# CONCORDE INVESTMENT SERVICES, LLC X-17A-5 (2025-03-17) — Broker-dealer annual report - Company: CONCORDE INVESTMENT SERVICES, LLC - Form: X-17A-5 - Filed: 2025-03-17 - Period: 2024-12-31 - Accession: 0001471980-25-000002 - CIK: 1471980 - File #: 8-68388 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville & Co LLC - Auditor location: Dallas, TX - Contact: Kathleen Hofer - Phone: 248-824-6710 - Email: khofer@concordeis.com - Website: concordeis.com - Signed by: Kathleen Hofer (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/1471980/000147198025000002/concorde2024aa.pdf --- {0}------------------------------------------------ | OMB APPROVAL | | |--------------------------|----| | OMB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: | 12 | | 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 01/01/24 | | AND ENDING | 12/31/24 | | | | MM/DD/YY | | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM. Concorde Investment Services, LLC | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
@ Broker-dealer
Check here if respondent is also an OTC derivatives dealer | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | 3909 Research Park Dr., Suite 200 | | | | | | | (No. and Street) | | | | | Ann Arbor | MI | | | 48108 | | (City) | (State) | | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Kathleen Hofer | 248.428.8003 | | | khofer@concordeis.com | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | Sanville & Company, LLC | | | | | | 325 North Saint Paul St. Suite 3100 Dallas | (Name - if individual, state last, first, and middle name) | | X | | | (Address) | (City) | | (State) | 75201 | | 09/18/2003 | | 169 | | (Zip Code) | | (Date of Registration with PCAOB)(if applicable) | | | | (PCAOB Registration Number, if applicable) | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | * Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public | | | | | {1}------------------------------------------------ | Kathleen Hofer | | |----------------|--| | | | | | Signature: | | |-----------------------------------------------------|----------------------------------------------------------------------------------------------|--| | | Title:
CURT JORREY | | | Notary Public | Notary Public - State of Michigan
County of Oakland
My Commission Expires Oct 26, 2025 | | | This filing ** contains (chack all spelicable bayar | Acting in the County of _ | | - - - - - - - - - - - - - - - - - - - - - - - - - - - {2}------------------------------------------------ FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION DECEMBER 31, 2024 {3}------------------------------------------------ #### DECEMBER 31, 2024 #### TABLE OF CONTENTS | Page | |-----------------------------------------------------------------------------------------------------------| | Report of Independent Registered Public Accounting Firm 1 | | Financial Statements: | | Statement of Financial Condition 2 | | | | Statement of Operations 3 | | Statement of Changes in Stockholder's Equity 4 | | Statement of Cash Flows 5 | | Notes to the Financial Statements 6-10 | | Supplementary Information: | | I - Computation of Net Capital
Pursuant to Rule 15c3-1 11 | | Other Information | | II - Computation for Determination of the Reserve Requirements
Pursuant to Rule 15c3-3 12 | | III – Information Relating to Possession or Control Requirements
Pursuant to Rule 15c3-3 12 | | Report of Independent Registered Public Accounting Firm on Exemption from Filing
Compliance Report 13 | | Exemption Report
Pursuant to Rule 17a-5 14 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) Report of Independent Registered Public Accounting Firm To the Member and Those Charged With Governance of Concorde Investment Services, LLC #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Concorde Investment Services, LLC (the Company) as of December 31, 2024, the related statements of operations, changes in member's equity, and cash flows for the year then ended, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, 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 the Company'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 the Company in accordance with 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. 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. #### **Supplemental Information** The supplementary information contained in The Schedule I, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for Determination of Reserve Requirements Under Rule SEC 15c3-3 and Schedule III, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 have been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the responsibility of the Company'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 > 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {5}------------------------------------------------ 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 supplementary information contained in the Schedule I, Computation of Net Capital Under SEC Rule 15c3- 1, Schedule II, Computation for Determination of Reserve Requirements Under SEC Rule 15c3-3 and Schedule III, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 are fairly stated, in all material respects, in relation to the financial statements as a whole. respects, in relation to the financial statements as a wh This is the initial year we have served as the Company's auditor. is served as the Compan Dallas, Texas March 13, 2025 {6}------------------------------------------------ #### STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2024 #### ASSETS | Cash | \$
