# CORECAP INVESTMENTS, LLC X-17A-5 (2026-03-31) — Broker-dealer annual report - Company: CORECAP INVESTMENTS, LLC - Form: X-17A-5 - Filed: 2026-03-31 - Period: 2025-12-31 - Accession: 0000933048-26-000001 - CIK: 933048 - File #: 8-47783 - Type: Broker-dealer - Material weakness: No - Auditor: Cherry Bekaert LLP - Auditor location: Raleigh, NC - Contact: David Muncie - Phone: 248-784-1341 - Email: dave.muncie@corecapinv.com - Website: corecapinv.com - Signed by: David W. Muncie (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/933048/000093304826000001/corecap1audit.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, O.C. 20549 ANNUAL REPORTS FORM X-17A-5 SEC FILE NUMBER 8-47783 | | PART Ill | | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------------------------------|---------|--------------------------------------------|--|--| | Information Required Pursuant to Rules 17a-5, 17a-12, and lBa-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | | | | | ANO ENDING 12/31 /25
FILING FOR THE PERIOD BEGINNING Q 1 /Q 1 /25 | | | | | | | | | MM/DD/YV | | | MM/DD/YV | | | | A. REGISTRANT IDENTIFICATION | | | | | | | | NAME oF FIRM: CoreCap Investments, LLC | | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
D Security-based swap dealer
GJ Broker-dealer
D 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.) | | | | | | | | 2777 Franklin Road, Suite 700 | | | | | | | | | (No. and Street) | | | | | | | Southfield | Ml | | | 48034 | | | | (City) | (State) | | | (Zip Code) | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | David Muncie | 248-784-1341 | | | dave.muncie@corecapinv.com | | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | | Cherry Bekaert LLP | | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | | 3800 Glenwood Ave, Ste 900 Raleigh | | | NC | 27612 | | | | (Address)
10/20/2003 | (City) | 677 | (State) | (Zip Code) | | | | (Date of Registration with PCAOB)(if applicable) | | | | (PCAOB Re~istration 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 24D.17a-S(e)(l)(ii), if applicable. Persons who are to respond to the collection of information contained In this form ere not required to respond unless the form displays a currently valid 0MB control number. {1}------------------------------------------------ ### OATH OR AFFIRMATION \ \ I, David W. Muncie swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of CoreCap Investments, LLC as of December 31st ~ 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.** **Signatu~/,v~** Title: CFO **This fflll)g .. contains (check all applicable boxes):** - iii (a) Statement of financial condition. - D (b) Notes to consolidated statement offinancial condition. - ii (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). - iii (d) Statement of cash flows. - iii (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - □ (f) Statement of changes in liabilities subordinated to claims of creditors. - iii (g) Notes to consolidated financial statements. - iii {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. - iii 0) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D (k} Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.1Sc3-3 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. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (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. - !ii (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. - D (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. - iii (s) Exemption report in accordance with 17 CFR 2.40.17a-5 or 17 CFR 240.18a-7, as applicable. - ii (t) Independent public accountant's report based on an examination of the statement offinancial 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. - D (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. - !ii (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}------------------------------------------------ *FINANCIAL STATEMENTS AND SUPPORTING SCHEDULES PURSUANT TO RULE 17A-5 OF THE SECURITIES AND EXCHANGE COMMISSION* *FOR THE YEAR ENDED DECEMBER 31, 2025* {3}------------------------------------------------ Financial Statements and Supplementary Information December 31, 2025 | TABLE OF CONTENTS | PAGE NO. | | |-----------------------------------------------------------------------------------------------|------------|--| | Report of Independent Registered Public Accounting Firm | 3a-3b | | | FINANCIAL STATEMENTS | | | | Statement of Financial Condition | 4 | | | Statement of Operations | 5 | | | Statement of Changes in Member's Equity | 6 | | | Statement of Cash Flows | 7 | | | Notes to Financial Statements | 8-11 | | | SUPPLEMENTAL INFORMATION | | | | Computation ofNet Capital Under Rule 15c3-1 of the
Securities and Exchange Commission | 13 | | | Supplemental Report of the Status of Membership in the SIPC
Pursuant to SEC Rule 17a-5€(4) | 14 -
