# P & M CORPORATE FINANCE, LLC X-17A-5 (2026-03-09) — Broker-dealer annual report - Company: P & M CORPORATE FINANCE, LLC - Form: X-17A-5 - Filed: 2026-03-09 - Period: 2025-12-31 - Accession: 0001269990-26-000002 - CIK: 1269990 - File #: 8-66239 - Type: Broker-dealer - Material weakness: No - Auditor: Cohen & Company, Ltd. - Auditor location: Philadelphia, PA - Contact: Pamela Barber - Phone: 2486035364 - Email: barber@plantemoran.com - Website: plantemoran.com - Signed by: Matthew G. Jamison (Managing Director) Original filing: https://www.sec.gov/Archives/edgar/data/1269990/000126999026000002/pmcf_condensed-123125.pdf --- {0}------------------------------------------------ **Report of Independent Registered Public Accounting Firm and Statement of Financial Condition for** # P & M CORPORATE FINANCE, LLC **December 31, 2025** {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ANNUAL REPORTS | |----------------| | FORM X-17A-5 | | PART III | | OMB APPROVAL | | |---------------------------|--| | OMB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response:
12 | | SEC FILE NUMBER 8-66239 FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING 1/1/2025 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: P & M Corporate Finance, LLC TYPE OF REGISTRANT (check all applicable boxes): [ Security-based swap dealer | Major security-based swap participant Broker-dealer O Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 10 South Riverside Plaza, 9th Floor (No. and Street) Chicago 60606 -(City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING Pamela J. Barber 248-603-5364 Pamela. Barber@plantemoran.com (Name) (Area Code - Telephone Number) (Email Address) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* продоставля 1 - 1 - 1 | Conen & Company, Ltd. | | | | |--------------------------------------------------|------------------------------------------------------------|---------|--------------------------------------------| | | (Name - if individual, state last, first, and middle name) | | | | 1835 Market St., Suite 310 Philadelphia | | PA | 19103 | | (Address) | (City) | (State) | (Zip Code) | | 12/17/2003 | | 925 | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | FOR OFFICIAL USE ONLY | | | | | | | | \* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION | Matthew G. Jamison | , swear (or affirm) that, to the best of my knowledge and belief, the | | |--------------------|-----------------------------------------------------------------------|--| | | | | | | | * nancial report pertaining to the firm of P & M Corporate Finance, LLO | | |-------|--|-----------------------------------------------------------------------------------|--| | AGIOA | | 2 025 is true and correct furthar over for affirm that nather tha company por any | | orrect. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. ﺎ ﺍﻟﻤﺴﺎﺣﺔ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤ Signature: Title: Managing Director #### This filing \*\* contains (check all applicable boxes): - (a) Statement of financial condition. - @ (b) Notes to consolidated statement of financial condition. - 2 (c) Statement of income (loss) or, if there is other comprehensive in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - [ (d) Statement of cash flows. - [ {e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [f) Statement of changes in liabilities subordinated to claims of creditors. - [ {g) Notes to consolidated financial statements. - [h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - | |} Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - [ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [1] Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - [ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - | (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - □ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - [] {p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - | (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - [ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | {t} Independent public accountant's report based on an examination of the statement of financial condition. - [ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - | {v} Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - O (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | {x} Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - □ {y} Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - O (z) Other: \*\* To request confidential treatment of chis filing, see 17 CFR 240.170-5(e)(3) or 17 CFR 240.18c-7(d)(2), as applicable. {3}------------------------------------------------ # Contents | Report of Independent Registered Public Accounting Firm | 1 | |---------------------------------------------------------|-----| | Statement of Financial Condition
December 31, 2025 | 2 | | Notes to the Financial Statement | 3-8 | {4}------------------------------------------------ #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Member of P&M Corporate Finance, LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of P&M Corporate Finance, LLC (the "Company") as of December 31, 2025 and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. #### **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 presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2023. Cohen & Company, Ltd. Philadelphia, Pennsylvania March 2, 2026 {5}------------------------------------------------ # Statement of Financial Condition # **December 31, 2025** | Cash and cash equivalents
Restricted cash
Accounts receivable
Deferred contract costs
Other assets
Due from related party | | \$ | 2,661,084
3,098
1,328,526
195,000
38,018
355,313 | |------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|----|-----------------------------------------------------------------| | | Total assets | \$ | 4,581,039 | | | Liabilities and Member's Equity | | | | Liabilities
