAD \$50,000 (USD \$36,480) and is subject to a deductible of CAD \$10,000 (USD \$7,296) under the Company's insurance policy. At December 31, 2025, the Company's excess working capital was CAD \$14,100,290 (USD \$10,287,677). ## **10. Fair Value of Financial Instruments** The carrying amounts reported on the statement of financial condition for cash approximate fair value based on the on-demand nature of cash. Other financial assets and liabilities with short and intermediate-term maturities and defined settlement amounts, including receivable from Parent, sales commissions payable and other liabilities, are reported at their contractual amounts, which approximate fair value. {18}------------------------------------------------ Notes to Financial Statements December 31, 2025 ## **11. Single Reportable Segment** The Company is engaged in a single line of business as a broker-dealer, which was established to serve as the placement agent for the purpose of distributing interests in funds managed by the Adviser. The Company has identified its CFO as the chief operating decision maker ("CODM"), who uses the financial metrics such as revenue or net profit to evaluate the results of the business predominantly in the forecasting process to manage the Company. Additionally, the CODM uses excess net capital (see Note 9), which is not a measure of profit or loss, to make operational decisions while maintaining capital adequacy, such as whether to 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 accounting policies. The Company derived 100% of its total revenues from its Parent. Refer to Related Party Transactions (Note 3) for more details. Refer to the statement of operations for the segment revenue and significant expenses for the year ended December 31, 2025. ## **12. Subsequent Events** The Company has evaluated all subsequent events through February 26, 2026 and has determined that no subsequent events have occurred that would require adjustment to or disclosure in the financial statements or accompanying notes. {19}------------------------------------------------ Supplemental Information {20}------------------------------------------------ #### **Schedule I** ## Boston Partners Securities, L.L.C. (a Limited Liability Company) # Computation of Net Capital Pursuant to Rule 15c3-1 of the Securities and Exchange Commission December 31, 2025 | Total member's equity | \$
10,733,803 | |-------------------------------------------------------------------------------------------------------------------|------------------| | Non-allowable assets: | | | Receivable
from Parent | 269,410 | | Prepaid expenses and Deferred tax assets | 132,939 | | Total non-allowable assets | 402,349 | | Haircuts on foreign cash | 2,445 | | Net capital | \$
10,329,009 | | Minimum net capital requirement (the greater of 6-2/3% of aggregate
indebtedness of \$1,941,265
or \$5,000) | \$
129,418 | | | | | Net capital in excess of minimum requirement | \$
10,199,591 | | Aggregate indebtedness | \$
1,941,265 | | Ratio of aggregate indebtedness to net capital | .1879
to 1 | No material differences exist between the above computation of net capital and the computation of net capital as of December 31, 2025 included in Boston Partners Securities, L.L.C.'s corresponding unaudited Form X-17A-5 Part IIA filing on January 22, 2026. See accompanying report of independent registered public accounting firm. {21}------------------------------------------------ #### **Schedule II** ## Boston Partners Securities, L.L.C. (a Limited Liability Company) # Computation for Determination of Customer Reserve Requirements and PAB Account Reserve Requirements pursuant to Rule 15c3-3 of the Securities and Exchange Commission December 31, 2025 The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3. The Company has filed an Exemption Report relying on Footnote 74 of the SEC Release No. 34- 70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to: (1) Mutual fund retailer on a subscription basis; and (2) Private placement of securities in accordance with the requirements of paragraphs (a) or (b)(2) of Rule 15c2-4, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. See accompanying report of independent registered public accounting firm. {22}------------------------------------------------ #### **Schedule III** ## Boston Partners Securities, L.L.C. (a Limited Liability Company) # Schedule III – Information Relating to Possession or Control Requirements pursuant to Rule 15c3-3 of the Securities and Exchange Commission December 31, 2025 The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3. The Company has filed an Exemption Report relying on Footnote 74 of the SEC Release No. 34- 70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to: (1) Mutual fund retailer on a subscription basis; and (2) Private placement of securities in accordance with the requirements of paragraphs (a) or (b)(2) of Rule 15c2-4, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. See accompanying report of independent registered public accounting firm. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.