# AMERANT INVESTMENTS, INC. X-17A-5 (2021-03-31) — Broker-dealer annual report

- Company: AMERANT INVESTMENTS, INC.
- Form: X-17A-5
- Filed: 2021-03-31
- Period: 2020-12-31
- Accession: 0001146222-21-000002
- CIK: 1146222
- File #: 8-53612
- Material weakness: No
- Auditor: RSM
- Auditor location: Birmingham, AL
- Contact: Sergio Guerrero
- Phone: 3056295881
- Email: a@a.aba
- Website: a.aba
- Signed by: Sergio Guerrero (Managing Principal/FINOP)

Original filing: https://www.sec.gov/Archives/edgar/data/1146222/000114622221000002/AMTI.pdf

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# Amerant Investments, Inc.

 (A wholly owned subsidiary of Amerant Bank, N.A.) Financial Statements and Supplementary Information December 31, 2020

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#### UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington, D.C. 20549

0MB APPROVAL 0MB Number: 3235-0123 Expires: October 31, 2023 Estimated average burden

| ANNUAL AUDITED REPORT | hours per response 12.00 |
|-----------------------|--------------------------|
|                       |                          |
| FORM X-17A-5          | SEC FILE NUMBER          |
| PART III              |                          |

| SEC FILE NUMBER |
|-----------------|
| 8-<br>53612     |

FACING PAGE

Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder

| REPORT FOR THE PERIOD BEGINNING______________________________ AND ENDING______________________________                                                                                                                             | 01/01/2020                                                          |               | 12/31/2020                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|---------------|-------------------------------------|
| A.                                                                                                                                                                                                                                 | MM/DD/YY<br>REGISTRANT IDENTIFICATION                               |               | MM/DD/YY                            |
| NAME OF BROKER-DEALER:                                                                                                                                                                                                             | Amerant Investments, Inc.                                           |               | OFFICIAL USE ONLY                   |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.)                                                                                                                                                                  |                                                                     | FIRM I.D. NO. |                                     |
| 220 Alhambra Circle<br>___________________________________________________________________________________________________________________                                                                                         |                                                                     |               |                                     |
|                                                                                                                                                                                                                                    | (No. and Street)                                                    |               |                                     |
| Coral Gables<br>___________________________________________________________________________________________                                                                                                                        | Florida                                                             |               | 33134<br>__________________________ |
| (City)                                                                                                                                                                                                                             | (State)                                                             |               | (Zip Code)                          |
| NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT<br>Sergio Guerrero (305) 629-5881<br>_____________________________________________________________________________________________________________________ |                                                                     |               |                                     |
|                                                                                                                                                                                                                                    |                                                                     |               | (Area Code – Telephone Number)      |
| B.                                                                                                                                                                                                                                 | ACCOUNTANT IDENTIFICATION                                           |               |                                     |
| INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report*                                                                                                                                                           |                                                                     |               |                                     |
| RSM US LLP                                                                                                                                                                                                                         |                                                                     |               |                                     |
| _____________________________________________________________________________________________________________________                                                                                                              | (Name – if individual, state last, first, middle name)              |               |                                     |
| 216 Summit Blvd #300<br>_____________________________________________________________________________________________________________________                                                                                      | Birmingham                                                          | Alabama       | 35243                               |
| (Address)                                                                                                                                                                                                                          | (City)                                                              | (State)       | (Zip Code)                          |
| CHECK ONE:                                                                                                                                                                                                                         |                                                                     |               |                                     |
| Certified Public Accountant                                                                                                                                                                                                        |                                                                     |               |                                     |
| Public Accountant                                                                                                                                                                                                                  |                                                                     |               |                                     |
|                                                                                                                                                                                                                                    | Accountant not resident in United States or any of its possessions. |               |                                     |
|                                                                                                                                                                                                                                    | FOR OFFICIAL USE ONLY                                               |               |                                     |
|                                                                                                                                                                                                                                    |                                                                     |               |                                     |
|                                                                                                                                                                                                                                    |                                                                     |               |                                     |
|                                                                                                                                                                                                                                    |                                                                     |               |                                     |

*\*Claims for exemption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis for the exemption. See Section 240.17a-5(e)(2)*

Potential persons who are to respond to the collection of information contained in this form are not required to respond SEC 1410 ( ) unless the form displays a currently valid OMB control number.