Accrued other liabilities
Deferred revenue
Due to related parties | | \$ | 61,706
195,000
479 | | | Total liabilities | | 257,185 | | Member's Equity | | | 4,323,854 | | | Total liabilities and member's equity | \$ | 4,581,039 | | | | | | **Assets** {6}------------------------------------------------ #### **December 31, 2025** # **Note 1 - Organization** P & M Corporate Finance, LLC (the Company or PMCF) is a broker-dealer registered with the Securities and Exchange Commission (SEC) in forty-five states and two territories, including Michigan, Colorado, and Illinois, and is a member of the Financial Industry Regulatory Authority (FINRA), specializing in investment banking for the middle market. The Company is a limited liability company that shall continue in perpetuity, unless it is dissolved or terminated pursuant to its operating agreement or involuntarily pursuant to any regulatory action. The Company is a wholly-owned subsidiary of PMCF Holding Company, LLC (PMCF Holding). PMCF Holding separately wholly owns PMCF Advisors, LLC (Advisors). A management service agreement between the Company and Advisors provides for the shared use of employees, certain limited services, regulatory supervision, business assets, operations, and related activities. For further details see Note 6. # **Note 2 - Significant Accounting Policies** #### *Nature of Business* The Company is engaged in various brokerage activities, which comprise several classes of services, including primarily investment banking. The Company's services include business acquisition advisory services, capital sourcing and funding for businesses, sales advisory services, strategic advisory services, and supervisory services. Specifically, it includes any one or more of the following items: sale of a company, divestiture, acquisition searches, managed buy-outs or leveraged buy-outs, joint ventures, strategic alliances, or raising capital. The Company's activities are considered a single line of business. The Company has identified its President 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 7), 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 in the summary of significant accounting policies. #### *Revenue Recognition* The Company is involved in various investment banking activities that fall into two broad categories for revenue recognition purposes. These activities are Contingent Fee Investment Banking Services and Contingent Supervisory Fee Based Services. For Contingent Fee Investment Banking Services, the Company has a single performance obligation upon its agreement with the client to render investment banking services with the goal of assisting the client in consummating a sale, acquisition, or financing transaction. Because the Company does not transfer control of this service over time and does not meet the criteria to recognize revenue over time, revenue is recognized at a point in time, which is the date the transaction closes or when the engagement is terminated or is not consummated. For Contingent Supervisory Fee Based Services, the Company has an obligation under its Management Service Agreement with Advisors to provide supervisory services in areas where private securities transactions undertaken by Advisors requires a FINRA-registered professional to be involved. The Company is entitled to charge a fee when these supervisory services are performed. PMCF's arrangement with Advisors stipulates that fees are payable to PMCF only upon payment of Advisors' fee by its client. Accordingly, the Company recognizes revenue at a point in time when the underlying transaction closes. If the Advisors transaction is terminated or not consummated, no revenue will be recognized by the Company for a supervisory fee. {7}------------------------------------------------ # Notes to the Financial Statement ### **December 31, 2025** # **Note 2 - Significant Accounting Policies (Continued)** #### *Cash and Cash Equivalents* The Company's cash accounts exceed the related amount of Federal depository insurance. The Company has not experienced any loss in such accounts and believes it is not exposed to any significant credit risk. The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. #### *Restricted Cash* The Company has \$3,098 in a Central Registration Depository (CRD) Account with FINRA that it uses to pay registration fees to other states. #### *Concentration of Credit Risk* Given the nature of the Company's business, customers vary from year to year as engagements are completed and new engagements are accepted. Therefore, the Company's revenue stream does not rely on any one customer or group of customers. Two customers comprised 95% of the accounts receivable balance at December 31, 2025 #### *Accounts Receivable and Credit Policies* Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payments within 30 days from the invoice date. The Company generally collects receivables within 30 days. Accounts receivable are stated at the amount billed to the customer. Payments of accounts receivable are allocated to the specific invoices identified on the customer's remittance advice or, if unspecified, are applied to the earliest unpaid invoices. The carrying amount of accounts receivable is reduced by a valuation allowance that reflects management's best estimate of the expected credit losses at the Statement of Financial Condition date. Management evaluates the collectibility of accounts receivable balances based on a combination of factors that includes the aging of the receivables, historical write-offs and recoveries, an assessment of current credit worthiness, as well as expected future economic conditions and trends. Based on this evaluation, management estimates the portion of the accounts receivable balance that is not expected to be collected. Outstanding receivables total \$1,328,526 as of December 31, 2025. Management considers the risk of loss on