15 | | | Form SIPC-7 General Assessment Reconciliation | 16-17 | | | Supplemental Exemption Report Pursuant to SEC Rule 17a-5 | 18 | | | Broker-Dealer Exemption Report | 19 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ### REPORT OF INDEPENDENT REGISTERED PERLIC ACCOLNITING FIRM To the Board of Directors and Member of CoreCap Investments, LLC ### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of CoreCap Investments. LLC (the "Company") as of December 31. 2025, and the related statements of operations, changes in member's equity and cash flows for the year then ended, and the related notes and scheckules (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 conformaty 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 undependent with respect to the Company in accordance with the U.S. federal securites laws and the applicable rules and regulations of the Securities and Exchange Commussion and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards requre that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. whether due to enor or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to enor or fraud, and performing procedures that respond to those nsks. Such procedures included examining, on a test bass. 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 {5}------------------------------------------------ #### Supplemental Information The Computation of Net Captal under Rule 15c3-1 of the Securities and Exchange Commission 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 formang 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 under Rule 15c3-1 of the Securities and Exchange Commission is fairly stated, in all material respects, in relation to the financial statements as a whole. Charry Bekaart LLP We have served as CoreCap Investments, LLC's auditor since 2025. Denver, Colorado March 26, 2026 {6}------------------------------------------------ ## STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 ## ASSETS | Cash and cash equivalents | S
1,061,841 | |---------------------------------------------|-----------------| | Accounts receivable: | | | Brokers, dealers and clearing organizations | 508,210 | | Deposit - clearing organizations | 20,000 | | Sales representatives | 23,090 | | Amounts due from related parties | 59,037 | | Other | 36,327 | | Prepaid expenses | 4,405 | | TOTAL ASSETS | ga
1.772.910 | | LIABILITIES AND MEMBER'S EQUITY | | | Accounts payable | S
1,380 | | Commissions payable | 573,677 | | Amounts due to related parties | 191 263 | | Unsecured debits | 1,255 | | Total Liabilities | 767.575 | | MEMBER'S EQUITY | | | Member's equity | 1,005,335 | #### TOTAL LIABILITIES AND MEMBER'S EQUITY \$ 1,772,910 {7}------------------------------------------------ ## STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2025 | Revenue: | | | |------------------------------------|---|-----------| | Commissions | S | 8,821,131 | | Other revenue | | 204,972 | | | S | 9,056,103 | | Total revenue | | | | Operating Expenses: | | | | Commission expenses | | 7,419,978 | | Employee compensation and benefits | | 400,330 | | Other operating expenses | | 461,567 | | Total operating expenses | | 8,281,875 | | NET NY COME | S | 774,228 | {8}------------------------------------------------ ## *STATEMENT OF CHANGES IN MEMBER'S EQUITY YEAR ENDED DECEMBER 31, 2025* | Bala11ce aJ Jm11,ar,· 1, 1025 | llember•s
Equih· | | |-------------------------------|---------------------|-----------| | | | 881,107 | | Net income | | 774,228 | | Distnl>utions to member | | (650,000) | | Bala11ce at December 31, 1015 | s | 1.00:.335 | {9}------------------------------------------------ ## STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2025 ### CASH FLOW'S FROM OPERATING ACTIVITIES | Net mcome | S | 774,228 | |-------------------------------------------------------------------------------------|---|-----------| | Adjustment to reconcile net income to net
cash provided by operating activities: | | | | Changes in | | | | Receivables | | (158,379) | | Prepaid expenses | | 33,927 | | Payables | | 128,650 | | Total adjustments | | 4,198 | | Net cash provided by operating activities | | 778,426 | | CASH FLOW'S FROM FINANCING ACTIVITIES | | | | Member distributions | | (650,000) | | Net cash used in financing activities | | (650,000) | | NET INCREASE IN CASH | | 128.426 | | Cash and cash equivalents - Beginning of year | | 933,415 | | Cash and cash equivalents - End of vear | S | 1,061,841 | {10}------------------------------------------------ ## *NOTES TO FINANCIAL STATEMENTS* ## **NOTE 1- ORGANIZATION** CoreCap Investments, LLC (the "Company" or "Core Cap") operates as an introducing brokerdealer clearing its client's transactions on a fully disclosed basis through a clearing broker-dealer. The Company was incorporated in May 2012 and registered with the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) in March 1996. The Company is a wholly owned subsidiary of Simplicity Financial Marketing Holdings, Inc. The preparation of the financial statements is in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). ### **NOTE 2** - **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** ### **Revenue Recognition** Revenue is recorded when: (i) a contract with a client has been identified, (ii) the performance obligation(s) in the contract have been identified, (iii) the transaction price has been determined, (iv) the transaction price has been