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### OATH OR AFFIRMATION

| Sergio Guerrero<br>I, ___________________________________________________________________________                                                                          | , sw<br>ear (or affirm) that, to the best of                                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Amerant Investments, Inc.                                                                                                                                                  | my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of<br>_____________________________________________________________________________________________________________ , as |
| December 31                                                                                                                                                                | of _________________________________________________, 20________, are true and correct. I further swear (or affirm) that<br>20                                                                                                        |
|                                                                                                                                                                            | neither the company nor any partner, proprietor, principal officer or director has any proprietary interest in any account                                                                                                            |
| classified solely as that of a customer, except as follows:                                                                                                                |                                                                                                                                                                                                                                       |
|                                                                                                                                                                            |                                                                                                                                                                                                                                       |
|                                                                                                                                                                            | __________________________________________________________________________________________________________________________                                                                                                            |
|                                                                                                                                                                            | __________________________________________________________________________________________________________________________                                                                                                            |
|                                                                                                                                                                            | __________________________________________________________________________________________________________________________                                                                                                            |
|                                                                                                                                                                            |                                                                                                                                                                                                                                       |
|                                                                                                                                                                            | ____________________________<br>_____________<br><=<br>Signature                                                                                                                                                                      |
|                                                                                                                                                                            |                                                                                                                                                                                                                                       |
|                                                                                                                                                                            | AMTI Managing Principal/FINOP<br>_________________________________________                                                                                                                                                            |
|                                                                                                                                                                            | Title                                                                                                                                                                                                                                 |
| _________________________________________                                                                                                                                  | Notary Publtc - State of Flori<br>Commission t HH 79H                                                                                                                                                                                 |
| Notary Public                                                                                                                                                              | My Comm. Expires Jun 8, 20<br>ded through National Notary                                                                                                                                                                             |
| This report ** contains (check all applicable boxes):                                                                                                                      |                                                                                                                                                                                                                                       |
| 1;21 (a)<br>Facing Page.                                                                                                                                                   |                                                                                                                                                                                                                                       |
| l;zj (b)<br>Statement of Financial Condition.                                                                                                                              |                                                                                                                                                                                                                                       |
| QI (c)<br>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)<br>Statement of Changes in Financial Condition.<br>(d)                                                 |                                                                                                                                                                                                                                       |
| Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital.<br>(e)                                                                             |                                                                                                                                                                                                                                       |
| Statement of Changes in Liabilities Subordinated to Claims of Creditors.<br>(f)                                                                                            |                                                                                                                                                                                                                                       |
| Computation of Net Capital.<br>(g)                                                                                                                                         |                                                                                                                                                                                                                                       |
| Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3.<br>(h)<br>Information Relating to the Possession or Control Requirements Under Rule 15c3-3. |                                                                                                                                                                                                                                       |
| (i)<br>G)                                                                                                                                                                  | A Reconciliation, including appropriate explanation of the Computation of Net Capital Under Rule 15c3-1 and the                                                                                                                       |
|                                                                                                                                                                            | Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 15c3-3.                                                                                                                                             |
|                                                                                                                                                                            | (k) A Reconciliation between the audited and unaudited Statements of Financial Condition with respect to methods of                                                                                                                   |
| consolidation.                                                                                                                                                             |                                                                                                                                                                                                                                       |
| (l) An Oath or Affirmation.                                                                                                                                                |                                                                                                                                                                                                                                       |
| (m) A copy of the SIPC Supplemental Report.                                                                                                                                | (n) A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit.                                                                                                       |
|                                                                                                                                                                            |                                                                                                                                                                                                                                       |
| **For conditions of confidential treatment of certain portions of this filing, see section 240.17a-5(e)(3).                                                                |                                                                                                                                                                                                                                       |

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|                                                                                                                                                                                       | Page(s) |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| Report of Independent Registered Public Accounting Firm                                                                                                                               | 1-2     |
| Financial Statements                                                                                                                                                                  |         |
| Statement of Financial Condition                                                                                                                                                      | 3       |
| Statement of Operations                                                                                                                                                               | 4       |
| Statement of Changes in Stockholder's Equity                                                                                                                                          | 5       |
| Statement of Cash Flows                                                                                                                                                               | 6       |
| Notes to Financial Statements                                                                                                                                                         | 7-14    |
| Supplementary Information                                                                                                                                                             |         |
| Schedule I - Computation of Net Capital Under SEC Rule 15c3-1                                                                                                                         | 15      |
| Schedule II and III- Computation for Determination of Reserve Requirements and Information<br>Relating to Possession or Control Requirements for Broker Dealers Under SEC Rule 15c3-3 | 16      |

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![](_page_4_Picture_0.jpeg)

**RSMUSLLP** 

#### **Report of Independent Registered Public Accounting Firm**

Board of Directors and Stockholder of Amerant Investments, Inc.

#### **Opinion on the Financial Statements**

We have audited the accompanying statement of financial condition of Amerant Investments, Inc. (the Company) as of December 31, 2020, the related statements of operations, changes in stockholder's equity, and cash flows for the year then ended, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020, 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 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 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

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.

