# SF INVESTMENTS, INC. X-17A-5 (2026-03-02) — Broker-dealer annual report
- Company: SF INVESTMENTS, INC.
- Form: X-17A-5
- Filed: 2026-03-02
- Period: 2025-12-31
- Accession: 0000768773-26-000002
- CIK: 768773
- File #: 8-34069
- Type: Broker-dealer
- Material weakness: No
- Auditor: Cherry Bekaert LLP
- Auditor location: Raleigh, NC
- Contact: Gary Just
- Phone: 847-926-5724
- Email: gjust@sfinv.com
- Website: sfinv.com
- Signed by: Steven Shapiro (Vice President)
Original filing: https://www.sec.gov/Archives/edgar/data/768773/000076877326000002/sf_conf_2025.pdf
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Financial Report December 31, 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.
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| SEC FILE NUMBER | |
|-----------------|--|
| 8-34069 | |
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| Steven Shapiro | | swear (or affirm) that, to the best of my knowledge and belief, the |
|-----------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|
| tinancial report pertaining to the firm of SF Investments, Inc. | | as of |
| December 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. | | |
| | | |
| Signature: | |
|-----------------|--|
| Title: | |
| 111-- Decoidant | |
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#### Contents
| Report of Independent Registered Public Accounting Firm
1 - 2 | |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Financial Statements | |
| Statement of Financial Condition | |
| Statement of Operations | 4 |
| Statement of Changes in Stockholders' Equity | 5 |
| Statement of Cash Flows | 6 |
| Notes to Financial Statements | 7 – 13 |
| Supplementary Information | |
| Schedule I - Computation of Net Capital Pursuant to Rule 15c3-1 | 14 |
| Schedule II - Computation for Determination of Reserve Requirements and Information Relating to
Possession and Control Requirements Under Rule 15c3-3 | 15 |
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# **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
To the Board of Directors and Stockholders of SF Investments, Inc.
# **Opinion on the Financial Statements**
We have audited the accompanying statement of financial condition of SF Investments, Inc. (the "Company") as of December 31, 2025, and the related statements of operations, changes in stockholders' equity and cash flows for the year 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 condition 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 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 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.
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# **Supplemental Information**
The Computation of Net Capital Pursuant to Rule 15c3-1 and the Computation for Determination of Reserve Requirements 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 supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In our opinion, the Computation of Net Capital Pursuant to Rule 15c3-1 and the Computation for Determination of Reserve Requirements are fairly stated, in all material respects, in relation to the financial statements as a whole.
We have served as SF Investments, Inc. auditor since 2025.
Denver, Colorado February 25, 2026
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# **Statement of Financial Condition December 31, 2025**
| Assets | | |
|---------------------------------------------------------------------------------|----|--------------|
| Cash and cash equivalents | | 32,218 |
| Receivable from and deposit with clearing broker-dealer | | 1,223,014 |
| Accounts receivable from affiliates and employees | | 594,338 |
| Lease Right of Use Asset | | 611,256 |
| Other assets | | 35,419 |
| | | |
| Total assets | | \$ 2,496,245 |
| Liabilities and Stockholders' Equity | | |
| Liabilities | | |
| | \$ | 60,438 |
| Accounts payable | | |
| Lease Liability | | 709,720 |
| Total liabilities | | 770,158 |
| Stockholders' equity | | |
| Common stock, \$1 par value, 25,200 shares authorized, 10,000 shares issued and | | |
| outstanding | | 10,000 |
| Additional paid-in capital | | 1,013,445 |
| Retained earnings | | 702,642 |
| Total stockholders' equity | | 1,726,087 |
| | | |
| Total liabilities and stockholders' equity | | \$ 2,496,245 |
| | | |
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# **Statement of Operations Year Ended December 31, 2025**
| Revenue: | | |
|-----------------------------------|----|---------|
| Fee income | | 218,000 |
| Commissions | | 75,003 |
| Trading gains and losses, net | | 16,895 |
| Interest income | | 105,879 |
| Total revenue | | 415,777 |
| Expenses: | | |
| Clearing fees | | 155,676 |
| Compensation and related expenses | | 148,457 |
| Professional fees | | 56,865 |
| Regulatory fees | | 9,675 |
| Insurance | | 12,438 |
| Occupancy | | 10,045 |
| Telecommunications | | 4,983 |
| Business promotion | | 1,611 |
| Quotation services | | 3,017 |
| Other operating expenses | | 5,744 |
| Total expenses | | 408,511 |
| | | |
| Net gain | \$ | 7,266 |
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# **Statement of Changes in Stockholders' Equity Year Ended December 31, 2025**
| | Balance, | | | Balance, |
|----------------------------|--------------|---------------|-------------|--------------|
| | Beginning of | | Net | End of |
| | Year | Distributions | Income | Year |
| Common stock: | | | | |
| Class A | \$
100 | \$
- | \$
- | \$
100 |
| Class B | 9,900 | | - | 9,900 |
| Additional paid-in capital | 1,013,445 | - | - | 1,013,445 |
| Retained earnings | 695,376 | | 7,266 | 702,642 |
| Shareholder Distributions | | - | | - |
| Total | \$ 1,718,821 | \$
- | \$
7,266 | \$ 1,726,087 |
There are 200 shares of Class A voting common stock authorized and 100 shares issued and outstanding on December 31, 2025. There are also 25,000 shares of Class B non-voting common stock authorized, of which 9,900 shares are issued and outstanding. There has been no share activity during the year.
