# FENIMORE SECURITIES, INC. X-17A-5 (2025-11-20) — Broker-dealer annual report

- Company: FENIMORE SECURITIES, INC.
- Form: X-17A-5
- Filed: 2025-11-20
- Period: 2025-09-30
- Accession: 0001123004-25-000004
- CIK: 1123004
- File #: 8-52854
- Type: Broker-dealer
- Material weakness: No
- Auditor: Cohen & Company
- Auditor location: Philadelphia, PA
- Contact: Michael Balboa
- Phone: 5188231248
- Signed by: Michael Balboa (Secretary and Treasurer)

Original filing: https://www.sec.gov/Archives/edgar/data/1123004/000112300425000004/Public.pdf

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Fenimore Securities, Inc.

Financial Statements And Supplemental Schedules Pursuant to Rule 17a-(5) of the Securities Exchange Act of 1934

September 30, 2025

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|                                                                                                                                            | UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION                                                       | O ~~ APPROVAL<br>OMii !luml,(•,: :liJS0l23<br>f:11~Xwo,;: Nm,. :lO, )O)fi                                                               |
|--------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                            | Washington, O.C. 20549                                                                                    | E\tim.ikd uwrng(" btHJcn<br>llwu, per 1<.·~Vot.n•; 12                                                                                   |
|                                                                                                                                            | ANNUAL REPORTS                                                                                            | Sff flt f NUMSFR                                                                                                                        |
|                                                                                                                                            | FORM X-17A-5                                                                                              | 8-52854                                                                                                                                 |
|                                                                                                                                            | PART Ill                                                                                                  |                                                                                                                                         |
|                                                                                                                                            | FACING PAGE                                                                                               |                                                                                                                                         |
|                                                                                                                                            | Information Requlrnd Pu,suant to Rules 17a•S, 17a•l2, and 18a•7 under tho Securities Exchang@ Act of 1934 |                                                                                                                                         |
| FILING FOR THE PERIOD BEGINNING October 1, 2024                                                                                            |                                                                                                           | ANO ENDING September 30, 2025                                                                                                           |
|                                                                                                                                            | MM/llll/YY                                                                                                | MM/Oll/YY                                                                                                                               |
|                                                                                                                                            | A. REGISTRANT IDENTIFICATION                                                                              |                                                                                                                                         |
| NAME oF FIRM: Fenimore Securities, Inc.                                                                                                    |                                                                                                           |                                                                                                                                         |
| TYPE OF REGISTRANT (check all applicable boxes):<br>r£l Droker-dealer<br>0 Check here if r,:,spondt-nt is al10 an OTC deri-,ati\'cs dealer | [} Security-based swap dealer                                                                             | 0: Major security-based swap participant                                                                                                |
|                                                                                                                                            | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: jDo not use a P.O. box no.)                                       |                                                                                                                                         |
| 384 North Grand Street PO Box 399                                                                                                          |                                                                                                           |                                                                                                                                         |
|                                                                                                                                            | (No. and Str~N)                                                                                           |                                                                                                                                         |
| Cobleskill                                                                                                                                 | New York                                                                                                  | 12043                                                                                                                                   |
| ((ity)                                                                                                                                     | (Stat<>)                                                                                                  | (Zip Code)                                                                                                                              |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                               |                                                                                                           |                                                                                                                                         |
| Michael Balboa                                                                                                                             | 518 823 1248                                                                                              | mbalboa.@J!enimoreasset.com                                                                                                             |
| (Name)                                                                                                                                     | (A,ca Codo - Tdc1•honc Numl,.,,)                                                                          | (fmai1 Address)                                                                                                                         |
|                                                                                                                                            | 0. ACCOUNTANT IDENTIFICATION                                                                              |                                                                                                                                         |
|                                                                                                                                            | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this fifing•                                 |                                                                                                                                         |
| Cohen and Company, Ltd.                                                                                                                    |                                                                                                           |                                                                                                                                         |
|                                                                                                                                            | (Nam,•·· II intfividual, ,1at.-l,1>t. firs!, and middle 11J111i,)                                         |                                                                                                                                         |
| 1835 Market Street, Suite 310                                                                                                              | Philadelphia                                                                                              | PA<br>19103                                                                                                                             |
| (Address)                                                                                                                                  | ((ily)                                                                                                    | (State)<br>(Zill Code)                                                                                                                  |
| December 17, 2023                                                                                                                          |                                                                                                           | 925                                                                                                                                     |
| (Date of RegillrJliOO with PCAOO)(it .-.pµlicahlc)                                                                                         |                                                                                                           | (PCAOO ll~filtfation Numb<·I' ii .lJ>plicablo)                                                                                          |
| I                                                                                                                                          | FOR OFFICIAL USE ONLY                                                                                     |                                                                                                                                         |
|                                                                                                                                            |                                                                                                           | • Cl.1irm, for l)XNnption from lhtt re<iuh·c-mi!'nt thilt the annu,11 r(lpo1ts be co~er('d by tho rnports of Jll indef).(!ndc-nt public |

