# MILLER BUCKFIRE & CO., LLC X-17A-5 (2022-03-04) — Broker-dealer annual report - Company: MILLER BUCKFIRE & CO., LLC - Form: X-17A-5 - Filed: 2022-03-04 - Accession: 0001193125-22-066057 - CIK: 1116109 - File #: 8-52631 Original filing: https://www.sec.gov/Archives/edgar/data/1116109/000119312522066057/d324968dfull.pdf --- {0}------------------------------------------------ Statement of Financial Condition December 31, 2021 (With Report of Independent Registered Public Accounting Firm) (This Statement of Financial Condition was filed pursuant to Rule 17a-5(e)(3) as a public document.) {1}------------------------------------------------ Statement of Financial Condition December 31, 2021 | Statement of Financial Condition | | |---------------------------------------------------------|---| | Report of Independent Registered Public Accounting Firm | | | Statement of Financial Condition | 2 | | Notes to Statement of Financial Condition | ल | {2}------------------------------------------------ ![](_page_2_Picture_0.jpeg) Ernst & Young LLP 300 First Stamford Place Stamford, CT 06902 Tel: +1 203 674 3000 ey.com # Report of Independent Registered Public Accounting Firm To the Member and Management of Miller Buckfire & Co., LLC # Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Miller Buckfire & Co., LLC (the "Company") as of December 31, 2021 and the related notes (the "financial statement"). In our opinion, the financial statement presents fairly, in all material position of the Company at December 31, 2021, in conformity with U.S. generally accepted accounting principles. # Basis for Opinion This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to 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 statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2013. March 4, 2022 {3}------------------------------------------------ # Statement of Financial Condition December 31, 2021 | S | 33,436 | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 7,902 | | | 6,823 | | | રેરે રેણવાડી તેમ જ દૂધની ડેરી જેવી સવલતો પ્રાપ્ય થયેલી છે. આ ગામનાં લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામનાં મુખ્યત્વે ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. | | | 413 | | S | 49,129 | | | | | સ્ત્ર | 7,162 | | | 10,093 | | | 8.690 | | | 25.945 | | | 23,184 | | | 49,129 | | | | See accompanying Notes to Statement of Financial Condition. {4}------------------------------------------------ #### Notes to Statement of Financial Condition December 31, 2021 #### NOTE 1 - Nature of Operations and Basis of Presentation #### Nature of Operations Miller Buckfire & Co., LLC (the "Company") is an investment banking firm that provides strategic and advisory services, focusing on restructuring transactions, mergers and acquisitions, and financings. The Company is a whollyowned subsidiary of MB Advisory Group, LLC ("MB Advisory"), who is a wholly-owned subsidiary of Stifel Financial Corp (the "Parent"). The Company is subject to regulation and oversight by the Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority, Inc. ("FINRA"). #### Basis of Presentation The accompanying statement of financial condition has been prepared in conformity with U.S. generally accepted accounting principles, which require management to make certain estimates and assumptions that affect the reported amounts. Actual results could differ from those estimates. #### NOTE 2 - Summary of Significant Accounting Policies #### Cash and Cash Equivalents Cash equivalents include highly liquid investments, including money market funds, with original maturities of three months or less. Due to the short term nature of these instruments, carrying value approximates their fair value. #### Accounts Receivable, Net Receivables are stated net of an allowance for doubtful accounts. The allowance for doubtful accounts is derived by the Company by utilizing past client transaction history and an assessment of the client's creditworthiness. #### Fixed Assets, Net Furniture and other equipment and computer equipment and software are carried at cost and depreciated on a straight line basis using estimated useful lives of the related assets, generally two to five years. Leasehold improvements are amortized on a straight line basis over the lesser of the economic useful life of the improvement or the respective leases. #### Stock-Based Compensation Associates of the Company are eligible to participate in an incentive stock plan sponsored by Parent that provides for the granting of stock units and debentures. See Note 4 for a further discussion of stock-based compensation. #### Operating Leases The Company enters into operating leases for real estate and office equipment, substantially all of which are used in connection with its operations. The determination of whether an arrangement qualifies as a lease occurs at the inception of the arrangement. The Company recognizes, for leases longer than one year, a right-of-use asset representing the right