# BAADER HELVEA INC. X-17A-5 (2026-03-02) — Broker-dealer annual report - Company: BAADER HELVEA INC. - Form: X-17A-5 - Filed: 2026-03-02 - Period: 2025-12-31 - Accession: 0001292864-26-000002 - CIK: 1292864 - File #: 8-66540 - Type: Broker-dealer - Material weakness: No - Auditor: Citrin Cooperman & Company, LLP - Auditor location: New York, NY - Contact: Steven C Bender - Phone: 6462907248 - Email: sbender@modernrs.com - Website: modernrs.com - Signed by: Jochen Ammer (President) Original filing: https://www.sec.gov/Archives/edgar/data/1292864/000129286426000002/BDHL2025.pdf --- {0}------------------------------------------------ # Baader Helvea Inc. Financial Statements and Supplemental Schedule Pursuant to Rule 17a-5 of the Securities and Exchange Act of 1934 December 31, 2025 (expressed in US dollars) {1}------------------------------------------------ | UNITED STATES | |------------------------------------| | SECURITIES AND EXCHANGE COMMISSION | | Washington, D.C. 20549 | ## ANNUAL REPORTS FORM X-17A-5 PART III 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 01/01/2025 MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: Baader Helvea Inc. TYPE OF REGISTRANT (check all applicable boxes): ම Broker-dealer □ Check here if respondent is also an OTC derivatives dealer AND ENDING\_12/31/2025 ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) ## 420 Lexington Avenue, Suite 804 | (No. and Street) | | | | | | | | | |----------------------------------------------|--------------------------------|----------------------|--|--|--|--|--|--| | New York | New York | 10170 | | | | | | | | (City) | (State) | (Zip Code) | | | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | | Steven C. Bender | 1-646-290-7248 | sbender@modernrs.com | | | | | | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this,filing\* #### Citrin, Cooperman & Company, LLP | | (Name -- if individual, state last, first, and middle name) | | | |------------------------------------------------------------------------------------------------|-------------------------------------------------------------|---------|--------------------------------------------| | 50 Rockefeller Plaze | New York | | New York 10020 | | (Address) | (City) | (State) | (Zip Code) | | 11/2/2005 | | 2468 | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | FOR OFFICIAL USE ONLY | | | | | | | | | Company for any the form the some of the pround sports on any the money of he intensember with | | | | 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. | OMB APPROVAL | |---------------------------| | OM8 Number: 3235-0123 | | Expires: Nov. 30, 2026 | | Estimated average burden | | 12
hours per response: | | | | SEC FILE NUMBER | | |-----------------|--| | 8-66540 | | MM/DD/YY {2}------------------------------------------------ #### OATH OR AFFIRMATION | Jochen Ammer | | swear (or affirm) that, to the best of my knowledge and belief, the | | | | |--------------|-------------------------------------------------------------|---------------------------------------------------------------------|--|--|--------------------------------------------------------------------------------------------------------------| | | financial report pertaining to the firm of BaaderHelvealnc. | | | | as of | | | | | | | 【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】【1】 | \_ is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may proprietary interest in any account classified solely as that of a customer. | Signature: | | | | |------------|--|--|--| | Title: | | | | | President | | | | Notary Public #### This filing \*\* contains (check all applicable boxes): - (a) Statement of financial condition. - (b) Notes to consolidated statement of financial condition. - = (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 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. - | (j) 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. - | - | | | Oath or affirmation in accordance with 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. - @ (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). - (z) Other: A copy of SIPC-7 Supplemental Report - \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17o-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable. {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) Citrin Cooperman & Company, LLP Certified Public Accountants 50 Rockefeller Plaza New York, NY 10020 T 212.697.1000 F 212.202.5107 citrincooperman.com ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and the Shareholder Baader Helvea Inc. #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Baader Helvea Inc. as of December 31, 2025, and the related statements of operations, changes in shareholder's equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Baader Helvea Inc. as of December 31, 2025, 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 Baader Helvea Inc.'s management. Our responsibility is to express an opinion on Baader Helvea Inc.'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 Baader Helvea Inc. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### Auditor's Report on Supplemental Information The supplemental information contained in Schedules I, II and III has been subjected to audit procedures performed in conjunction with the audit of Baader Helvea Inc.'s financial statements. The supplemental information is the responsibility of Baader Helvea Inc.'s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a–5. In our opinion, the supplemental information contained in Schedules I, II and III is fairly stated, in all material respects, in relation to the financial statements as a whole. Citin Cooperman Coupany, LAP We have served as Baader Helvea Inc.'s auditor since 2018. New York, New York March 2, 2026 "Citin Cooperman" is the brand untier which Company, 1.P. a licensed interpratent CPA lim, and Citin Cooperman Advisors I.I.C. serve dents' business needs. The two firms opente is separate stracture. The entities of Citin Cogneman & Company, I.I.P and Citin Cooperman Acrisors I.C. are independent menter forms of the More North America, Inc. (MNA) Asseciation, which is isell a regional member of Morre Global Network Limited (MCN), All the from associted with MNA ace independently owned and managed entities. There membership with, MVA should not be constructions constituting or implying any partnership between them. {5}------------------------------------------------ ## Baader Helvea Inc. Statement of Financial Condition As of December 31, 2025 (expressed in US dollars) ## Assets | Cash and cash equivalents
Accounts receivable
Commissions receivable
Prepaid expenses
Security deposit
Income tax receivable
Deferred tax asset | \$5,780,819
22,047
336,795
135,438
135,232
2,294
1,252,430 | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------| | Property and equipment, net of accumulated depreciation of \$225,547
Right-of-use asset | 83,495
282,339 | | Total Assets | \$8,030,889 | | Liabilities | | | Accounts payable and accrued liabilities
Income taxes payable
Lease liability | ಕೆ
475,079
11,045
453,512 | | Total Liabilities | 939,636 | | Commitments and contingencies (Notes 7 and 9) | | | Shareholder's Equity | | | Capital stock
Additional paid-in capital
Retained earnings | 1,864,950
326,613
4,899,690 | | Total Shareholder's Equity | 7,091,253 | | Total Liabilities and Shareholder's Equity | \$8,030,889 | {6}------------------------------------------------ ## Baader Helvea Inc. Statement of Operations For the year ended December 31, 2025 (expressed in US dollars) | Revenues
Commission income
Trade introduction fees
Research services
Interest income
Financial advisory services | \$5,297,565
1,237,365
656,621
101,444
7,884 | |---------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------| | Miscellaneous income | (48) | | Total Revenues | 7,300,831 | | Expenses | | | Commissions | 2,883,556 | | Salaries and related expenses | 1,360,284 | | Research costs | 487,049 | | Professional fees | 331,547 | | Information services | 161,176 | | Amortization of right-of-use asset | 145.714 | | Conferences and seminars | 99,864 | | Travel, meals and entertainment | 79,059 | | Memberships and registration fees | 59,655 | | Intercompany support services | 59,184 | | Rent and related expenses | 46,785 | | Telecommunications | 32,322 | | Business and other taxes | 20,476 | | Depreciation expense on property and equipment | 18,800 | | Miscellaneous expenses | 16,546 | | General office expenses | 11,897 | | Total Expenses | 5,813,914 | | Income before provision for income taxes | 1,486,917 | | Provision for income taxes | (1,193,227) | | Net Income | \$2,680,144 | {7}------------------------------------------------ Baader Helvea Inc. Statement of Changes in Shareholder's Equity For the year ended December 31, 2025 (expressed in US dollars) | | Capital stock | | | | | |-------------------------------------|------------------------------------|-------------|--------------------------------------|----------------------|-------------| | | common shares
Number of Class A | | Additional
Amount paid-in capital | earnings
Retained | Tota | | alance as of December 31, 2024
8 | 830 | \$1,864,950 | \$326,613 | \$2,219,546 | \$4.411.109 | | Net Income | | | | 2.680.144 | 2,680,144 | | Balance as of December 31, 2025 | 830 | \$1.864.950 | \$326.613 | \$4,899,690 | \$7,091,253 | {8}------------------------------------------------ | Operating activities | | |----------------------------------------------------------------------------------|-------------------| | Net income | ಲ್ಲಿ
2,680,144 | | Adjustments to reconcile net income to net cash provided by operating activities | | | Depreciation expense | 18.800 | | Non-cash lease expense | 99.649 | | Deferred taxes | (1,250,529) | | Changes in operating assets and liabilities | | | Decrease in accounts receivable | 17,032 | | Decrease in commissions receivable | 152,090 | | Increase in prepaid expenses | (29,235) | | Decrease in income tax receivable | 58,038 | | Increase in income tax payable | 477 | | Decrease in lease liability | (127,574) | | Increase in accounts payable and accrued liabilities | 167,526 | | | | | Cash provided by operating activities | 1,786,418 | | Investing activities | | | Purchase of property and equipment | (68,409) | | Cash used in investing activities | (68,409) | | | | | Net increase in cash and cash equivalents during the year | 1,718,009 | | | | | Cash and cash equivalents - Beginning of