# MIDAS SECURITIES GROUP, INC. X-17A-5 (2026-06-17) — Broker-dealer annual report
- Company: MIDAS SECURITIES GROUP, INC.
- Form: X-17A-5
- Filed: 2026-06-17
- Period: 2025-12-31
- Accession: 0000719997-26-000007
- CIK: 719997
- File #: 8-29751
- Type: Broker-dealer
- Material weakness: No
- Auditor: Tait, Weller & Baker LLP
- Auditor location: Philadelphia, PA
- Contact: Thomas O'Malley
- Phone: 2127850900
- Email: tomalley@performancedriven.us
- Website: performancedriven.us
- Signed by: Thomas O'Malley (Chief Financial Officer)
Original filing: https://www.sec.gov/Archives/edgar/data/719997/000071999726000007/msgx17a5p3.pdf
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## STATEMENT OF FINANCIAL CONDITION AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
DECEMBER 31, 2025
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PUBLIC
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 8-29751
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 | 01/01/25 | AND ENDING | 12/31/25 |
|---------------------------------|----------|------------|----------|
| | MM/DD/YY | | MM/DD/YY |
A. REGISTRANT IDENTIFICATION
# NAME OF FIRM: Midas Securities Group, 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.)
## 17 Old Drewsville Road
| (No. and Street) | | | | |
|--------------------------------------------------|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|
| | 03608
New Hampshire | | | |
| (State) | | (Zip Code) | | |
| PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | |
| 212-785-0900 | tomalley@performancedriven.us | | | |
| (Area Code - Telephone Number) | | (Email Address) | | |
| | | | | |
| Tait, Weller & Baker LLP | | | | |
| Philadelphia | PA | 19102 | | |
| (City) | (State) | (Zip Code) | | |
| | 445 | | | |
| (Date of Registration with PCAOB)(if applicable) | | (PCAOB Registration Number, if applicable) | | |
| FOR OFFICIAL USE ONLY | | | | |
| | | | | |
| | | B. ACCOUNTANT IDENTIFICATION
INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
(Name - if individual, state last, first, and middle name)
* ( 1 inc for avampion from the ranural ranorte ha coverage by the ranger of an indonant nublic | | |
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.
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#### OATH OR AFFIRMATION
I. Thomas O'Malley swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Midas Securities Group, Inc. as of 12/31 2 025 \_\_ is true and correct. I further swear (or affirm) that neither the company nor any
partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer.
Notary Public
I
Signatu Title: Chief Flancial Officer
IRENE K KAWCZYNSKI Notary Public, State of New York Reg. No. 01KA4899282 Qualified in Kings County Commission Expires June 29, 2002
This filing\*\* contains (check all applicable boxes):
- (a) Statement of financial condition.
- (b) Notes to consolidated statement of financial condition.
- O (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).
- O (d) Statement of cash flows.
- [ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- [ (f) Statement of changes in liabilities subordinated to claims of creditors.
- (g) Notes to consolidated financial statements.
- [ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- [i) Computation of tangible net worth under 17 CFR 240.18a-2.
- [] Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- O (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
- [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- [m] Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- [ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- [p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- [r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- [ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- (t) Independent public accountant's report based on an examination of the statement of financial condition.
- O (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- O (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- [w] Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- O (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17-12, as applicable.
- O (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- 0 (z) Other:
- \*\* To request confidential treatment of chis filing, see 17 CFR 240.170-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable.
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### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholder Midas Securities Group, Inc. Walpole, New Hampshire
#### Opinion on the Financial Statement
We have audited the accompanying statement of financial condition of Midas Securities Group, Inc. (a whollyowned subsidiary of Winmill & Co. Incorporated) as of December 31, 2025, and the related notes (collectively referred to as the financial statement ). In our opinion, the financial statement presents fairly, in all material respects, the financial position of Midas Securities Group, Inc. as of December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
#### Basis of Opinion
public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Midas Securities Group, Inc. 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 have served as auditor since 1989.