to use the underlying asset for the lease term, and a lease liability representing the obligation to make payments. The lease term is generally determined based on the contractual maturity of the leases where the Company has the option to terminate or extend the lease, an assessment of the likelihood of exercising the option is incorporated into the determination of the lease term. Such assessment is initially performed at the inception of the lease and is updated if events occur that impact the original assessment. An operating lease right-of-use asset is initially determined based on the operating lease liability, adjusted for initial direct costs, lease incentives and amounts paid at or prior to lease commencement. This amount is then amortized over the lease term. The Company accounts for lease components separately. At December 31, 2021, the rightof-use assets are included in operating lease right-of-use assets, net with the corresponding lease liabilities included in accounts payable and accrued expenses in the accompanying statement of financial condition. See Note 6 for information about operating leases. #### Income Taxes As a single member limited liability company is not directly liable for income taxes. The Company's income was, however, reportable by the year ended December 31, 2021. Accordingly, the federal and state income taxes payable by the Parent have not been reflected in the accompanying statement of financial condition. {5}------------------------------------------------ ### Notes to Statement of Financial Condition December 31, 2021 #### NOTE 3 - Fixed Assets, Net The following is a summary of fixed assets, net as of December 31, 2021 (in thousands): | Leasehold improvements | ea | 876 | |-------------------------------------------|----|--------| | Furniture and other equipment | | 421 | | Computer equipment and software | | 259 | | | | 1.556 | | Accumulated depreciation and amortization | | 1,001) | | Fixed assets, net | | રેરેર | #### NOTE 4 - Employee Incentive, Stock-Based Compensation, and Retirement Plans The Parent maintains an incentive stock plan and a wealth accumulation plan ("the Plan") that provides for the granting of stock options, stock appreciation rights, restricted stock, performance awards, stock units, and debentures (collectively, "deferred awards") to the Company's associates. Stock awards issued under the Parent's incentive stock plan are granted at market value at the date of grant. The deferred awards generally vest ratably over a one- to ten-year vesting period. All stock-based compensation plans are administered by the Compensation Committee of the Board of Directors of the Parent, which has the authority to interpret the plans, determine to whom awards may be granted under the plans, and determine the terms of each award. #### Deferred Compensation Plan The Plan is provided to certain revenue producers, officers, and key administrative associates, whereby a certain percentage of their incentive compensation is deferred, as defined by the Plan, into stock units and debentures of the Parent. Participants may elect to defer a portion of their incentive compensation. Deferred awards generally vest over a three-to eight year period and are distributable upon vesting or at future specified dates. Deferred compensation costs are amortized on a straight-line basis over the vesting period. Elective deferrals are 100% vested. #### Employee Profit Sharing Plan Eligible associates of the Company who have met certain service requirements may participate in the Stifel Financial Profit Sharing 401(k) Plan (the "Profit Sharing Plan"). Associates are permitted within limitations imposed by tax law to make pre-tax contributions to the Profit Sharing Plan. The Company may match certain associate contributions or make additional contributions to the Profit Sharing Plan at the discretion of the Parent. #### NOTE 5 - Related Party Transactions At December 31, 2021, due to Parent and affiliates in the accompanying statement of financial condition primarily consists of amounts due to the Parent for reimbursement of stock unit conversions and amounts due affiliates for operating expenses that were paid on the Company's behalf. At December 31, 2021, the Company owed the Parent \$3.8 million and affiliated entities \$4.9 million. During the year ended December 31, 2021, the Company authorized and paid \$10.0 million in dividends to MB Advisory. #### NOTE 6 - Commitments, Guarantees, and Contingencies #### Leases The Company's operating leases primarily relate to office space with a remaining lease term of 5 years. At December 31, 2021, operating lease right-of-use assets were \$6.8 million and lease liabilities, included in accounts payable and accrued expenses in the accompanying statement of financial condition, were \$7.7 million. {6}------------------------------------------------ #### - - ## !"#\$#" |


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