# ROBERT BLUM MUNICIPALS, INC. X-17A-5 (2026-05-05) — Broker-dealer annual report - Company: ROBERT BLUM MUNICIPALS, INC. - Form: X-17A-5 - Filed: 2026-05-05 - Period: 2026-03-31 - Accession: 0000945170-26-000003 - CIK: 945170 - File #: 8-48287 - Type: Broker-dealer - Material weakness: No - Auditor: Cropper Accountancy Corporation - Auditor location: Walnut Creek, CA - Contact: Robert Blum - Phone: 415-673-2793 - Email: rbmuni@bloomberg.net - Website: bloomberg.net - Signed by: Robert Blum (President) Original filing: https://www.sec.gov/Archives/edgar/data/945170/000094517026000003/auditblum2026.pdf --- {0}------------------------------------------------ Robert Blum Municipals, lnc. Report Pursuant to Rule 17a-5 (d) Financial Statements For the Year Ended March 31, 2026 {1}------------------------------------------------ ### UNITED STATES SECURTTIES AND EXCHANGE COMMISSION Washlngton, D.C. 20549 OMAAPPROVAI OMg t{umben 323H123 Expires: Nov.30,2026 Estimated avera8e burden hours per response: 12 # ANNUAT REPORTS FORM X-17A-5 PART III | | SEC FILt NUMAER | |--|-----------------| | | | | | FACIN6 PAGE | | | | | |--|-------------|--|--|--|--| | | | | | | | lnformation Rsquired Pursuant to Rules 17a-5, 17a-12, and l8a-7 under the Securlties Exchangs Act of 1934 | lnformation Rsquired Pursuant to Rules 17a-5, 17a-12, and l8a-7 under the Securlties Exchangs Act of 1934 | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-------|------------------------------|--| | FTLTNG FoR rHE pERroD BEGTNNTN G | 04101125 | | AND ENDTNG 03131126 | | | | MM/DD/YY | | MM/DDAY | | | | A. REGISTRANT IDENTI FICATION | | | | | NAME OF FIRM: | Robert Blum lvlunicipals, lnc. | | | | | TYPE OF REGISTRANT (check all applicable boxes):
E Brokerdealer E Security-based swap dealer
D Major securaty-based swap participant
E check here if respondent is also an oTC derivatives dealer | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | 376 17th Avenue | | | | | | | (No. and Street) | | | | | San Francisco | CA | | 94121 | | | (city) | (state) | | (zip code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Robert | Blum
415-673-2793 | | rbmuni@bloomberg.net | | | (Name) | (Area Code -Telephone Number) | | (EmailAddress) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Cropper Accountancy Corporatlon | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | 2700 Ysnacio Valley Road, Suite 270 Walnut Creek | | | CA
94598 | | | (Address) | (city) | | (5tate)
(Zip Code) | | | 0310412009 | | 3381 | | | | (Oate of
if
ation with PCAOB
cable | FOR OFFICIAL USE ONI.Y | PCAOB | stration Number if
icable | | t Oaims for exemption from the requirement that the annual reports b€ 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 Cf R 2'lO.17a-5(eXlXii), if applicable. Pcrsona who sr! to rcspond tothGcolbctlon of informatlon cont6lncd lnthbform.r. not r6quirGd to rurpond unl.\$thGform dlspl.yt ! @rrcntly vllid OMB control number. {2}------------------------------------------------ ### OATH OR AFFIRMATION | Robe.l I um | swear (or affirm) that, to the best of my knowledge and belief, the | | |-------------------------------------------------------------------------|---------------------------------------------------------------------|-------| | finencial rePort pertaining to the firm of Robert Blum lvlunrclpais lnc | | as of | March 31 . 29- is true and correct. I further swear (or affirm) that neither th6 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 customsr. Signature: lZ\*L Title: President ## Thls flllng" contalns (check all applicable boxes!: - E (a) statement of ftnancial condition. - E (b) Notes to consolidated statement of flnancial condition. - E (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 S 210.1-02 of Regulation S-X). - E (drstatement of cash flows. - E (e) statement of changes in stockholders' or partners' or sole proprieto/s equity. - E (0 statement of changes in liabilities subordinated to claims of creditors. - E (g) Notes to consolidated financial statements. - E (h) Computation of net capital under 17 cFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - E (i) Computation of tangible net worth under 17 cFR 24o.18a-2. - E 0) Computation for determination of customer reserye requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - E (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 2110.15c3-3 or Exhibit A to 17 CFR 24O.18a-4, as applicable. - E (l) computation for Determination of PAB Requirements under Exhibit A to 5 24o.15c3-3. - Ei (m) lnformation relating to possession or