allocated to each performance obligation in the contract, and (v) the Company has satisfied the applicable performance obligation. The expenses that are directly related to such transactions are recorded as incurred and presented within operating expenses. Revenue associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within other income. The Company provides transaction related services to its customers. Securities transactions and the related commission revenue and expenses are recorded on a trade date basis. Insurance commissions are recorded when earned. Revenue as disaggregated by source is presented in the accompanying statement of operations. Accounts receivable and contract balances from contracts with customers were as follows. Accounts receivable were \$508,210 as of December 31, 2025 and \$423,810 at December 31, 2024. Contract liabilities were \$573,678 as of December 31 2025 and \$445,101 at December 31, 2024. ### **Concentrations** The Company has two groups of representatives under contract which accounted for approximately 76% of CoreCap's total revenue for the year ended December 31, 2025. The Company expects to maintain its relationship with the representative group. ### **Management Estimates** The preparation of financial statements in conformity with generally accepted accounting principles 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 Eg uivalents** For purposes of the statement of cash flows, the Company considers all cash and demand deposits to be cash and cash equivalents. {11}------------------------------------------------ ## *NOTES TO FINANCIAL STATEMENTS* ## **NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** ### **Management Estimates** The guidance under ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326"), 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 the guidance, the Company has the ability to determine that there are immaterial expected credit losses in certain circumstances (e.g., based on the credit quality of the customer). The allowance for credit losses is based on the Company's expectation of the collectability of the financial instruments carried at amortized costs, including arrangement fees and other receivables using the CECL framework. The Company's expectation is that the credit risk associated with receivable are that the client with which it conducts business with is unable to fulfill its contractual obligation. Management monitors the credit risk of clients and currently there is not a foreseeable expectation of an event or change which could result in the arrangement fee receivables being unpaid based on individual facts and circumstances. The Company considers factors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company's expectation of the collectability in determining the allowance for credit losses. The Company has immaterial allowance for credit losses as of the year ended December 31, 2025. ### **Financial Instruments with Off-Balance Sheet Risks** In the normal course of business, the Company's activities involve the execution, settlement and financing of various securities transactions. These activities may expose the Company to offbalance sheet risk in the event the other party to the transaction is unable to fulfill its contractual obligation. Cash held in excess of the FDIC limit was \$811,841 at December 31, 2025. ### **Federal Income Taxes** The Company does not incur income taxes; instead, the members are taxed on their proportionate share of the Company's taxable income. Therefore, no provision or liability for federal income taxes has been included in the financial statements. During April 2020, CoreCap along with its Parent converted from an S corporation to an LLC. As an LLC, the Company is treated as a partnership for Federal income tax purposes. Consequently, Federal income taxes are not payable by, or provided for, the Company. LLC members are taxed individually on their share of taxable earnings. CoreCap's net income or loss is allocated among the members in accordance with the provisions of the Company's operating agreement. The Company recognizes and measures its unrecognized tax benefits in accordance with F ASB AS 740, Income Taxes. The primary objective of ASC 740 is to prescribe measurement and disclosure requirements for income tax provisions when uncertainty exists as to whether the reporting entity's tax positions would be sustained in the event of an examination. Company management believes that there are no material uncertainties in which tax positions taken would not be sustained upon examination. With few exceptions, the Company is no longer subject to U.S. Federal income tax examinations for years before 2022 or state income tax examinations for years before 2020. {12}------------------------------------------------ ## *NOTES TO FINANCIAL STATEMENTS* ### **NOTE 2** - **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (concluded)** ### **Segment Reporting** The Company has identified its Chief Financial Officer 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 or 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. Revenues