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# **Statement of Cash Flows Year Ended December 31, 2025**
| Cash Flows from Operating Activities | |
|--------------------------------------------------------------------------------------|-------------|
| Net income | \$
7,266 |
| Adjustments to reconcile net income to net cash provided by operating
activities: | |
| Amortization of leased asset | 157,175 |
| Changes in: | |
| Receivable from and deposit with clearing broker-dealer | (30,114) |
| Payments on operating lease liability | (172,972) |
| Accounts receivable from affiliates | 22,990 |
| Other assets | 35 |
| Accounts payable | 8,397 |
| Net cash used in operating activities | (7,223) |
| Cash Flows from Financing Activities | |
| Shareholder Distributions | - |
| Net cash used in financing activities | - |
| Decrease in cash and cash equivalents | (7,223) |
| Cash and cash equivalents: | |
| Beginning of year | 39,441 |
| End of year | 32,218 |
| | |
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# **Notes to Financial Statements**
### **Note 1. Nature of Organization and Significant Accounting Policies**
SF Investments, Inc. (the Company) is a broker-dealer registered with the Securities and Exchange Commission (SEC). The Company provides brokerage services to retail and institutional customers located throughout the United States. Customer transactions are cleared through another broker-dealer on a fully disclosed basis.
The Company operates under the provisions of Paragraph (k)(2)(ii) of Rule 15c3-3 of the Securities Exchange Act of 1934 and, accordingly, is exempt from the remaining provisions of that Rule. The requirements of Paragraph (k)(2)(ii) provide that the Company clear all transactions on behalf of customers on a fully disclosed basis with a clearing broker-dealer and promptly transmit all customer funds and securities to the clearing broker-dealer. The clearing broker-dealer carries all 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 continually monitors collections and payments from its account receivables and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. An analysis of the financial condition of the company's counterparties is also performed. Additions to the allowance for credit losses relating to receivables are charged to the credit loss expense, included as a component of general and administrative expenses in the consolidated statement of income. Aged balances that are determined to be uncollectible are written off against the allowances for credit losses. See Note 9 – Credit Risk for additional information. The company has no allowance for credit losses as of the year ended December 31, 2025.
The following is a summary of the Company's significant accounting policies:
**Basis of presentation**: The Company follows Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (the FASB), to ensure consistent reporting of financial condition, results of operations, and cash flows.
**Use of estimates**: The preparation of financial statements in conformity with 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.
**Cash equivalents**: Cash equivalents are highly liquid investments with original maturities of less than three months at the date of acquisition.
**Revenue recognition:** The Company provides administrative brokerage services to New Vernon Wealth Management LLC, an entity affiliated by common ownership. For providing such services, the company recognizes revenue when earned. Such revenue is reported as fee income on the Statement of Operations. The Company has adopted ASC 606 relating to revenue recognition which became effective January 1, 2018. There are now five steps to be considered and evaluated to determine when revenue is recognized; (i) identify the contract with the customer, (ii) identify the performance obligation, (iii) determine the transaction price, (iv) allocate the transaction price amongst the performance obligation in the contract and (v) recognize revenue when the performance obligation is satisfied.