control requirements for customers under 17 CFR 24O.15c3-3. - E (n) lnformation relating to possession or control requirements for security-based swap customers under 17 cFR 24O.15c3-3(p}(2) or 17 CFR 240.18a-4, as applicable. - E (o) Reconciliations, including appropriate explanations, of the Focus Report with computation of net capital or tan8ible 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.r.5c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material difierences exist. - E (plSummary of financial data for subsid iaries not consolidated in the statement of financial condition. - E (qlOath or affirmation in accordance with 17CFR24O.17a-5, 17 CfR 240.17a-77, ot 77 CFR 24O.18a-7, as applicable. - El (r)Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - El (s) Exemption report in accordance with 17 cFR 240.17a-5 or 17 cFR 240.18a-7, as applicable. - E (t) lndependent public accountanfs report based on an examination of the statement of financial condition. - E (u) lndependent public accountant's report based on an examination ofthefinancial report or financial statements under 17 CFR 2rt0.17a-5, 17 CFR 240.18a-7, ot 17 CFR 24O.77e-12, as applicable. - E (v) hdep€ndent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 2rt0.18a 7, as applicable. - E (w) lndependent public accountant's report based on a review of the exemption report under 17 CFR 241.l7a-5 o( L7 CFR 240.18a-Z as applicable. - E (x) Supplemental reports on applyinS agreed upon procedures, in accordance with 17 CFR 2rt0.15cUe or l7 CFR24O-L7a-12, as applicable. - E (y) Report describing any material inadequacies fou nd 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). - E (z)Other &quot;To request conlidentiol treotment of certoin portions of this filing, see 17 cFR 24o.17o-5(e)(i) or 17 CFR 240.18o-7(d)(2), os opplicoble. {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) Walnut Croek, CA 94598 (925) 932-3860 Iel (925) 17e9\$0 efar www. c r1p pe rac c 0u ntancy. c o m ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ### To the Stockholder of Robert Blum Municipals, lnc. ## Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Robert Blum Municipals, Inc. as of March 31,2026, the related statements of income, changes in stockholder's equity, changes in liabilities subordinated to the claims of general creditors, and cash flows for the year then ended, and the related notes and schedules (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Robert Blum Municipals, Inc. as of March 31, 2026, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United Slates of America. ## Basis for Opinion These financial statements are the responsibility ofRobert Blum Municipals, lnc.'s management. Our responsibility is to express an opinion on Robert Blum Municipals, lnc.'s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversighl Board (United States) (PCAOB) and are required to be independent with respect to Robert BIum Municipals, [nc. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement ofthe financial statements, whether due to error or fraud. and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. ## Auditor's Report on Supplemental Information The supplemental information contained in Schedule I - Computation of Net Capital Requirements Under Rule 15c3- I of the Securities Exchange Act of 1934 and Schedule II - Computation for Determination of the Reserve Requirements and Information Relating to Possession or Control Requirements for Brokers and Dealers Pursuant to SEA Rule l5c3-3 has been subjected to audit procedures performed in conjunction with the audit ofRobert Blum Municipals, Inc.'s financial statements. The supplemental information is the responsibility of Robert Blum Municipals, Inc.'s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounling and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. ln forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conforrnity with 17 C.F.R. \$240.17a-5. ln our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. Cr.rp\*- .<1 u-o tatfuu-zt- & orp.a "ab-o \* t// / / CROPPER ACCOUNTANCY CORPORATION We have served as Robert Blum Municipals, Inc.'s auditor since 2022 Walnut Creek, Califomia May 5,2076 {4}------------------------------------------------ ## Robert Blum Municipals, lnc. Statement of Financial Condition March 31,2026 ## Assets | Cash
b | 26,557 | |----------------------------------------------------------------------------------------------|--------------------| | Receivable from clearing broker | 541,838 | | Deposit at clearing broker | 31 ,729 | | Securities owned, at fair market value | 489,035 | | Deferred tax asset | 29,865 | | Total assets | \$
