# R. F. LAFFERTY & CO., INC. X-17A-5 (2025-09-24) — Broker-dealer annual report - Company: R. F. LAFFERTY & CO., INC. - Form: X-17A-5 - Filed: 2025-09-24 - Period: 2025-06-30 - Accession: 0000352468-25-000009 - CIK: 352468 - File #: 8-25581 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville & Company - Auditor location: Dallas, TX - Contact: Henry Hackel - Phone: 212-293-9090 - Email: hhackel@rflafferty.com - Website: rflafferty.com - Signed by: Henry Hackel (President) Original filing: https://www.sec.gov/Archives/edgar/data/352468/000035246825000009/rflaffannualaudit.pdf --- {0}------------------------------------------------ # UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # ANNUAL REPORTS FORM X-17A-5 PART III sec file number 8-25581 FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 AND ENDING 06/30/25 filing for the period beginning 07/01/24 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION # NAME OF FIRM: R.F. LAFFERTY & CO, INC. TYPE OF REGISTRANT (check all applicable boxes): Broker-dealer □ Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # 40 Wall Street, Suite 3602 | | (No. and Street) | | | | |--------------------------------------------------|---------------------------------------------------------------------------|-----------------|--------------------------------------------|--| | New York | NY | | 100005
(Zip Code) | | | (City) | (State) | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | (212) 293-9090
Henry Hackel | | | hhackel@rflafferty.com | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | Sanville & Company | | | | | | 325 North Saint Paul St., Suite 3100 Dallas | (Name - if individual, state last, first, and middle name) | TX | 75201 | | | | (City) | (State) | (Zip Code) | | | (Address)
September 18, 2003 | | 169 | | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | \* Claims for exemption from the requirement that the annual reports of an independent public 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)(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. {1}------------------------------------------------ 1. Henry Hackel financial report pertaining to the fi 6/30 partner, officer, director, or equivalen as that of a customer. Notary Public This filing \*\* contains (check all applie {2}------------------------------------------------ Report on Audit of Financial Statements and Supplementary Information June 30, 2025 This report is deemed CONFIDENTIAL in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934. A statement of financial condition, bound separately, has been filed with the Securities and Exchange Commission simultaneously herewith as a Public Document. {3}------------------------------------------------ ### Contents | As of and for the year ended June 30, 2025 | | |----------------------------------------------------------------------------------------------------------------------------------------------------|---------| | Report of Independent Registered Public Accounting Firm | 1 - 2 | | Financial Statements | | | Statement of Financial Condition | 3 | | Statement of Operations | 4 | | Statement of Changes in Stockholders' Equity | 5 | | Statement of Cash Flows | 6 | | Notes to Financial Statements | 7 - 11 | | Supplementary Information | | | Schedule I - Computation of Net Capital Under Rule 15c3-1 of
the Securities and Exchange Commission | 12 | | Schedule II - Computation for Determination of Customer Account Reserve Under Rule 15c3-3