**Securities owned**: Securities owned are recorded on trade date and valued at fair value based on quoted market prices. The resulting realized gains and losses and change in unrealized gains and losses are reflected in net trading gains and losses on the statement of operations. Dividend income is recorded on the ex-dividend date. Interest income and expenses are recognized on an accrual basis.
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### **Notes to Financial Statements**
#### **Note 1. Nature of Organization and Significant Accounting Policies (Continued)**
**Accounts receivable from affiliates**: Accounts receivable include, among other things, notes receivable due from employees and from affiliated companies (see Note 5). Uncollectible amounts are written off at the time the individual receivable is determined to be uncollectible. The allowance for doubtful accounts is based primarily on historical collection experience and continued employment. As of December 31, 2025, no allowance has been recorded.
**Accounts receivable from clearing broker-dealer:** Receivable from clearing organization consists of firm account balances and clearing deposit.
**Leasehold improvements**: Leasehold improvements are recorded at cost and are depreciated on a straight-line basis over the shorter of their estimated useful lives or the term of the lease.
**Commissions**: Commissions and related clearing expenses are recorded on a trade-date basis as securities transactions occur.
**Rebates:** The Company earns rebates from the clearing broker for excess cash on deposit. Rebates are included in other income and recognized when earned and determinable.
**Income taxes**: The Company has elected to be taxed as an S corporation under the provisions of the Internal Revenue Code. Accordingly, the company generally is not subject to federal income taxes at the entity level; instead, the stockholders are responsible for federal income taxes on their proportionate share of the company's taxable income. Therefore, no provision or benefit for federal income taxes has been recorded in these financial statements. The Company is subject to the Illinois replacement tax, which is income-based tax imposed at the entity level, and is accounted for in accordance with FASB ASC 740, Income Taxes, Current and, if applicable, deferred income tax expense related to Illinois replacement tax are included in the accompanying financial statements in income tax expense.
The Company applies to the provision of FASB ASC 740 related to uncertain tax positions. Tax positions are recognized only when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable taxing authority. Tax positions that do not meet the morelikely-than-not recognition threshold are recorded as a tax benefit or expense in the period in which the assessment changes, along with a corresponding liability, if applicable. Management has evaluated the company's tax positions as of and for the year ended December 31, 2025, and determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements.
The Company is subject to income tax examination by major taxing jurisdictions, including the U.S. federal government and State of Illinois. The company is generally no longer subject to income tax examination for years before 2022.
**Segment Reporting:** The company has identified its Vice President as chief operating decision maker ("CODM"), who uses net income 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 11), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay distributions. 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. Entity-wide disclosure about products and services, geographic areas, and major customers are not presented in the accompanying notes.
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# **Notes to Financial Statements**
#### **Note 2. Fair Value of Financial Instruments**
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are described below:
Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies. A significant adjustment to a Level 2 input could result in the Level 2 measurement becoming a Level 3 measurement.
Level 3. Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment 's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.
The following summarizes the Company's assets accounted for at fair value on December 31, 2025 using the fair value hierarchy:
| Description | Level 1 |
|---------------------------------------------------------|--------------|
| | |
| Cash and cash equivalents | |
| Bank Deposits | \$
32,218 |
| Receivable from and deposit with clearing broker-dealer | |
| Dreyfus Treasury Securities Cash Management | 1,222,506 |
| Securities owned | |
| Equity securities | - |
| | \$ 1,254,724 |
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# **Notes to Financial Statements**
#### **Note 2. Fair Value of Financial Instruments (Continued)**
Money market mutual funds are valued based on the net asset value per share on the day of valuation. These financial instruments are classified within Level 1 of the fair value hierarchy.
The Company assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company's accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the year ended December 31, 2025, no such transfers have occurred.
# **Note 3. Receivable from and Deposit with Clearing Broker-Dealer**
Amounts receivable from and deposit with clearing broker-dealer at December 31, 2025, include commissions receivable and other balances held and owed from the clearing broker dealer. The \$1,223,014 balance at December 31, 2025, includes \$1,109,522 of cash that has been swept into the Dreyfus Treasury Securities Cash Management money market accounts, \$13,492 of cash, and \$100,000 which is the required clearing deposit.
# **Note 4. Common Stock**
The Company has two classes of common stock. There are 200 shares of Class A voting common stock authorized and 100 shares issued and outstanding as of December 31, 2025. There are also 25,000 shares of Class B non-voting common stock authorized, of which 9,900 shares are issued and outstanding.