accounts receivable to be insignificant, therefore an allowance has not been recorded as of December 31, 2025. #### *Deferred Contract Costs and Deferred Revenue* Deferred contract costs relate to capitalized labor and other costs to fulfill contracts under in-process engagements with customers. These costs include amounts that fulfill the Company's expected obligations under a client contract, and do not include any amounts incurred to obtain the contract. Costs have been deferred only to the extent of nonrefundable contract retainers and expense reimbursements (contract liabilities), which are reported as deferred revenue, since recovery in excess of these amounts would be contingent upon the transaction closing. #### *Property and Equipment* Property and equipment are recorded at cost. Depreciation is computed using accelerated methods over the estimated useful lives of the assets. Costs of maintenance and repairs are charged to expense when incurred. {8}------------------------------------------------ ### **December 31, 2025** # **Note 2 - Significant Accounting Policies (Continued)** #### *Leases* The Company's leases for office space are classified as operating leases. A lease liability and corresponding right of use (ROU) asset are recognized based on the present value of the minimum lease payments. Lease cost for lease payments is recorded on a straight-line basis over the lease term. The Company also has short-term leases with related parties that have lease terms of 12 months or less and do not include automatic renewal options. ROU assets and lease liabilities are not recognized for these leases and lease cost is recognized on a straight-line basis over the lease term. Refer to Note 6 and Note 9 for additional information. #### *Income Taxes* The Company is a single member LLC and is a disregarded entity for income tax purposes. As such, no provision for federal income taxes is required. Prior to a reorganization that occurred in 2022, the Company elected to be treated as a "partnership" for federal income tax purposes. Under this election, the taxable income or loss of the Company was taxed directly to the members. The Bipartisan Budget Act of 2015 provides that any entity treated as a partnership for U.S. income tax purposes may be directly assessed for federal income taxes, interest and penalties arising from partnership audits and/or adjustments (the "Assessment") for tax years beginning after December 31, 2020, rather than the partners of the entity being liable for the Assessment. Any such Assessment against the entity would impact the equity interest of current partners' pro-rata at the time the Assessment is levied absent claw-back provisions to any former partners or other special allocation provisions within the entity's governing documents. #### *Accounting Estimates* Management uses estimates and assumptions in preparing the financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenue and expenses. Actual results could vary from the estimates that were used. ### **Note 3 - Revenue Recognition** Contingent Fee Investment Banking Services consists of investment banking services with the goal of assisting the client in consummating a transaction. The transaction fee for Contingent Investment Banking Services generally consists of nonrefundable retainers, a contingent transaction fee, and expense reimbursements. The nonrefundable retainers and expense reimbursements (contract liabilities) are collected at the beginning and throughout the contract term, whereas the contingent transaction fee is collected only upon the close of a transaction. Contract costs, which consist of leased labor (base salary, fringes, and bonus) from Advisors and out-of-pocket expenses, are deferred to the extent of nonrefundable retainers and expense reimbursements (contract liabilities), which are reported as deferred revenue. {9}------------------------------------------------ # Notes to the Financial Statement #### **December 31, 2025** ### **Note 3 - Revenue Recognition (Continued)** Because there is a single performance obligation, all revenue, including the nonrefundable retainers, transaction fee and expense reimbursements are recognized as revenue at the date the transaction closes. Should the engagement be terminated, or should a transaction not be consummated, the nonrefundable retainers and expense reimbursements are recognized as revenue at the termination of the Company's services. Deferred contract costs are amortized in full when the transaction closes or the engagement is terminated. Given the inherent uncertainty in evaluating whether Contingent Investment Banking Service transactions will close and the related fees that will be generated, it is not possible to estimate the amount of transaction fees that will be earned in 2026 for in-process contracts at December 31, 2025. Contingent Supervisory Fee Based Services consist of fees charged for investment banking professionals registered with FINRA through the Company supervising investment banking services provided by Advisors to their clients. These fees consist of a single fixed fee charged to Advisors. Revenue is recognized at a point in time when Advisors closes a transaction. As this supervisory fee is only charged upon the successful close of an Advisors transaction, no revenue or related expenses are deferred related to Contingent Supervisory Fees. The amounts of accounts receivable, deferred contract costs and deferred revenue as of January 1, 2025 and December 31, 2025 are as follows: | | January 1,
2025 | | December 31,
2025 | | |---------------------------|--------------------|----|----------------------|--| | Accounts Receivable - Net | \$
