# GM SECURITIES, LLC X-17A-5 (2026-02-25) — Broker-dealer annual report
- Company: GM SECURITIES, LLC
- Form: X-17A-5
- Filed: 2026-02-25
- Period: 2025-12-31
- Accession: 0001497099-26-000001
- CIK: 1497099
- File #: 8-68655
- Type: Broker-dealer
- Material weakness: No
- Auditor: Jendrach Accounting and Professional Services, LLC
- Auditor location: Greenfield, WI
- Contact: Bridget Spaulding
- Phone: 4142781120
- Email: bspaulding@gracematthews.com
- Website: gracematthews.com
- Signed by: Bridget Spaulding (Chief Financial Officer)
Original filing: https://www.sec.gov/Archives/edgar/data/1497099/000149709926000001/GMSecurities2025AuditReport.pdf
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#### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**
0MB Number: 3235--0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12
# **ANNUAL REPORTS FORM X-17A-5 PART** Ill
SEC FILE NUM BER
0MB APPROVAL
8-68655
| Information Required Pursuant to Rules 17a-5, 17a-12, and lSa-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | | |
|-------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------------------------------|-----------------|----------------------------------------------|--|
| FILING FOR THE PERIOD BEGINNING 01/01/2025 | | AND ENDING 12/31/2025 | | | |
| | MM/DD/YY | | | MM/DD/YY | |
| | A. REGISTRANT IDENTIFICATION | | | | |
| NAME oF FIRM: GM Securities, LLC | | | | | |
| TYPE OF REGISTRANT (check all applicable boxes):
~ Broker-dealer
□ Check here if respondent is also an OTC derivatives dealer | D Security-based swap dealer | D Major security-based swap participant | | | |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | |
| 833 E. Michigan Street, Suite 1420 | | | | | |
| | (No. and Street) | | | | |
| Milwaukee | | Wisconsin | | 53202 | |
| (City) | (State) | | | (Zip Code) | |
| PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | |
| Bridget Spaulding | 414-278-1120 | | | bspaulding@gracematthews.com | |
| (Name) | (Area Code -Telephone Number) | | (Email Address) | | |
| | B. ACCOUNTANT IDENTIFICATION | | | | |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | |
| Jendrach Accounting & Professional Services, LLC | | | | | |
| 4811 South 76th Street, Suite 415 Greenfield | (Name - if individual, state last, first, and middle name) | | WI | 53220 | |
| (Address) | (City) | | (State) | (Zip Code) | |
| | | 6056 | | | |
| rte of Regi;tcatioo with PCAOB)i;f applicable) | FOR OFFICIAL USE ONLY | | | (PCAOB RegistcaUoo N,mbec, if applicable I I | |
| | | | | | |
\* Claims for exemption from the requirement that the annual reports be covered by the 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-S(e)(l)(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 0MB control number.**
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#### OATH OR AFFIRMATION
- I, Bridget Spaulding swear (or affirm) that, to the best of my knowledge and belief, the
- financial report pertaining to the firm of GM Securities, LLC as of December 31 2~ is true and correct. I further swear (or affirm) that neither the company nor any
partner, officer, director1 or equivalent person, as the case may be, has any proprietary interest in any account classified solely **,,,,11 ,n,,,,,,**
**Signature:** Bridget F Spaulding
DigltAlfy 1~ by Brtdgotf SJ>O~ ding Date: 2026.0UPJ 11:33:58 --06'00'
Title: Chief Financial Officer
**'''l'•uu 1111••** {I • ' vt.&1..- **This filing"'\* contains ,cnecK all applicable boxes):** O
- iii (a) Statement of financial condition.
- Iii (b) Notes to consolidated statement of financial condition.
- Iii (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).**
- Iii (d) Statement of cash flows.
- Iii (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- D (f) Statement of changes in liabilities subordinated to claims of creditors.
- Iii (g) Notes to consolidated financial statements.
- Iii (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- D (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- D (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- D {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.
- □ (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3.
- D (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.
- D (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.
- D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- iii (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.
- D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- Iii (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- ii (t) Independent public accountant's report based on an examination of the statement of financial condition.
- Iii (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- D (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.
- Iii (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.
- D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable.
- D (y) Report describing any material inadequacies found to exist or 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). D (z) other: \_\_\_ \_\_\_\_ \_ \_\_\_\_\_\_\_\_ \_ \_\_\_\_\_ \_\_\_ \_\_\_\_\_\_\_\_\_\_ \_
-
- \*"'To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7{d)(2}, as applicable.