# **Note 5. Related-Party Transactions**
Accounts receivable from affiliates include \$469,417 of reimbursements for salary, bonuses, legal fees and various other operating expenses from various entities affiliated through common control. The Company, being the paymaster for affiliates New Vernon Wealth Management and New Vernon Investment Management, entered into an expense sharing agreement with these entities in 2015. The total amount of expenses reimbursed in 2025 was \$3,158,429. The Company provides administrative brokerage services and back-office support to New Vernon Wealth Management LLC and New Vernon Investment Management, entities affiliated by common ownership. The total fee income earned from this agreement in 2025 was \$218,000. The company provides back office and trading support for New Vernon Investment Management LLC,
Commissions earned from affiliated funds managed by New Vernon Investment Management were \$1,547 for the year ended December 31, 2025.
Accounts receivable from affiliates also includes \$124,921 of advances made to various employees of the Company.
# **Note 6. Employee Benefit Plan**
The Company has a defined contribution plan covering all eligible employees, as defined under Section 401(k) of the Internal Revenue Code. For the year ended December 31, 2025, the Company did not contribute to the plan.
#### **Note 7. Commitments and Contingencies**
The Company signed a new office lease in 2020. In November 2020, the property went into foreclosure. The property was purchased out of foreclosure in July 2023.
Occupancy expense for the year ended December 31, 2025, which includes real estate taxes and common area maintenance charges, was \$185,519. Ninety-five percent of all rental space expenses are allocated to affiliate New Vernon Wealth Management LLC.
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### **Notes to Financial Statements**
#### **Note 7. Commitments and Contingencies (Continued)**
The Company adopted the new guidance for leases under FASB Accounting Standards Update 2016-02, Leases (Topic 842) prospectively effective January 1, 2019. The new guidance requires that the Company determine if an arrangement is a lease at inception of the transaction. Operating lease assets are included in right-of-use ("ROU") assets while the corresponding lease liabilities are included in operating lease liabilities in the statement of financial condition. Finance leases are included in property and equipment while the related liability is shown as a finance lease payable in the statement of financial condition.
A ROU asset represents the Company's right to use an underlying asset for the lease term while the related operating lease liability represents the obligations to make future lease payments arising from the lease. A ROU asset and related operating lease liability are recognized at lease commencement date, based on the present value of lease payments over the lease term. The Company does not borrow funds and does not have a determinable incremental borrowing rate. The incremental borrowing rate used is the Treasury Bill Rate approximating the term of the operating lease.
The ROU asset also includes any lease payments made and excludes lease incentives. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company exercise that option. The lease expense for a ROU asset is recognized on a straight-line basis over the lease term.
The components of lease expense for the year ended December 31, 2025, were as follows:
| Operating lease costs: | |
|-----------------------------------------|---------------|
| Amortization of right-of-use assets | \$
147,753 |
| Interest on operating lease liabilities | \$
9,422 |
| | |
| Total operating lease costs | \$
157,175 |
Supplemental Statement of Financial Condition on December 31, 2025, relating to leases was as follows:
| Operating Leases: | | |
|------------------------------------------|---------|-----------|
| Right of use assets | \$ | 1,191,138 |
| Accumulated amortization | \$ | (579,882) |
| | | |
| Right of use assets, net | \$ | 611,256 |
| | | |
| Operating lease liabilities | \$ | 709,720 |
| | | |
| Weighted Average Remaining Lease
Term | | |
| Operating Lease | 4 years | |
| Weighted Average Discount | | |
| Operating Lease | 1.18% | |
Maturities of lease liabilities on December 31, 2025, were as follows:
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| Notes to Financial Statements |
|-------------------------------|
|-------------------------------|
| | Year | Operating
Lease | |
|---------------------------------------------------------------------|---------------|--------------------|--|
| | 2026 | 176,429 | |
| | 2027 | 179,941 | |
| | 2028 | 183,560 | |
| | 2029 | 187,233 | |
| | Total lease | | |
| | payments | \$
727,163 | |
| | Less Interest | \$
(17,443) | |
| | | \$
709,720 | |
| Cash flow information: | | | |
| Cash paid for amounts included in measurement of lease liabilities: | | | |
| Operating cash flows from operating leases | | \$
172,972 | |
## **Note 8. Indemnifications**
In the normal course of business, the Company enters into contracts that contain a variety of representations and warranties that provide indemnifications under certain circumstances. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, the Company believes that it is unlikely it will have to make payments under these arrangements and has not recorded any contingent liability in the financial statements for these indemnifications. The Company expects the risk of loss to be remote.