year | 4,062,810 | | Cash and cash equivalents - End of year | \$5,780,819 | | Supplementary information | | | Income taxes recovered | (\$1,213) | {9}------------------------------------------------ ## 1. Incorporation and nature of business Baader Helvea Inc. (the "Company") is registered as a broker-dealer with the U.S. Securities and Exchange Commission (the "SEC"), and is a member of the Financial Industry Regulatory Authority ("FINRA"). The Company claims exemption from Rule 15c 3-3 pursuant to paragraph (k)(2)(i) of the Securities Exchange Act of 1934 (the "Act"). The Company commenced its principal business activity of marketing European securities in 2005. The Company also provides research services to its clients. In addition, the Company is the U.S. representative broker for Baader Bank AG, its ultimate parent (the "Parent"), and certain of its subsidiaries in compliance with SEC Rule 15a-6 (providing "15a-6 services"). Baader Bank AG performs all clearing activities for the Company. ## 2. New accounting pronouncements #### a) Accounting standards adopted on January 1, 2025 In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve annual income tax disclosures by requiring further disaggregation of information in the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU also includes certain other amendments intended to improve the effectiveness of annual income tax disclosures. The Company adopted this ASU effective January 1, 2025 and the adoption did not affect the financial position or the results of the Company, but resulted in additional disclosures. ## 3. Significant accounting policies #### Basis of presentation These financial statements have been prepared in accounting principles generally accepted in the United States of America ("US GAAP"). The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. {10}------------------------------------------------ ## Baader Helvea Inc. Notes to Financial Statements December 31, 2025 (expressed in US dollars) ## 3. Significant accounting policies (cont'd) #### Revenue recognition The Company's revenues from contracts with customers are recognized when the performance obligations are satisfied at an amount that reflects the consideration expected to be received in exchange for such services. The majority of the Company's performance obligations are satisfied at a point in time. The Company's main sources of revenue from contracts with customers are as follows: - - Brokerage commissions are charged to customers for order execution services and trade clearing and settlement services. The Company recognizes revenue at the time of execution of the order (i.e., trade date), when the performance obligation is considered to have been met. Commissions are generally collected from cleared customers on settlement date. - - Trade introduction fees are earned for introduction of customers to trading venues in Europe. The Company recognizes revenue at the time of execution of the order (i.e., trade date), when the performance obligation is considered to have been met. Trade introduction fees are generally collected from the trading platforms on settlement date. - Research services fees are charged to customers for financial information, analysis and research services to which they subscribe, that are delivered by the Company. The Company recognizes revenue when the collectability is reasonably assured, generally in arrears. A portion of the Company's research services revenues is allocated from the Parent (Note 7). The Company also earns revenues from other sources including interest income earned on the cash balances recognized based on the effective interest rate method. ## Cash and cash equivalents Cash and cash equivalents consist of balances with banks and term deposits with a maturity period of three months or less from the date of acquisition. The Company's cash and cash equivalents are held with five financial institutions, one of which is the Company's Parent. As at December 31, 2025, the Company held \$2,000,000 in cash equivalents. Cash on deposit with financial institutions may, at times, exceed federal insurance limits. #### Financial instruments - Credit losses The Company accounts for estimated credit losses on financial assets measured at an amortized cost basis and certain off-balance sheet credit exposures in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 326-20, Financial Instruments – Credit Losses. FASB ASC 326-20 requires the Company to estimate expected credit losses at the financial asset is originated or acquired and certain off-balance sheet exposures as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. The Company records the estimate of expected credit losses as an allowance for credit losses. For financial assets measured at an amortized cost basis the allowance for credit losses is reported as a valuation account on the statement of financial condition that is deducted from the asset's amortized cost basis. Changes in the allowance for credit losses are reported in Other expenses on the Statement of Operations. {11}------------------------------------------------ ## 3. Significant accounting policies (cont'd) #### Accounts receivable The Company's accounts receivable relate to