# HARBOUR INVESTMENTS, INC. X-17A-5 (2026-04-14) — Broker-dealer annual report - Company: HARBOUR INVESTMENTS, INC. - Form: X-17A-5 - Filed: 2026-04-14 - Period: 2025-12-31 - Accession: 0000810121-26-000003 - CIK: 810121 - File #: 8-37373 - Type: Broker-dealer - Material weakness: No - Auditor: Ryan & Juraska LLP - Auditor location: Chicago, IL - Contact: Rhonda Meyer - Phone: 6086626100 - Email: rmeyer@harbourinv.com - Website: harbourinv.com - Signed by: Rhonda Meyer (SVP & COO) Original filing: https://www.sec.gov/Archives/edgar/data/810121/000081012126000003/AnnualReportPub-2025-2.pdf --- {0}------------------------------------------------ | | UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, O.C. 20549 | | | | | |-------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|-----------------|--------------------------------------------|--|--| | | ANNUAL REPORTS | | SfC FIL£ NUMBER | | | | | FORM X-17A-5 | | 8-37373 | | | | | PART Ill | | | | | | | FACING PAGE
Information Required Pursuant to Rules 17a-5, 17a-12, and IBa-7 under the Securities Exchange Act of 1934 | | | | | | FILING FOR THE PERIOD BEGINNING 0 1/01 /25 | | | ANO ENDING 12/31 /25 | | | | | MM/DD/VY | | MM/00/YY | | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME oF FIRM: Harbour Investments Inc | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
0 Broker-dealer
D Check here if respondent is also an OTC derivatives dealer | D Security-based swap dealer | | □ Major security-based swap participant | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no,) | | | | | | 575 D'Onofrio Drive, Suite 300 | | | | | | | | (No. and Street) | | | | | | Madison | WI | | 53719 | | | | (City) | (State) | | (Zip Code) | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Rhonda Meyer | 608-662-61 00 | | rmeyer@harbourinv.com | | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | Ryan & Juraska LLP | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing• | | | | | | | (Name -if individual, state last, first, and middle name) | | | | | | 141 West Jackson Boulevard, Suite 2250 | Ch j ca Q Q | IL | 60604 | | | | (Address)
03/24/2009 | (City) | (State)
3407 | (Zip Code) | | | | (Date of Registration with PCAOB)(lf applicable) | | | (PCAOB Registration Number if applicable J | | | | | FOR OFFICtAl USE ONLY | | | | | | • Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public | | | | | | CFR 240.17a-S(e)(l)(ii), if applicable. Persons who are to respond to the collection of lnformatJon **contained** In this form are not requlred to respond unless the form displays a currently valld 0MB control number. {1}------------------------------------------------ #### **OATif OR AFFIRMATION** | I, Rhonda Meyer | | swear (or affirm) that, to the best of my knowledge and belief, the | | |-----------------|----|-----------------------------------------------------------------------------------|-------| | | | financial report pertaining to the firm of Harbour Investments Inc | as of | | 12/31 | 2~ | is true and correct. I further swear (or affirm) that neither the compahy 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.** **Signa~** ~(Do~~ Title: SVP&COO #### **This fifing\*\* contains (check all applicable boxes):** - ~ (a) Statement of financial condition. - ~ (b) Notes to consolidated statement of financial condition. - D (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). - D {d) Statement of cash flows. - 0 (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. - D (h) Computation of net capital under17 CFR 240.15c3-1 or 17 CFR 240.lBa-1, as applicable. - D (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D U) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - □ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.1Sc3-3 or E)(hibit A to 17 CFR 240.18a-4, as applicable. - D (1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - 0 (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.1Sc3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - D (o) Reconciliations, induding appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.1Sc3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of f inancial 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. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (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. - □ (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 l40.17a-12, as applicable. - 0 (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. - D (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. - □ (x) Supplemental reports on applying agreed-upon proce(fures, in accordance with 17 CFR 240.1Sc3-1e or 17 CFR 240.17a-12, as applicable. - □ (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-1Z(k). D(:z.) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ \_\_\_\_\_\_\_\_\_ \_ - - •~o request confidential treatment of certain portions *of* this filing, see 17 CFR 240.17a-5(e}(3} or 17 CFR Z40.18a-7(d){2), as applicable. {2}------------------------------------------------ ## **STATEMENT OF FINANCIAL CONDITION** December 31. 