of the Securities and Exchange Commission (Exemption) | 13 | | Report of Independent Registered Public Accounting Firm Regarding Rule 15c3-3 Exemption Report | 14 - 15 | | Exemption Report | ા ર | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # Report of Independent Registered Public Accounting Firm To the To the Stockholders and Those Charged With Governance R.F. Lafferty & Company, Inc. # Opinion on the Financial Statements We have audited the accompanying statement of financial condition of R.F. Lafferty & Company, Inc. (the Company) as of June 30, 2025, the related statements of operations, changes in stockholders' equity, and cash flows for the year then ended, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 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 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. 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. # Supplemental Information The supplementary information contained in Schedule I, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for Determination of Reserve Requirements Under SEC Rule 15c3-3, and Schedule III, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the > 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {5}------------------------------------------------ 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 supplemental information, including its form and content, is presented in conformity with 17 C.F.R. § 240.17a-5. In our opinion, the supplementary information contained in Schedule I, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for Determination of Reserve Requirements Under SEC Rule 15c3-3, and Schedule III, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 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 2023. Sanville & Company, LLC Dallas, Texas September 23, 2025 {6}------------------------------------------------ Statement of Financial Condition June 30, 2025 # ASSETS | Cash | 3,375,004
မှာ | |--------------------------------|------------------| | Due from clearing firms | 6,059,513 | | Securities long, at fair value | 4,672,769 | | Accounts receivable | 215,868 | | Prepaid expenses | 177,503 | | Security deposit | 38,874 | | Due from employees and others | 82,132 | | | | | TOTAL ASSETS | \$ 14,621,663 | ## LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES: | | | |--------------------------------------------|----|---------------| | Commission and bonus payable | ಕೆ | 1,159,938 | | Securities short | | 22,249 | | Fees payable | | 88,325 | | Accrued expenses | | 162,953 | | Accounts payable | | 317,006 | | Deferred revenues | | 236,121 | | TOTAL LIABILITIES | | 1,986,592 | | STOCKHOLDERS' EQUITY | | 12.635.071 | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | \$ 14,621,663 | The accompanying notes are an integral part of these financial statements. {7}------------------------------------------------ Statement of Operations For the Year Ended Ended June 30, 2025 | REVENUE: | | |------------------------------|--------------------| | Commissions | 10,873,943
ಳಿ | | Underwriting income | 10,685,758 | | Interest income | 4,004,882 | | Trading gains and losses | 2,426,478 | | Investment banking | 1,843,795 | | Other income | 977,509 | | Advisory fees | 718,260 | | Fee income | 430,731 | | Research fees | 283,172 | | Distribution fees | 119,689 | | Riskless principal | 57,191 | | Dividend income | 6,334 | | Total revenue | 32,427,742 | | OPERATING EXPENSES: | | | Commissions paid | 16,146,475 | | Salaries, wages and benefits | 7,662,143 | | Professional fees | 1,531,576 | | Data services | 701,791 | | General and administrative | 383,041 | | Regulatory fees | 307,254 | | Legal settlements | 253,500 | | Software subscriptions | 232,041 | | Rent | 210,923 | | Insurance | 74,639 | | Travel and entertainment | 62,521 | | Telecommunications | 33,216 | | Bad debt expense | 32,821 | | Total expenses | 27,631,941 | | Provision for income taxes | 268,056 | | NET INCOME | 4,527,745
