# SIKICH CORPORATE FINANCE LLC X-17A-5 (2026-02-23) — Broker-dealer annual report - Company: SIKICH CORPORATE FINANCE LLC - Form: X-17A-5 - Filed: 2026-02-23 - Period: 2025-12-31 - Accession: 0001450941-26-000003 - CIK: 1450941 - File #: 8-68096 - Type: Broker-dealer - Material weakness: No - Auditor: Ryan & Juraska LLP - Auditor location: Chicago, IL - Contact: Barry Stark - Phone: 3124580012 - Email: barry.stark@sikich.com - Website: sikich.com - Signed by: Barry Stark (Chief Compliance Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1450941/000145094126000003/sikichcorpibudit2025.pdf --- {0}------------------------------------------------ | 8-68096 | |---------| | 01/01/25
12/31/25 | | | | | |-------------------------------|----------------|------|------------------------|--| | | | | | | | | | | | | | Sikich
Corporate | Finance
LLC | | | | | ■ | | | | | | | | | | | | 1415
W.
Diehl
Road, | Suite
400 | | | | | | | | | | | Naperville | IL | | 60563 | | | | | | | | | | | | | | | Barry
Stark | 312-458-0012 | | barry.stark@sikich.com | | | | | | | | | | | | | | | | | | | | | Ryan
&
Juraska
LLP | | | | | | | | | | | | 141
W.
Jackson
Blvd. | Chicago | IL | 60604 | | | | | | | | | 3/24/2009 | | 3407 | | | | | | | | | | | | | | | {1}------------------------------------------------ Barry Stark Sikich Corporate Finance LLC December 31 2025 Chief Compliance Officer - - - - - - - - - - - - - - - - - - - - - - - - - - - {2}------------------------------------------------ ![](_page_2_Picture_0.jpeg) RYAN & JURASKA LLP ## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member of Sikich Corporate Finance LLC #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Sikich Corporate Finance LLC (the "Company") as of December 31, 2025, the related statements of income, changes in member'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 Sikich Corporate Finance LLC 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 Sikich Corporate Finance LLC's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Sikich Corporate Finance LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. #### **Auditor's Report on Supplemental Information** The Supplemental Information (the "supplemental information") has been subjected to audit procedures performed in conjunction with the audit of Sikich Corporate Finance LLC's financial statements. The supplemental information is the responsibility of Sikich Corporate Finance LLC'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 is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as Sikich Corporate Finance LLC's auditor since 2018. Chicago, Illinois February 17, 2026 {3}------------------------------------------------ # **Sikich Corporate Finance LLC Statement of Financial Condition As of December 31, 2025** ## **ASSETS** | | 2025 | |----------------------------------------------------|---------------| | Assets | | | Cash | \$
300,772 | | Accounts receivable, net of allowances (\$185,565) | 208,118 | | Prepaid expenses and other assets | 73,659 | | TOTAL ASSETS | \$
582,549 | | | | | LIABILITIES AND MEMBER'S EQUITY | | | | 2025 | | Liabilities | | | Accrued expenses | \$
128,144 | | Accounts Payable | 3,807 | | TOTAL LIABILITIES | 131,951 | | Member's Equity | 450,598 | | TOTAL LIABILITIES AND | | | MEMBER'S EQUITY | \$
582,549 | {4}------------------------------------------------ # **Sikich Corporate Finance LLC Statement of Income** ## **For the Year Ended December 31, 2025** | | 2025 | |--------------------------|-----------------| | Revenue | | | Consulting Revenue | \$
2,529,370 | | Total Revenue | 2,529,370 | | Expenses | | | Commission Expense | 764,209 | | Software | 62,321 | | Payroll Taxes & Benefits | 62,172 | | Professional Services | 61,344 | | FINRA & SIPC Fees | 28,012 | | Legal & Accounting Fees | 17,950 | | Insurance | 11,742 | | Other Operating Expenses | 16,292 | | Total Expenses | 1,024,042 | | NET INCOME | \$
1,505,328 | {5}------------------------------------------------ # **Sikich Corporate Finance LLC Statement of Changes in Member's Equity For the Year Ended December 31, 2025** | Member's Equity at Beginning of Year | \$
595,270 | |--------------------------------------|---------------| | Net Income | 1,505,328 | | Member distributions | (1,650,000) | | Member's Equity at End of Year | \$
450,598 | {6}------------------------------------------------ ## **Sikich Corporate Finance LLC Statement of Cash Flows For the Year Ended December 31, 2025** | Cash Flows from Operating Activites | | |--------------------------------------------------------------|-----------------| | Net Income | \$
