# INVESTMENT RESEARCH CONSORTIUM SECURITIES LLC X-17A-5 (2026-02-23) — Broker-dealer annual report - Company: INVESTMENT RESEARCH CONSORTIUM SECURITIES LLC - Form: X-17A-5 - Filed: 2026-02-23 - Period: 2025-12-31 - Accession: 0001459218-26-000003 - CIK: 1459218 - File #: 8-68208 - Type: Broker-dealer - Material weakness: No - Auditor: MRPR Group, P.C. - Auditor location: Southfield, MI - Contact: Brian O'Day - Phone: 646-355-0941 - Email: boday@ircsecurities.com - Website: ircsecurities.com - Signed by: Brian O'Day (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1459218/000145921826000003/public.pdf --- {0}------------------------------------------------ #### **STATEMENT OF FINANCIAL CONDITION** **DECEMBER 31, 2025** The report is filed in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934 as a **PUBLIC DOCUMENT**. {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 | | |-----------------|--| | 8-68208 | | | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | FACING PAGE | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|------------------------------------------------------------|------------|-------------------------|------------|--| | FILING FOR THE PERIOD BEGINNING | | 01/01/25 | AND ENDING | | 12/31/25 | | | | | MM/DD/YY | | | MM/DD/YY | | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME OF FIRM: Investment Research Consortium Securities, LLC | | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer
L Major security-based swap participant
Check here if respondent is also an OTC derivatives dealer | | | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | | | 420 Lexington Avenue, Suite 300 | | | | | | | | | | (No. and Street) | | | | | | New York | | NY | | | 10170 | | | (City) | | (State) | | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | Brian O'Day | 646-355-0941 | | | boday@ircsecurities.com | | | | (Name) | | (Area Code - Telephone Number) | | (Email Address) | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
MRPR Group, P.C. | | | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | 28411 Northwestern Hwy Suite 800 Southfield | | | | MI | 48034 | | | (Address) | | (City) | | (State) | (Zip Code) | | | 9/22/2009 | | | 3744 | | | | | | | | | | | | \* 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 I. Brian O'Day , swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Investment Research Consortium Securities, LLC 12/31 2 025\_\_\_ 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 be, has any proprietary interest in any account classified solely as that of a customer. Notary Pablics on Expires Feb 28, 2026 Signature: Title: CEO #### 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 capible 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. - [ (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 240.15c3-1e or 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: - \*\* To request confidential treatment of chis filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18c-7(d)(2), as applicable. {3}------------------------------------------------ #### **TABLE OF CONTENTS** | | Page (s) | |---------------------------------------------------------|----------| | Report of Independent Registered Public Accounting Firm | 3 | | Statement of Financial Condition | 4 | | Notes to Financial Statements | 5 – 7 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ![](_page_4_Picture_1.jpeg) 3 To the Members of IRC Securities, L.L.C. #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of IRC Securities, L.L.C. 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 IRC Securities, L.L.C.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 IRC Securities, L.L.C.'s management. Our responsibility is to express an opinion on IRC Securities, L.L.C.'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 IRC Securities, L.L.C. 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 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. We have served as IRC Securities, L.L.C.'s auditor since 2023. Southfield, Michigan February 13, 2026 {5}------------------------------------------------ ### **STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025** ## **ASSETS** | Cash
Fees receivable
Other assets | \$
397,186
3
11,055
42,826 | |-----------------------------------------------------------|----------------------------------------| | | \$
451,067
4 | | LIABILITIES AND MEMBERS' EQUITY | | | LIABILITIES: | | | Accounts payable
Accrued expenses
Sales tax payable | \$
2,646
10,750
35,090 3 | | Total liabilities | 48,486 | | COMMITMENTS AND CONTINGENCIES(Notes 3 and 4) | | | MEMBERS' EQUITY(Note 2) | 402,581
4 | | | \$
451,067
4 | {6}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS** ### *NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES* #### *Organization and business* Investment Research Consortium Securities, LLC (the "Company") is a Delaware limited liability company formed on June 30, 2008. The Company has been registered since July 2009 as a securities broker/dealer with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Company provides a research prime services platform to independent investment research firms who sell their research to buy-side investors. These services include registration, licensing, compliance, guidance and oversight, marketing and sales, and billing and collection services. The Company is a wholly owned subsidiary of Investment Research Consortium, LLC (the "Parent Company"). #### *Revenue recognition* Service revenue is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs. The Company recognizes as revenue the amount of consideration as determined by the contract, less an estimate of variable consideration that is constrained. Fees receivable are carried at their estimated collectible amounts, and losses are determined on the basis of experience with the customer and current economic conditions. At December 31, 2025, management believes all receivables to be fully collectible. Fees receivable were \$17,245 and \$11,055 at January 1, 2025 and December 31, 2025, respectively. Significant judgement is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services that provide compliance, operational and administrative services to research analysts and research firms. The Company has identified its CEO 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 2), 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 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. ### *Cash and cash equivalents* For purposes of the statement of cash flows, the Company considers money market funds with maturities of three months or less to be cash equivalents. {7}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS** *(continued)* ## *NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (concluded)* ### *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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. ### *Income taxes* The financial statements do not include a provision for income taxes because the Company is a nontaxable entity and its sole member is taxed on its respective share of the Company's earnings. The Company is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. The Company files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states. The Company is not subject to income tax examinations by major taxing authorities for years before 2020. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Company recording a tax liability that reduces net assets. However, the Company's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof. The Company recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income taxes payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2025. ## *NOTE 2 - NET CAPITAL REQUIREMENTS* 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, as defined under such provisions. At December 31, 2025, the Company had net capital and net capital requirements of \$348,700 and \$5,000 respectively. The Company's net capital ratio (aggregate indebtedness to net capital) was 0.14 to 1. According to Rule 15c3- 1, the Company's net capital ratio shall not exceed 15 to 1. ## *NOTE 3 - COMMITMENTS* The Company leases office space, facilities and equipment from unrelated parties on a month to month basis. Total rental expense of \$53,294 was charged to operations during the year ended December 31, 2025. {8}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS** *(concluded)* ### *NOTE 4 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISK AND CONTINGENCIES* The Company's financial instruments, including cash, fees receivable, other assets, accounts payable, sales tax payable and accrued expenses are carried at amounts that approximate fair value due to the shortterm nature of those instruments. The Company maintains its cash balances at a financial institution that are insured by the Federal Deposit Insurance Corporation up to \$250,000. At December 31, 2025, the Company's uninsured cash balance was approximately \$147,186. The Company is engaged in various billing and collection activities with counterparties with which the Company has a supervision and services agreement. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Company's policy to review, as necessary, the credit standing of each counterparty with which it conducts business. ## *NOTE 5 - SUBSEQUENT EVENTS* The Company has performed an evaluation of subsequent events through February 13, 2026, the date the financial statements were available to be issued. The evaluation did not result in any subsequent events that required disclosures and/or adjustments. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.