# CONSOLIDATED FINANCIAL INVESTMENTS, INC. X-17A-5 (2026-03-26) — Broker-dealer annual report - Company: CONSOLIDATED FINANCIAL INVESTMENTS, INC. - Form: X-17A-5 - Filed: 2026-03-26 - Period: 2025-12-31 - Accession: 0000806710-26-000001 - CIK: 806710 - File #: 8-37004 - Type: Broker-dealer - Material weakness: No - Auditor: Cropper Accountancy Corporation - Auditor location: Walnut Creek, CA - Contact: Alan Stiffelman - Phone: 314-727-1177 - Email: alan@consolidatedstl.com - Website: consolidatedstl.com - Signed by: Alan Stiffelman (President) Original filing: https://www.sec.gov/Archives/edgar/data/806710/000080671026000001/PUBLICFinancials2025_1.pdf --- {0}------------------------------------------------ ![](_page_0_Picture_0.jpeg) # Statement of Financial Condition December 31, 2025 {1}------------------------------------------------ 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 | | | | | | | SEC FILE NUMBER 8-37004 # ANNUAL REPORTS FORM X-17A-5 PART IIl FACING PAGE | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | | |--------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|---------------------------------------|--------------------------------------------|--| | | 01/01/25 | AND ENDING | 12/31/25 | | | FILING FOR THE PERIOD BEGINNING | MM/DD/YY | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: | CONSOLIDATED FINANCIAL INVESTMENTS, INC. | | | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer ☐ Security-based swap dealer
Check here if respondent is also an OTC derivatives dealer | | Major security-based swap participant | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | 222 NORTH MERAMEC AVENUE | | | | | | | (No. and Street) | | | | | CLAYTON | MO | | 63105 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | ALAN STIFFELMAN | 314-727-1177 | alan@consolidatedstl.com | | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | Cropper Accountancy Corporation | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | 2700 Ygnacio Valley Rd, #270 | Walnut Creek | CA | 94598 | | | (Address) | (City) | (State) | (Zip Code) | | | 03/04/2009 | 3381 | | | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | * Claims for exemption from the requirement that the annual reports be covered by the 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. {2}------------------------------------------------ #### OATH OR AFFIRMATION | ı Alan Stiffelman | , swear (or affirm) that, to the best of my knowledge and belief, the | | |-------------------|-----------------------------------------------------------------------------------|-------| | | increal report pertaining to the firm of CONSOLIDATED FINANCIAL INVESTMENTS, INC. | as of | , 2025 , is true and correct. I further swear (or affirm) that neither the company nor any 12/31 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: | | | PRESIDENT | | #### This filing \*\* contains (check all applicable boxes): - (a) Statement of financial condition. - @ (b) Notes to consolidated statement of financial condition. - □ (c) Notes to tonionared (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. - O (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. - ロ (i) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - ロ (J) 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. - □ (I) 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. - [0] Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net (0) recondinations madering -pr. - 17 CFR 240.18a-2, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 worth under 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - O (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. - O (t) Independent public accountant's report based on an examination of the statement of financial condition. - □ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - CH 240.178 -, 17 -, 17 -, 17 -, 16:20 -, 17 -, 10 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 -, 1 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. - CH 240.15c3-10 applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17-12, as applicable. - as applicable. [ { } Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, on a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - O (z) Other: - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17q-5(e)(3) or 17 CFR 240.18c-7(d)(2), as applicable. {3}------------------------------------------------ # STATEMENT OF FINANCIAL CONDITION WITH INDEPENDENT AUDITORS' REPORT # CONSOLIDATED FINANCIAL INVESTMENTS, INC. December 31, 2025 {4}------------------------------------------------ # CONSOLIDATED FINANCIAL INVESTMENTS, INC. St. Louis, Missouri Table of Contents December 31, 2025 Page # Report of Independent Registered Public Accounting Firm #### Financial Statements: | Statement of Financial Condition | | |-------------------------------------------|--| | Notes to Statement of Financial Condition | | {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) 2700 Ygnacio Valley Road, Ste 270 Walnut Creek, CA 94598 (925) 932-3860 tel (925) 476-9930 efax www.cropperaccountancy.com #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders of Consolidated Financial Investments, Inc. #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Consolidated Financial Investments, Inc. 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 Consolidated Financial Investments, Inc. as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion This financial statement is the responsibility of Consolidated Financial Investments, Inc.'s management. Our responsibility is to express an opinion on Consolidated Financial Investments, Inc's financial statement 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 Consolidated Financial Investments, Inc's 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 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 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. CROPPER ACCOUNTANCY CORPORATION We have served as Consolidated Financial Investments, Inc.'s auditor since 2021. Walnut Creek, California March 6, 2026 {6}------------------------------------------------ Statement of Financial Condition December 31, 2025 ## ASSETS | Cash and cash equivalents