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|   | I, M.·d~;rnf U:1't10,1<br>swear (or affirm! that, to the best of my knowledge and belief, the<br>financial report pertaining to the firm of _r_rn_:_11,_u_~_s_·, __ •<_u_fit_1e,_s_, 1_n_c. ____________________ _                         |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 2~<br>9/30<br>is true and correct. I further swear (or affirm) that                                                                                                                                                                        |
|   | partner, officer, director, or equivalent person, as the case may be, has any proprietary inte                                                                                                                                             |
|   | as that of a customnr.                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                            |
|   | -Title:                                                                                                                                                                                                                                    |
|   | 8r~uc!.:,1y .:mo Tf(.J!jl_;fCt                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                            |
|   | This filing  contains {check all applicable box~s):                                                                                                                                                                                        |
|   | I"! (;i) Statenuml ol finantial wnditiun.                                                                                                                                                                                                  |
|   | !'i (b) Notr., to <on~o!idalcd ,t,1trrnrnt of tin~ndal rnrnfttion.                                                                                                                                                                         |
|   | ii! (c) Statement of incm1w (loss) or, ii lhl'll' is olhN co1n1><<'h<'111iv<' in<Otn<' in the 1wriocfM prescnt<'d,;, statement ot                                                                                                          |
|   | rn1111>rchensivr. income (a, clr,lined in ~ no.1-07, of Rrgul~lion S-X).                                                                                                                                                                   |
|   | !i:! (<1) Statement or cash flow1.                                                                                                                                                                                                         |
| C | ii! (el SIJtemenl of dlJllllel in stockholders' or 1iartne11' or sole proprietor's equity.<br>(f) St.itcrnent of ch.ingl•s in Habilltie, suhordimted tu dalnis of crcdito".                                                                |
|   | !iii {s) NolM to rnn,oli,latc,d finanrial statr.mr.nfs.                                                                                                                                                                                    |
|   | !ii! {h} Computation of net capif,11 under 17 crn 240.15c3-1 or 17 CfR 240.18a-l, ,ls ,1p11licahlc.                                                                                                                                        |
| 0 | {IJ comput,1tlon of tanp,ible net worth under 1l Cfl\ 240.18,1-2.                                                                                                                                                                          |
|   | 0 (JI C:0111puta1io11 for dete1111inallon of cu,to111er reserve requhemC'nb pursu,111t to hhihil A tn 17 cm ]40. IScJ-J.                                                                                                                   |
|   | U {kl Cmnp11talion for dr.terminatinn of scnmfy.fusecl swa11 rcsrrvc rcquir~mrnls 111irs,1anl lo Exhibit ll to 17 (fl\ 240.1 Sr]-3 or                                                                                                      |
|   | rxhlhil A to l / crn 740. lRa-4, as applkahle.                                                                                                                                                                                             |
|   | D {l) Com11utatlon for Determination of l'AB lkquirement~ under Exhibit A to§ 240.150-3.                                                                                                                                                   |
| 0 | (Ill) l11forJiiatio11 rd;,Hng to posse~sion or rnnhoJ 1t•,1uiremc11ts for cmtorners under 11 crn 240.lStJ-3.<br>Ci (11) h1form,1lion wlatinn to 1•osse,1lon or r.onlrnl rrquhcmrnts for senrrily•bascd ,wap customers under 17 nil         |