સ્ત્ર | The accompanying notes are an integral part of these financial statements. {8}------------------------------------------------ ### -- - !"#\$%& '()\*!+ ,&-&(%%(%%.\*/012023 | | P9::9@>9<7C
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U | 4567889:;7<=><@6?B7C;7B@9D@56A6 D><7<8>7CA@7@6:6<@AE {9}------------------------------------------------ Statement of Cash Flows For the Year Ended Ended June 30, 2025 | CASH FLOWS FROM OPERATING ACTIVITIES: | | |-------------------------------------------------------------|--------------------| | Net income | ದಿ
4,527,745 | | Adjustments to reconcile net income to net cash provided by | | | operating activities | | | Changes in operating assets and liabilities | | | Decrease in accounts receivable | 40,446 | | Increase in commissions receivable | (45,000) | | Decrease in right of use assets | 16,000 | | Decrease in due from broker | 1,090,204 | | Increase in investments | (4,181,741) | | Increase in prepaid expenses | (36,395) | | Increase in other assets | (16,000) | | Decrease in investments sold short | 21,779 | | Decrease in accounts payable | 155,161 | | Increase in right of use liabilities | (16,000) | | Decrease in commissions payable | 165,682 | | Decrease in accrued expenses | 144,953 | | Decrease in fees payable | 25,703 | | Increase in deferred revenue | 179,644 | | NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,072,181 | | NET INCREASE IN CASH | 2,072,181 | | CASH AT BEGINNING OF PERIOD | 1,302,823 | | CASH AT END OF PERIOD | સ્ત્ર
3,375,004 | | Cash paid during the year for: | | | Interest | સ્ત્ર | | Income Taxes | સ્ક
21,817 | The accompanying notes are an integral part of these financial statements. ### 6 {10}------------------------------------------------ Notes to Financial Statements June 30, 2025 ### 1. Nature of Business R. F. Lafferty & Co., Inc. (The "Company"), a New York corporation formed for the purpose of conducting business as a broker-dealer in securities, is registered with the Securities and Exchange Commission. The Company is a member of the Financial Industry Regulatory Authority (FINRA). The Company operates under the provisions of Paragraph (k) (2) (ii) of Rule 15c3-3 of the Securities and Exchange Commission and, accordingly, is exempt from the remaining provisions of that rule. Essentially, the requirements of Paragraph (k) (2) (ii) provide that the Company clears all transactions on a fully disclosed basis with a clearing broker/dealer, and promptly transmits all customer funds and securities to the clearing broker/dealer. The clearing broker/dealer carries all of the accounts of the customers and maintains and preserves all related books and records as are customarily kept by a clearing broker/dealer. The Company's business activities outside of its clearing arrangements are considered exempt from 15c3-3 through relying on footnote 74 to SEC Release 34-70073. ### 2. Summary of Significant Accounting Policies ### Basis of Presentation These financial statements are prepared using the accrual basis of accordance with accounting principles generally accepted in the United States of America. ### Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers ("ASC 606"), for revenue streams arising from contracts with customers, and under other applicable U.S. GAAP for non-customer contract revenues, such as interest income, trading