52,521 | \$ | 1,328,526 | | | Deferred Contract Costs | 261,026 | | 195,000 | | | Deferred Revenue | 261,026 | | 195,000 | | The decrease in the deferred contract costs and deferred revenue during 2025 is due to the decrease in the number of in-process contracts at December 31, 2025 when compared with January 1, 2025. {10}------------------------------------------------ **December 31, 2025** ### **Note 4 - Property and Equipment** During the year ended December 31, 2025 the Company disposed of all remaining property and equipment. As a result, no property and equipment or accumulated depreciation remain on the Statement of Financial Condition as of December 31, 2025. ### **Note 5 - Member's Equity** The company is a wholly-owned subsidiary of PMCF Holding. All membership interest in the Company is in one class with 100,600 total units issued and outstanding. ### **Note 6 - Related Party Transactions** #### *PMCF Advisors, LLC* Effective January 1, 2022, the Company entered into a management services agreement (the Agreement) with Advisors, a wholly-owned subsidiary of PMCF Holding, which is the sole owner of the Company. The agreement contains provisions for Advisors to lease employees to the Company for a fee based on the work performed on PMCF's clients, for the Company to charge a supervisory fee to Advisors when their investment banking services require the services of a registered broker-dealer, and for certain operational expenses to be shared between entities. Employee leasing costs consist of the Company's proportionate share of a leased employee's salary, fringe benefits, and other related costs based on the work the employee performed for the Company during the year. Supervisory fees are charged to Advisors based on the terms of the Agreement at the greater of \$2,000 or five percent of the success fee received by Advisors. Operating expenses that benefit both entities are allocated based on the provisions of the Agreement. Approximately \$38,000 in supervisory fees is included in the Accounts Receivable balance reported on the Statement of Financial Condition. Effective January 1, 2025, the Company entered into an intercompany lease agreement with Advisors, which covers the use of facilities at all of the Company's locations, costs of which were covered by both entities throughout the year. This is a short-term lease agreement that does not include automatic or other renewal options. Total facility costs across both companies are allocated pro-rata according to the terms of the lease agreement. Based on the nature of the relationship between the Company and Advisors, including the employee leasing, cost sharing, and lease arrangements as described above, the Company has concluded that Advisors is a variable interest entity but does not require consolidation as the Company is not the primary beneficiary of Advisors. As of December 31, 2025, the Company's financial interest in and maximum exposure to loss is limited to the amounts due from Advisors in the statement of financial condition. At December 31, 2025, due from related party consisted of approximately \$349,000 due from Advisors related to shared operational expenses under the Agreement. As Advisors is currently in its first few years of operations, payments of amounts due to the Company have not been established on a regular basis. {11}------------------------------------------------ #### **December 31, 2025** # **Note 6 - Related Party Transactions (Continued)** #### *Plante Moran, PLLC* The Agreement referenced above also includes provisions between the Company and Plante Moran, PLLC (PM, PLLC), a wholly-owned subsidiary of P&M Holding Group, LLP (PMHG), which is a minority member of PMCF Holding. Under the terms of the Agreement, PM, PLLC provides general business management, administrative functions, financial management, and support services. In addition, certain other expenses are paid by PM, PLLC on the Company's behalf. The expenses are reimbursed by the Company on a monthly basis. Provisions of the Agreement relating to non-facility services remained in effect through December 31, 2025 and automatically renew each year after unless terminated. At December 31, 2025, there is no amount due to or due from PM, PLLC and affiliated entities. ### **Note 7 - Net Capital Provision of Rule 15c3-1** Pursuant to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital balance, as defined, under such provisions. The Company's minimum capital requirement is the greater of \$5,000 or 6.67% of aggregate indebtedness, as defined, under Securities and Exchange Commission Rule 15c3-1(a)(1)(i) and (a)(2)(vi), as it does not maintain customer accounts. Net capital may fluctuate on a daily basis. At December 31, 2025, the Company had net capital of \$2,403,899, which was \$2,398,899 in excess of its required net capital of \$5,000. In addition to the minimum net capital provisions, Rule 15c3-1 requires that the Company maintain a ratio of aggregate indebtedness, as defined, to net capital, of not more than 15 to 1. At December 31, 2025, the ratio was 0.03 to 1. ### **Note 8 - Exemption From Rule 15c3-3** The Company does not claim an exemption from the requirements of Rule 15c3-3 under Paragraph (k). Instead, the Company relies on Footnote 74 of SEC Release No. 34-70073 and the fact that it acts as an "other broker-dealer" and does not otherwise hold funds or securities for or owe money or securities to customers. ### **Note 9 - Operating Leases** The Company had obligations as a lessee for office space, which it classified as an operating lease. The Company's long-term operating lease expired on February 28, 2025. As a result, the Company has no operating lease right-of-use assets or lease liabilities recorded as of December 31, 2025 During the year the Company entered into a short-term lease agreement with Advisors as described in Note 6. As the lease is short-term and does not contain any renewal options, the Company does not recognize right-of-use assets or lease liabilities for this lease. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.