|   | 240.1St3-3(µ)(2) 01 I 7 crn 240.18J4, .1, ;11>11lit;1hle.                                                                                                                                                                                  |
|   | 0 (o} llecondli.>tion,, induclir,g appror1iate rxplanalions, of !he roctJ~ llepmt with (01n1111lation of nel upil~I oi langlhlr net                                                                                                        |
|   | wo,tlr 1m1ler 11 (fll 240.tSd-l, 1/ Ott 240.l!!a•l, 01 11 fft\ 140.18,1,l, .is app1lc.1bl<', ;md the 1ese1ve 1;,q11ireme11ls under 11                                                                                                      |
|   | (ffl 140.lSO-3 or 1/ 0-R 240.18a4, as applicable, if mal<>lial diff<:r('nc  s ,•xilt, or a st.,temenl th.ii no matc•1ial differences                                                                                                       |
|   | exist.                                                                                                                                                                                                                                     |
| 0 | (p) Summary of financial 1lala for ,uh,idiaries nut rnmoli1lalerl in the statement of financial ro11Clitirm.<br>iii (q) o,,th or aHirmalion in accord,1nce with 17 CFR 240.17a-5, l7 UR 240.l7a-l2, or 17 (.FR 240.18a·7, ,ls. appliui>lc. |
| 0 | (t) Compli,1nc<' rr1>0,t in acco1d,1nc<' with 17 (fl\ 240.17,l-S or 17 cm 240.18.1-7, ;rs applic,ihlr•.                                                                                                                                    |
|   | iii! (s) lxemption 1ero1t !11 J[CU1da11rnwilh 1/ nn 2'10.17a-~ m 1/ U-ll 240.18a-t, ·" appliuhle.                                                                                                                                          |
|   | L] {I) lnrle1>cnrlent puhlic arrmmtctnt's rPporl hased on an i,x,1mlnatlon of Hu, ,tatemr•nt of foundal rnnclition.                                                                                                                        |
|   | ii!i (u) lndCflC·nd('nt public awJ11nt.rnt's report IJ,lSNI on ,111 cxamirution of the fin,mci,11 l<'pmt or linand.il stato:mcnts undN 17                                                                                                  |
|   | cm NO.\h,5, 17 UII 7,40.!Sa-7, or 17 UR 2•10.17;t}, "' appli<ahle.                                                                                                                                                                         |
|   | D (\I} fmlepe11dtirit public cl(<ounl.-111t's ft'f}Oll b.ised ml an exJmin.1tion of teft,1in ~t<1temenh in tht! l0111pli.uu_e u.-µmt under 17                                                                                              |
|   | Cfll M0.17a-S or 17 Cfl\ 240.18a-7. ,lqpplif.1hlc.<br>~ (w) 1111tq,e11de11L pu!Jlic Mco1mt,mt'1 rnport h,1'ed on a review ol lhe <,><•mption 1epmt under 17 Ull 240. l 7:,-~ or 17                                                         |
|   | UR 240.llla-7, ;i~applkable.                                                                                                                                                                                                               |
|   | ii!! (x) Supplemental report, on applying ,1r.1<'ed•upon procedmcs, in accordance with 17 Cfll 240.15O· le or 17 cm N0.17a-ll,                                                                                                             |
|   | a, applitahle.                                                                                                                                                                                                                             |
| 0 | (y) lleµu1I d<>~c1ihh1ii auy 111aterl;il inadt'<111,1cies found to exist 01 fountl lo have exilted sin[e the date or tht! previous ,rndit, or                                                                                              |
|   | a statement that no n1.1tcrial lnadequadr., eKist, under 17 CFR 240.l 7a-12(k).<br>CJ (,)other: ________________________________________ _                                                                                                 |
|   |                                                                                                                                                                                                                                            |
|   | "To reII111•II ,onfide111i11/ ttt,11lment of n?1t11i11 1>mtiom of thh filir>g, ·'"" 17 cr11 )40.lla-.S(eJ(IJ or II crn N0./flr,-7(,t}(J), os                                                                                               |