gains and losses, and dividend income. ### Non-ASC 606 Revenue Interest Income: Recognized as earned from customer margin accounts and other brokerage-related activities in accordance with ASC 310, Receivables, or ASC 940, Financial Services-Brokers, based on terms specified in customer agreements and clearing contracts. Interest income is accrued over time using the effective interest method Trading Gains and Losses: Recognized in accordance with ASC 320, Investments-Debt and Equity Securities, or ASC 940, based on changes in the fair value of trading securities held by the Company. Realized gains and losses are recorded on the trade date, and unrealized qains and losses are recognized at each reporting date. Dividend Income: Recognized when the right to receive payment is established, in accordance with ASC 320 or ASC 940, typically on the ex-dividend date. ### Income Taxes The Company has elected to be treated as an "S" Corporation under the Internal Revenue Code and New York State tax requlations. Under the provisions, the Company does not pay federal or state corporate income taxes on its taxable income. Instead, the stockholder is liable for individual income taxes on his respective share of the Company's taxable income. The Company continues to pay New York City general corporation taxes. The Company recognizes and measures any unrecognized tax benefits in accordance with FASB ASC 740. Income Taxes. Under this guidance the Company assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based upon the facts, circumstances, and information available at the end of each period. The measurement of unrecognized tax benefits is adjusted when new information becomes available, or when an event occurs that requires a change. The Company did not have material unrecognized tax benefits as of June 30, 2025 and does not expect this to change significantly over the next twelve months. The Company will recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of June 30, 2025, the Company has no accrued interest or penalties associated with uncertain tax positions. {11}------------------------------------------------ Notes to Financial Statements June 30, 2025 ### 2. Summary of Significant Accounting Policies (Continued) ### Cash and Cash Equivalents Cash consists of deposits with banks and highly liquid investments, with maturities of three months or less, that are not segregated and deposited for regulatory purposes. ### Allowance for Doubtful Accounts Receivables from broker-dealers and clearing organizations are generally collected in full in the month following their accrual. As such, management has not recorded an allowance for doubtful accounts on these receivables. Management records an allowance for bad debts based on a collectability review of specific accounts. Any receivables deemed uncollectable are written off against the allowance. ### Fair Value Measurements The Company carries its investments at fair value. ASC 820, Fair Value Measurements and Disclosure, defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair yalue hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The fair value hierarchy is categorized into three levels based on the inputs as follows: - Level 1 Fair values derived from unadjusted quoted prices of identical assets in active markets. - Level 2 Fair values derived from quoted prices of similar assets in active markets, quoted prices for identical or similar assets in markets that are not active and model driven valuations in which all significant inputs are observable in active markets. - Level 3 Fair values derived from inputs which are not observable in markets. Securities listed on a national exchange are generally valued based on quoted prices from the exchange. Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at last quoted bid price. The fair value of corporate bonds is determined using recently executed transactions and market price quotations, when observable, from independent external parties, including brokers. Other assets and securities for which market quotations are not readly available are valued at fair value as determined by management in accordance with GAAP. The resulting realized and unrealized gains and losses are included in the Statement of Operations. Realized gains and losses are determined on the basis of identified cost. The following table represents the Company's fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as at June 30, 2025: | Securities owned, at fair value | | Level 1 | Level 2 | | Level 3 | | Total | | |---------------------------------------------------|---------|--------------|---------|--------|---------|--|-------|--------------| | Equities | ea | 595.070 | D | | D | | D | 595,070 | | Rights and Warrants | | | | 23.432 | | | | 23,432 | | Bonds | | | | 54,267 | | | | 54,267 | | U.S. Treasuries | | 4,000,000 | | | | | | 4,000,000 | | Total | | \$ 4,595,070 | | 77,699 | | | | \$ 4,672,769 | | Securities sold, not yet purchased, at fair value | Level 1 | | Level 2 | | Level 3 | | Total | | | Equities | | 22.249 | | | | | | 22,249 | | Total | | 22.249 | | | | | | 22,249 | ### Use of Estimates Management uses estimates and assumptions in preparing financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses. Actual results could differ from these estimates. {12}------------------------------------------------ ### -- - ! # )\*+,-,./,012342.5167589:5;4/8523,18 "#\$%&'%'( <=>?@ABCDEF>G@HDIJ>KF>L>DM>NF@A G@DOFCGOKPIO=GMKO@A>FKIDCGG@FQCDG>PIO=RS?<@BIGTUTVW>L>DM>NF@A ?@DOFCGOKPIO=?MKO@A>FKXYRS?TUTYZ[\DQ>FRS?TUTVF>L>DM>IKF>G@HDIJ>QP=>DCGMKO@A>F@]OCIDKG@DOF@^@N BF@AIK>QH@@QK@FK>FLIG>KIDCDCA@MDOO=COF>N^>GOKO=>G@DKIQ>FCOI@DO=>?@ABCDE>\_B>GOKO@F>G>IL>ID>\_G=CDH> N@FO=@K>H@@QK@FK>FLIG>K[<=>?@ABCDECBB^I>KO=>N@^^@PIDHNIL>`KO>BA@Q>^O@Q>O>FAID>P=>DO@F>G@HDIJ> F>L>DM>aXbZIQ>DOINEO=>G@DOFCGOXKZPIO=CGMKO@A>FcXdZIQ>DOINEO=>B>FN@FACDG>@]^IHCOI@DKIDO=>G@DOFCGOcXeZ Q>O>FAID>O=>OFCDKCGOI@DBFIG>cXfZC^^@GCO>O=>OFCDKCGOI@DBFIG>O@O=>B>FN@FACDG>@]^IHCOI@DKIDO=>G@DOFCGOcCDQXgZ F>G@HDIJ>F>L>DM>P=>DX@FCKZO=>?@ABCDEKCOIKNI>KCB>FN@FACDG>@]^IHCOI@D[ W>L>DM>NF@A G@DOFCGOKPIO=GMKO@A>FKBFIACFI^EIDG^MQ>KG@AAIKKI@DKVMDQ>FPFIOIDHIDG@A>VIDL>KOA>DO]CDhIDH N>>KVCQLIK@FE N>>KVN>> IDG@A>VF>K>CFG= N>>KVQIKOFI]MOI@D N>>KVFIKh^>KK BFIDGIBC^OFCDKCGOI@DKVCDQ G>FOCID G@AB@D>DOK@N@O=>FIDG@A>[W>L>DM>KD@OPIO=IDO=>KG@B>@NRS?TUTVKMG=CKIDO>F>KOIDG@A>VOFCQIDHHCIDKCDQ ^@KK>KVCDQQILIQ>DQIDG@A>VCF>CGG@MDO>QN@FMDQ>F@O=>FCBB^IGC]^>\[S[iRRjCDQQIKG^@K>QK>BCFCO>^EIDk@O>d XSIHDINIGCDORGG@MDOIDHj@^IGI>KZ[ # lmnompmqrostuvnwxosy W>L>DM>NF@AG@DOFCGOKPIO=GMKO@A>FKIDG^MQ>KG@AAIKKI@DIDG@A>VN>>KNF@AIDL>KOA>DO]CDhIDHK>FLIG>KVCQLIK@FE K>FLIG>KVCDQ@O=>FN>>`]CK>QK>FLIG>K[ <=>F>G@HDIOI@DCDQA>CKMF>A>DO@NF>L>DM>IK]CK>Q@DO=>CKK>KKA>DO@NIDQILIQMC^G@DOFCGOO>FAK[SIHDINIGCDO zMQHA>DOACE]>F>{MIF>QO@Q>O>FAID>P=>O=>FB>FN@FACDG>@]^IHCOI@DKCF>KCOIKNI>QCOCB@IDOIDOIA>@F@L>FOIA>c =@PO@C^^@GCO>OFCDKCGOI@DBFIG>KP=>F>AM^OIB^>B>FN@FACDG>@]^IHCOI@DKCF>IQ>DOINI>QcP=>DO@F>G@HDIJ>F>L>DM> ]CK>Q@DO=>CBBF@BFICO>A>CKMF>@NO=>?@ABCDE|KBF@HF>KKMDQ>FO=>G@DOFCGOcP=>O=>FF>L>DM>K=@M^Q]> BF>K>DO>QHF@KKXCKBFIDGIBC^Z@FD>OXCKCH>DOZ@NG>FOCIDG@KOKcCDQP=>O=>FG@DKOFCIDOKK=@M^Q]>CBB^I>QO@LCFIC]^> G@DKIQ>FCOI@DQM>O@MDG>FOCIDNMOMF>>L>DOK[ # }~x~rnxwwmyymoy <=>?