#### **Note 9. Off-Balance-Sheet Risk and Concentration of Credit Risk**
Customers' securities transactions are introduced to and cleared through the Company's clearing brokerdealer. Under the terms of its clearing agreement, the Company is required to guarantee the performance of its customers in meeting contracted obligations. In conjunction with the clearing brokerdealer, the Company seeks to control the risks associated with its customer activities by requiring customers to maintain collateral in compliance with various regulatory and internal guidelines. Compliance with the various guidelines is monitored daily and, pursuant to such guidelines, customers may be required to deposit additional collateral or reduce positions when necessary.
The agreement between the Company and its clearing broker-dealer provides that the Company is obligated to assume any exposure related to nonperformance by its customers. The Company seeks to minimize the risk of loss through procedures designed to monitor the creditworthiness of its customers and ensure that transactions are executed properly by the clearing broker-dealer.
The Company is engaged in various trading and brokerage activities whose counterparties primarily include broker-dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Company's policy to review, as necessary, the credit standing of each counterparty with which it conducts business.
The Company maintains cash in its trading accounts at its clearing broker-dealer and in bank deposit accounts. The cash in bank deposit accounts at times may exceed federally insured limits. The
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# **Notes to Financial Statements**
#### **Note 9. Off-Balance-Sheet Risk and Concentration of Credit Risk (Continued)**
Company has not experienced any losses in such accounts. Management believes the Company is not exposed to any significant credit risk on cash.
# **Note 10. Net Capital Requirements**
The Company is subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. The rule also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. On December 31, 2025, the Company had net capital of \$1,074,140, which was \$974,140 in excess of its required net capital of \$100,000. The Company's net capital ratio to aggregate indebtedness was 0.15 to 1.
#### **Note 11. Subsequent Events**
The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued, noting none.
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| Computation of Net Capital Pursuant to Rule 15c3-1
December 31, 2025 | | | Schedule I |
|----------------------------------------------------------------------------------------------------------------------------------------------|----------|-------------------|-----------------|
| Total stockholders' equity | | | \$
1,726,087 |
| Deductions of nonallowable assets:
Accounts receivable
Other assets | \$ | 594,338
35,419 | |
| Total nonallowable assets | | | 629,757 |
| Net capital before haircuts on securities owned | | | 1,096,330 |
| Haircuts on money market funds, FDIC insured bank deposits
and securities owned | | | 22,190 |
| Net capital | | | 1,074,140 |
| Required net capital, greater of:
Minimum dollar requirement
Minimum required net capital (6-2/3
percent of aggregate indebtedness) | \$
\$ | 100,000
11,087 | 100,000 |
| Excess net capital | | | \$
974,140 |
| Aggregate indebtedness | | | \$
158,902 |
| Ratio of aggregate indebtedness to net capital | | | 0.15 to 1 |
Note: There are no material differences between the preceding computation and the Company's corresponding unaudited Part II of Form X-17A-5 as of December 31, 2025.
See Report of Independent Registered Public Accounting Firm.
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**Computation for Determination of Reserve Requirements and Information Relating to Possession and Control Requirements Under Rule 15c3-3 Schedule II December 31, 2025**
The Company is exempt from Rule 15c3-3 pursuant to the provisions of subparagraph (k)(2)(ii) thereof.
See Report of Independent Registered Public Accounting Firm.
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# **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
To the Board of Directors and Stockholders of SF Investments, Inc.
We have reviewed management's statements, included in the accompanying exemption report regarding compliance with Rule 15c3-3 exemption report, in which (1) SF Investments, Inc. (the "Company") identified the following provisions of 17 C.F.R. §15c3-3(k) under which the Company claimed an exemption from 17 C.F.R. §240.15c3-3(k)(2)(ii) (the "exemption provisions") and (2) the Company stated that the Company met the identified exemption provisions throughout the most recent fiscal year without exception. The Company's management is responsible for compliance with the exemption provisions and its statements.
Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the exemption provisions. 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 paragraphs (k)(2)(ii) of Rule 15c3-3 under the Securities Exchange Act of 1934.
Denver, Colorado February 25, 2026
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Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.