**THE POWER OF BEING UNDERSTOOD AUDIT I TAX I CONSULTING** 

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### **Supplemental Information**

The supplementary information contained in the Computation of Net Capital Under SEC Rule 15c3-1 and the Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements for Broker Dealers Under SEC Rule 15c3-3 (the Supplemental Information) 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 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 supplementary information contained in the Supplemental Information is fairly stated, in all material respects, in relation to the financial statements as a whole.

We have served as the Company's auditor since 2020.

Birmingham, Alabama March 31, 2021

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## Amerant Investments, Inc. (A wholly owned subsidiary of Amerant Bank, N.A.) Statement of Financial Condition December 31, 2020

### Assets

| Cash and due from banks                                   | ക     | 73.703    |
|-----------------------------------------------------------|-------|-----------|
| Cash due from clearing broker                             |       | 6,235,899 |
| Deposits with clearing broker                             |       | 100,000   |
| Total cash and cash equivalents                           |       | 6,409,602 |
| Receivable from clearing broker                           |       | 2,443,000 |
| Receivable from affiliates                                |       | 109.636   |
| Right-of-use on leased asset                              |       | 566,355   |
| Other assets                                              |       | 179,683   |
| Total assets                                              | ಲ್ಲಿ  | 9,708,276 |
| Liabilities and Stockholder's Equity                      |       |           |
| Lease liability                                           | ક્તિ  | 550,677   |
| Accrued expenses and other liabilities                    |       | 649,712   |
| Total liabilities                                         |       | 1,200,389 |
| Commitments and contingencies (Note 4)                    |       |           |
| Stockholder's equity                                      |       |           |
| Common stock, \$0.01 par value, 10,000 shares authorized, |       |           |
| 100 shares issued and outstanding                         |       | 1         |
| Additional paid in capital                                |       | 3.083,264 |
| Accumulated earnings                                      |       | 5,424,622 |
| Total stockholder's equity                                |       | 8,507,887 |
| Total liabilities and stockholder's equity                | સ્ત્ર | 9,708,276 |

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## Amerant Investments, Inc. (A wholly owned subsidiary of Amerant Bank, N.A.) Statement of Operations Year Ended December 31, 2020

| Revenues                           |      |             |
|------------------------------------|------|-------------|
| Brokerage Commissions              | ക്ക  | 8,707,288   |
| Investment Advisory fees           |      | 5,178,760   |
| Other Revenue                      |      | 385,763     |
| Total revenues                     |      | 14,271,811  |
| Expenses                           |      |             |
| Employee compensation and benefits |      | 3,892,017   |
| Fees and services                  |      | 3,521,352   |
| Оссирапсу                          |      | 297.481     |
| Other expenses                     |      | 157,329     |
| Total expenses                     |      | 7,868,179   |
| Income before income taxes         |      | 6,403,632   |
| Income taxes                       |      | (1,531,683) |
| Net income                         | ಲ್ಲಾ | 4,871,949   |
|                                    |      |             |

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## Amerant Investments, Inc. (A wholly owned subsidiary of Amerant Bank, N.A.) Statement of Changes in Stockholder's Equity Year Ended December 31, 2020

|                                           | Common<br>Stock Shares | Amount | Additional<br>Paid in<br>Capital | Accumulated<br>Earnings |    | Total<br>Stockholder's<br>Equity |
|-------------------------------------------|------------------------|--------|----------------------------------|-------------------------|----|----------------------------------|
| Balances at January 1, 2020<br>Net income | 100                    |        | 1 \$3,101,952 \$ \$              | 552.673<br>4,871,949    | ಕಾ | 3,654,626<br>4,871,949           |
| Stock-based compensation                  |                        |        | (18,688)                         |                         |    | (18,688)                         |
| Balances at December 31, 2020             | 100                    | ಕೆ     | 1 \$3,083,264 \$ 5,424,622       |                         |    | \$ 8,507,887                     |