@ABCDE]MEKCDQK>^^KK>GMFIOI>K@D]>=C^N@NIOKGMKO@A>FK[CG=OIA>CGMKO@A>F>DO>FKIDO@C]ME@FK>^^ OFCDKCGOI@DVO=>?@ABCDEG=CFH>KCG@AAIKKI@D[?@AAIKKI@DKCDQF>^CO>QG^>CFIDH>\_B>DK>KCF>F>G@FQ>Q@DO=> OFCQ>QCO>[<=>?@ABCDE]>^I>L>KO=COO=>B>FN@FACDG>@]^IHCOI@DIKKCOIKNI>Q@DO=>OFCQ>QCO>KIDG>O=COIKP=>DO=> MDQ>F^EIDHNIDCDGIC^IDKOFMA>DO@FBMFG=CK>FIKIQ>DOINI>QVO=>BFIGIDHCDQKIHDINIGCDOO>FAKCF>CHF>>QMB@DVCDQO=> FIKhKCDQF>PCFQK@N@PD>FK=IB@NO=>K>GMFIOI>K=CL>]>>DOFCDKN>FF>QO@@FNF@AO=>GMKO@A>F[ # oxyswxos}romon <=>?@ABCDEBF@LIQ>KIDL>KOA>DO]CDh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h>KM]K>{M>DOO@O=IKQCO>CDQO=>IKKM>F@]OCIDKO=>G@DOF@^CDQ]>D>NIO@NO=>GCBIOC^ ACFh>OK@NN>FIDHCOO=COB@IDO[@F]>KO`>NN@FOK@NN>FIDHK@FCQLIK@FEF@^>K]MDQ^>QPIO=MDQ>FPFIOIDHVF>L>DM>IK C^^@GCO>Q]CK>Q@DF>^COIL>KOCDQC^@D>K>^^IDHBFIG>KCDQF>G@HDIJ>QP=>DG@DOF@^OFCDKN>FKVOEBIGC^^ECOG^@KIDH[ # vmy~lx~mqxy <=>?@ABCDEBF@LIQ>KCQLIK@FEK>FLIG>K@DA>FH>FKCDQCG{MIKIOI@DKXRZCDQ@O=>FKOFCO>HIGOFCDKCGOI@DK[ W>L>DM> N@FCQLIK@FECFFCDH>A>DOKIKH>D>FC^^EF>G@HDIJ>Q COO=> B@IDOID OIA> O=COB>FN@FACDG> MDQ>FO=> CFFCDH>A>DOIKG@AB^>O>QXO=>G^@KIDHQCO>@NO=>OFCDKCGOI@DZ@FO=>G@DOFCGOIKGCDG>^>Q[@P>L>FVN@FG>FOCID G@DOFCGOKVF>L>DM>IKF>G@HDIJ>Q@L>FOIA>N@FCQLIK@FECFFCDH>A>DOKIDP=IG=O=>B>FN@FACDG>@]^IHCOI@DKCF> KIAM^OCD>@MK^EBF@LIQ>Q]EO=>?@ABCDECDQG@DKMA>Q]EO=>GMKO@A>F[DG>FOCIDGIFGMAKOCDG>KVKIHDINIGCDO zMQHA>DOIKF>{MIF>QO@Q>O>FAID>O=>OIAIDHCDQA>CKMF>@NBF@HF>KKCBBF@BFICO>N@FF>L>DM>F>G@HDIOI@DMDQ>FC KB>GINIGG@DOFCGOVKMG=CKMKIDHOIA>>^CBK>Q@FIDBMOA>O=@QKN@F@DH@IDHK>FLIG>K[W>OCID>FKCDQ@O=>FN>>KF>G>IL>Q NF@AGMKO@A>FKBFI@FO@F>G@HDIJIDHF>L>DM>CF>F>N^>GO>QCKG@DOFCGO^IC]I^IOI>K[ # oxyswxosxyxr~q <=>?@ABCDEBF@LIQ>KIDL>KOA>DOF>K>CFG=O@GMKO@A>FKVBFIACFI^EIDKOIOMOI@DC^IDL>KO@FK[W>L>DM>IKF>G@HDIJ>Q@D O=>QCO>O=COO=>F>K>CFG=K>FLIG>KCF>BF@LIQ>QO@O=>GMKO@A>FN@FO=@K>K>FLIG>KO=COCF>Q>O>FAID>QO@]>KCOIKNI>Q COCB@IDOIDOIA>VCDQOIA>>^CBK>QIKH>D>FC^^EMK>QO@A>CKMF>O=>BF@HF>KK@NCDEF>K>CFG=K>FLIG>KO@]>KCOIKNI>Q @L>FOIA>[ {13}------------------------------------------------ Notes to Financial Statements June 30, 2025 ### 3. Revenue From Contracts With Customers (Continued) ### Other Income Other income primarily consists of miscellaneous fees from customers for services such as account maintenance, wire transfers, foreign exchange transactions, and other ancillary brokerage services. These fees are typically recognized at a point in time when the service is provided and control is transferred to the customer, as the benefits are consumed simultaneously. Variable consideration, if any, is constrainties are resolved. The Company acts as principal in these transactions and presents revenue gross of related costs. ### Other Fee Income Other fee income includes fee income, research fees (beyond the standalone research described above), distribution fees from mutual funds or other investment products, and revenue from riskless principal transactions. In riskless principal transactions, the Company acts as an agent to match buyers and sellers without taking inventory risk, recognizing net commission revenue at the trade date when control transfers. Distribution fees are recognized over time as the Company provides ongoing distribution services, measured by time elapsed or assets under management. These streams are aggregated for disclosure purposes as they are immaterial individually and share similar characteristics (primarily point-in-time or short-term over-time recognition with limited uncertainties) ### 4. Commitments and Contingencies ### Office Space The Company entered into an agreement to lease office space in New York beginning on September 1. 