1,505,328 | | Adjustments to reconcile net income to net cash provided by | | | Operating Activities: | | | Accounts receivables- net | (207,962) | | Prepaid expenses and other assets | (11,607) | | Accrued expenses | (355,765) | | Accounts payable | 111 | | Net Cash Provided by Operating Activities | 930,105 | | Cash Flows from Financing Activities
Member distributions | (1,650,000) | | Net Cash (Used In) Financing Activities | (1,650,000) | | Net decrease in Cash | (719,895) | | Cash at Beginning of Year | 1,020,667 | | Cash at End of Year | \$
300,772 | {7}------------------------------------------------ # NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the Firm's significant accounting policies consistently applied in the preparation of the accompanying financial statements are as follows: - a. Nature of Operations- Sikich Corporate Finance LLC, a Delaware limited liability company (the Firm), was formed on October 15, 2008, and began operations on November 3, 2009. The Firm is a registered broker-dealer with the Financial Industry Regulatory Authority (FINRA), and the Securities and Exchange Commission (SEC). The general purpose of the Firm is to engage in capital raising services, including private securities placements and Private Investment in Public Equity (PIPE) transactions, and to perform mergers and acquisitions advisory services, including facilitating mergers and acquisitions, tender offers, financial restructurings, asset sales, divestitures and other corporate reorganizations or business combination transactions, and rendering fairness, solvency or similar opinions. The Firm's customers are located throughout the United States. The Firm is wholly owned by Sikich LLC, a professional services firm. - b. Basis of Presentation and Method of Accounting- The Firm's financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP') and presented on the accrual basis method of accounting. - c. Use of Estimates- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. - d. Concentrations of Credit Risk- The Firm places its cash in accounts with a local financial institution. At times, such accounts may be in excess of FDIC insured limits. - e. Measurement of Credit Losses- In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. The main objective of ASU 2016-13 is to provide financial statement users with more decision-useful information about an entity's expected credit losses on financial instruments and other commitments to extend credit at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to develop credit loss estimates. Expected credit losses are measured based on historical experience, current conditions, and forecasts that affect the collectability of the reported amount and are generally recognized earlier than under previous standards. The adoption of this standard on January 1, 2020 did not have a material impact on the Firm's financial statements. - f. Accounts Receivable- Accounts Receivable consists of fees and other amounts owed to the Firm. The Firm, on a periodic basis evaluates its accounts receivable and establishes an allowance for credit losses, following the guidance of ASU 2016-13 Measurement of Credit Losses on Financial Instrument described on Note 1, e above. Accordingly, the accounts receivable disclosed in the statement of financial condition reflect an allowance for credit losses consistent with the Firm policy. Uncollectible accounts receivables are charged directly against operations. At December 31, 2025, the Firm recorded an allowance for credit losses in the amount of \$185,565. {8}------------------------------------------------ # NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued - g. Revenue Recognition- The Firm recognizes revenue in accordance with ASC Topic 606 *Revenue from Contracts with Customers*, effective 2018. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgement is required to determine whether performance obligations are satisfied at a point in time or over time. Revenue for advisory arrangements is generally recognized at the point in time that performance under the arrangement is completed or the contract is cancelled. However, for certain contracts, revenue is recognized over time for advisory arrangements in which the performance obligations are simultaneously provided by the Firm and consumed by the customer. - h. Financial Statement Presentation and Classification The Firm is engaged in a single line of business as a securities broker dealer and is engaged in investment banking advisory and capital raising activities. The Firm has identified its Chief Executive Officer 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 