4,788,684 | |---------------------------------------|-----------------| | Due from broker | 59,273 | | Deposit with clearing broker | 75,012 | | Accounts receivable | 110,932 | | Commissions receivable | 839,045 | | Prepaid expenses and other assets | 211,407 | | Right of use asset | 322,204 | | Total assets | \$
6,406,557 | | LIABILITIES AND MEMBER'S EQUITY | | | | | | Liabilities: | | | Accounts payable | \$
110,608 | | Accured commissions | 1,012,790 | | Due to related parties | 1,081,089 | | Deferred fees | 311,982 | | Accrued expenses | 14,983 | | Right of use liability | 322,204 | | Total liabilities | 2,853,656 | | Member's equity | 3,552,901 | | Total liabilities and member's equity | \$
6,406,557 | See notes to the consolidated financial statements {7}------------------------------------------------ #### STATEMENT OF OPERATIONS DECEMBER 31, 2024 | Revenues: | | |----------------------------------------|------------------| | Commissions - Alternative Investments | \$
24,801,548 | | Due dilligence fees | 5,246,957 | | Commissions - Variable annuities | 3,243,957 | | Commissions - Mutual funds | 740,219 | | Commissions - Clearing firm | 364,886 | | Commissions - Variable life insurance | 344,092 | | Commissions - 529 Plans | 89,211 | | Fee income | 361,331 | | Interest | 152,176 | | Other income | 263,692 | | Total revenues | 35,608,069 | | Expenses: | | | Compensation and payroll | \$
3,488,099 | | Insurance | 70,060 | | Professional fees | 1,406,820 | | Regulatory fees | 33,354 | | Legal settlements | 2,635,407 | | Technology and communication | 457,533 | | Travel and entertainment | 45,692 | | Commissions and clearance | 27,486,835 | | Marketing | 85,628 | | General and administrative | 191,707 | | Interest expense | 12,151 | | Total expenses | 35,913,286 | | Loss before provision for income taxes | \$
(305,217) | | Provision for taxes | | | Federal income taxes | \$
101,900 | | State taxes | 16,354 | | Total provision for taxes | 118,254 | | Net loss | (423,471) | | | | See notes to the consolidated financial statements {8}------------------------------------------------ #### STATEMENT OF CHANGES IN MEMBER'S EQUITY #### DECEMBER 31, 2024 | Balance - January 1, 2024 | \$
4,347,575 | |-----------------------------|-----------------| | Net loss | (423,471) | | Distributions | (371,203) | | Balance - December 31, 2024 | \$
3,552,901 | See notes to the consolidated financial statements {9}------------------------------------------------ #### STATEMENT OF CASH FLOWS #### DECEMBER 31, 2024 | Cash flows from operating activities: | | |-------------------------------------------------------------|-----------------| | Net loss | \$
(423,471) | | Adjustments to reconcile net income to net cash provided by | | | operating activities: | | | Cash flow from changes in assets and liabilities: | | | Increase in due from broker | (1,709) | | Decrease in accounts receivable | 87,931 | | Decrease in related parties | 4,075 | | Increase in commissions receivable | (71,421) | | Increase in prepaid expense and other current assets | (19,505) | | Decrease in accounts payable | (125,346) | | Increase in accrued expenses | 12,482 | | Increase in accrued commissions | 6,379 | | Increase in due to related parties | 882,965 | | Increase in deferred fees | 18,559 | | Total Adjustments | 794,410 | | Net cash provided by operating activities | 370,939 | | Cash flows from financing activities | | | Distribution | (371,203) | | Net change in cash and cash equivalents | (264) | | Cash and cash equivalents at the beginning of the year | 4,788,948 | | Cash and cash equivalents at the end of the year | \$
4,788,684 | | Supplemental cash flow disclosure: | | | | | | Interest paid | \$
- | | Income taxes paid | \$
118,254 | See notes to the consolidated financial statements 5 {10}------------------------------------------------ #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS #### DECEMBER 31, 2024 #### 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Concorde Investment Services, LLC (the Company) is a broker-dealer registered with the Securities and Exchange Commission (the SEC) and is a member of the Financial Industry Regulatory Authority (FINRA). The Company is a wholly owned subsidiary of Concorde Holdings, Inc (Parent Company). The Company functions as a securities broker-dealer engaged in the execution of transactions as well as the private placement of securities. The Company operates as a fully disclosed introducing broker-dealer. Accordingly, the Company had no items reportable as customer's fully paid securities: (1) not in the Company's possession or control