# BEECH HILL SECURITIES, INC. X-17A-5 (2026-03-11) — Broker-dealer annual report - Company: BEECH HILL SECURITIES, INC. - Form: X-17A-5 - Filed: 2026-03-11 - Period: 2025-12-31 - Accession: 0000852094-26-000004 - CIK: 852094 - File #: 8-41389 - Type: Broker-dealer - Material weakness: No - Auditor: Citrin Cooperman & Company, LLP. - Auditor location: Jericho, NY - Contact: Donna Fiorini - Phone: 2123507230 - Email: viannuzzi@bh-sec.com - Website: bh-sec.com - Signed by: Vincent Iannuzzi (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/852094/000085209426000004/bhsipublic-1.pdf --- {0}------------------------------------------------ #### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 0MB APPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 ## **ANNUAL REPORTS FORM X-17A-5 PART** Ill | SEC FILE NUMBER | | |-----------------|--| | 8-41389 | | ## **PUBLIC** **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-12, and lSa-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING **1/1/2025** AND ENDING **12/3 1 / 2 0 2 5** MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** ## NAME oF FIRM : Beech Hill Securities, Inc. TYPE OF REG ISTRANT {check all applicable boxes): C!J Broker-dealer □ Securit y-based sw ap dealer □ Check here if respondent is also an OTC derivatives dea ler □ Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: {Do not use a P.O. box no.) # 880 Third Avenue, 16 Floor | | (No. and Street) | | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------|----------------------|--|--|--| | New York | NY | 10022 | | | | | | (City) | (Stat e) | | (Zip Code) | | | | | PERSON TO CONTACT WITH REGARD TO THIS FI LI NG | | | | | | | | Vincent Iannuzzi | (212) 350-7214 | | viannuzzi@bh-sec.com | | | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in t his fili ng*
Citrin Cooperman & Company, LLC
(Name - if individual, state last, first, and middle name) | | | | | | | | 100 Jericho Quadrangle Ste. 342 Jericho | | NY | 11753 | | | | | (Address) | (City) | (State) | (Zip Code) | | | | | 11/02/2005 | | 2468 | | | | | | | | | | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | | \* Claims for exemption from the requirement that t he annua l reports be covered by the reports of an independent public accou ntant must be supported by a st atement of facts and circumst ances relied on as t he basis of t he exempt ion. See 17 CFR 240.17a-S(e)(l)(ii), if applica ble. **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 0MB control number.** {1}------------------------------------------------ #### OATH OR AFFIRMATION | I, Vincent Iannuzzi | swear (or affirm) that, to the best of my knowledge and belief, the | |------------------------------------------------------------------------|---------------------------------------------------------------------| | financial report pertaining to the firm of Beech Hill Securities, Inc. | as of | | | | December 31 2~ 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: CEO #### **This filing\*\* contains (check all applicable boxes):** - iii (a) Statement of financial condition. - iii (b) Notes to consolidated statement of financial condition. - □ (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) 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. - □ (j) 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 240.15c3-3 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. - □ (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. - iii (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. - Iii (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 240.17a-12, as applicable. - □ (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. - □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e 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-12(k). □ (z) other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7{d)(2), as applicable. {2}------------------------------------------------ {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) **Citrin Cooperman** & **Company, LLP** Certified Public Accountants 100 Jericho Quadrangle, Suite 342 Jericho, NY 11753 **T** 516.931.3100 **F** 516.931.0034 citrincooperman.com ## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Board of Directors Beech Hill Securities, Inc. ## **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Beech **Hill** Securities, 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 Beech **Hill** Securities, 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 Beech Hill Securities, Inc.'s management. Our responsibility is to express an opinion on Beech Hill Securities, 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 Beech Hill Securities, 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 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. [1N - () L () u\_f) -~~,~,, We have served as Beech **Hill** Securities, Inc.'s auditor since 2013. Jericho, New York March 2, 2026 "Citrin Cooperman" is the brand under which Gtrin Cooperman & Company, **LLP,** a licensed independent CPA firm, and Citrin Cooperman Advisors **LLC** serve clients' business needs. ,\_Ibc two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors ILC arc independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independent1y owned and managed entities. Their membership in, or association W1th, MNA should not be construed as constituting or implying any partnership between them. {4}------------------------------------------------ #### **BEECH HILL SECURITIES, INC. TABLE OF CONTENTS DECEMBER 31, 2025** | Report of Independent Registered Public Accounting Firm . | | |-------------------------------------------------------------------------------|-----| | Financial Statement | | | Statement of Financial Condition