the research services revenues. These accounts receivable are short-term in nature. The Company estimates expected credit losses over the life of the financial assets as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. As at December 31, 2025, the accounts receivables amounted to \$22,047 (2024-\$39,079). #### Commission receivables The commission receivables include amounts receivable from unsettled trades, amounts receivable for securities failed to deliver, accrued interest receivables and cash deposits. The Company's trades and contracts are cleared through its Parent. The receivables balance are settled on a monthly basis. Although amounts receivable from entities under common control are not within the scope of ASC 326, the source of commission income is transactions with third parties that are executed and settled by the Parent. The amount of unsettled credit exposures is limited to the amount owed the Company for a short period of time. In addition, the exposure to credit losses is de minimus because the terms of the majority of transactions executed by the Parent are RVP/DVP (receipt versus payment/deliver versus payment). As at December 31, 2025, the commission receivables amounted to \$336,795 (2024- \$488,885). #### Property and equipment Property and equipment are recorded at cost and are amortized on a straight-line basis over their estimated useful lives as follows: | Furniture and equipment | 5 years | |-------------------------|---------| | Computer equipment | 3 years | | Leasehold improvements | 5 years | Artwork in the amount of \$10,760 is included in furniture and equipment and is considered an asset with an indefinite useful life and therefore is not amortized. It is assessed for impairment on an annual basis. #### Income taxes The Company provides for income taxes using the liability method of tax allocation. Under this method, deferred income tax assets and liabilities are determined based on deductible or taxable temporary differences between the financial statement values of assets and liabilities using enacted income tax rates expected to be in effect for the year in which the differences are expected to reverse. US GAAP requires recognition and measurement of uncertain tax positions that the Company has taken or expects to take in its income tax returns. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. As at December 31, 2025, the Company did not have any uncertain tax positions. {12}------------------------------------------------ ## Baader Helvea Inc. Notes to Financial Statements December 31, 2025 (expressed in US dollars) ## 3. Significant accounting policies (cont'd) #### Foreign currency translation These financial statements are presented in US dollars, which is the Company's functional currency and reporting currency. Monetary assets and liabilities denominated in foreign currencies have been translated into US dollars at the rate of exchange prevailing at the statement of financial condition date. Revenues and expenses are translated into US dollars at the rate of exchange prevailing at the transaction date. Gains and losses on foreign exchange are included in the statement of operations and statement of cash flows. #### Leases Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers ownership of the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for a major part of the remaining useful life of the asset or the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of these criteria. Substantially all of the Company's operating leases are comprised of office space and property leases and the Company does not hold any finance leases. For all leases at the lease commencement date, a right-of-use asset and a lease liability are recognized. The right-of-use asset represents the right to use the leased asset for the lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any initial costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. The lease liability is initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's secured incremental borrowing rate for the same term as the underlying lease. Lease payments included in the measurement of the lease liability comprise the fixed non-cancelable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early. Lease modifications result in remeasurement of the lease liability. Lease expense for operating leases consists of the lease payments plus any initial direct costs, primarily brokerage commissions, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less. {13}------------------------------------------------ ## 3. Significant accounting policies (cont'd) #### Segment Reporting The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including principal transactions and agency transactions. 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 13), 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 dividends. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. 