are derived primarily from commission income. All significant operating decisions are based on consolidated results, and discrete financial information at a lower level is not regularly reviewed by the chief operating decision maker. Entity-wide disclosures about products and services, geographic areas, and major customers (if applicable) are presented in the accompanying notes. ### **NOTE 3-TRANSACTIONS WITH PARENT COMPANY** The Parent Company provides furniture and fixtures, personnel, general administrative and consulting services to the Company in connection with the Company's business. Reimbursement of these expenses is based on an itemized schedule of amounts paid. For the year ended December 31, 2025 charges for services provided by CoreCap Holdings, LLC were \$768,290 and are included in other operating expenses in the accompanying statement of operations. ### **NOTE 4 -NET CAPITAL REQUIREMENTS** The Company is subject to the Securities and Exchange Commission's Uniform Net Capital Rule (Rule 15c3-l}. Based on the provisions of this rule, the Company must maintain net capital equivalent to the greater of \$50,000 or 1115th of aggregate indebtedness, as defined. At December 31, 2025 the Company's net capital totaled \$852,476, which was \$801,304 in excess of its required net capital of \$51,172. The ratio of aggregate indebtedness to net capital (which may not exceed 15 to 1) was .9024 to 1. {13}------------------------------------------------ ## *NOTES TO FINANCIAL STATEMENTS* ## **NOTE 5-LEASE COMMITMENTS** The company shares office space with its Parent and other related parties subject to a lease agreement with the parent. The Company reimburses CoreCap Holdings, LLC on a monthly basis for a portion of occupancy costs which approximated \$3,000 per month as of December 31, 2025. For the year ended December 31, 2025, occupancy expenses for the current and former locations totaled \$31,291 and is included in other operating expenses in the accompanying statement of operations. ### **NOTE6-REGULATORYDISPU1ES** The Company is involved in various regulatory disputes and litigation arising in the normal course of business. In certain of these matters, large and/or indeterminate amounts may be sought by certain parties. Management, after review and discussion with legal counsel, believes the Company has meritorious defenses and intends to defend itself **in** these matters, but it is not feasible to predict or determine the final outcomes at the present time. ### **NOTE** 7 **-NEWLY ADOPTED ACCOUNTING PRONOUNCEMENT** In June 2016, the F ASB issued guidance which significantly changed how entities will measure credit losses for most financial assets and certain other instruments that aren't measured at fair value through net income. The most significant change in this standard is a shift from the incurred loss model to the expected loss model. Under the standard, disclosures are required to provide users of the financial statements with useful information in analyzing an entity's exposure to credit risk and the measurement of credit losses. Financial assets held by the Company that are subject to the guidance were trade accounts receivable and contract assets. The Company adopted the standard effective January I, 2023. The impact of adoption was not considered material to the financial statements and the accompanying disclosure. ## **NOTE 8- SUBSEQUENT EVENTS** The Company has performed an evaluation of subsequent events through the date the financial statements were issued. The evaluation did not result in any subsequent events that required disclosures and/or adjustments. {14}------------------------------------------------ *SUPPLEMENTAL INFORMATION* {15}------------------------------------------------ ## *COMPUTATION OF NET CAPITAL UNDER RULE 15c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION DECEMBER 31, 2025* | CREDIT: | | |---------------------------------------------------------------|-------------| | ~I embers' equity | \$1.005.335 | | DEBITS: | | | Accounts receivable | 148,454 | | Prepaid expenses | 4405 | | Total Debits | 152,859 | | :\"ET CAPITAL | 852,476 | | l\Jinimum requirements of 6-2·3% of aggregate indebtedness of | | | \$767,575 or \$50,000 whichever is greater | 5U72 | | Excess Net Capital | 801,304 | | AGGREGATE I:\"DEBETED:\"ESS | | | Accounts payable | 1,380 | | Compensation accrued | 573,677 | | Due to affiJiates | 191,263 | | Unsecured debits at RBC | 1255 | | TOTAL AGGREGATE INDEBTED~"'ESS | \$761,515 | | Ratio of aggregate indebtedness to net capital | .9024 to 1 | Note: There were no material differences between the above computation and the computation included in the Company's corresponding unaudited Form X-17 A-5 Part II A filing. Accordingly, no reconciliation is deemed necessary. See Report of Independent Registered Accounting Firm. {16}------------------------------------------------ ![](_page_16_Picture_0.jpeg) ### REPORT OF TADESENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPLYING AGREED UPON PROCEDURES To the Board of Directors and Member of CoreCap Investments. LLC We have performed the procedures included in Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 and in the Securities Investor Protection ("SIPC) Series 600 Rules, which are enumerated below on the accompanying General Assessment Reconciliation ("Form SIPC-7) for the year ended December 31. 