2024 and ending on August 31, 2025. The Company remitted an additional security deposit in the amount of \$16,000 on September 6, 2024. The Security Deposits account in the accompanying statement of financial condition has a total of \$38,874. Included in the Company's clearing agreements with its clearing broker-dealers include a indemnification clause. This clause relates to instances where the Company's customers fail to settle security transactions. In the event this occurs, the Company will indemnify the clearing broker-dealer to the net loss on any unsettled trades. As of June 30, 2025, management of the Company had not been notified by the clearing broker-dealer, nor were they otherwise aware, of any potential losses relating to this indemnification. The Company is subject to various claims, legal proceedings, and regulatory investigations arising in the ordinary course of its business as a broker-dealer. These matters primarily involve disputes with customers related to trading activities or investment advice. As of year-end, there are no pending settlements associated with these claims. Management, after consultation with legal counsel, believes that the ultimate resolution of these a material adverse effect on the Company's financial position, results of operations, or cash flows. However, due to the inherent uncertainties in litigation and regulatory proceedings, the Company cannot predict with certainty the outcome of these matters or estimate the potential range of loss, if any. The Company intends to vigorously defend itself against these claims ### 5. Financial Instruments with Off-Balance Sheet Credit Risk As a securities broker, the Company is engaged in buying and selling securities for a diverse group of institutional and individual investors. The Company introduces these transactions for clearance to another broker-dealer on a fully disclosed hasis The Company's exposure to credit risk associated with non-performance of customers in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile trading markets which may impar customers' ability to satisfy their obligations to the Company's ability to liquidate the collateral at an amount equal to the original contracted amount. The agreement between the Company and its clearing broker provides that the Company is obligated to assume any exposure related to such non-performance by its customers. The Company seeks to control the aforementioned risks by requiring customers to maintain margin collateral in compliance with various requirements and the clearing broker's internal guidelines. The Company monitors its customer activity by reviewing it receives from its clearing broker on a daily basis, and requiring customers to deposit additional collateral, or reduce positions, when necessary. {14}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c:>8?>6?JhG>6?dgUche 78:6G?5K8KM<6JOP;<5I?>:< >7H8JI>6<8K=>8?5J8K7>M?7JKMGJ568?G:;<6J:>S<;GM?<6JOUcY DBDAfBX?7JKMGJ56<6<\5766<M=<>6JJ:>6:789>Q:<64:789 ?S<67J:;8=>8??<:<6H78:8G>??7:7G8>M?7JKMGJ566<6<\576J:;< FGHI>8=;>JG8M=G8<6TM8=7JJ5T[8?qVK;>89I7:>Ms5M78:<8>8KI7:>M>8?6<\576::;<6>:7GGQ>996<9>:<78?I7:>MC TG:;>J?MM8G:8=;>?8<:K>I7:>MGQZiiCuXACvEiN;7K;N>J ZiiCXDACvEi78I7:>MGQZDEBCBBBOP;8=wJ8<:K>I7:>MI<6K<8:>9JivOjitO # x\*1py3.op./0z{./03 P;8=;>JM5>:8?:6>8J>K:7G8J:;>:GKK5668?c:<:;8K7>MJ:>:L>7M>TM<:GT<7JJ58?68K7>MJ:>:Non-allowable assets: | (514,377) | | NET CAPITAL BEFORE HAIRCUTS | \$ 12,120,694 | | HAIRCUTS
Other Securities
Undue Concentration | (147,042) | | | (147,042) | | NET CAPITAL | \$ 11,973,652 | | AGGREGATE INDEBTEDNESS: | 1,964,343 | | COMPUTATION OF BASIC NET CAPITAL REQUIREMENT