2025 {3}------------------------------------------------ ### **TABLE OF CONTENTS** | | Page | |---------------------------------------------------------|---------| | FlNANCJAL ST A TEMENTS | | | Report of Independent Registered Public Accounting Firm | | | Statement of Financial Condition | 2 | | Notes to Financial Statement | 3 - I 0 | {4}------------------------------------------------ **JlYAN &JURASKA UP** Certified rublk Accountants 141 **West** Jackson Boulevard Chicago, Illinois 60604 Tel: 3J2.922.0062 Fax: 312.922.0672 ## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Stockholder of Harbour Investments, Inc. #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Harbour Investments, Inc. (the "Company") as of December 31 , 2025, and the related notes (collectively referred to as the ''financial statement"). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of Harbour 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 Harbour Investments, lnc.'s management. Our responsibility is to express an opinion on the Company'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 Harbour Investments, 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 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 inducted 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. We have served as Harbour Investments, Inc 's auditor since 2024. Chicago, Illinois March 31 , 2026 {5}------------------------------------------------ ## **STATEMENT OF FINANCIAL CONDITION** December 31, 2025 ### **ASSETS** | Cash and cash equivalents | \$
2,122.233 | |----------------------------------------------------------|-----------------| | Conunissions receivable | 5,469562 | | Note receivable | 575,702 | | Marketable securities owned. at fair value | 282,912 | | Total assets | \$
S,450,409 | | LlABILITIES | | | Accounts payable | \$
191,861 | | Commissions payable | 4,986,567 | | DefetTed income taxes | 11,891 | | Income taxes payable | 78,478 | | Total liabilities | 5,268,797 | | STOCKHOLDERS' EQUITY | | | Common stock, no par value; 2,000,000 shares authorized; | | | 200,000 shares issued and outstanding | 16,500 | | Paid-in capital | 6,500 | | Retained eam.ings | 3,158,612 | | Total stockholders' equity | 3.
181,612 | | Total liabiJitjes and stockholders' equity | \$
8,450,409 | {6}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENT** ## **NOTE 1- INFORMATION ABOUT THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** Harbour Investments. Inc. (the com pan)). is a member of the Financial Industry Regulatory Authority and is registered with the SecuJities and Exchange Commission as a securities broker/dealer. The company serves primarily as an introducing broker in connection with the sale of mutual funds, direct participation programs and advisory services throughout the United States. #### A. CASH AND CASH EQUJV ALENTS For purposes of the statement of cash flows, the company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. ### 8. COMMISSJONS RECEIVABLE AND ALLOWANCE FOR CREDJT LOSSES Commissions receivable consists of commissions revenue that has been recognized on a trade date basis but has not yet been received. Management considers receivables to be fully collectible; accordingly. no allowance for doubtful accounts has been provided. Tf amounts become uncollectible, they are charged to operations in the period in which that determination is made. #### C. MARKETABLESECURITIES The company maintains short-term and long-term investments, classified as trading securities. Trading securities are recorded at fair value, with net realized and unrealized gains and losses and dividend income reponed as investment income or Joss. Tbe fair value of securities is determined by obtaining quoted market prices. #### D. INCOME TAXES lncome taxes are provided for tax effects of transactions reported in the financial statements and consist ofta"Xes currently due plus deferred taxes related primarily to the differences of the valuation of investment securities for financial and income tax reporting in accordance with ASC No. 740 ("Accounting for rncome Taxes"). Deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets and liabilities aJe recovered or settled based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. {7}------------------------------------------------ ## **NOTES TO FINANCIAL ST A TEMENT** ### **NOTE 1 - INFORMATION ABOUT THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICJES** (continued) At December Jl. 2025. there was a ne1 deferred tax liability in the amount of\$l l ,89L from current net umealized gains on securities. Valuation allowances are established when necessary to reduce deferred tax liabilities to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. Income taxes are different from statutory rates as a result of state minimum fees. #### *E.* REVENUE RECOGNlTlON A description of the company· s revenue streams accounted for under A SC 606 follows: Commission revenue results from transactions in equity securities, mutual fonds, variable annuities and other financial products and services. Any fixed amounts are recognized on the trade date and variable amounts are recogn ized to the extent it is probable that a significant revenue reversal will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty is dependent on the value of the shares at future points in time as well as the length of time the investor remains in the fw1d, both of which are highly susceptible to factors outside the company•s influence, the company does not believe that it can overcome this constraint until the market value oftl1e fund and the investors activi lies are known, which are usually monthly or quarterly. 