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. The total segment assets for the year ended December 31, 2025 amounted to \$8,235,812 and are presented on the statement of financial condition. The segment revenue and significant expenses for the year ended December 31, 2025 are presented in the statement of operations. ## 4. Amounts due to and from other brokers and dealers Under SEC Rule 15a-6, the Company is responsible for maintaining books and records relating to the securities transactions effectuated by Baader Bank AG with or for eligible US investors. As a registered broker-dealer the Company is required to "book" such trades as its own and is responsible for receiving and delivering securities on behalf of investors. #### Fail-to-deliver A broker-dealer that sells securities, either for its own account or a customer's account, but does not deliver the securities on the settlement date records "fail-to-deliver" as an asset in the receivable due from broker-dealers account. Fail-to-deliver asset is measured initially at the security, including any accrued interest in the case of a fixed income security. Fail-to-deliver assets are collected upon delivery of the securities by the selling broker-dealer. At December 31, 2025, amounts due from other broker-dealers arising from fail-todeliver amounted to \$Nil. #### Fail-to-receive A broker-dealer that purchases securities, either for its own account or a customer's account, but does not receive the securities on the settlement date receive" as a liability to the selling broker-dealer. Fail-to-receive liability is measured initially at the purchase price of the security, including any accrued interest in the case of a fixed income security. At December 31, 2025, amounts due to other broker-dealers arising from fail-to receive amounted to \$Nil. {14}------------------------------------------------ ## 5. Property and equipment The following table outlines the Company's property and equipment and its related depreciation: | | | Accumulated
Cost depreciation | Net | |---------------------------------------------------------|-----------|----------------------------------|----------| | Furniture and equipment (including artwork of \$10,760) | \$86,990 | \$44,029 | \$42,961 | | Leasehold improvements | 27,723 | 27,723 | | | Computer equipment | 194,329 | 153,795 | 40,534 | | | \$309,042 | \$225,547 | \$83,495 | Depreciation expense for the year amounted to \$18,800. #### 6. Capital stock The Company has authorized the following categories of capital stock which are unlimited as to number of shares which can be issued: Class A common shares Class A preferred shares, voting, non-participating, without par value, ranking in priority to Class B, C and D preferred shares and Class A and B common shares, with entitlement to a non-cumulative monthly dividend of 1%, redeemable at the option of their paid in amount or the fair value of the consideration received, plus declared and unpaid dividends Class B preferred shares, non-voting, non-participating, without par value, ranking in priority to Class C and D preferred shares and Class A and B common shares, with entitlement to a non-cumulative monthly dividend of 1%, redeemable at the option of their paid in amount or the fair value of the consideration received, plus declared and unpaid dividends Class C preferred shares, voting, non-participating, without par value, ranking in priority to Class D preferred shares and Class A and B common shares, with entitlement to a non-cumulative monthly dividend of 1%, redeemable at the option of the Company or the holder at their paid in amount or the fair value of the consideration received, plus declared and unpaid dividends Class D preferred shares, non-voting, non-participating, without par value, ranking in priority to Class A and B common shares, with entitlement to a non-cumulative monthly dividend of 1%, redeemable at the option of the Company or the holder at their paid-in amount or the consideration received, plus declared and unpaid dividends #### Issued and fully paid 1,830 Class A common shares \$1,864,950 There are no issued shares for the other authorized classes of shares. {15}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`ab&'E'E=c?c6(&'EC>'&' ?'??&(&'&'>(66'C6: F=&'E%&6(('('(%&MPObefore VA | |----------------|---------------------------|---------------------------| | | | | | 2010 | 2030 | \$1,093,056 | | 2011 | 2031 | 227,617 | | 2013 | 2033 | 49,139 | | 2017 | 2037 | 555,011 | | | 2018 No expiration date | 1,046,806 | | | 2019 No expiration date | 319,841 | | | 2021 No expiration date | 46,996 | | | 2022 No expiration date | 584,592 | | | | \$3.923.058 | (2) For US tax purposes, the accrued Canadian income taxes of \$217,529 can be used as a foreign tax credit ("FTC") to offset US current income tax payable. The Company must utilize the federal NOLs before the FTCs. The FTC can be carried forward for ten years against the Company's pre-credit US taxes, subject to FTC limitation. The net operating losses originating before August 2, 2013 are subject to an annual limitation of \$225,170. The net operating losses carried forward and foreign tax credits carried forward as at the tax ownership change that occurred in August 2013 due to the Baader Bank AG acquisition, will be subject to an annual limitation post ownership change if the Company generates taxable income which will then be used to realize the net operating losses to the extent permitted. {20}------------------------------------------------ ### 