as the audit date (for which instructions to reduce to possession or control had been issued as of the audit date) but for which the required action was not taken by the Company within the time frames specified under Rule 15c3-3 or (2) for which instructions to reduce to possession or control has not been issued as of the audit date, excluding items arising from "temporary lags which result from normal business operations" as permitted under Rule 15c3-3. The Company is exempt from SEC rule 15c3-3 pursuant to the exemptive provisions under sub-paragraph (k)(2)(ii) in addition to being in reliance on footnote 74 to SEC Release 34- 70073, and as discussed in Q&A 8 of the related FAQ issued by SEC staff. The Company has represented that it does not and will not, (1) directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (2) does not and will not carry accounts of or for customers and (3) does not and will not carry PAB accounts. ### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ### *Basis of presentation* The accompanying financial statements of the Company have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (GAAP) as determined by the Financial Statements Accounting Board. ### *Use of estimates* The preparation of financial statements in conformity with US GAAP which 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. {11}------------------------------------------------ #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS #### DECEMBER 31, 2024 #### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES *(continued)* #### *Cash and cash equivalents* The Company maintains its cash in banks which, at times, may exceed federally insured limits. The Company monitors the bank accounts and does not expect to incur any losses from such accounts. The Company has defined cash equivalents as highly liquid investments purchased with an original maturity of three months or less that are not held for sale in the ordinary course of business. As of December 31, 2024, the Company had cash equivalents of \$3,554,918. #### *Revenue recognition* In accordance with ASU No. 2014-09, "Revenue from Contracts with Customers" (ASC Topic 606) revenues from contracts with customers are recognized when, or as, the Company satisfies its performance obligations by transferring the promised services to the customers. A service is transferred to a customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied at a point in time or over time. Revenue from a performance obligation that has been satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised service. Revenue from a performance obligation satisfied over time is recognized by measuring the Company's progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. The amount of revenue recognized reflects the consideration the Company expects to receive in exchange for those promised services (i.e., the "transaction price"). In determining the transaction price, the Company considers multiple factors, including the effects of variable consideration, if any. #### *Investment banking* Revenue from investment banking advisory services is recognized when the services are rendered and related expenses are recorded when incurred. Deal fees are recorded when earned and related expenses are recorded when incurred. Investment banking revenues consist of advisory services/corporate finance activities including mergers and acquisitions, reorganizations, tender offers, leveraged buyouts and fundraising activities. These investment banking revenues are received based on contractual terms. #### *Commission and sales revenue* Commission and sales revenue represents brokerage commissions and earnings generated by registered representatives through completed securities transactions on behalf of customers. Executed transactions include a broad spectrum of investment products and services such as equity, fixed income, mutual fund and annuity transactions. Securities commissions are either sales-based commissions that are recognized at a point-in-time on the trade-date or trailing-commissions that are recognized when received. Sales-based securities commissions are typically a flat-fee negotiated per security transaction or are based on a percentage of the trade-date transaction value. Commissions are recorded on a trade-date basis as securities transactions occur and the related commission and clearing expense is recorded in the month the services are provided. {12}------------------------------------------------ #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS #### DECEMBER 31, 2024 #### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES *(continued)* #### *12b-1 service fee revenue* The Company has entered into one or more selling agreements with investment companies and/or insurance companies ("fund sponsor") whereby it receives service fee revenue in the form of 12b-1 fees for providing ongoing customer service to investors. The amount of 12b-1 fees due the Company is set forth in the selling agreement between the Company and the fund's sponsor. The Company meets its