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## Amerant Investments, Inc. (A wholly owned subsidiary of Amerant Bank, N.A.) Statement of Cash Flows Year Ended December 31, 2020

| Cash flows from operating activities               |       |           |
|----------------------------------------------------|-------|-----------|
| Net income                                         | સ્ત્ર | 4,871,949 |
| Adjustments to reconcile net income to net cash    |       |           |
| provided by operating activities                   |       |           |
| Depreciation and amortization                      |       | 1,874     |
| Amortization of operating lease right-of-use asset |       | 36.724    |
| Deferred tax expense                               |       | 33,593    |
| Stock-based compensation                           |       | (18,688)  |
| Change in operating assets and liabilities         |       |           |
| Receivable from clearing broker                    |       | (299,000) |
| Receivable from affiliates                         |       | 86.102    |
| Other assets                                       |       | 214,017   |
| Accrued expenses and other liabilities             |       | (706,676) |
| Net cash provided by operating activities          |       | 4,219,895 |
| Net increase in cash and cash equivalents          |       | 4,219,895 |
| Cash and cash equivalents                          |       |           |
| Beginning of the year                              |       | 2,189,707 |
| End of the year                                    |       | 6,409,602 |
| Supplemental disclosures of cash flow information  |       |           |
| Income taxes paid                                  | ಿಕ    | 1,351,854 |

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

## Amerant Investments, Inc. (A wholly owned subsidiary of Amerant Bank, N.A.) Notes to the Financial Statements December 31, 2020

#### 7. Incentive Compensation and Benefit Plans

#### Employee Benefit Plans a)

The Amerant Bank U.S.A. Retirement Benefit Plan (the "401(k) Plan") is a 401(k) benefit plan covering substantially all employees of the Company.

The Company matches 100% of each participant's contribution up to a maximum of 5% of their annual salary. Contributions by the Company to the 401(k) Plan are based upon a fixed percentage of participants' salaries as defined by the 401(k) Plan. The Plan enables Highly Compensated employees to contribute up to the maximum allowed without further restrictions. All contributions made by the Company to the participants' accounts are vested immediately. In addition, employees with at least three months of service and who have reached a certain age may contribute a percentage of their salaries to the 401(k) Plan as elected by each participant.

The Company's matching contributions to the 401(k) Plan amounted to \$115,589 in 2020.

The Bank maintains a non-qualified deferred compensation plan for eligible highly compensated employees (the "Deferred Compensation Plan"). The Deferred Compensation Plan permits deferrals of compensation above the amounts that can be contributed for retirement under the 401 (k) Plan. Under the Deferred Compensation Plan, eligible employees may elect to defer all or a portion of their annual salary and cash incentive awards and allows them to receive matching contributions up to 5% of their annual salary. All deferrals, employer contributions, earnings, and gains on each participant's account in the Deferred Compensation Plan are vested immediately.

b) Stock-based Incentive Compensation Plan

The Holding Company sponsors the 2018 Equity and Incentive Plan (the "2018 Equity Plan"). Under the 2018 Equity Plan, certain number of common shares of the Holding Company are reserved for issuance pursuant to the grant of options rights, appreciation rights, restricted stock, restricted stock units, performance shares, performance units, cash incentive awards or other share-based awards

On December 21, 2018, certain Company employees were granted 10,790 restricted Class A common stock shares of the Holding Company under the 2018 Equity Plan. These shares of restricted stock will vest in three approximately equal amounts on each of December 21, 2019, 2020 and 2021. The fair value of the restricted stock granted was based on the market price of the Holding Company's common stock class A at the grant date which was \$13.45. The total unearned deferred compensation expense of \$5,110 for all unvested restricted stock outstanding as of December 31, 2020 will be recognized over a weighted average period of 1.0 years.

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

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

#### **0)5%1719)670)17)59-')61' :,2//<2:1)(68&6-(-%5<2\*0)5%17%1. ',)(8/)20387%7-212\*)7%3-7%/!1()58/) 
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| 20387%7-212*1)7'%3-7%/                   |      |
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| )<A.9@A<085<912?@2>B6AF                  | <br> |
| 21B0A6<;@.;1<?05.?42@                    |      |
| \$<;.99<D./92.@@2A@                      |      |
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B;.B16A21%\*('2=<?A3696;4 1.A21!.;B.?F  

{19}------------------------------------------------

## Amerant Investment Services, Inc. (A wholly owned subsidiary of Amerant Bank, N.A.) Schedule II and III: Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements for Broker Dealers Under SEC Rule 15c3-3 December 31, 2020

The Company clears all transactions with and for customers on a fully disclosed basis and the Company does not otherwise hold funds or owe money to customers. Therefore, the Company claims exemption from Rule 15c3-3 pursuant to the provisions of subparagraph (k)(2)(ii).

{20}------------------------------------------------

Other Information

{21}------------------------------------------------

#### **0)5%1719)670)1761';)037-21)3257**

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{22}------------------------------------------------

![](_page_22_Picture_0.jpeg)

**RSMUSLLP** 

### Report of Independent Registered Public Accounting Firm

Board of Directors and the Stockholder of Amerant Investments, Inc.