2025. Management of CoreCap Investments. LLC (The "Company") is responsible for its Form SIPC - 7 and for its complicable instructions on Form SIPC - 7. Management of the Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Company's compliance with the applicable ustructions on Form SIPC-7 for the year ended December 31. 2025. Additionally. SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and as such. users are responsible for determining whether the procedures performed are appropriate for the purposes. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below esther for the purpose for which this report has been requested or for any other purpose. The procedures and our associated findings are as follows: - 1. Compared the listed assessment payments in Form SIPC 7 with respective cash disbursement records entries noting no differences: - 2. Compared the amounts reported on the audited Form X-17-5 (FOCUS Report) for December 31. 2025. noting no differences: - 3. Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers noting no differences: - 4. Proved the anthmetical accuracy of the calculations reflected in Form SIPC-7 and in the related schedules and working papers supporting the adjustments noting no differences; and - 5. Compared the annount of any overpayment applied to the current assessment with the Form SIPC-7 on which it was originally computed noting no differences. cbh.com {17}------------------------------------------------ We were not engaged t.o, and did not conduct an c-xamination, the objective of which would be the expression of an opinion on compliance. Accordingly, we do not express such an opinion. Had we performed additional procedures. other matters might have come to our attention that would have been reported to OU. This report is intcndecl solely for the information and use of the specified parties listed above and is not intended to be and should not be used by anyone other than these specified parties. Denver. Colorado March *26,* 2026 {18}------------------------------------------------ ## SECURITIES INVESTOR PROTECTION CORPORATION SIPC-7 37 REV 0722 #### GENERAL ASSESSMENT FORM For the fiscal year ended 12/31/2025 | | Determination of "SIPC NET Operating Revenues" and General Assessment for.
MEMBER NAME | | | SEC NO
8-477-8 | | | |---|-------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-------------------|-----------------|-----------------| | | | CORECAP INVESTMENTS LLC
For the fiscal period beginning 1/1/2025 and ending 12/31/2025 | | | | | | P | | fotal Revenue (FOCUS Report - Statement of Income (Loss) - Code 4030) | | | | \$ 9,056,103.00 | | 2 | | Additions: | | | | | | | | a Total revenues from the securities business of subsidiaries (except foreign
subsidianes) and predecessors not included above. | | | | | | | | D Net loss from principal transactions in securities in trading accounts. | | | | | | | | c Net loss from principal transactions in commodities in trading accounts. | | | | | | | | d interest and dividend expense deducted in determining tiem 1. | | | | | | | | e Net loss from management of or participation in the underwriting or
distribution of securities. | | | | | | | | T Expenses other than advertising, printing, registration fees and legal fees
deducted in determining net profit management of or participation in
underwriting or distribution of securities | | | | | | | | g Net loss from securities in investment accounts. | | | | | | | | in Add lines 2a through 2g. This is your total additions. | | | | 5 8 00 | | 3 | | Add lines 1 and 2h | | | | \$ 9,056,103.00 | | 4 | | Deductions: | | | | | | | | a Revenues from the distribution of shares of a registered open end investment
company or unit investment trust, from the sale of variable annuities, from the
business of Insurance, from investment advisory services rendered to
registered investment companies or insurance company separate accounts
and from transactions in security futures products | | | \$ 4,415,596.00 | | | | | b Revenues from commodity transactions. | | | | | | | | c Commissions, floor brokerage and clearance paid to other SIPC members
in connection with securities transactions. | | | \$ 64, 107.00 | | | | | d Reimbursements for postage in connection with proxy solicitations. | | | | | | | | e Net gain from securities in investment accounts. | | | | | | | | T 100% commissions and markups earned from transactions in (1) certificates
of deposit and (ii) Treasury bills, bankers acceptances or commercial paper
that mature nine months or less from issuance date. | | | | | | | | Direct expenses of printing, advertising, and legal fees incurred in connection
with other revenue related to the securities business (revenue defined by
Section 16(9)(L) of the Act). | | | | | | | | In Other revenue not related either directly or indirectly to the securities business.