1 ,1 19,024 | | Llabilltles | | | Accounts payable and accrued liabilities
s | A 7)A | | Payable to clearing broker | 489,035 | | Liabilities subordinated to the claims of general creditors | 250,000 | | Total liabilitiss | 743,759 | | Stockholder's Equity | | | Common stock, no par value, 25,000 shares authorized,
5,000 shares issued and outstanding | 150,000 | | Retained earnings | 225,265 | | Total stockholder's equity | 375,265 | | Total liabilities and stockholder's equity | \$
1 ,'1 19,024 | The accompanying notes are an inlegral pai of these slatemerts {5}------------------------------------------------ ## Robert Blum Municipals, lnc. Statement of lncome For the Year Ended March 31, 2026 ### Revenues | Trading revenues
lnterest | \$
268,315
18,327 | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------| | Total revenues | 286,642 | | Expenses | | | Employee compensation and benefits
Clearing
lnformation services
Occupancy
Professional fees
lnterest
Promotional
Regulatory
General and administrative | 141,327
25,831
36,138
9,297
34,290
22,500
7,568
5,700
1,230 | | Total expenses | 283,881 | | Net income (loss) before income tax provision | 2,761 | | lncome tax provision/(benef it) | 800 | | Net income (loss) | \$
1,961 | The dccompanying notes are an intogral pai of lhose sfatements. {6}------------------------------------------------ ## Robert Blum Municipals, lnc. Statement of Changes in Stockholder's Equity For the Year Ended March 31, 2026 | | Shares | Common
Stock | Retained
Earnings | Total | |----------------------------|--------|-----------------|-----------------------|------------| | Balance at March 31 ,2025 | 5,000 | \$ 150,000 | \$ 223,304 | \$ 373,304 | | Net income (loss) | | | 1,961 | t,vot | | Balance at N4arch 31, 2026 | s,0 00 | | \$ 150,000 \$ 225,265 | \$ 375,265 | The accompanying notes are an integral patl ot ahese slatemgnts {7}------------------------------------------------ ## Robert Blum Municipals, lnc. Statement of Changes in Liabilities Subordinated to the Claims of General Creditors For the Year Ended March 31, 2026 | | Total | |----------------------------------|---------------| | Balance at March 31 ,2025 | \$
250,000 | | lncrease:
Accrual of interest | 22,500 | | Decrease:
Payment of interest | (22,500) | | Balance at March 31 ,2026 | \$ 250,000 | me d@ompanying notes arc an integal paft o, th6se sf€lsmerls {8}------------------------------------------------ ## Robert Blum Municipals, lnc. Statement of Cash Flows For the Year Ended March 31, 2026 | Cash flow from operating activities: | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------|----------|---------------------------------|-------------| | Net lncome (loss) | | | \$
1,961 | | Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities: | | | | | (lncrease) Decrease in
Receivable from clearing broker
Securities owned, at fair market value
Prepaids and deposits
Deferred tax asset | \$ | '10,329
1 ,400
(140)
0 | | | (Decrease) lncrease in:
Accounts payable and accrued llabilities
Payable to clearing broker | | 51
(1,400) | | | Total adjustments: | | | 10,240 | | Net cash provided by (used in) operating activities | | | '12,201 | | Net cash provided by (used in) investing activities | | | | | Net cash provided by (used in) financing activities | | | | | Net increase (decrease) in cash | | | 12,201 | | Cash at March 31 , 2025 | | | 14,356 | | Cash at March 31 ,2026 | | | \$ 26,557 | | Supplemental disclosure of cash information: | | | | | Cash paid during the year for: | | | | | lnterest
lncome taxes | \$
\$ | 22.500
964 | | The accofipanyihg notes are an integnl pdrt of thes€ sfatemonts {9}------------------------------------------------ #### NOTE 1: GENERAL ANO SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Organization Robert Blum Municipals, lnc. (the "Company") was incorporated in the State of California on April 17, 1995, The Company is a registered broker-dealer in securities under the Securities Exchange Act of 1934 ("SEA"). The Company is a member of the Financial lndustry Regulatory Authority ("FlNRA"), and the Securities lnvestor Protection Corporation ("SlPC"), and is registered with the Municipal Securities Rulemaking Board ('MSRB"). The Company is engaged in business as a securities broker-dealer. Substantially all of its business consists of trading municipal securities in a principal capacity. Under its membership agreement with FINRA