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Fenimore Securities, Inc.

| Contents                                                                                                                                               |    |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|----|--|
| Report of Independent Registered PubJic Accounting Fit-m                                                                                               |    |  |
| Financial Statements                                                                                                                                   |    |  |
| Statement of Financial Condition                                                                                                                       | 6  |  |
| Statement of Income                                                                                                                                    | 7  |  |
| Statement of Changes in Stocldwlder's Equity                                                                                                           | 8  |  |
| Statement of Cash Flows                                                                                                                                | 9  |  |
| Notes to Financial Statements                                                                                                                          | 10 |  |
| Supplementary Schedules                                                                                                                                |    |  |
| Schedule I<br>Computation of Aggregate Indebtedness and Net Capital<br>Pursuant to Rule 15c3-1                                                         | 14 |  |
| Schedule II<br>Computation for Determination of Reserve Requirements<br>under Rule 15c3-3 of the Securities and Exchange Commission                    | 15 |  |
| Report of Independent Registered Public Accounting Firm on<br>Agreed Upon Procedures Related to an Entity's Claim of<br>Exclusion from SIPC Membership | 17 |  |
| Report of Independent Registered Public Accounting Firm on<br>Rule 15c3-3 Exemption Statement                                                          | 18 |  |
| Schedule of Form SIPC-3 Revenues                                                                                                                       | 19 |  |

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## C(.)hen· '>~ Cci *j* . ". . . . . {\_\i *\_j* .. ";."

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholder **Of Fenimore Securities, Inc.** 

#### Opinion on the Financial Statements

We have audited the accompanying statement of financial condition of Fenimore Securities, Inc., (the "Company") as of September 30, 2025, the related statements of income, changes in stockholder's equity, and cash nows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2025, and the results of its operations, changes in stockholder's equity and its cash nows for the year then ended in conformity 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 independent with respect to the Company 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 of the 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 schedules titled Computation of Aggregate Indebtedness and Net Capital Pursuant to Rule 15c3- 1 and Computation for Determination of Reserve Requirements under Rule 15c3-3 of the Securities and Exchange Commission have 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 forming 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 supplemental schedules as stated above are fairly stated, in all material respects, in relation to the financial statements as a whole.

We have served as Fenimore Securities, Inc's auditor since 2023.

*c~J.~,1-tw* 

Cohen & Company, Ltd. Philadelphia, Pennsylvania November 14, 2025

COHEN & COMPANY, LTD. Reui•,t~rt•d wilh lh~ l'ubli< Con1 p,111y i\1,(,11 01ino O,,)isttJlil llo.nd

oOO.~:::D.lOtHJ I 8GG.Sl8.-U,·rn F/,X I cohenco.com

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#### **FENIMORE SECURITIES, INC. Statement** of **Financial Condition September 30, 2025**