12b-1 distribution fees aJe paid by the mutual fund over a period of time based on a percentage of the fund's daily net asset levels. The company estimates certain of its concession and fee revenues based on its historical analysis of the revenues received along with an assessment of current market co11ditions and activity which may affect amounts earned. Commission revenue in connection with the sale oflimited partnership interests is recognized when all conditions of the customer's investment are met. Advisory fees are recognized on a monthly basis over the period in which the investment services are performed, Advisory fees earned are generally based on the fair market value of the assets w1der management. Advisory fees are calculated at the investor level and depending on the program, use their monthly, average monthly or quarter-eL1ding capital balances. Since advisory fees are based on assets under management, significant changes in faLr value of these assets will have an impact on the fees eamed in future periods. {8}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENT** ### **NOTE 1 - fNFORMATION ABOUT THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (continued) #### F. ESTIMATES The preparation of financial statements in confom1ity with accounting principles generally accepted in the United States of America requires management to make estimates and asswnptions 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. #### G. ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES The company reviews and assesses its tax positions taken or expected to be taken in cax returns. Based on this assessment the company determines whether it is more likely than not that the position would be sustained upon examination by tax authorities. The company's assessment has not identified any significant positions that it believes would 1101 be sustained under examination. Interest and penalties related to uncertain tax positions would be accrued as income tax expense. The compan) files tax returns in the United States (U.S.) federal jurisdiction and in various state jurisdictions. Uncertain tax positions include those related to tax years that remain subject to examination. The company's federal income tax returns are subject to examination by the IRS, generally for three years afterthey are filed. In addition, the company's state tax returns are subject to examination by srate tax authorities for similar time periods. {9}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENT** ### **NOTE l - INFORMATION ABOUT THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (continued) #### H. FAIR VALUE MEASUREMENTS ASC 820 defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles and enl1ances disclosures about fair value measurements. Fair value is defined under ASC 820 as the price that would be received to sell an asset or paid to transfer a liabiHty (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which tl1e first two are considered observable and the last unobservable. that may be used to measure fair value which are the following: - Level One Quoted prices in active markets for identical assets or liabilities. - Level Two Inputs other than Level One that are observable. either directly or indirectly, such as quoted prices for similar assets or liabilities~ quoted prices in markets that are not active; or other inputs that are observable or can be con·oborated by observable market data for substantially the full term of the assets or liabilities. - Level Three Unobservable inputs that are supponed by little or no market activity and are significant to the fair value of the assets or liabilities. As of December 31 . 2025. U1e company·s financial assets which were measured at fair value in accordance *with* ASC 820 consisted of\$282,912 of marketable securities employing Level One inputs. I. OFF-BALANCE-SHEET CREDIT AND MAR.KET RISK In the normal course of business, the company"s customer activities involve the execution, settlement, and financing of various customer investment transactions. These activities may expose the company to off-balance-sheet risk in the event the customer LS unable to fulfill its contracted obligations. The company clears all transactions for its customers on a fully disclosed basis with a clearing broker or dealer (clearing firm), who carries all the customer accounts and maintains the related records. Nonetheless, tbe company is liable to the clearing firm for the 1ransactions of its customers. {10}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENT** ### **NOTE 1** - **INFORMATION ABOUT THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (continued) #### J. SEGMENT REPORTING The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including principal transactions, agency transactions. and investment advisory. The Company has identified its President as the 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 4), which is not a measure of profit and loss. to make operational decisions while maintaining capital adequacy, such as whether lo reinvest profits or pay dividends. 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 10 measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. The company had no major single extemal customers representing more than 10 percent of total revenues in 2025. #### **NOTE 2** - **INCOME TAXES** The company· s total defeJTed tax assets and liabilities at December 3 l, 2025, are as follows: | Deferred tax liability | \$