and pursuant to Rule 15c3-3(kx2)(ii), the Company is exempt from the requirement of Rule 15c3-3 under the Securities Exchange Act of 1934 pertaining to the possession or control of customer assets and reserve requirements. The Company relies upon Footnote 74 of the SEC Release No. 34-70073 for its proprietary trades. #### Summary of Significant Accounting Policies The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Securities owned, at fair market value are municipal securities, which are classified as trading securities. They are stated at fair market value according to the established fair value hierarchy, as further disclosed in Note 6. Trading revenue consists of both realized gains or losses from the purchase and sale of municipal securities and unrealized gains or losses on municipal securities. The Company earns revenue from the mark-up ofthe buy and sale of municipal securities to its institutional clients and sophisticated market professionals. Securities transactions and expenses are recorded on a trade date basis. Securities transactions are delivered/received upon payment; and settled on a fully disclosed basis through the clearing broker. The Company earns interest on its municipal bond inventory held for trading. This income is recognized as earned on the contractual coupon rates of the underlying securities. The Company establishes a deferred tax asset or liability to recognize the future tax effects of transactions that have not been recognized for tax purposes, including taxable and deductible temporary differences as well as net operating loss and tax credit carryforwards. Deferred tax expenses or benefits are recognized as a result of changes in the tax basis of an asset or liability when measured against its reported amount in the financial statements. There is no additional reserve made against the deferred tax assets as of March 31,2026. {10}------------------------------------------------ ### NOTE 1: GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Current income taxes are provided for estimated taxes payable or refundable based on tax returns. Deferred income taxes are recognized for the estimated future tax effects attributable to temporary ditferences in the basis of assets and liabilities for financial and tax reporting purposes. Measurement of current and deferred tax assets and liabilities is based on provisions of enacted federal and state tax laws. The Company has no lease arrangements subject to ASC 842 for the year ended March 31, 2026 ### NOTE 2: BALANCES AT CLEARING BROKER Pursuant to the clearing agreement with Hilltop Securities lnc. ("Clearing Broker"), the Company introduces all of its securities transactions to the clearing broker on a fully disclosed basis. Customers' money balances and security positions are carried on the books of the clearing broker. ln accordance with the clearance agreement, the Company has agreed to indemnify the clearing broker for losses, if any, which the clearing broker may sustain from carrying securities transactions introduced by the Company. The Clearing Broker has custody of the Company's deposit balance of \$ 31 ,729 as of March 31,2026, which serves as collateral for securities transactions pursuant to the clearance agreement. The Company's receivable from the Clearing Broker includes a non interestearning cash balance of \$ 520,448 and a trading revenue receivable balance of \$ 21,390 for a total of \$ 541 ,838 at March 31 , 2026 #### NOTE 3: PAYABLE TO GLEARING BROKER As discussed in Note 2, the Company acquired its municipal bond positions using credit extended from the Clearing Broker. At March 31, 2026, the credit balance payable to the Clearing Broker was \$ 489,035 To the extent that this liability is collateralized by the municipal bond positions owned and in the custody of the Clearing Broker, it is not included ln aggregate indebtedness for the purpose of SEC Rule 15c3- 1(c)(1). {11}------------------------------------------------ #### NOTE 4: INCOME TAXES The current and deferred portions of the income tax expense (benefit) included in the Statement of Operations as determined in accordance with FASB ASC 740 are as follows: | | Current | | Deferred | | Total | | |--------------------------------------|---------|--------|----------|--|-------|-----| | Federal