#### **Assets**

| Cash<br>Other Assets<br>Total Assets                                            | \$ 65,451<br>~278<br>73)29   |
|---------------------------------------------------------------------------------|------------------------------|
| Liabilities and Stockholder's Equity                                            |                              |
| Due to Fenimore Asset Management, Inc.<br>Accrued Expenses<br>Total Liabilities | \$12,913<br>12,025<br>24,938 |
| Stockholders• Equity:                                                           |                              |
| Capital Stock, no par value; 1,000 shares authorized                            |                              |
| 100 shares issued and outstanding                                               | 37,000                       |
| Retained Earnings                                                               | 11,791                       |
| Total Stockholder's Equity                                                      | 48,791                       |
| Total Liabilities & Stocl<l10lder's Equity                                      | \$73,729                     |

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#### **FENIMORE SECURITIES, INC. Statement of Income Year Ended September 30, 2025**

| INCOME                   |            |  |
|--------------------------|------------|--|
| Interest Income          | 14         |  |
| Total Income             | 14         |  |
| OPERA TING EXPENSES      |            |  |
| Expense Reimbursement    | \$(69,070) |  |
| FINRA/Blue Sky Fees      | 55,257     |  |
| Professional Services    | 12,000     |  |
| Insurance                | 1,482      |  |
| Office Expense           | 307        |  |
| NYS Franchise Taxes      | 25         |  |
| Total Operating Expenses | 0          |  |
| Net Income               | 14<br>\$   |  |

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#### FENIMORE SECURITIES, INC. Statement of Changes in Stockholder's Equity Year Ended September 30, 2025

|                            |               | Retained | Total Stocl<l10lder's |
|----------------------------|---------------|----------|-----------------------|
|                            | Capital Stock | Earnings | Equity                |
| Balance, beginning of year | \$37,000      | \$11,777 | \$48,777              |
| Net income                 |               | 14       | 14                    |
| Balance, encl of year      | \$37,000      | \$11)91  | \$48,791              |

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#### **FENIMORE SECURITIES, INC. Statement of Cash Flows Year Ended September 30, 2025**

| Cash flows from operating activities                                             |            |
|----------------------------------------------------------------------------------|------------|
| Net Income                                                                       | \$14       |
| Adjustments to reconcile net income to net cash provided by operating activities |            |
| Decrease in assets:                                                              |            |
| Other Assets                                                                     | 313        |
| Increase in liabilities:                                                         |            |
| Due to Fenimore Asset Management, Inc.                                           | 1,664      |
| Accrued Expenses                                                                 | 5,000      |
| Net cash used by operating i1ctivities and net increase in cash                  | 6,991      |
| Cash                                                                             |            |
| Beginning of the year                                                            | \$58,460   |
| End of the year                                                                  | \$65.1.451 |

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**Fenimo1·e Securities, Inc. Notes to Financial Statements September 30, 2025** 

#### **1. Nature of Business and Significant Accounting Policies**

#### **Nature of business**

Fenimore Securities, Inc. (the "Company") is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and a member of the Financial Industry Regulatory Authority ("FINRA"), whose sole business is the distribution of shares of registered openend investment companies. As such, the Company operates under the provisions of paragraph (k)( I) of Rule 15c3-3 of the Securities and Exchange Commission and, accordingly, is exempt from the remaining provisions of that Rule.

#### **Significant Accounting Policies**

A summary of significant accounting policies follows:

#### **Cash**

The Company maintains its cash in two accounts at one regional bank which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts, and believes it is not exposed to any significant credit risk on its cash deposits. Interest-bearing deposits are carried at cost.

#### **Income and Expense Recognition**

Interest income is accrued as earned. Expenses are accrued as incurred.

#### **Income taxes**

The Company, with the consent of its stockholder, has elected S-Corporation status for U.S. and New York income tax purposes. In lieu of corporation income taxes, the stockholders of an S-Corporation are taxed on their proportionate share of the Company's taxable income. Therefore, no provision or liability for U.S. and/or New York income taxes has been included in the accompanying financial statements.