December 31 , 2025 . | 2 | | Notes to Financial Statement. | 3-8 | {5}------------------------------------------------ #### **BEECH HILL SECURITIES, INC. STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025** #### **ASSETS** | Cash and cash equivalents | \$
235,307 | |---------------------------------------------------------------------|-----------------| | Accounts receivable | 276,306 | | Receivables from clearing organization | 683,124 | | Securities owned , at fair value | 2,265,777 | | Deposit with clearing broker | 350,000 | | Prepaid expenses | 155,997 | | Security deposits and other assets | 49,913 | | Operating lease right-of-use asset, net of accumulated amortization | 1,374,258 | | | | | Total assets | \$
513901682 | #### **LIABILITIES AND STOCKHOLDERS' EQUITY** | Liabilities | | |-----------------------------------------------------|-----------------| | Accounts payable and accrued expenses | \$
1,428,187 | | Commissions payable | 252,540 | | Operating lease liability | 1,411 ,641 | | Total liabilities before subordinated loans | 3,092,368 | | | | | Subordinated loans | 750,000 | | Total liabilities | 3,842,368 | | | | | Commitments and contingencies (Note 5) | | | Stockholders' equity | | | Common stock - no par value; 200 shares authorized, | | | 169 shares issued and 136 outstanding | 639,023 | | Retained earnings | 1,109,291 | | Less - Treasury stock (33 shares, at cost) | (200,000) | | Total stockholders' equity | 1,548,314 | | | | | Total liabilities and stockholders' equity | \$
513901682 | | | | {6}------------------------------------------------ #### **NOTE 1: ORGANIZATION AND NATURE OF BUSINESS** Beech Hill Securities, Inc. (the "Company") was created in May of 1989 and maintains its office in New York, NY. The Company is a registered broker-dealer with the Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority ("FINRA"). The Company clears all its customer transactions through a correspondent broker on a fully disclosed basis. #### **NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### Basis of Accounting The accompanying financial statement is prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). #### Use of Estimates The preparation of a financial statement in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. #### Cash and Cash Equivalents The Company considers all highly liquid financial instruments with original maturities of three months or less when purchased to be cash equivalents. #### Allowance for Credit Losses The Company routinely assesses the financial strength of its customers, while it evaluates its accounts receivable and provides an allowance for credit losses equal to the estimated uncollectible accounts. The Company's estimate is based on a review of the current status of the individual accounts receivable. The Company recognizes an allowance for credit losses in accordance with Accounting Standards Codification ("ASC") ASC Topic 326, Financial Instruments - Credit Losses ("ASC Topic 326"). As of December 31, 2025, there was no allowance for credit losses as management believes that all receivables are fully realizable. #### Securities Owned, at Fair Value Proprietary securities transactions in regular-way trades are recorded on the trade date basis. Profit and loss arising from all securities transactions entered into for the account and risk of the Company are recorded on a trade date basis. Securities are recorded at fair value. #### Treasury stock Treasury stock represents shares of the Company's stock that have been reacquired from stockholders, and that have not been retired. Treasury stock is recorded under the cost method and deducted from equity. {7}------------------------------------------------ ## **NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (Continued) #### Segment Reporting The Company follows FASS ASC 280, Segment Reporting. The Company has a single reportable segment. The Company's primary activities include earning commissions from sales of corporate stock, debt securities and other securities, acting as a private placement agent for entities raising capital in the private debt and/or equity markets and assisting owners of entities in change-of-control or minority interest transactions. The Company's member is identified 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 8), 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 because the **CODM** manages the business activities using information of the Company as a whole. The Company performs its services pursuant to contracts with similar terms. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. All expenses are associated with the Company's operations. Other expenses primarily include bank service charges, internet expenses and office expenses. All assets are devoted to the business of the segment. #### Subsequent Events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statement through March **2, 2026 ,** the date the financial statement was available to be issued. #### **NOTE 3: RECEIVABLES FROM CLEARING ORGANIZATION** Receivables from the Company's clearing organization consist of \$683,124 and \$592,286 of net proceeds received from trading activities and commissions for the years ended December 31 , 2025 and 2024, respectively. #### **NOTE 4: 401 (K) PLAN** The Company maintains a defined contribution retirement plan under Section 401 (k) of the Internal Revenue Code. Employees who have completed six months of service and have attained 21 years of age are eligible to participate. The plan provides for discretionary employer matching contributions. #### **NOTE 5: COMMITMENTS AND CONTINGENCIES** From time to time, Beech Hill Securities, Inc. becomes involved in various claims, suits, investigations, and legal proceedings that arise in the ordinary course of its business. As required by FASS ASC 450, Accounting for Contingencies, the Company accrues a liability when it believes that it is both probable that a liability has been incurred and that it can reasonably estimate the amount of the loss. As of December 31 , 2025, the Company has not experienced any potential losses and accordingly, no liability due to claims, suits, investigations or legal proceedings are recorded. {8}------------------------------------------------ ## **NOTE 6: SUBORDINATED LOANS** The Company has loans of \$750,000 subject to subordination agreements, which are more fully described as follows: | Description | Effective | Maturity | Rate | Balance Due | |------------------------------------|-------------------|---------------------------------------------------------|------|-------------| | Note payable to non
stockholder | October 23, 2012 | December 31 , 2026
(Executed annual auto
renewal) | 3% | \$100,000 | | Note payable to non
stockholder | December 4, 2019 | December 4, 2026
(Executed annual auto
renewal) | 3% | 100,000 | | Note payable to
stockholder | December 29, 2021 | December 30, 2026 | 7.5% | 200,000 | | Note payable to
stockholder | January 18, 2022 | January 20, 2027 | 7.5% | 200,000 | | Note payable to
stockholder | December 28, 2022 | December 29, 2026
(Executed annual auto
renewal) | 7.5% | 150,000 | | | | | | \$750,000 | The subordinated borrowings were included in the computation of net capital under the SEC's Uniform Net Capital Rule. To the extent that such borrowings are required for the Company's continued compliance with minimum net capital requirements , they cannot be repaid. ## **NOTE 7: WARRANTS** From time to time, the Company is party to investment banking transactions where the Company may receive warrants of issuing parties as part of its compensation. However, the Company also assigns these warrants to third parties and, accordingly, any value ascribed to the warrants is offset by a liability due to the third party. No assets or liabilities are reflected in the financial statement for these warrants as the value of warrants held by the Company are immaterial. ## **NOTE 8: NET CAPITAL** At December 31 , 2025, the Company has net capital of \$1 ,908,878, which is \$1 ,658,878 in excess of its required net capital of \$250,000. The Company has elected to calculate the net capital under the alternative method. {9}------------------------------------------------ ## **NOTE 9: FAIR VALUE MEASUREMENTS** U.S. GAAP defines fair value as 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 (an exit price). Fair value is a market-based measurement that should be determined based on the assumptions market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) the reporting entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). Valuation techniques used to measure fair value shall maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include: - Quoted prices for similar assets or liabilities in active markets - Quoted prices for identical or similar assets or liabilities in markets that are not active - Inputs other than quoted prices that are observable for the asset or liability - Inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Unobservable inputs are developed based on the best information available in the circumstances , which might include the reporting entity's own data. However, market participant assumptions cannot be ignored and, accordingly, the reporting entity's own data used to develop unobservable inputs are adjusted if information is reasonably available without undue cost and effort indicating that market participants would use different assumptions. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. The asset's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. {10}------------------------------------------------ ## **NOTE 9: FAIR VALUE MEASUREMENTS** (Continued) The following table presents the Company's assets measured at fair value as of December 31 , 2025: | Securities Owned: | Level 1 | Level 2 | Level3 | Total | |----------------------|-------------|---------------|--------|-----------------| | Money Market Funds | \$2,126,225 | \$ | \$ | \$