Minimum net capital required, based on 6 2/3% of aggregate indebtedness | સ્ક
130,957 | | Minimum net capital requirement | 250,000 | | Excess Net Capital | 11,723,652 | | Percentage of aggregate indebtedness to net capital | 16.41% | | There are no material differences between the audited computation of | | net capital computed above and the corresponding schedule included in the Company's unaudited June 30, 2025 Part IIA FOCUS filing {16}------------------------------------------------ (Supplemental Information) Computation for Determination of Customer Account Reserve Under Rule 15c3-3 of the Securities and Exchange Commission (Exemption) As of June 30, 2025 ### SCHEDULE II The Company is exempt from the provisions of Rule 15c3-3 under the Securities Exchange Act of 1934 as of June 30, 2025 in accordance with Rule 15c3-3(k)(2)(ii). {17}------------------------------------------------ ![](_page_17_Picture_0.jpeg) 34 5 5 6 758 9: 3 ;<=>>?@6AB ?C 3 8 :: D5A 7A EA 355 33AB ? 7FAB ;B D 3 ;<=>>?@6AB ?C 3G 6AB ?H5 I - 6AB ? 5 > 5 >D 7B: >6<;J-3KG4H 5D 3 6AB ?3 A5 AB >A6<;J-3KIG4HG-HG HG AB B: H 5 6AB ?5 A 5 > 5AB B: 7 ? 55L --D 3B M - - 6AB ? > 7 FAB ;BN3 6AB ?E N 3 : 3 AB5N?< > F6;K5B 7 A 5A 6<;J-K A 5GH3 7A> 5 G-H :A 5: ?: 3GHB :B3A >3 GH3 7N4K 5 7: N > 3 7 ? 55L --MO - 6AB ?GH5 5 5 3? 5 3?3 : 5 D D> 5 3 >3AG A ? 3 5 3 :5 5 BAB? A 5 3AB 3D B7B GHGNHG-H>6<;J-3-K HMG-H5 5 3?33 >>3AM 5GH5 5 3?BB ?33 >N4K5G5> 5 6<;J-3KH 7 ? 55L --D 3B 6AB ?EA 7A B N> A 53AB 3D AB B: P: DD3 535 335 3D 55> N 36AB ?Q33 7 P: 7 R5GS 5 H 5335 7? 355 T 5 T 5 B35N : 5 3NI 6AB ?E3AB 3D AB B: M 8 6AB ? A 5 N 3 : 3 :?GH3 7A> 5 G-H :A 5: ?: 3GHB :B3A >3 GH3 7N4K 5 7: N > 3 5GH5 5 5 3? 5 3?3 : 5 D D> 53 >3AG A ? 3 5 3 :5 5BAB? A 5 3AB 3D B7B GHGNHG-H>6<;J -3-KHMG-H5 5 3?33 >>3AM 5GH5 5 3?BB ? > - - - {18}------------------------------------------------ accounts of broker-dealers (as defined in 17 C.F.R. § 240.15c3-3) throughout the year ended June 30, 2025 without exception. 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 provisions set forth in paragraph (k)(2)(ii) of 17 C.F.R. § 240.15c3-3 and 17 C.F.R. క్ర 240.17a-5. Sanville & Company, Sanville & Company, LLC Dallas, Texas September 23, 2025 {19}------------------------------------------------ # R.F. Lafferty & Company, Inc. Exemption Report R.F. Lafferty & Company, Inc. (the "Company") is a registered broker-dealer subjectto Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. §240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: - (1) The Company claimed an exemption from 17 C.F.R. §240.15c3-3 under the following provisions of 17 C.F.R. §240.15c3-3(k)(2)(ii). - (2) The Company met the identified exemption provisions in 17 C.F.R. §240.15c3-3(k) throughout the most recent fiscal year without exception. - (3) The Company is considered "Non-Covered Firm" exempt from 17 C.F.R. §240.15c3-3 and is filing an Exemption Reportrelying on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by the SEC staff. The Company limits its business activities exclusively to: (1) acting as a mutual fund retailer (2) investmentadvisory services (3) private placement of securities (4) acting as a broker-dealer selling variable life insurance or annuities. - (4) The Company (1) did not directly or indirectly receive, hold or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4; (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. I, Henry Hackel, swear (or affirm) that, to my best knowledge and belief, this exemption report is true and correct. Regards, President Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.