The Company has evaluated the tax positions taken in preparing its Federal and New York income tax returns, including the determination that it qualifies for Federal and New York tax purposes as an S-Corporation, and has determined that none of its tax positions are uncertain. Federal and New York tax returns, filed by the Company within the three years ended September 30, 2025, are subject to examination by taxing authorities, including the Internal Revenue Service. No examination of the Company's income tax returns is currently in progress.

#### **Use of Estimates**

The preparation 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, as well as the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.

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#### **Revenue Recognition**

The Company's purpose is the distribution of mutual fund shares to investors on behalf of Fenimore Asset Management Trust (the "Trust"). Accordingly, the Company believes that its performance obligation is the distribution of these mutual fund shares. However, the Company is not compensated for this service by the Trust nor does it recognize revenue for the service. However, as detailed in Note 3, the Company is reimbursed for its expenses by Fenimore Asset Management, Inc. (the "Investment Manager") under its Expense Reimbursement Agreement (the "Reimbursement Agreement") when expenses are accrued.

#### **Segment Reporting Disclosure**

The Company's activities are considered a single line of business. The Company bas identified its Treasurer 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 2), 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 and 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 above in other paragraphs within this footnote.

#### **2. Net Capital Requirement**

The Company is subject to the SEC's uniform net capital mle (Rule l 5c3- I). This rule prohibits a broker-dealer from engaging in securities transactions when its aggregate indebtedness exceeds 15 times its net capital, as those terms are defined in the Rule. Rule I 5c3-l also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to I. As of September 30, 2025, and as more fully described in the supplementary Computation of Aggregate Indebtedness and Net Capital Pursuant to Rule 15c3-1 , the Company had net capital of \$40,513 which was \$15,513 in excess of its required net capital of\$25,000. The Company's net capital ratio was .62 to I.

#### **3. Distribution Agreement and Related Parties**

The Company entered into a Distribution Agreement with the Trust, an affiliated company (the Company's stockholder is a trustee of the Trust). According to the Distribution Agreement, the Company is permitted to act as an exclusive agent to sell and arrange for the sale of the Shares of the Trust.

On a quarterly basis, the Company will pay those dealers with which it has entered into agreements for the sale of the Funds' Shares up to 1.00% of the average net assets of those Shares purchased or acquired through such dealer, provided that the shares are owned by the dealer as nominee for the customer on the last business day of the quarter.

During the year ended September 30, 2025, the Company received \$0 from the Funds under the Plan and incurred \$0 for dealers' distribution costs.

The Company ente red into the Reimbursement Agreement with the Investment Manager, an affiliated company whose principal shareholder is the stockholder of the Company. The 

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Reimbursement Agreement requires the Investment Manager to reimburse the Company for all of its expenses. The Reimbursement Agreement is terminable upon 90 days written notice and/or upon termination of either the Trust's Investment Management Agreement or Distribution Agreement. During the year ended September 30, 2025, the Investment Manager reimbursed the Company \$69,070. As of September 30, 2025, the Company owed the Investment Manager \$12,913, which represents the amount of money the Investment Manager has transferred to the Company in anticipation of future expenses. If those expenses are not incurred, this amount is due back to the Investment Manager.

#### **4.** Concentration of Credit Risk

The Company's source of revenue is from the Investment Manager. If the Investment Manager were unable to meet its contractual obligations under the Reimbursement Agreement, as discussed in Note 3, the Company would have no source of revenue. Management believes the potential for default by the Investment Manager is minimal.

#### **5. Contingencies and Commitments**

In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The amount of future loss, if any, arising from such undertakings, while not quantifiable, is not expected to be significant.