2,126,225 | | Municipal Securities | | 139,552 | | 139,552 | | Total assets | \$2,126,225 | \$
139,552 | \$ | \$
2,265,777 | The Company's money market fund invests in securities issued or guaranteed by the US government or its agencies. The money market fund is valued using quoted market prices obtained from active exchanges or recognized pricing services and therefore are classified within Level 1 of the fair value hierarchy. Municipal securities are normally valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued principally using dealer quotations. ## **NOTE 10: LEASES** The Company leases office space in New York under a non-cancellable lease that expires on September 30, 2029. The risk-free interest rate used for this lease was 3.51 %. The Company's lease of its office space is included in the right-of-use asset and operating lease liability. Effective April 1, 2025, the Company's lease was amended to allow for a lease incentive of \$325,000 for leasehold improvements. The incentive resulted in an initial increase of \$325,000 to the operating lease asset and liability. The following is a summary of the lease-related assets and liabilities recorded as of December 31 , 2025: | Asset | | | |--------------------------------------------------|----|------------| | Operating lease right-of-use asset | | 1,711 ,079 | | Less accumulated amortization of operating lease | \$ | {336,821} | | Total operating lease right-of-use asset | \$ | 1,374,258 | | Liabilities | | | | Operating lease liability | \$ | 1,411 ,641 | | Total operating lease liability | \$ | 1,411 ,641 | | | | | | Weighted-average remaining lease term (in years) | | 3.75 | | Weighted-average discount rate(
%) | | 3.51 % | {11}------------------------------------------------ ## **NOTE 10: LEASES** (Continued) The future undiscounted cash flows for each of the next five years and a reconciliation to the lease liabilities recognized on the balance sheet as of December 31 , 2025 were as follows: | For the years ended December 31 , | | Minimum | | |------------------------------------------------|----|-------------------|--| | | | lease commitments | | | 2026 | \$ | 395,011 | | | 2027 | | 399,645 | | | 2028 | | 404,349 | | | 2029 | | 305,937 | | | Total future minimum lease payments | | 1,504,942 | | | Less: imputed interest | | (93,301) | | | Present value of future minimum lease payments | | 1,411 ,641 | | | | | | | ## **NOTE 11: ALLOWANCE FOR CREDIT LOSSES** The Company recognizes an allowance for credit losses in accordance with ASC Topic 326, Financial Instruments- Credit Losses ("ASC Topic 326"). The allowance for credit losses impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. Under ASC 326, the Company could determine there are no expected credit losses in certain circumstances (e.g. based on the credit quality of the client). As of December 31 , 2025, the Company determined that its receivable totaling \$276,306 and cash and receivables from clearing organization were the only items in scope of the guidance. In consideration of the historical loss-rate of zero since inception for these asset classes, while considering other current and future economic conditions, the Company assessed the risk of default from these counterparties to be virtually non-existent and considers any resultant allowance to be not material to the users of this financial statement. The Company will continue to evaluate the appropriateness of a credit loss allowance on these financial assets receivable as facts and circumstances evolve. ## **NOTE 12: RISKS AND UNCERTAINTIES** The Company maintains cash balances at commercial banks and with a brokerage institution. Cash balances held by the Company at commercial banks and with the brokerage institution are insured up to \$250,000 in total at each financial institution by the Federal Deposit Insurance Corporation ("FDIC"). Brokerage accounts are insured by the Securities Investor Protection Corporation ("SIPC") up to \$500,000 per customer, including a maximum of \$250,000 for cash accounts, in the event of insolvency of the broker. Cash equivalents consist of an investment in a money market mutual fund insured by the SIPC. At December 31 , 2025, there were no cash and cash equivalents exceeding the federally insured limits. The total amount of cash in excess of SI PC-insured limits was \$250,000 and the total amount of investments in excess of SI PC-insured limits was \$2,115,777. The Company has not experienced any losses on their accounts. Although the Company clears its customer transactions through another broker/dealer, nonperformance by its customers in fulfilling their contractual obligations pursuant to securities transactions may expose the Company to risk and potential loss. The Company has a policy of reviewing , as considered necessary, the credit standing of each customer with which it conducts business. The Company is involved , from time to time, in proceedings with and investigations by governmental agencies and self-regulatory organizations. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.