12. Concentration of customers Approximately 30% of the Company's commission revenues, or \$1,384,000, are earned from one customer. Commission revenues earned from two additional customers represent 18%, or \$825,000 and 9%, or \$426,000, respectively. ### 13. Capital requirements The Company is a member of FINRA and is therefore subject to the capital requirements (Rule 150 3-1) of the Act. The Company has elected the alternative standard for the computation of net capital. The Rule requires the maintenance of a minimum net capital of \$250,000. As of December 31, 2025, the Company's aggregate indebtedness and net capital were \$6,57,297 and \$4,661,324, respectively. The Company's net capital was \$4,411,324 in excess of the required amount. #### 14. Subsequent events The Company has evaluated whether any events or transactions occurred subsequent to the date of the statement of financial condition and through March 2, 2026, the date the financial statements were available to be issued, and determined that there were no material events or transactions that would require recognition in these financial statements. {21}------------------------------------------------ # Baader Helvea Inc. Schedule I - Computation of Net Capital under Rule 15c3-1 of the Securities and Exchange Commission December 31, 2025 (expressed in US dollars) ## Computation of net capital | Shareholder's equity | \$7,091,253 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------| | Deductions and/or charges
Non-allowable assets
Accounts receivable
Commissions receivable
Prepaid expenses
Security deposit
Income tax receivable
Deferred tax asset
Property and equipment
Term deposits
Other | 17,735
336,795
135,438
135,232
2,294
1,252,430
83,495
461.417
(776) | | Total deductions | 2,424,060 | | Net capital before haircuts on securities positions | 4,667,193 | | Haircuts on foreign currency balances | 5,869 | | Net capital | 4,661,324 | | Minimum capital requirements | 250,000 | | Excess net capital | \$4,411,324 | | Aggregate indebtedness | | | Accounts payable and accrued liabilities
Excess of lease liability over the right-of-use asset
Income taxes payable | 475,079
ಕಾ
171,173
11,045 | | Total aggregate indebtedness | ಲ್ಲಿ
657,297 | | Aggregate indebtedness as a percentage of net capital | 14.10% | ## Statement Pursuant to Paragraph (d) (4) of Rule 17a-5 of the Securities and Exchange Commission There are no material differences between the above computation and the corresponding computation prepared by Baader Helvea Inc. and included in the Company's unaudited Part II Focus Report, as originally filed by the Company on January 27, 2026 and amended on February 28, 2026. See Report of Independent Registered Public Accounting Firm {22}------------------------------------------------ ## Baader Helvea Inc. Schedule II - Computation for Determination of Reserve Requirements December 31, 2025 (expressed in US dollars) ## Schedule II Statement Pursuant to SEC Rule 17a-5(d) Computation for Determination of Reserve Requirements The Company claims exemption from the provisions of Rule 15c3-3 pursuant to paragraph (k)(2)(i) of the Securities and Exchange Act of 1934, in that the Company does not hold customer funds or safe-keep customer securities and therefore is not required to make a reserve requirement computation, and the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to receiving transaction-based compensation for the provision of research services to clients, for trade introduction services rendered to clients and for interest income and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. {23}------------------------------------------------ # Baader Helvea Inc. Schedule III - Information for Determination of Possession or Control of Securities December 31, 2025 (expressed in US dollars) ## Schedule III Statement Pursuant to SEC Rule 17a-5(d) Information for Determination of Possession or Control of Securities The Company is not required to make a computation of possession of control of securities as the Company claims exemption from the provisions of Rule 15c3-3 pursuant to paragraph (k)(2)(i) of the Securities and Exchange Act of 1934, in that the Company does not hold customer funds or safe-keep customer securities, and the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to receiving transaction for the provision of research services to clients, for trade introduction services rendered to clients and for interest income and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. See Report of Independent Registered Public Accounting Firm {24}------------------------------------------------ ![](_page_24_Picture_0.jpeg) Baader Helvea Inc ·420 Lexington Avenue· Suite 804 · New York NY 10170 #### Baader Helvea Inc.'s Exemption Report Baader Helvea Inc. (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: - (1) The Company claimed an exemption from 17 C.F.R. § 240.15c3-3 under the following provision of 17 C.F.R. § 240.15c3-3 (k):(2)(i). - (2) The Company met the identified exemption provision in 17 C.F.R. § 240.15c3-3(k)(2)(i) throughout the most recent fiscal year without exception. - (3) The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to receiving transaction-based compensation