We have reviewed management's statements, included in the accompanying Exemption Report, in which (a) Amerant Investments, Inc. (the Company) identified the following provisions of 17 C.F.R. § 240.15c3- 3(k) under which the Company claimed an exemption from 17 C.F.R. § 240.15c3-3 (k)(2)(ii) (the exemption provisions) and (b) the Company stated that the Company met the identified exemption provisions throughout the most recent fiscal year without exception. The Company's management is responsible for compliance with the exemption provisions 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 provisions. 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 provisions set forth in paragraph (k)(2)(ii) of 17 C.F.R. § 240.15c3-3.

Birmingham, Alabama March 31, 2021

**THE POWER OF BEING UNDERSTOOD AUDIT I TAX I CONSULTING** 

{23}------------------------------------------------

![](_page_23_Picture_0.jpeg)

**RSMUSLLP** 

### Report of Independent Registered Public Accounting Firm on Applying Agreed-Upon Procedures

Board of Directors and Stockholder of Amerant Investments, Inc.

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 Corporation (SIPC) Series 600 Rules, which are enumerated below, and were agreed to by Amerant Investments, Inc. (the Company) and the SIPC, solely to assist you and the SIPC in evaluating the Company's compliance with the applicable instructions of the General Assessment Reconciliation (Form SIPC-7) for the year ended December 31, 2020. Management of the Company is responsible for its Form SIPC-7 and for its compliance with those requirements. This agreed-upon procedures engagement was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. 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 findings are as follows:

- 1. Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement record entries noting no differences.
- 2. Compared the Total Revenue amounts reported on the Annual Audited Report Form X-17A-5 Part III for the year ended December 31, 2020, with the Total Revenue amounts reported in Form SIPC-7 for the year ended December 31, 2020, noting no differences.
- 3. Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers noting no differences.
- 4. Recalculated the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related schedules and working papers supporting the adjustments noting no differences.

We were not engaged to and did not conduct an examination or a review, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's compliance with the applicable instructions of the Form SIPC-7 for the year ended December 31, 2020. 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.

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

Birmingham, Alabama March 31, 2021

**THE POWER OF BEING UNDERSTOOD AUDIT I TAX I CONSULTING** 

{24}------------------------------------------------

This report is deemed CONFIDENTIAL in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934.

{25}------------------------------------------------

| SIPC-7         |  |
|----------------|--|
| (36-REV 12/18) |  |

L

SECURITIES INVESTOR PROTECTION CORPORATION P.O. Box 92185 Washington , D.C. 20090-2185

202-371-8300

## **General Assessment Reconciliation**

![](_page_25_Picture_4.jpeg)

For the fiscal year ended **\_!?}31 /2020** 

(Read carefully the instructions in your Working Copy before completing this Form)

### **TO BE FILED BY ALL SIPC MEMBERS WITH FISCAL YEAR ENDINGS**

1. Name of Member, address, Designated Examining Authority , 1934 Act registration no . and month in which fiscal year ends for purposes of the audit requirement of SEC Rule 1 ?a-5:

1053612 **FINRA** DEC Amerant Investments 220 Alhambra Circle **Coral Gables, FL 33134**  7 Note : If any of the information shown on the mailing label requires correction , please e-mail any corrections to form@sipc.org and so indicate on the form filed. Name and telephone number of person to

> \_J contact respecting this form . Sergio Guerrero, FINOP (305) 629-5881

> > **(6,942**

**6,510** 

|  | 2. A. General Assessment (item 2e from page 2) |  |  |  |
|--|------------------------------------------------|--|--|--|
|  |                                                |  |  |  |

B. Less payment made with SIPC-6 filed **(exclude interest) 08/03/2020** 

Date Paid

C. Less prior overpayment applied

D. Assessment balance due or (overpayment)

E. Interest computed on late payment (see instruction E) for \_\_\_\_\_\_ days at 20% per annum 0

F. Total assessment balance and interest due (or overpayment carried forward)

| G. PAYMENT:<br>✓ the box<br>Check mailed to P.O. Box D Funds Wired 0<br>Total (must be same as F above) |  |
|---------------------------------------------------------------------------------------------------------|--|
|                                                                                                         |  |