performance obligations by servicing its customers. The amount of 12b-1 fees due to the Company is calculated based on the average assets under management for the period in which the 12b-1 fee is calculated, which is unknown to the Company until receipt of a statement from each fund's sponsor, at which time 12b-1 service fee revenue is recognized. #### *Receivables from fund sponsors* Receivables due from fund sponsors primarily represent outstanding balances resulting from mutual fund transactions and insurance-related activities. Amounts receivable are generally received within 30 days. Given the creditworthiness of the respective mutual fund and insurance company counterparties, the Company considers these receivables to be fully collectible. As of December 31, 2024 the receivable balance is \$839,045. #### *Transactions with clearing firm* The Company has a fully-disclosed clearing agreement with Pershing, LLC and RBC Capital Markets, LLC. All of the customers' money balances and security positions are carried on the books of the clearing broker. Under the terms of this agreement, the Company is required to maintain a \$50,000 deposit and a \$25,000 deposit, with Pershing, LLC and RBC Capital Markets, LLC respectively to facilitate the clearance and settlement of trades, as well as provide collateral against potential trading losses or obligations arising from security transaction services. This balance is included in the Deposit with clearing firm account in the Statement of Financial Condition. At December 31, 2024, the Company had a \$59,273 net receivable from the Company's clearing firms, this balance is included in the Statement of Financial Condition in accounts receivable. The receivable balance is generally received within 30 days. Based on the nature, contractual life and historical information, the Company has determined that there are de minimis expected credit losses of aged broker receivables. {13}------------------------------------------------ #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS #### DECEMBER 31, 2024 #### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES *(continued)* #### *Credit Losses* Effective January 1, 2020, the Company adopted ASC Topic 326, "Financial Instruments – Credit Losses" (ASC 326). ASC 326 impacts the impairment model for certain financial assets by requiring a current expected credit loss (CECL) methodology to estimate expected credit losses over the entire life of the financial asset. Under the accounting update, the Company has the ability to determine that there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the customer). As of December 31, 2024, there were no expected credit losses. #### *Income taxes* The Company files a consolidated income tax return with its Parent Company and subsidiaries. The provision for Federal income taxes for the year ended December 31, 2024, is based on a separate return filing. #### *Uncertain tax positions* The Company follows the accounting guidance for uncertainty in income taxes pursuant to Financial Accounting Standards Board (FASB) ASC 740, Income Taxes. Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by tax authorities. The Company had no unrecognized tax benefits at December 31, 2024. No accrued interest and penalties associated with uncertain tax positions were recorded during the year ended December 31, 2024 or accrued for as of December 31, 2024. Generally, federal, state and local authorities may examine the Company's member's tax returns for three years from the date of filing; consequently, the respective tax returns for the years prior to 2020 are no longer subject to examination by tax authorities. #### *Adoption of new accounting standards* The FASB issued (ASU) 2023-07, "Segment Reporting" (Topic 280) which increased disclosure requirements regarding a public entity's reportable segments effective for fiscal years beginning after December 15, 2023. ASU 2023-07 requires incremental line-item disclosures about each reportable segment's expenses as well as profit and losses. The Company has evaluated the guidance there under and has determined that The Company operates as one operating segment. For further discussion refer to Footnote 5, Reportable Segments. {14}------------------------------------------------ #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS #### DECEMBER 31, 2024 #### 3. RELATED PARTY TRANSACTIONS The Company has an expense sharing agreement with its parent whereby the parent company pays certain operating expenses attributable to the Company including payroll, commissions, compliance, conferences, dues, benefits, regulatory fees, professional fees, tech/data travel and rent. Total expenses incurred during the year were \$7,156,358. #### 4. NET CAPITAL REQUIREMENTS The Company is subject to the uniform net capital requirements of Rule 15c3-1 (the Rule) of the Securities and Exchange Act, as amended, which requires the Company to maintain, at all times, sufficient liquid assets to meet regulatory requirements and cover indebtedness. In accordance with the