State | \$ | 800 | \$ | | \$ | 800 | | Total income taxes expense (benefit) | | \$ 800 | ) | | S | 800 | The Company has available at March 31, 2026, unused Federal net operating loss, which may be applied against future taxable income or carried back to offset previous taxable income, resulting in a deferred tax asset of \$ 29,865. The net operating loss relating to 2018 tax year will expire in 2038 while the remaining balance shall be carried forward indefinitely. The Company is required to file income tax returns in both Federal and California tax jurisdictions. The Company's tax returns are subject to examination by taxing authorities in the jurisdictions in which it operates in accordance with the normal statutes of limitations in the applicable jurisdiction. For Federal purposes, the statute of limitations is three years. Accordingly, the Company is no longer subject to examination of Federal returns filed more than three years prior to the date of these financial statements. The statute of limitations for California purposes is generally four years. Returns that were filed within the applicable statute remain subject to examination. As of March 31 , 2026, the IRS has not proposed any adjustment to the Company's tax position. #### NOTE 5: RELATED PARTY TRANSACTIONS lnterest paid on borrowings under subordinated liability agreements totaled \$ 22,500 for the year ended March 31,2026, and was paid to the Company's sole shareholder. The Company leases all of its office equipment from the Company's sole shareholder. Lease payments for the equipment totaled \$ 1,912 for the year ended March 31, 2026. It is possible that the terms of certain of the related party transactions are not the same as those that would result for transactions among wholly unrelated parties. {12}------------------------------------------------ ## NOTE 6: FAIR VALUE MEASUREMENTS FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hlerarchy which prioritizes the inputs to valuation techniques. 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. A fair value measurement assumes that the transaction to sell the assets or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by FASB ASC 820, are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 - Quoted prices in active markets for identical securities Level 2 - Observable inputs other than quoted prices included in level 1 , such as quoted prices for similar securities in active markets; quoted prices for identical or similar securities in markets that are not activei or other anputs that are observable or can be corroborated by observable market data (lncluding quoled prices for similar securlties, interest rates, prepayment speeds, credit risk, etc.) Level 3 - Pricing inputs are unobservable that are significant to the fair value measurement and include situations where there is little if any market activity for the investment. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. There were no transfers in or out of Level 3 during the year. The following table presents the Company's fair value hierarchy for those assets and liabilities measured at fair value as of March 31 ,2026, | Assets and Liabilities | Level I | Leve
2 | Level 3 | Total | |---------------------------------------------|---------|---------------|---------|------------| | Municipal bonds owned, at fair market value | \$ | \$ 489,035 \$ | | s 489,035 | | TOTALS | \$ | s 489,035 \$ | | \$ 489,035 | Municipal Bonds are valued at quoted market price provided by the Company's clearing firm {13}------------------------------------------------ ## NOTE 7: SUBORDINATED LIABILITIES The borrowings under subordination agreements at March 31, 2026, ate as follows | Subordinated note, 9% due August 31, 2027 | \$ 100,000 | |-------------------------------------------|------------| | Subordinated note, 9%, due June 30, 2028 | s 150.000 | I 250.000 The equity subordinated borrowings are covered by agreements approved by FINRA, and are thus available in computing net capital under the uniform net capital rule of the Securities and Exchange Commission. To the extent that such borrowings are required for the Company's continued compliance with minimum net capital requirements, they may not be repaid. The amount of \$ 22,500 was paid in interest for the year ended March 31 , 2026. ## NOTE 8: PROFIT SHARING PLAN The Company's profit sharing plan (the "Plan") covers all eligible employees. The plan was effective on August 1 , 1995, and provides for a Company contribution of up to 2570 of eligible compensation. All contributions to the plan are at the discretion of the Company. The Company made no contribution to the Plan for the year ended March 31,2026. ## NOTE 9: SUBSEQUENT EVENTS The Company has evaluated events subsequent to the statement