H. Overpayment carried forward

3. Subsidiaries (S) and predecessors (P) included in this form (give name and 1934 Act registration number): **NONE** 

| The SIPC member submitting this form and the<br>person by whom it is executed represent thereby<br>that all information contained herein is true, correct | Amerant Investments                                                                                                        |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|--|--|--|
| and complete.                                                                                                                                             | (Name of Corporation , Partnership or other organization)                                                                  |  |  |  |
|                                                                                                                                                           | (Authorized Signature)                                                                                                     |  |  |  |
| Dated the 20<br>day of January<br>, 20 ~                                                                                                                  | FINOP                                                                                                                      |  |  |  |
|                                                                                                                                                           | (Title)                                                                                                                    |  |  |  |
| for a period of not less than 6 years, the latest 2 years in an easily accessible place.                                                                  | This form and the assessment payment is due 60 days after the end of the fiscal year. Retain the Working Copy of this form |  |  |  |

| ;:<br>LI.I | ffi Dates<br>:     | Postmarked                        | Received | Reviewed                 |                          |
|------------|--------------------|-----------------------------------|----------|--------------------------|--------------------------|
| LI.I       |                    | > Calculations __<br>_            |          | __<br>Documentation<br>_ | ___<br>_<br>Forward Copy |
| a:         | c,.:, Exceptions : |                                   |          |                          |                          |
| 0          |                    | en Disposition of exceptions<br>: |          |                          |                          |

{26}------------------------------------------------

## **DETERMINATION OF "SIPC NET OPERATING REVENUES" AND GENERAL ASSESSMENT**

Amounts for the fiscal period beginning 0110112020 and ending **1213112020** 

**Eliminate cents** 

### **Item No.**

2a. Total revenue (FOCUS Line 12/Part IIA Line 9, Code 4030)

#### 2b. Additions :

- (1) Total revenues from the securities business of subsidiaries (except foreign subsidiaries) and predecessors not included above.
- (2) Net loss from principal transactions in securities in trading accounts.
- (3) Net loss from principal transactions in commodities in trading accounts.
- (4) Interest and dividend expense deducted in determining item 2a.
- (5) Net loss from management of or participation in the underwriting or distribution of securities.
- (6) Expenses other than advertising, printing, registration lees and legal lees deducted in determining net profit from management of or participation in underwriting or distribution of securities.
- (7) Net loss from securities in investment accounts.

Total additions

#### 2c. Deductions:

(1) 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 .

(2) Revenues from commodity transactions.

- (3) Commissions, floor brokerage and clearance paid to other SIPC members in connection with securities transactions.
- (4) Reimbursements for postage in connection with proxy solicitation.
- (5) Net gain from securities in investment accounts.
- (6) 100% of commissions and markups earned from transactions in (i) certificates of deposit and (ii) Treasury bills, bankers acceptances or commercial paper that mature nine months or less from issuance date.
- (7) Direct expenses of printing advertising and legal lees incurred in connection with other revenue related to the securities business (revenue defined by Section 16(9)(L) of the Act) .
- (8) Other revenue not related either directly or indirectly to the securities business . (See Instruction C):

## **NONE**

(Deductions in excess of \$100,000 require documentation)

| (9) (i) Total interest and dividend expense (FOCUS Line 22/PART IIA Line 13, |                  |   |
|------------------------------------------------------------------------------|------------------|---|
| Code 4075 plus line 2b(4) above) but not in excess                           | Q                |   |
| of total interest and dividend income.                                       | __________<br>\$ | _ |

(ii) 40% of margin interest earned on customers securities accounts (40% of FOCUS line 5, Code 3960).

| \$126,494 |  |
|-----------|--|
|           |  |

**126,494 5,303,542 \$8,968,269 \$13,452**  (to page 1, line 2.A.)

Total deductions

Enter the greater of line (i) or (ii)

2d . SI PC Net Operating Revenues

2e. General Assessment@ .0015

| \$14,271,811 |  |  |  |  |  |
|--------------|--|--|--|--|--|
|              |  |  |  |  |  |
| 0            |  |  |  |  |  |
| 0            |  |  |  |  |  |
| 0            |  |  |  |  |  |
| 0            |  |  |  |  |  |
| 0            |  |  |  |  |  |
|              |  |  |  |  |  |

**0 0** 

**0** 

**0** 

**0** 

**0** 

**0** 

**0** 

**0** 

**4,601,336** 

**575,712** 

{27}------------------------------------------------

## **SIPC-7 Instructions**

This form is to be filed by all members of the Securities Investor Protection Corporation whose fiscal years end in 2011 and annually thereafter. The form together with the payment is due no later than 60 days after the end of the fiscal year, or after membership termination. Amounts reported herein must be readily reconcilable with the member's records and the Securities and Exchange Commission Rule 17a-5 report filed. Questions pertaining to this form should be directed to SIPC via e-mail at form@sipc.org or by telephoning 202-371-8300.

A. For the purposes of this form, the term "SIPC Net Operating Revenues" shall mean gross revenues from the securities business as defined in or pursuant to the applicable sections of the Securities Investor Protection Act of 1970 ("Act") and Article 6 of SIPC 's bylaws (see page 4), less item 2c(9) on page 2.