Rule, the Company is required to maintain defined minimum net capital of the greater of \$50,000 or 6 2/3% of aggregate indebtedness. At December 31, 2024, the Company had net capital, as defined, of \$3,085,487 which exceeded the required minimum net capital of \$168,764 by \$2,916,723. There was \$2,531,453 of Aggregate indebtedness as of December 31, 2024. The Company's percentage of aggregate indebtedness to net capital was 82.04%. #### 5. REPORTABLE SEGMENTS The Company is engaged in a multiple lines of business as a securities broker-dealer, engaged in agency transactions and as a placement agent. The Company has identified its Chief Executive Officer as its chief operating decision maker ("CODM"). The CODM predominately uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. 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 profit and loss of the segment as the same as those described in Footnote 2, summary of significant accounting policies. ### 6. CONTINGENCIES At December 31, 2024, the Company was involved in various pending arbitration proceedings with the Financial Industry Regulatory Authority (FINRA) regarding claims by individuals for investment decisions made on their behalf by former registered representatives of the Company. The disposition of these matters, in the opinion of management will not have a material adverse effect on the Company's financial position. During 2024, the Company entered into settlement agreements with individuals regarding various investment claims against the Company and its former registered representatives. The settlements approximated \$486,000 and are included in settlements in the statement of operations. {15}------------------------------------------------ #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2024 #### 7. SUBSEQUENT EVENTS The Company has evaluated subsequent events through March 13, 2025 the date on which the financial statements were issued. {16}------------------------------------------------ #### COMPUTATION OF NET CAPITAL PURSUANT TO RULE 15c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION #### DECEMBER 31, 2024 | Total member's equity | \$ | 3,552,901 | |----------------------------------------------------------------------|--------|-----------| | Deductions | | | | Accounts Recievable | | (110,932) | | Non-allowable portion of commissions | | (145,075) | | Prepaid expenses | | (211,407) | | Total deductions | | (467,414) | | Net capital | \$ | 3,085,487 | | Computation of basic net capital requirement: | | | | Minimum net capital requirement, greater of 6-2/3% | 168764 | | | of aggregate indebtedness (\$2,531,453) | \$ | 168,764 | | Statutory minimum net capital required | \$ | 50,000 | | Net capital requirement (greater of the minimum calculation or | | | | the statutory amount) | \$ | 168,764 | | Excess net capital | \$ | 2,916,723 | | Net capital less greater of 10% of aggregate indebtedness or 120% of | | | | minimum net capital | \$ | 2,832,342 | | Computation of aggregate indebtedness: | | | | Accrued expenses and other payables | \$ | 2,531,453 | | Percentage of aggregate indebtedness to net capital | | | | | | 82.04% | There were no material differences existing between the above computation and the computation included in the Company's corresponding unaudited Form X-17A-5 Part IIA filing. Accordingly no reconciliation is necessary. {17}------------------------------------------------ #### OTHER INFORMATION #### DECEMBER 31, 2024 ### Schedule II: Computation for Determination of the Reserve Requirements Under Rule 15c3-3 of the Securities and Exchange Commission: The Company operates under the exemptive provisions of paragraph (k)(2)(ii) of SEC Rule 15c3-3 or Footnote 74 of SEC Release No. 34-70073. #### Schedule III: ### Information Relating to Possession or Control Requirements Under Rule 15c3-3 of the Securities and Exchange Commission: The Company operates under the exemptive provisions of paragraph (k)(2)(ii) of SEC Rule 15c3-3 or Footnote 74 of SEC Release No. 34-70073. {18}------------------------------------------------ SUPPLEMENTARY INFORMATION DECEMBER 31, 2024 {19}------------------------------------------------ ![](_page_19_Picture_0.jpeg) #### **Report of Independent Registered Public Accounting Firm on Applying Agreed-Upon Procedures** To the Member and Those Charged With Governance of Concorde Investment Services, LLC 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, 2024. Management of Concorde Investment Services, LLC (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, 2024. Additionally, SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purposes. 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 appropriateness of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the appropriateness 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 our findings are as follows: - 1. Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement record 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, 2024, with the Total Revenue amounts reported in Form SIPC-7 for the year ended December 31, 2024, noting no differences. - 3. Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers, noting no differences. - 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. 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 American Institute of Certified Public Accountants 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, 2024. 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. > 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {20}------------------------------------------------ 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. used by anyone other than these specified Dallas, Texas March 13, 2025 Dallas {21}------------------------------------------------ ![](_page_21_Picture_0.jpeg) #### **Report of Independent Registered Public Accounting Firm** To the Member and Those Charged With Governance of Concorde Investment Services, LLC We have reviewed management's statements, included in the accompanying Exemption Report, in which Concorde Investment Services, LLC (the Company) stated that: - 1. The Company identified the following provisions of 17 C.F.R. § 240.15c3-3(k) under which the Company claimed an exemption from 17 C.F.R. § 240.15c3-3: Paragraph (k)(2)(ii) (the exemption provisions), and the Company stated that it met the identified exemption provisions throughout the most recent fiscal year without exception; - 2. 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 (1) effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company, (2) public non-listed REITS and (3) the private placement of securities, including like-kind exchanges pursuant to Section 1031 of the Internal Revenue Code (4) acting as a mutual fund retailer (5) broker or dealer selling variable life insurance or annuities (6) broker or dealer selling tax shelters or limited partnerships in primary distributions throughout the most recent fiscal year; and - 3. The Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers (other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of 17 C.F.R. § 240.15c2-4; (2) did not carry accounts of or for customers; and (3) did not carry proprietary accounts of broker-dealers (as defined in 17 C.F.R. § 240.15c3-3), throughout the most recent fiscal year without exception. The Company's management is responsible for 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 and that the Company's other business activities were limited to (1) effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company, (2) public non-listed REITS and (3) the private placement of securities, including like-kind exchanges pursuant to Section 1031 of the Internal Revenue Code (4) acting as a mutual fund retailer (5) broker or dealer selling variable life insurance or annuities (6) broker or dealer selling tax shelters or limited partnerships in primary distributions and (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers (other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of 17 C.F.R. § 240.15c2-4; (2) did not carry accounts of or for customers; and (3) did not carry proprietary accounts of broker-dealers (as defined in 17 C.F.R. § 240.15c3-3) throughout the most recent fiscal year without exception. A review is substantially less in scope than an examination, > 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {22}------------------------------------------------ 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 17 C.F.R. § 240.15c3-3 and 17 C.F.R. § 240.17a-5. 17 § 240.15c3 3 and 17 § 240.17a 5.D ll T Dallas, Texas March 13, 2025 {23}------------------------------------------------ #### **Concorde Investment Services, LLC Exemption Report** Concorde Investment Services, 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 claimed an exemption from 17 C.F.R. §240.15c3-3 under the following provisions of 17 C.F.R. §240.15c3-3(k)(2)(ii). - (2) The Company met the identified exemption provisions in 17 C.F.R. §240.15c3-3(k) throughout the most recent fiscal year without exception. - (1) The Company is considered "Non-Covered Firm" exempt from 17 C.F.R. §240.15c3-3 and is filing an Exemption Report relying on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by the SEC staff. The Company limits its business activities exclusively to: (1) effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company, (2) public non-listed REITS and (3) the private placement of securities, including like-kind exchanges pursuant to Section 1031 of the Internal Revenue Code (4) acting as a mutual fund retailer (5) broker or dealer selling variable life insurance or annuities (6) broker or dealer selling tax shelters or limited partnerships in primary distributions. - (2) The Company (1) did not directly or indirectly receive, hold or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4; (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, Kathleen Hofer, swear (or affirm) that, to my best knowledge and belief, this exemption report is true and correct. #### Regards, Kathleen Hofer Chief Financial Officer Date of Report: February 17, 2025 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.