11,891 | | |----------------------------|--------------|--| | Net deferred tax liability | \$
11,891 | | Deferred tax liabilities are the result of net unrealized gains on securities as of December 31 , 2025. The company paid \$543,179 of income taxes during the year ended December 31. 2025. {11}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENT** # **NOTE 3- RELATED PARTY TRANSACTIONS** Management and administration of the company are proVJded under a month-to-month contract with Harbour Management. LLC. a company **l** 00% owned by the majority stockholder of Harbour lnvestments. lnc. Tbe management company is responsible for the payment of all management and administration expense. Harbour lnvestments, Inc. paid management fees of \$9,044,125 for the year ended December 31. 2025. On June 12, 2023 the company entered into a consulting agreement with NWS Mow1t Dora. LLC, a company owned by the majority stock holder of Harbour Investments, Inc., to provide consulting services in the area of operating a broker dealer, operating a Registered Investment Advisor, strategic analysis, vision and mission statement development, executive goal setting, strategic plan development. organizational a lignment, competitive intelligence research and change management. The agreement will be in force until tem1inated by either party. ### **NOTE 4 - CAPfT AL REQUIREMENTS** The company is subject to the net capital provisions of Rule **1** Sc3-I of the Securities Exchange Act of 1934. This rule prohibits a broker/dealer from engaging in securities transactions at a time when its "aggTegate indebtedness" exceeds 15 times its "net capital", as those terms are defined by the rule. subject to a minimum net capital requirement of the greater of \$100,000 or six and two-thirds of aggregate indebtedness. Aggregate indebtedness at December 31, 2025, was \$5.268, 797 while the company had net capital of \$1,956,024 and a net capital requirement of \$351.253. The company's net capital ratio was 2.69 to I. {12}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENT** #### **NOTE 5** - **SECURITIES OWNED** Marketable securities owned consist of trading securities at quoted fair values, as summarized below. | | | Fair | | | Unrealized | | |--------------|-------|---------|---------------|----|-----------------|--| | | Value | | Cost | | Gain | | | Mutual funds | \$ | 282.912 | \$
239,260 | \$ | -----
43,652 | | | | | | | | | | Equity securities are valued at the closing price reported on an active market on which the individual securities are traded. Mutual funds are valued at the net asset value of shares held by the company at year end. ### **NOTE** 6 - **CONCENTRATIONS OF CREDIT RISK** The company's financial instruments that are exposed ro concentrations of credit risk consist primarily of cash and cash equivalents and commissions receivable. The company places its cash and temporary cash investments with high credit quality {inancial institutions. Al rimes, such investments may be *in* excess of the FDIC insurance limit. The company routinely assesses the financial strength of its customers and, as a consequence, believes that its commissions receivable credit risk exposure is limited. #### **NOTE** 7 - **LITIGATION** The company is subject to various lawsuits. claims, and counterclaims. Such matters are subject to the resolution of man), uncertainties, and accordingly, outcomes are not predictable with assurance. Although the company beJieves that amounts provided in its financial statements are adequate in light of the probable and estimable liabilities. there can be no assurances that the amounts required to discharge alleged liabilities from these matters will not have a material adverse affect on its financial condition, results of operations, or cash flows. Any amounts of costs that may be incurred in excess of those amounts provided as of December 3 1, 2025. cannot be determined. #### **NOTE 8** - **DEPOSIT WITH CLEARING ORGANIZA TJONS** The company clears securities transactions with one organization. The company has cash of approximately \$ 124,000 on deposit with the clearing organizations as of December 31, 2025. {13}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENT** #### **NOTE 9** - **CUSTOMER TRANSACTIONS** The company does not hold customer funds or securities and does not execute open market transactions for its customers. Accordingly, the company is exempt frotn the requirement to mainta in a "Special Reserve Account for the Exclusive Benefit of Customers" under provisions of SEC RLLle l Sc3-3 based on Paragraphs k(2)(i) and k(2)(ii) of the rule and through re liance on Footnote 74 of the SEC release NO. 34-70073 adopting amendments to 17 C.F.R. Section 240. I 7a-5. #### **NOTE 10 - SUBSEQUENT EVENTS** Management has evaluated subsequent events through March 31, 2026, the date which the fi nancial statements were available for issue. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.