Firm. Additionally, the CODM uses excess net capital, 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 Firm's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Firm as a whole. The operating revenue and expenses for the entire segment are reflected in the Statement of Income. The accounting policies used to measure profit and loss of the segment are the same as those described in the summary of significant accounting policies. From year to year, the Firm is not reliant on any one customer for a majority of its revenues. ## NOTE 2: FAIR VALUE MEASUREMENTS ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market income or cost approach, as specified by ASC 820, are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: - x Level 1 Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Firm has the ability to access. - x Level 2 Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. - x Level 3 are unobservable inputs for the asset or liability and rely on management's own assumptions that market participants would use in pricing the asset or liability. The unobservable inputs should be developed based on the best information available in the circumstances and may include the Firm's own data. At December 31, 2025, the Firm did not have any level 1, 2 or 3 investments. {9}------------------------------------------------ #### NOTE 3: INCOME TAX EXPENSE As a wholly owned limited liability company of Sikich LLC, the Firm is treated as a disregarded entity for federal income tax purposes. The single member owner of the Firm is treated as a C Corporation for federal income tax purposes. The Firm's income taxes are paid by its single member owner. As a result, the Firm does not record a provision for income taxes in its financial statements. The single member owner assumes responsibility for all tax obligations arising from the operations of the Firm, and any income taxes incurred on behalf of the Firm are reported on the tax return of the single member owner. Accounting principles generally accepted in the United States of America require the Firm to examine its tax positions for uncertain positions. Management is not aware of any tax positions that are more likely than not to change in the next twelve months or that would not sustain an examination by applicable taxing authorities. Generally, the Firm is no longer subject to income tax examinations by major taxing authorities for the years before 2022. The Firm's policy is to recognize penalties and interest as incurred in its Statement of Income; there were none for the year ended December 31, 2025. ## NOTE 4: STATEMENTS OF CHANGES IN LIABILITIES SUBORDINATED TO CLAIMS OF GENERAL CREDITORS For the year ended December 31, 2025, the Firm did not have any subordinated liabilities subject to claims of general creditors. Therefore, no statements have been prepared. #### NOTE 5: GUARANTEES The Company has not recorded any contingent liability related to guarantee arrangements as of December 31, 2025. ## NOTE 6: NET CAPITAL REQUIREMENTS The Firm is subject to the Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3- 1), which requires the maintenance of a minimum net capital balance. The Firm is required to maintain net capital equal to the greater of \$5,000 or 6-2/3% of the aggregate indebtedness, as these terms are defined under the rule. At December 31, 2025, the Firm's net capital was \$168,821 which was \$160,024 in excess of its minimum net capital requirement. There is no material difference between this computation of net capital pursuant to Rule 15c3-1 and the corresponding computation prepared by the Firm and included in the unaudited Part II of Form X-17a-5 as of December 31, 2025. ## NOTE 7: RELATED PARTY TRANSACTIONS {10}------------------------------------------------ The Firm is 100% owned by Sikich LLC and is subject to an expense sharing agreement with Sikich LLC that has been submitted to FINRA. The agreement was amended on March 11, 2025 to reflect adjustments in expenses and is for a period of twelve months and will renew automatically for an additional twelve months if not cancelled prior to the renewal date of the contract. Under the agreement Sikich LLC has agreed to pay full amount of certain expenses on behalf of the Firm. During the year ended December 31, 2025, Sikich LLC paid \$1,953,353 in consideration of rent, utilities, telephone, equipment furniture and fixtures, postage, office supplies, accounting services, and other general nonsecurities related to administrative and office expenses. The Firm will not have any obligation to pay back any incurred expenses paid on its behalf by Sikich LLC, and