#### **6. Subsequent Events**

Management has evaluated subsequent events through November 14, 2025, the date the Company's financial statement were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

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### **FENIMORE SECURITIES, INC.**  SUPPLEMENTARY INFORMATION YEAR ENDED SEPTEMBER 30, 2025

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#### **FENIMORE SECURITIES, INC. Schedule** I **Computation of Aggregate Indebtedness and Net Capital Pursuant to Rule 15c3-1 September 30, 2025**

| Total Stockholder's Equity                                               | 48,791    |
|--------------------------------------------------------------------------|-----------|
| Deductions                                                               |           |
| Non-allowable assets                                                     |           |
| Other Assets                                                             | (8,278)   |
| Net Capital                                                              | 40,513    |
| Aggregate Indebtedness                                                   |           |
| Accrued expense and other liabilities                                    | 24.1938   |
| Total aggregate indebtedness                                             | 24,938    |
| Computation of basic net capital requirement                             |           |
| Minimum net capital required (greater of \$25,000 or 6 2/3% of aggregate |           |
| indebtedness)                                                            | 25,000    |
| Excess Net Capital                                                       | 15,513    |
|                                                                          |           |
| Ratio of aggregate indebtedness of net capital                           | 0.62 to 1 |

The above computation does not differ materially from the Company's computation of net capital filed on FOCUS Form X-17 A-5 Part !IA with FIN RA as of September 30, 2025.

See Report of Independent Registered Public Accounting Finn

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#### **FENIMORE SECURITIES, INC.**

#### SCHEDULE JI & III COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS AND COMPUTA TlON FOR DETERMINATION OF PAB ACCOUNT RESER VE OF BROKER DEALERS UNDER RULE l 5C3-3 OF THE SECURITIES AND EXCHANGE COMMISSION As of September 30, 2025

For the year ended September 30, 2025, the distribution transactions of the Company have been limited to the sale and redemption of redeemable securities or registered open end investment companies, and the Company is therefore, exempt from Rule I 5c3-3 Subparagraph (K)(I ).

The Firm met the identified exempted provisions from Rule l 5c3-3 throughout the most recent fiscal year without exception.

:ecretary/Treasurer Fenimore Securities, Inc.

{15}------------------------------------------------

#### **FENIMORE SECURITIES, INC.'s EXEMPTION REPORT**

Fenimore Securities, Inc. (the "Company") is a registered broker-dealer subject to Rule l 7a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240. I 7a-5, "Reports to be made by certain brokers and dealers"). This Exemption Repo11 was prepared as required by 17 C.F.R. §240. l 7a-5(d)(l) and (4). To the best ofits knowledge and belief, the Company states the following:

- **(1)** The Company claimed an exemption from 17 C.F.R. §240. l 5c3-3 under the following provisions of 17 C.F.R. §240. **l** Sc3-3 **(k)(I** ).
- (2) The Company met the identified exemption provided in 17 C.F.R. §240. l Sc3-3(k) throughout the most recent fiscal year without exception.

Fenimore Securities, Inc.

l, Michael Balboa, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct.

By:

:r :ember JU, :w:zs

{16}------------------------------------------------

### C()l1 e · n (~~ C<)' . (~~ *j=:s*

#### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPL YING AGREED-UPON PROCEDURES RELATED TO AN ENTITY'S CLAIM FOR EXCLUSION FROM MEMBERSHIP IN SIPC**

To the Board of Directors of and Stockholder of Fenimore Securities

We have performed lhe procedures included in Rule 17a-5(e)(4) under the Securilies Exchange Act of 1934 and in the Securilies Investor Protection Corporation (SIPC) Series 600 Rules, which are enumerated below, on the accompanying Certmcalion of Exclusion From Membership (Form SIPC-3) for the year ended September 30, 2025. Management of Fenimore Securities, Inc (the Company) is responsible for its Form SIPC-3 and for its compliance with the requirements for exclusion from membership in SIPC under section 78ccc(a)(2)(A) of the Securities Investor Proteclion Act of 1970. 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 exclusion requirements from membership in SIPC under section 78ccc(a)(2)(A) of the Securities Investor Protection Acl of 1970 for the year ended June 30, 2025, as noted on the accompanying Form SIPC-3. Addilionally, 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 their 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 either for the purpose for which this report has been requested or for any other purpose.