for the provision of research services to clients, for trade introduction services rendered to clients and for interest income the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. - I, Jochen Ammer, affirm that, to my best knowledge and belief, this Exemption Report is true and correct. Jochen Ammer President Baader Helvea Inc. February 25th, 2026 {25}------------------------------------------------ ![](_page_25_Picture_0.jpeg) Citrin Cooperman & Company, LLP Certified Public Accountants 50 Rockefeller Plaza New York, NY 10020 T 212.697.1000 F 212.202.5107 citrincooperman.com #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and the Shareholder Baader Helvea Inc. We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) Baader Helvea Inc. identified the following provision of 17 C.F.R. §15c3-3(k) under which Baader Helvea Inc. claimed an exemption from 17 C.F.R. §240.15c3-3: (2)(i) (the "exemption provision") and (2) Baader Helvea Inc. stated that Baader Helvea Inc. met the identified exemption provision throughout the most recent fiscal year without exception. Baader Helvea Inc.'s management is responsible for compliance with the exemption provision and its statements. Baader Helvea Inc. is also filing this Exemption Report because Baader Helvea Inc.'s other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to receiving transaction-based compensation for the provision of research services to clients, for trade introduction services rendered to clients, and for interest income. In addition, Baader Helvea Inc. did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; did not carry accounts of or customers; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. Baader Helvea Inc.'s management is responsible for compliance with the provisions contemplated by Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 and related SEC Staff Frequently Asked Questions and its statements. 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 Baader Helvea Inc.'s compliance with the exemption provision. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(2)(i) of Rule 15c3-3 under the Securities Exchange Act of 1934 and Baader Helvea Inc.'s other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5, and related SEC Staff Frequently Asked Questions. New York, New York March 2, 2026 "Citin Cooperman" is the brand under which Circh Copperman & Company, 1.I.P. a licensed independent CPA firm, and Citin Coogeman Advisors I.I.C. gere clears' business needs. The wo firms opente as separate strature. The ontine structure. The entities of Citin Coopernan & Company, I.I.P and Cirin Coopernan Advisors II.C. are independent menter of the More North America, Inc. (MNA) Association, which is isell a regional member of More Clobal Network Limber (MCN), All the firms associred with MV, ae indexently overed and managed entires. There membership with, MVA should not be construct as constituting or implying any partnership between them. {26}------------------------------------------------ #### GENERAL ASSESSMENT FORM For the fiscal year ended \_\_12/31/2025 | | Determination of "SIPC NET Operating Revenues" and General Assessment for:
SEC No.
MEMBER NAME
BAADER HELVEA INC
8-66540 | | | |---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|-----------------| | | and ending
For the fiscal period beginning | | | | 1 | Total Revenue (FOCUS Report - Statement of Income (Loss) - Code 4030) | | \$ 7,300,831.00 | | 2 | Additions: | | | | | a Total revenues from the securities business of subsidiaries (except foreign
subsidiaries) and predecessors not included above. | | | | | b Net loss from principal transactions in securities in trading accounts. | | | | | c Net loss from principal transactions in commodities in trading accounts. | | | | | d Interest and dividend expense deducted in determining item 1. | | | | | e Net loss from management of or participation in the underwriting or
distribution of securities. | | | | | f Expenses other than advertising, printing, registration fees and legal fees
deducted in determining net profit management of or participation in
underwriting or distribution of securities. | | | | | g Net loss from securities in investment accounts. | | | | | h Add lines 2a through 2g. This is your total additions. | | \$ 0.00 | | 3 | Add lines 1 and 2h | | \$ 7,300,831.00 | | 4 | Deductions: | | | | | a 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. | | | | | b Revenues from commodity transactions. | | | | | c Commissions, floor brokerage and clearance paid to other SIPC members
in connection with securities transactions. | | | | | d Reimbursements for postage in connection with proxy solicitations. | | | | | e Net gain from securities in investment accounts. | | | | | f 100% commissions and markups earned from transactions in (1) certificates
of deposit and (ii) Treasury bills, bankers acceptances or commercial paper
that mature nine months or less from issuance date. | | | | | g Direct expenses of printing, advertising, and legal fees incurred in connection
with other revenue related to the securities business (revenue defined by
Section 16(9)(L) of the Act). | | | | | h Other revenue not related either directly or indirectly to the securities business.