B. Gross revenues of subsidiaries, except foreign subsidiaries, are required to be included in SIPC Net Operating Revenues on a consolidated basis except for a subsidiary filing separately as explained hereinafter.

If a subsidiary was required to file a Rule 17a-5 annual audited statement of income separately and is also a SIPC member, then such subsidiary must itself file SIPC-7, pay the assessment, and should not be consolidated in your SIPC-7.

SIPC Net Operating Revenues of a predecessor member which are not included in item 2a, were not reported separately and the SIPC assessments were not paid thereon by such predecessor, shall be included in item 2b(1).

C. Your General Assessment should be computed as follows :

- (1) I **ine Pa** For the applicable period enter total revenue based upon amounts reported in your Rule 17a-5 Annual Audited Statement of Income prepared in conformity with generally accepted accounting principles applicable to securities brokers and dealers. or if exempted from that rule, use X-17A-5 (FOCUS Report) Line 12, Code 4030 .
- (2) AdJ11stments The purpose of the adjustments on page 2 is to determine SIPC Net Operating Revenues.
	- (a) Additions Lines 2b(1) through 2b(7) assure that assessable income and gain items of SIPC Net Operating Revenues are totaled , unreduced by any losses (e.g., if a net loss was incurred for the period from all transactions in trading account securities , that net loss does not reduce other assessable revenues). Thus, line 2b(4) would include all short dividend and interest payments including those incurred in reverse conversion accounts, rebates on stock loan positions and repo interest which have been netted in determining line 2(a).
	- (b) Qed11ctians Line 2c(1) through line 2c(9) are either provided for in the statue, as in deduction 2c(1), or are allowed to arrive at an assessment base consisting of net operating revenues from the securities business. For example, line 2c(9) allows for a deduction of either the total of interest and dividend expense (not to exceed interest and dividend income), as reported on FOCUS line 22/PART IIA line 13 (Code 4075), plus line 2b(4) or 40% of interest earned on customers' securities accounts (40% of FOCUS Line 5 Code 3960). Be certain to complete both line (i) and (ii), entering the greater of the two in the far right column. Dividends paid to shareholders are not considered "Expense" and thus are not to be included in the deduction. Likewise, interest and dividends paid to partners pursuant to the partnership agreements would also not be deducted.

If the amount reported on line 2c (8) aggregates to \$100,000 or greater, supporting documentation must accompany the form that identifies these deductions. Examples of support information include; contractual agreements, prospectuses, and limited partnership documentation.

- (i) Determine your SIPC Net Operating Revenues , item 2d, by adding to item 2a, the total of item 2b, and deducting the total of item 2c.
- (ii) Multiply SIPC Net Operating Revenues by the applicable rate. Enter the resulting amount in item 2e and on line 2A of page 1.
- (iii) Enter on line 2B the assessment due as reflected on the SIPC-6 previously filed .
- (iv) Subtract line 2B and 2C from line 2A and enter the difference on line 2D. This is the balance due for the period.
- (v) Enter interest computed on late payment (if applicable) on line 2E.
- (vi) Enter the total due on line 2F and the payment of the amount due on line 2G .
- (vii) Enter overpayment carried forward (if any) on line 2H.

D. Any SIPC member which is also a bank (as defined in the Securities Exchange Act of 1934) may exclude from SIPC Net Operating Revenues dividends and interest received on securities in its investment accounts to the extent that it can demonstrate to SIPC's satisfaction that such securities are held, and such dividends and interest are received, solely in connection with its operations as a bank and not in connection with its operations as a broker, dealer or member of a national securities exchange. Any member who excludes from SIPC Net Operating Revenues any dividends or interest pursuant to the preceding sentence shall file with this form a supplementary statement setting forth the amount so excluded and proof of its entitlement to such exclusion .

E. Interest an Assessments If all or any part of assessment payable under Section 4 of the Act has not been postmarked within 15 days after the due date thereof, the member shall pay, in addition to the amount of the assessment, interest at the rate of 20% per annum on the unpaid portion of the assessment for each day it has been overdue.

F. Securities and Exchange Commission Rule 17a-5(e) (4) requires those who are not exempted from the audit requirement of the rule and whose gross revenues are in excess of \$500,000 to file a supplemental independent public accountants report covering this SIPC-7 no later than 60 days after their fiscal year ends.