thus such amounts are not reflected in the financial statements. ## NOTE 8: SUBSEQUENT EVENTS The Firm has evaluated subsequent events through February 17, 2026; the date on which the financial statements were available to be issued and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the related notes to the financial statements other than noted below. For the period January 1, 2026 to February 17, 2026, Sikich Corporate Finance LLC did not make any capital distributions. {11}------------------------------------------------ SUPPLEMENTAL INFORMATION {12}------------------------------------------------ ## **Sikich Corporate Finance LLC Computation of Net Capital Requirements As of December 31, 2025** ## **COMPUTATION OF NET CAPITAL** | Total ownership equity from Statement of Financial Condition | | \$
450,598 | |-------------------------------------------------------------------|-------------|---------------| | less nonallowable assets from Statement of Financial Condition | | (281,777) | | Net capital before haircuts on securities positions | | 168,821 | | Haircuts on securities | | - | | Net Capital | | 168,821 | | Computation of Basic Net Capital Requirement, the greater of: | | 8,797 | | 6 2/3% of Aggregate Indebtedness | \$
8,797 | | | Minimum dollar requirement | 5,000 | | | Excess Net Capital | | \$
160,024 | | Aggregate Indebtedness: | | \$
131,951 | | Excess Net Capital (Net Capital, less 10% Aggregate Indebtedness) | | \$
155,626 | | Percentage of Aggregate Indebtedness to Net Capital | | 78.16% | | 120% of Required Net Capital | | \$
10,556 | | Net Capital in Excess of 120% of Required Net Capital | | \$
158,265 | There are no material differences between the above computation and the Firm's corresponding unaudited Form FOCUS Part II filing as of December 31, 2025. {13}------------------------------------------------ The Firm did not handle any customer cash or securities during the year ended December 31, 2025, and does not have any customer accounts. {14}------------------------------------------------ ## SIKICH CORPORATE FINANCE, LLC Information Relating to Possession or Control Requirements pursuant to Rule 15c3-3 December 31, 2025 The Firm did not handle any customer cash or securities during the year ended December 31, 2025, and does not have any customer accounts. {15}------------------------------------------------ ![](_page_15_Picture_0.jpeg) RYAN & JURASKA LLP #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member of Sikich Corporate Finance LLC We have reviewed management's statements, included in the accompanying Sikich Corporate Finance LLC's Exemption Report, in which (1) Sikich Corporate Finance LLC (the "Company") does not claim an exemption under paragraph (k) of 17 C.F.R. §240.15c3-3, and (2) the Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to private placements of securities, including PIPEs, mergers and acquisition advisory services, including facilitating mergers and acquisitions, tender offers, financial restructurings, asset sales, divestitures and other corporate reorganizations or business combination transactions, and rendering fairness, solvency, or similar opinions, 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 ended December 31, 2025 without exception. Sikich Corporate Finance LLC'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 the Company's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the the Company's 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. Chicago, Illinois February 17, 2026 {16}------------------------------------------------ ![](_page_16_Picture_0.jpeg) **PERSONAL & CONFIDENTIAL** 200 West Madison Street, Suite 2300 Chicago, IL 60606 +1 (312) 648-6666 **sikich.com** The Exemption Report Sikich Corporate Finance LLC (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 does not claim an exemption under paragraph (k) of 17 C.F.R. § 240.15c3-3, and - (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to private placements of securities, including PIPEs, mergers and acquisition advisory services, including facilitating mergers and acquisitions, tender offers, financial restructurings, asset sales, divestitures and other corporate reorganizations or business combination transactions, and rendering fairness, solvency, or similar opinions, 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 ending December 31, 2025 without exception. Sikich Corporate Finance LLC I, Barry Stark, affirm that, to my best knowledge and belief, this Exemption Report is true and correct. Barry Stark Chief Compliance Officer February 17, 2026 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.