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 statement is 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 statement, 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 statement. 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 statement. We believe that our audit provides a reasonable basis for our opinion.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania February 25, 2026
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## STATEMENT OF FINANCIAL CONDITION
December 31, 2025
| S
Cash and cash equivalents
Investments - affiliates
Receivables from Funds:
Distribution and service fees
Co-transfer agent and recordkeeping
Due from affiliates
Prepaid expenses and other assets
S
Total assets | |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| | 391.902 |
| | 10,142,642 |
| | |
| | 14.402 |
| | 2,096 |
| | 2,085 |
| | 27.342 |
| | 10,580,469 |
| Liabilities and stockholder's equity | |
| S
Accounts payable and accrued expenses | 29,590 |
| Due to affiliates | 16,397 |
| Income taxes | 3,207 |
| Deferred taxes | 1,068,218 |
| Total liabilities | 1,117,412 |
| Commitments and contingencies (Note 6) | |
| Stockholder's equity | |
| Common stock, \$.01 par value; 1,000 shares authorized; | |
| 100 shares issued and outstanding | |
| Additional paid in capital | 6,763,055 |
| Retained earnings | 2,700,001 |
| Total stockholder's equity | 9,463,057 |
| S
Total liabilities and stockholder's equity | 10,580,469 |
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#### NOTES TO FINANCIAL STATEMENT December 31, 2025
#### 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
#### Nature of Operations
Midas Securities Group, Inc. ( or the ) is a wholly-owned subsidiary of Winmill & Co. Incorporated . MSG provides distribution and shareholder services and other activities Services ) to the Midas Series Trust (the ), on behalf of Midas Discovery and Midas Special Opportunities Corporation , a subsidiary of Winco. The Company is registered under the Securities Exchange Act of 1934 as a broker/dealer and is a member of the Financial Industry Regulatory Authority, Inc.
#### Basis of Presentation
The preparation of statement of financial condition in conformity with accounting principles generally GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statement. Actual results could significantly differ from those estimates.
#### Cash and Cash Equivalents
The Company considers all investments in money market funds, short-term investments and other marketable securities maturing ninety days or less that are not held-for-sale in the ordinary course of business as cash equivalents. Cash and cash equivalents held at financial institutions, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation.
#### Investment Transactions and Revenue Recognition
The Company records investment transactions based on the trade date, with realized gains (losses) and unrealized appreciation (depreciation) reflected on the statement of income. Dividend income, net of foreign withholding taxes, if any, and dividend expense are recognized on the ex-dividend date. Interest income and expense, if any, are recognized on an accrual basis.
#### Valuation of Securities
Securities are normally valued at the last reported sales price on the date of determination in the principal market or exchange where such securities are traded or, if not available, at the last reported bid price if held long and the last reported ask price if sold short in such market or exchange, or by any other method approved by any two authorized officers of the Company.
#### Fair Value Measurement
Fair value is defined as the price that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a three level hierarchy for fair value measurements based on the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources assumptions that market participants would use in pricing the asset or liability based on the best information the inputs which are significant to the overall valuation. The inputs or methodology used for valuing an asset or liability are not an indication of the risk associated with investing in that asset or liability. The hierarchy of inputs is summarized below.
Level 1 unadjusted quoted prices in active markets for identical assets or liabilities including securities actively traded on a securities exchange.
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Level 2 observable inputs other than quoted prices included in level 1 that are observable for the asset or liability which may include quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.
Level 3 assumption a market participant would use in valuing the asset or liability.
The following is a summary of the inputs used as of December 31, 2025 investments:
| | Valuation Input | | | | | |
|---------------------------------|-----------------|----|-----------|---------|---|---------------|
| | Level 1 | | Level 2 | Level 3 | | Total |
| Common stock of publicly traded | | | | | | |
| affiliates | \$ 4,579,024 | \$ | 5,563,618 | \$ | - | \$ 10,142,642 |
The carrying amounts of cash and cash equivalents, receivables, and accounts payable and accrued expenses approximate fair value because of the short maturity of these items.