Deductions in excess of \$100,000 require documentation | | | | | 5 a Total interest and dividend expense (FOCUS Report - Statement
of Income (Loss) - Code 4075 plus line 2d above) but
not in excess of total interest and dividend income | | | | | b 40% of margin interest earned on customers securities accounts
(40% of FOCUS Report - Statement of Income (Loss) -
Code 3960) | | | | | c Enter the greater of line 5a or 5b | \$ 0.00 | | | 6 | Add lines 4a through 4h and 5c. This is your total deductions. | | \$ 0.00 | {27}------------------------------------------------ | SIPC-7
37 REV 0722 | SECURITIES INVESTOR PROTECTION CORPORATION | | SIPC-7
37 REV 0722 | |-----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|-----------------------| | | GENERAL ASSESSMENT FORM | | | | | For the fiscal year ended 12/31/2025 | | | | 7 | Subtract line 6 from line 3. This is your SIPC Net Operating Revenues. | | \$ 7,300,831.00 | | 8 | Multiply line 7 by .0015. This is your General Assessment. | | \$ 10,951.00 | | ல | Current overpayment/credit balance, if any | | \$ 0.00 | | 10 | General assessment from last filed 2025 SIPC-6 or 6A | \$ 5,296.00 | | | | \$ 0.00
11 a Overpayment(s) applied on all 2025 SIPC-6 and 6A(s)
\$ 0.00
b Any other overpayments applied
\$ 5,296.00
c All payments applied for 2025 SIPC-6 and 6A(s)
d Add lines 11a through 11c | \$ 5,296.00 | | | 12 | LESSER of line 10 or 11d. | | \$ 5,296.00 | | 13
a | Amount from line 8
b Amount from line 9
c Amount from line 12 | \$ 10,951.00
\$ 0.00
\$ 5,296.00 | \$ 5,655.00 | | | d Subtract lines 13b and 13c from 13a. This is your assessment balance due. | | \$ 0.00 | | 14 - | Interest (see instructions) for 0 0 days late at 20% per annum | | | | 15 | Amount you owe SIPC. Add lines 13d and 14. | | \$ 5,655.00 | | | 16 Overpayment/credit carried forward (if applicable) | | \$ 0.00 | | SEC No.
8-66540 | Designated Examining Authority
FYE
DEA: FINRA
2025
MEMBER NAME
BAADER HELVEA INC | Month
Dec | | | | MAILING ADDRESS
420 LEXINGTON AVE STE 804
NEW YORK, NY 10170
USA | | | Subsidiaries (S) and predecessors (P) included in the form (give name and SEC number) TT By checking this box, you certify that you have the authority of the SIPC member to sign this member, you are authorized, and do hereby consent, to the storage and handling by SIPC of the data in accordance with SIPC's Privacy Policy | BAADER HELVEA INC | Steven Bender | |-----------------------|------------------------| | (Name of SIPC Member) | (Authorized Signatory) | | 2/24/2026 | sbender@modernrs.com | | (Date) | (e-mail address) | Completion of the "Authorized Signatory" line will be deemed a signature. This form and the assessment payment are due 60 days after the end of the fiscal year. {28}------------------------------------------------ ![](_page_28_Picture_0.jpeg) Citrin Cooperman & Company, LLP Certified Public Accountants 50 Rockefeller Plaza New York, NY 10020 T 212.697.1000 F 212.202.5107 citrincooperman.com ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPLYING AGREED-UPON PROCEDURES To the Board of Directors and the Shareholder Baader Helvea 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 on the accompanying General Assessment Reconciliation (Form SIPC-7) for the year ended December 31, 2025. Management of Baader Helvea Inc. (the "Company") is responsible for its Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7. Management of the Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Company's compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2025. Additionally, SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. The procedures we performed and the associated findings are as follows: - 1. Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records 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, 2025, with the Total Revenue amount reported in Form SIPC-7 for the year ended December 31, 2025, noting no differences; - 3. Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers, noting no differences; and - 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. {29}------------------------------------------------ ![](_page_29_Picture_0.jpeg) We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the AICPA and in accordance with the standards of the Public Company Accounting Oversight Board (United States). We were not engaged to, and did not conduct an examination or a review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2025. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. This report is intended solely for the information and use of the Company and SIPC and is not intended to be, and should not be, used by anyone other than these specified parties. New York, New York March 2, 2026 "Citin Cooperman" is the brand untier which Company, 1.P. a licensed interpratent CPA lim, and Citin Cooperman Advisors I.I.C. serve dents' business needs. The two firms opente is separate stracture. The entities of Citin Cogneman & Company, I.I.P and Citin Cooperman Acrisors I.C. are independent menter forms of the More North America, Inc. (MNA) Asseciation, which is isell a regional member of Morre Global Network Limited (MCN), All the from associted with MNA ace independently owned and managed entities. There membership with, MVA should not be constructions constituting or implying any partnership between them. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.