Deductions in excess of \$100,000 require documentation | | | | | | 0 | | a Total interest and dividend expense (FOCUS Report - Statement
of Income (Loss) - Code 4075 plus line 2d above) but | | | | | | | | not in excess of total interest and dividend income | | \$ 3.15 Min | | | | | | b 40% of margin interest earned on customers securities accounts
(40% of FOCUS Report - Statement of Income (Loss) -
Code 3960) | | | | | | | | c Enter the greater of line 5a or 5b | | | \$ 3,151.00 | | | | | 6 Add lines 4a through 4h and 5c. This is your total decluded ons. | | | | \$ 4,482,854.00 | {19}------------------------------------------------ SIPC-7 SIPC-7 SECURITIES INVESTOR PROTECTION CORPORATION 37 REV 0722 37 REV 0722 GENERAL ASSESSMENT FORM For the fiscal year ended 12/31/2025 \$ 4,573,249.00 7 Subtract line 6 from line 3. This is your SIPC Net Operating Revenues. \$ 6,859.00 ଓ Multiply line 7 by .0015. This is your General Assessment. \$ 0.00 0 Current overpayment/credit balance, if any \$ 3,206.00 10 General assessment from last filed 2025 SIPC-6 or 6A \$ 0.00 11 a Overpayment(s) applied on all 2025 SIPC-6 and 6A(s) SOUTO b Any other overpayments applied \$ 3,206.00 c All payments applied for 2025 SIPC-6 and 6A(s) d Add lines 11a through 11c \$ 3,206.00 \$ 3,206.00 12 LESSER of line 10 or 11d. \$ 6,859.00 13 a Amount from line 8 \$ 0.00 b Amount from line 9 c Amount from line 12 \$ 3,206.00 \$ 3,653.00 d Subtract lines 13b and 13c from 13a. This is your assessment balance due. \$ 0.00 14 Interest (see instructions) for 0 days late at 20% per annum 15 Amount you owe SIPC. Add lines 13d and 14. \$ 3,653.00 16 Overpayment/credit carried forward (if applicable) \$ 0.00 SEC No FYE Designated Examining Authority Month 8-47783 DEA: FINRA 2025 Dec MEMBER NAME CORECAP INVESTMENTS LLC MAILING ADDRESS 27777 FRANKLIN RD STE 700 SOUTHFIELD, MI 48034 Subsidianes (S) and predecessors (P) included in the form (give name and SEC number) By checking this box, you certify that you have the authority of the SIPC member to sign this form; that all information in this form is true and complete; and that on behalf of the SIPC member, you are authorized, and do hereby consent, to the storage and handling by SIPC of the data in accordance with SIPC's Privacy Policy | CORECAP INVESTMENTS LLC | Robert W. Peters | |-------------------------|------------------------| | (Name of SIPC Member) | (Authorized Signatory) | | 2/2/2026 | rpeters@acisecure.com | | (Date) | (e-mail address) | | | | Completion of the "Authorized Signatory" line will be deemed a signature. This form and the assessment payment are due 60 days after the end of the fiscal year. {20}------------------------------------------------ ![](_page_20_Picture_0.jpeg) #### REPORT OF 1-'"DEPENDE:'