Deposits with clearing organizations
Receivable from clearing broker
Other assets | S | 9,214
50,000
46,056
7,291 | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----|-----------------------------------------------------------| | Total Assets | ತೊ | 112,561 | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | Liabilities:
Accounts payable and accrued expenses
Subordinated borrowings | | 20,514
310,000
330,514 | | Stockholders' equity:
Capital stock, no par value; 30,000 shares authorized;
1,250 shares issued and outstanding
Additional paid-in capital
Accumulated deficit
Total stockholders' equity
Total Liabilities and Stockholders' equity | | 21,000
133,280
(372,233)
(217,953)
\$ 112,561 | The accompanying notes are an integral part of these financial statements. {7}------------------------------------------------ #### Notes to Financial Statements ## December 31, 2025 ## NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidated Financial Investments, Inc. (the Company) is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), the Municipal Securities Rulemaking Board (MSRB), and the Securities Investor Protection Corporation (SIPC). The Company has an agreement (the Agreement) with a clearing broker (the Broker) to clear securities transactions, carry customers' accounts on a fully disclosed basis, and perform certain recordkeeping functions. Accordingly, the Company operates under the exemptive provisions of SEC Rule 15c3-3(k)(2)(ii). The accounting and reporting policies of the Company conform to generally accepted accounting principles within the broker-dealer industry. Following is a description of the more significant of the Company's accounting practices. #### Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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. #### Revenue Recognition Commissions on Securities on transactions and related revenues and expenses are earned and recorded on a trade date basis. The Company fulfills it is primary performance obligation for mutual funds and 12b-1 on the trade date when securities are sold, though the actual 12b-1 revenue remains constrained by market volatility and investor behavior. Consequently, these variable fees are only recognized monthly or quarterly once credits are received, meaning current income often reflects services provided in previous periods as well as ongoing services to the clients. The Company earned \$128,836 of mutual funds and 12b-1 revenue during the year. This amount is classified as Commission revenue on the statement of Operations. The Company earns interest income on customer margin and cash balances, which is accrued daily basis on the outstanding credit extended and prevailing interest rates. This income is recognized as earned, as the Company's performance obligation to provide financing and maintain balances is satisfied over time. Settlement of these accrued amounts typically occurs on a monthly basis. {8}------------------------------------------------ #### Notes to Financial Statements (continued) The other revenue balance includes revenue sharing fees for specialized professional and operational support provided to an affiliated entity under a value-added billing arrangement. The Company recognizes this revenue over time as performance obligations are satisfied, with the transaction price determined periodically based on the intrinsic value of the services provided. Income is recorded at the end of each period once the discretionary assessment of the value added is finalized and the right to payment is established. See note 9 for additional information. ## Furniture and Equipment At December 31, 2025, the net balance for furniture and equipment was \$0. #### Income Taxes The Company has elected to be taxed as a Subchapter "S" Corporation. As a Subchapter "S" Corporation, the Company does not pay federal or state corporate income taxes on its income; instead, the stockholders are liable for individual income taxes on the Company's taxable income. Therefore, no provision for federal or state income taxes is included in these financial statements. ## Cash and Cash Equivalents The Company considers investments with an original maturity of three months or less to be cash equivalents. Ast December 31, 2025, the company's cash balance exceed the federally insured limits by \$4,181. #### Fair Value Measurements The Company uses fair value measurements to make fair value disclosures. 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. In determining fair value, the Company uses various methods, including market, income, and cost approaches. Based on these approaches, the Company uses certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. Financial assets and liabilities carried and/or reported at fair value will be classified and disclosed in one of the following three categories: Level 1 - Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury and {9}------------------------------------------------ Notes to Financial Statements (continued) federal agency securities and federal agency mortgage-backed securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. - · Level 2 Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities. - · Level 3 Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models, and similar techniques, and not based on market exchange, dealer, or value assigned to such assets or liabilities. The assets of the Company that are carried at fair value on a recurring basis at December 31, 2025, are the cash & cash equivalents, accounts receivable, trading account investments, and accounts