Full text of DUNHAM & ASSOCIATES INVESTMENT COUNSEL, INC.'s X-17A-5 filed 2026-03-02 (period 2025-12-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------ # DUNHAM & ASSOCIATES INVESTMENT COUNSEL, INC. FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION For the Years Ended December 31, 2025 and 2024  {1}------------------------------------------------ #### DUNHAM & ASSOCIATES INVESTMENT COUNSEL, INC. Years Ended December 31, 2025 and 2024 #### TABLE OF CONTENTS | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 1 | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--| | FINANCIAL STATEMENTS | | | Statements of Financial Condition 2<br>Statements of Income 3<br>Statements of Changes in Shareholder's Equity 4<br>Statements of Cash Flows 5<br>Notes to Financial Statements 6-13 | | | SUPPLEMENTAL INFORMATION | | | Schedule I - Computation of Net Capital<br>under SEC Rule 15c3-1 14<br>Schedule II - Information Relating to the Possession or<br>Control Requirements under SEC Rule 15c3-3 15<br>Schedule III - Computation for Determination of Reserve Requirements<br>under SEC Rule 15c3-3 16 | | | | | #### Page {2}------------------------------------------------  **PKF San Diego, LLP 2020 Camino del Rio North, Ste 1000 San Diego, CA, 92108 (619) 238-1040 www.pkfsandiego.com** #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The Board of Directors Dunham & Associates Investment Counsel, Inc. San Diego, California #### **Opinion on the Financial Statements** We have audited the accompanying statements of financial condition of Dunham & Associates Investment Counsel, Inc. (a California corporation) (the "Company"), as of December 31, 2025 and 2024 and the related statements of income, changes in shareholder's equity, and cash flows for the years then ended, and the related notes and schedules (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of Dunham & Associates Investment Counsel, Inc. as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** These financial statements are the responsibil…Read the full text as markdown