#### Distribution and Other Service Revenue
The Company provides the MSG Services to the Funds. The Trust has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended, on behalf of each Fund, and each Fund pays the Company a 12b- ll determine, as compensation for the MSG Services MSG Service fees recognized in the current period are related to performance obligation that have been satisfied in prior periods. Co-transfer agent and recordkeeping reimbursements are based on a methodology utilized for allocating such charges.
#### Income Taxes
The Company is included in the consolidated federal and state income tax returns with Winco and the other wholly owned subsidiaries of Winco. It is the policy of Winco to allocate the applicable federal and state taxes (benefits) to each subsidiary on a separate return basis.
The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting basis and tax basis of assets and liabilities. The Company has reviewed its tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
#### Operating Segments
The Company has a single operating segment and the President of the Company, as chief operating decision CODM monitors the operating results of the Company as a whole. The financial information in the information used is consistent with that presented within the financial statements. Segment assets are reflected on the accompanying statement of financial condition and significant segment expenses are listed on the accompanying statement of income.
#### Subsequent Events
Subsequent events after the statement of financial condition date through the date that the financial statements were available for issuance, February 25, 2026, have been evaluated in the preparation of the financial statements.
#### 2. INVESTMENTS
As of December 31, 2025 investments consisted of the following:
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| | Cost | Value |
|---------------------------------------------|---------------|--------------|
| Common stock of publicly traded affiliates: | | |
| Bexil Corporation | \$
895,043 | \$ 5,012,154 |
| Foxby Corp. | 1,469,791 | 2,937,491 |
| Bexil Investment Trust | 824,488 | 952,518 |
| Global Self Storage, Inc | 637,677 | 689,015 |
| Tuxis Corporation | 2,431,212 | 551,464 |
| Total investments | \$ 6,258,211 | \$10,142,642 |
As of December 31, 2025, the Company held approximately 18%, 24%, less than 1%, 1%, and 19% of the outstanding securities of Bexil Corporation , Foxby Corp. , Bexil Investment Trust , Global Self Storage, Inc. and Tuxis Corporation , respectively.
#### 3. INCOME TAXES
The Company has a deferred tax liability of \$1,068,218 as of December 31, 2025. The deferred tax liability is attributable to unrealized gains on investment securities.
#### 4. REGULATORY NET CAPITAL REQUIREMENTS
The Company is subject to the Uniform Net Capital Rule under Rule 15c3-1 of the Exchange Act 15c3- . The Company must maintain net capital, as defined under Rule 15c3- , of not less than \$5,000 or 6-2/3% of aggregate indebtedness, whichever is greater, and a ratio of aggregate indebtedness to Net Capital, as defined, of not more than 15 to 1. As of December 31, 2025, the Company had Net Capital of \$1,645,047, which exceeded its Net Capital requirement of \$5,000 by \$1,640,047. The ratio of aggregate indebtedness to Net Capital was approximately 0.3 to 1.
#### 5. RELATED PARTIES
Certain officers of the Company also serve as officers and/or directors of Winco, Bexil, Tuxis, SELF, and their affiliates (collectively with the Company compliance, and related services for the concurrently employed employees of the Affiliates in accordance with applicable rules and regulations of the Internal Revenue Service, and in connection therewith MMC acts as a conduit payer of compensation and benefits to Affiliate employees. Expenses for various jointly used administrative and support functions jointly incurred by the Affiliates are allocated at cost among them. As of December 31, 2025, the Company had a receivable of \$2,085 from Winco and a payable to MMC of \$16,397 related to compensation, benefits, and administrative and support function expenses.
As of December 31, 2025, the Company had a receivable for distribution fees of \$14,402.
The Company has agreements with selected dealers for distribution of shares of the Funds, service, and record keeping. The cost of record keeping performed by and paid to such dealers by the Company is reimbursed by the Funds. As of December 31, 2025, the Company had a receivable from the Funds for such record keeping of \$2,096.
#### 6. COMMITMENTS AND CONTINGENCIES
As of December 31, 2025, there were no commitments or contingencies other than regulatory Net Capital requirements disclosed in Note 4.
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.