payable. For the year ended December 31, 2025, there were no transfers between levels of investments on the fair value hierarchy. #### Subsequent Events The Company has considered all events occurring subsequent to December 31, 2025, for possible disclosures through the date of the Report of Independent Register Public Accounting Firm, the date these financial statements were available to be issued and did not note any material events to recognize or disclose. #### Segment Disclosures ("ASU 2023-07") The Company follows Accounting Standards Update 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07") , which expands reportable segment information by requiring companies to disclose, on an annual and interim basis, significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of a segment's profit or loss. ASU 2023-07 also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM makes decisions about allocating resources to segments and evaluating performance. The Company conducts its business activities and reports financial results as a single reportable brokerage services segment. The CODM makes decisions about allocating resources and assessing performance in a manner consistent with the way the Company {10}------------------------------------------------ Notes to Financial Statements (continued) operates its business and presents their financial results. The nature of business and accounting policies of the brokerage services segment are the same as described in the description of business and summary of significant accounting policies notes. The CODM is the President. # NOTE 2 - CLEARING ARRANGEMENT The Agreement provides the Broker with liens upon all of the Company's property held by the Broker, including, but not limited to, securities, deposits, monies, and receivables. These liens secure the Company's liabilities and obligations to the Broker. Pursuant to the Agreement, the Company maintains with the Broker, as collateral against losses due to nonperformance by its customers, a minimum deposit of \$50,000. ## NOTE 3 - TRADING ACCOUNT INVESTMENTS IN EQUITY SECURITIES There are no investment securities owned by the Company as of December 31, 2025. ## NOTE 4 - NOTE PAYABLE AND SUBORDINATED BORROWINGS As of December 31, 2025 the Company has \$310,000 on subordinated debt agreements with three of its stockholders. During the year the Company received \$70,000 and no payment or forgiveness of subordinated debt occurred. The subordinated debt agreements bear interest at the rate of 10%, payable quarterly through the scheduled maturity dates. The subordinated debt agreement was approved by FINRA as "Good Capital" and can be added back to net worth and Net Capital, in accordance with SEC Rule 15c3-1 Appendix D. ## NOTE 5 - NET CAPITAL REQUIREMENTS The Company is subject to the Securities and Exchange Commission 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. At December 31, 2025, the Company had net capital of \$84,756, which was \$79,756 in excess of its required net capital of \$5,000. The Company's ratio of aggregate indebtedness to net capital was .24 to 1. # NOTE 6 - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK In the normal course of business, the Company executes, as agent, transactions on behalf of customers through a clearing broker. If the agency transactions do not settle because of failure to perform by either the customer or the counterparty, the Company may be obligated to discharge the obligation of the nonperforming party and, as a result, may incur a loss if the market value of the security is different from the contract amount {11}------------------------------------------------ Notes to Financial Statements (continued) of the transactions. The Company did not experience any material losses of this nature during the year ended December 31, 2025. The Company does not anticipate nonperformance by the customers' counterparties in the normal course of business. The Company's policy is to monitor its market exposure and counterparty risk. In addition, the Company has a policy of reviewing, as considered necessary, the credit standing of each counterparty and customer with which it conducts business. ## NOTE 7 - LEASE COMMITMENTS The Company has not entered into a lease agreement. The Company is currently occupying space on a month-to-month basis. Rent expense was \$37,560 for the year ended December 31, 2025. ## NOTE 8 - COMMITMENTS AND CONTINGENCIES Management has determined there are no material commitments or contingencies which are required to be reported at year end. ## NOTE 9 - RELATED PARTIES The Company shares office space with a second Company owned by the President. The President owns a Missouri Registered Investment Advisory firm that shares fee revenue with Consolidated Financial Investments. This revenue is compensation for office space, operational services and technology. The relationship is disclosed to all advisory clients. In 2025 these revenues totaled \$88,582 and are recognized as Other Revenue on the Statement of Operations. (See Note 1) During 2025, the State of Missouri concluded an inquiry into the Company. While the matter originated from a firm-level regulatory examination, the resulting settlement was structured as a personal obligation of the owners. Consequently, the associated fines of \$169,852 were paid directly by the individuals, no liability or expense has been recognized in these financial statements. ## NOTE 10 - GOING CONCERN For the Fiscal Year ended December 31, 2025, the Company had a net loss of \$61,899 and Stockholder's equity (\$217,954). The Company's cash balance is less than annual expenses. The Managing Member watches the Company's trends and is committed to fund the Company as needed. During the year the Company added a net of \$70,000 dollars in subordinated debt. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.