of financial condition date for items requiring recording or disclosure in the financial statements. The evaluation was performed through the date the financial statements were available to be issued. Based upon this review, the Company has determined that there were no events which took place that would have a material impact on its financial statements. {14}------------------------------------------------ #### NOTE 10: NET CAPITAL REQUIREMENTS The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC rule 15c3-l), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as deflned, shall not exceed 1 5 to 1 . Rule 15c3-1 also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10to 1 . Net capital and aggregate indebtedness change day to day, but on March 31 , 2026, the Company had net capital of \$ 578,488 which was \$ 478,488 in excess of its required net capital of \$ 100,000i the Company's ratio of aggregate indebtedness to net capital was 0.01 to 1, which is less than the 15 to'1 maximum allowed. ### NOTE 11: GUARANTIES, COMMITMENTS AND CONTINGENCIES #### Guarantees There are no guarantees issued by the Company as of March 31,2026 #### Commitments and Contingencies The Company had no contingent liabilities and had not been named as a defendant in any lawsuit at March 31, 2026 or during the year then ended. The Company maintains bank accounts at financial institutions. These accounts are insured either by the Federal Deposit lnsurance Commission ("FDlC"), up to \$250,000, or the Securities lnvestor Protection Corporation ("SlPC"), up to \$500,000. The Company's cash balance at the Bank of \$ 26,557 was under the \$ 250,00 FDIC limit. The Cash held at the Clearing Broker exceeded insured limits by \$ 302,176 at March 31, 2026. #### NOTE 12: RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board Che "FASB") has established the Accounting Standards Codification ("Codification' or "ASC") as the authoritative source of generally accepted accounting principles ("GAAP') recognized by the FASB. The principles embodied in the Codification are to be applied by nongovernmental entities in the preparation of financial statements in accordance with GAAP in the United States. New accounting pronouncements are incorporated into the ASC through the issuance of Accounting Standards Updates (ASUs"). For the year ending March 31, 2026, various ASU'S issued by the FASB were either newly issued or had effective implementation dates that would require their provisions to be reflected in the financial statements for the year then ended. {15}------------------------------------------------ #### NOTE 12: RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (continued) The Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact they may have on the Company's financial statements. ln most cases, management has determined that the pronouncement has either limited or no application to the Company and, in all cases, implementation would not have a material impact on the financial statements taken as a whole. ### NOTE 13: SEGMENT REPORTING The Company is engaged in a single line of business as a securities broker-dealer which is comprised of investment banking services limited to proprietary trading of Municipal Bonds. The Company has identified its Managing Member 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, which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to maintain 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. {16}------------------------------------------------ ## Robert Blum Municipals, lnc. ## Schedule I - Computation of Net Capital Requirements Under Rule 1 5c3-{ of the Securities Exchange Act of 1934 | March 31,2026 | | |---------------|--| |---------------|--| | Computation of Net Capital | | | |------------------------------------------------------------------------------------------------------|---------------------|---------------------------| | Total Stockholder's equity
Add:
Subordinated Iiabilities allowable for net capital computation | | \$ 375,265 | | | | 250,000 | | Less: Non-allowable assets
Prepaids and deposits
Deferred tax asset | 0
(29,865) | | | Total non-allowable assets | | (29.865) | | Net capital before haircuts | | 595,400 | | Undue Concentration
Haircut on marketable securities | (2,258\
fi4.654\ | | | Total haircuts and undue concentration | | (16,912) | | Net Capital: | | l__l7tul8E | | ComDutation of Net capital Requirement | | | | Minimum capital required (6-2l3% of aggregated indebtedness) | \$