The procedures we performed and our associated findings are as follows:

1) Compared the Total amount included in the accompanying Schedule of Form SIPC-3 Revenues prepared by the Company for the year ended September 30, 2025 to the total revenues in the Company's audited financial statements included on Annual Audited Report Form X-17A-5 Part Ill for the year ended September 30, 2025. noting no differences;

2) Compared the amount in each revenue classification reported in the Schedule of Form StPC-3 Revenues prepared by the Company for the year ended September 30, 2025 to the general ledger, noting no differences;

3) Recalculated the arithmetical accuracy of the Total Revenues amount reflecled in the Schedule of Form SIPC-3 Revenues prepared by the Company for the year ended September 30, 2025 and in the related general ledger, noting no differences.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the AICPA and in accordance with the standards of the Public Company Accounting Oversight Board (United States). We were not engaged to and did not conduct an examination or a review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's Form SIPC-3 and for its compliance with the requirements for exclusion from membership in SIPC under section 78ccc(a)(2)(A) of the Securities Investor Protection Act of 1970 for the year ended September 30, 2025. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

This report is intended solely for the information and use of the Company and SIPC and Is not intended to be and should not be used by anyone other than these specified parties.

**c~J.~,µ;J** 

COHEN & COMPANY, LTD. Philadelphia, Pennsylvania November 14, 2025

COH EN & COMPANY, LTD. Ri:qi,k, d wil h the Puhiic Co111p,rny Acrn11nl in,1 01<·r,lghl llr1,n d

800.'.2:W.l(H)fl I 8GG.818A53S FI\ <sup>X</sup>I eoheneo.eom

{17}------------------------------------------------

# Cl . &)C-r>'; *\_Jo* 1e11 ,, \_ J \_) .: ..

#### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON RULE 15C3-3 EXEMPTION STATEMENT**

To the Board of Directors and Stockholder of Fenimore Securities, Inc.

We have reviewed management's statements, included in the accompanying Statement Pursuant to Rule 15c3-3, in which {1) Fenimore Securities, Inc. (the "Company") identified the following provision of 17 C.F.R. §15c3-3(k) under which Fenimore Securities, Inc. claimed an exemption from 17 C.F.R. §240.15c3-3: paragraph (k)(1) and (2) the Company stated that it met the identified exemption provision throughout the most recent fiscal year without exception. The Company's management is responsible for compliance with the exemption provision 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 the Company's compliance with the exemption provision. A review is substantially less in scope than an examination, the objective of which is the expression of an 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 for them to be fairly stated, in all material respects, based on the provision set forth in paragraph (k)(1) of Rule 15c3-3 under the Securities Exchange Act of 1934.

*Co1a-t* J~ *I* µ;ti

Cohen & Company, Ltd. Philadelphia, Pennsylvania November 14, 2025

COH EN & COMPANY, LTD. llr~cJic;le1e<l wilh the Public Compony ;\(counting O\'mi9ht Bo,ml

800.Z:29, l()Fl!:J I SGG.Sl~U[i:38 FAX I colwnco.com

{18}------------------------------------------------

Fenimore Securities, Inc.

Schedule of Form SIPC-3 Revenues for the year ended September 30, 2025.

| Amount(\$) | Business Activities throue:h which revenue was recorded                                                               |
|------------|-----------------------------------------------------------------------------------------------------------------------|
| \$0        | Business conducted outside of the United States and its territories and<br>possessions                                |
| \$0        | Distribution of shares of registered open-end investment companies or unit<br>investment trusts                       |
| \$0        | Sale of variable annuities                                                                                            |
| \$0        | Insurance commission and fees                                                                                         |
| \$0        | Investment advisory services to one of more registered investment<br>companies or insurance company separate accounts |
| \$0        | Transactions in securities futures products                                                                           |
| \$0        | Total Revenues                                                                                                        |

Secretarytfreasurer

Fenimore Securities, Inc.


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.