**Mail this completed form to SIPC together with a check for the amount due, made payable to SIPC, using the enclosed return PO BOX envelope, pay via ACH Debit Authorization through SIPC's ACH system at www.sipc.org/for-memberslassessments or wire the payment to:** 

**On the wire identify the name of the firm and its SEC Registration 8-# and label it as "for assessment." Please fax a copy of the assessment form to (202)-223-1679 or e-mail a copy to form@sipc.org on the same day as the wire.** 

{28}------------------------------------------------

## **From Section 16(9) of the Act:**

The term "gross revenues from the securities business" means the sum of (but without duplication)-

(A) commissions earned in connection with transactions in securities effected for customers as agent (net of commissions paid to other brokers and dealers in connection with such transactions) and markups with respect to purchases or sales of securities as principal ;

(B) charges for executing or clearing transactions in securities for other brokers and dealers ;

(C) the net realized gain, if any , from principal transactions in securities in trading accounts ;

(D) the net profit, if any, from the management of or participation in the underwriting or distribution of securities ;

(E) interest earned on customers ' securities accounts ;

(F) fees for investment advisory services (except when rendered to one or more registered investment companies or insurance company separate accounts) or account supervision with respect to securities ;

(G) fees for the solicitation of proxies with respect to, or tenders or exchanges of, securities;

(H) income from service charges or other surcharges with respect to securities ;

(I) except as otherwise provided by rule of the Commission, dividends and interest received on securities in investment accounts of the broker or dealer;

(J) fees in connection with put, call , and other options transactions in securities ;

(K) commissions earned for transactions in (i) certificates of deposit, and (ii) Treasury bills, bankers acceptances, or commercial paper which have a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof, the maturity of which is likewise limited, except that SIPC shall by bylaw include in the aggregate of gross revenues only an appropriate percentage of such commissions based on SIPC's loss experience with respect to such instruments over at least the preceding five years; and

(L) fees and other income from such other categories of the securities business as SIPC shall provide by bylaw.

Such term includes revenues earned by a broker or dealer in connection with a transaction in the portfolio margining account of a customer carried as securities accounts pursuant to a portfolio margining program approved by the Commission . Such term does not include revenues received by a broker or dealer in connection with the distribution of shares of a registered open end investment company or unit investment trust or revenues derived by a broker or dealer from the sales of variable annuities, the business of insurance, or transactions in security futures products .

## **From Section 16(14) of the Act:**

The term "Security" means any note, stock, treasury stock, bond, debenture, evidence of indebtedness , any collateral trust certificate , preorganization certificate or subscription, transferable share , voting trust certificate, certificate of deposit, certificate of deposit for a security, or any security future as that term is defined in section 78c(a)(55)(A) of this title, any investment contract or certificate of interest or participation in any profit-sharing agreement or in any oil , gas or mineral royalty or lease (if such investment contract or interest is the subject of a registration statement with the Commission pursuant to the provisions of the Securities Act of 1933 [15 U.S.C. 77a et seq .I), any put, call , straddle, option , or privilege on any security, or group or index of securities (including any interest therein or based on the value thereof) , or any put, call , straddle , option, or privilege entered into on a national securities exchange relating to foreign currency , any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase or sell any of the foregoing, and any other instrument commonly known as a security . Except as specifically provided above , the term "security" does not include any currency, or any commodity or related contract or futures contract, or any warrant or right to subscribe to or purchase or sell any of the foregoing.

# **From SIPC Bylaw Article 6 (Assessments): Section 1 (f):**

The term "gross revenues from the securities business " includes the revenues in the definition of gross revenues from the securities business set forth in the applicable sections of the Act.

## **Section 3:**

For purpose of this article:

(a) The term "securities in trading accounts" shall mean securities held for sale in the ordinary course of business and not identified as having been held for investment.

(b) The term "securities in investment accounts" shall mean securities that are clearly identified as having been acquired for investment in accordance with provisions of the Internal Revenue Code applicable to dealers in securities .

(c) The term "fees and other income from such other categories of the securities business" shall mean all revenue related either directly or indirectly to the securities business except revenue included in Section 16(9)(A)-(L) and revenue specifically excepted in Section 4(c)(3)(C)[ltem 2c(1), page 2).

Note : If the amount of assessment entered on line 2e of SIPC-7 is greater than 1/2 of 1% of "gross revenues from the securities business" as defined above, you may submit that calculation along with the SIPC-7 form to SIPC and pay the smaller amount, subject to review by your Examining Authority and by SIPC .

#### **SIPG Examining A11tbnrities ·**

| ASE  | American Stock Exchange, LLC                 |   | FINRA | Financial Industry Regulatory Authority |
|------|----------------------------------------------|---|-------|-----------------------------------------|
| CBOE | Chicago Board Options Exchange, Incorporated |   | NYSE  | Arca , Inc.                             |
| CHX  | Chicago Stock Exchange, Incorporated         | 4 |       | NASDAQ OMX PHLX                         |

SIPC Securities Investor Protection Corporation


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