315 | | | Minimum dollar net capital requirement for broker-dealer | \$ 100.000 | | | Net capital requirement (greater of above) | | \$ (100,000) | | Excess net capital
Aggregate indebtedness | | \$ 478,488
\$
4,724 | | Ratio of aggregated indebtedness to net capital | | 0 01 1 | ### Reconciliation of computation of Net Capital Under Rule 15c3-1 There are no material differences between the net capital computation shown above and the Company's most recently filed unaudited Part ll of Form X-17a-5 as ofMarch 31,2026. See repod of independent registercd public accounting fim {17}------------------------------------------------ Robert Blum Municipals, lnc. #### Schedule ll - Computation for Determination of the Reserve Requirements and lnformation Relating to Possession or Gontrol Requirements for Brokers and Dealers Pursuant to SEA Rule 15c3-3 As of March 3,,1,2026 Not applicable - See Assertions Regarding Exemption Reports. > Se€ ropotl of independenl regisle@d public accounting lhm 14 {18}------------------------------------------------ Robert Bum Municipals, lnc. Report on Exemption Provisions Pursuant to SEC Rule 15c3-3(k) For the Year Ended March 31, 2026 {19}------------------------------------------------ ![](_page_19_Picture_0.jpeg) WalnutCreek. CA 94598 (925)932.3860 tel (925) 47\$9930 elar tt/w crapperacc1untancyc0n1 ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholder of Robert Blum Municipals, Inc. We have reviewed management's statements, included in the accompanying Assertions Regarding Exemption Provisions, in which (1) Roberl Blum Municipals, Inc. (the "Company") claimed exemption from l7 C.F.R. g 240.15c3-3 under the lollowing provisions of l7 C.F.R. \$240.15c3-3 (k)(2xii) and (2) The Company met the identified exemption provisions in 17 C.F.R. \$240.15c3-3 (k) throughout the most recent fiscal year without exception. The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to l7 C.F.R. \$ 240.17a-5 are limited to: (1) proprietary trading; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. The Company's management is responsible for compliance with the exemption provision and provisions contemplated by Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. \$ 240.17a-5 and related SEC StaffFrequently Asked Questions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about Robert Blum Municipals, lnc.'s compliance with the exemption provision and provisions contemplated by Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. \$ 240.17a-5 and related SEC Staff Frequently Asked Questions and its statements. A review is substantially less in scope than an examination, the objective of which is the expression ofan opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above tbr them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (kx2xii) of Rule l5c3-3 under the Securities Exchange Act of 1934 and the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34- 70073 adopting amendments to 17 C.F.R. \$ 240.17a-5, and related SEC Staff Frequently Asked Questions. C^.ff.- K 4-a.bot/. CROPPER ACCOLINTANCY CORPORATION Walnut Creek, Califomia May 5,2026 {20}------------------------------------------------ 376 17h Avenue San Francisco, CA 94121 415.673.2793 ## Asse rtions Rcgarding Excnrption Provisions Robert Blum Municipals. Inc. (the "Company") is a registered broker-dealer subject to Rule 17a-5promulgated by the Securities and Exchange Comnrission ( l7 C.F.R. \$240.1 7a-5, "Repons to be made by certain brokers and dealers"). 'l'his Exemption Repo( was prepared as required by l7 C.F.R. \$ 2a0.l7a-5(d)(l) and (4). To the best olits knowledge and belief, the Company states the following: > (U The Company claimed exemption lrom l7 C.F.R. \$ 240.I 5c3-3 under the following provisions of l7 C.F.R. \$240.15c3-3 (k)(2xii) > (2) The Company met the identilied exemption provisions in l7 C.F.R. \$240.15c3-3 (k) throughout the most recent llscal year wilhout exception > (3) The Company is also liling this Exemption Report because the Company's other business activities contemplated b1' Footnote 74 ol the SEC Release No. 34-70073 adopting amendments to l7 C.F.R. \$ 240.17a-5 are limited to: (t) proprietary trading; (2) did not canJ,accounts ot'or lbr customers; and (3) did not carry PAB accounts (as defined in Rule l5cl-3) throug,hout the most rccent fiscal year without exception. Robert Blum Municipals, lnc. I, Robert Blum. swear (or affinn) thal. to my best knowledge and belief. this Exemption Repon is true and correct. By: frfk1- Robert Blum President April20,2026 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.