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## **Jendrach Accounting and Professional Services, LLC 4811 South 76th Street, Suite 415 Greenfield, Wisconsin 53220 Report of Independent Registered Public Accounting Firm**
To the Members of GM Securities, LLC. Milwaukee, Wisconsin
### Opinion on the Financial Statements
We have audited the accompanying statement of financial condition of GM Securities, LLC as of December 31, 2025, and the related statements of operation, changes in members' equity, and cash flows for the year then ended. These financial statements are the responsibility of GM Securities, LLC management. Our responsibility is to express an opinion of these financial statements based on our audit. In our opinion, the financial statements present fairly, in all material respects, the financial position of GM Securities, LLC as of December 31, 2025, and the result of its operations and its cash flow for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
### Basis for Opinion
These financial statements are the responsibility of GM Securities, LLC's management. Our responsibility is to express an opinion on GM Securities, LLC'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 GM Securities, 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 public Company Accounting Oversight Board (United States). 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 risk 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 included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of 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 financial statements. We believe that our audit provides a reasonable basis for our opinion.
### Supplemental Information
The Computation of Aggregate Indebtedness and Net Capital and Form SIPC-7 have been subjected to audit procedures performed in conjunction with the audit of GM Securities, LLC's financial statements. The supplemental information is the responsibility of GM Securities, 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, including its form and content, is presented in conformity with l 7 C.F.R 240. l 7a-5. In our opinion, the Computation of Aggregate Indebtedness and Net Capital and Form SIPC-7 is fairly stated, in all material respects, in relation to the financial statements as a whole.
**We21J/2~ditor;nce/i/~** *L, CCC.*
Jez Accounting & Professional Services, LLC Greenfield, Wisconsin February 24, 2026
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# **GM Securities, LLC Statement of Financial Condition For the Year Ended December 31, 2025**
| \$
775,919 |
|---------------|
| \$
3,798 |
| |
| |
| |
| |
| \$
18,567 |
| |
| \$
55,000 |
| \$
706,150 |
| |
| |
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# **GM Securities, LLC Statement of Operations For the Vear Ended December 31, 2025**
| Consulting Billings | \$
5,439,117 |
|----------------------------|-----------------|
| Interest Income | 50447 |
| Total Income | \$
5 489 564 |
| | |
| Compensation Expense | \$
2,771,684 |
| Fees paid to Affiliates | \$
932,395 |
| Fees paid to Third Parties | \$
13,781 |
| Occupancy and Equipment | \$
92,100 |
| Regulatory Fees | \$
20,880 |
| Professional Service Fees | \$
9,800 |
| | 3 840 640 |
| | |
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# **GM Securities, LLC Statement of Changes in Members' Equity For the Year Ended December 31, 2025**
| Changes in Equity
Capital Distributions | \$
( 1,400,000} |
|--------------------------------------------|--------------------|
| Net Income as of 12/31/2025 | \$
1,648,924 |
| | |
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# **GM Securities, LLC Statement of Cash Flows For the Year Ended December 31, 2025**
| Net Income | | \$ | 1,648,924 | |
|------------|---------------------------------------------------------------|----|--------------------|--|
| Add: | Depreciation and Amortization | \$ | | |
| Less: | Changes in Non-Cash Current Assets | \$ | (2,762) | |
| Less: | Changes in Liabilities | | 23 522 | |
| | Net Cash Flow from Operating Activities | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | Cash Balance at 1/1/2025
Ending Cash Balance at 12/31/2025 | \$ | 553,279
775 919 | |
| | Change in Cash for the Year Ended 12/31/2025 | | 222 640 | |
| | | | | |
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# **GM Securities, LLC Notes to Financial Statements For the Vear Ended December 31, 2025**
#### **1. Company Description**
GM Securities, LLC ( 11Company") is a Wisconsin limited liability company organized effective January 31, 2014. Its predecessor was Minot Partners, LLC, a Wisconsin corporation that was organized on June 24, 2010. Minot Partners, LLC became a memberof the Financial Industry Regulatory Authority {FINRA) in March 2011. Minot Partners' Form BD was amended with FINRA in January 2014 to reflect the name change to GM Securities, LLC. The Company limits its business to private placement of securities and mergers and acquisitions advisory services. It does not hold funds or securities for, or owe money or securities to, customers.
#### **2. Summary of Significant Accounting Policies**
#### **Cash and Equivalents**
Cash and Equivalents consist of the Company's checking and money market accounts. **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 and disclosure of contingent assets and liabilities at the date of the the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
#### **3. Revenue Recognition in accordance with ASC 606**
The Company adheres to ASC 606 by only recognizing revenue after the performance obligation as defined pursuant to the associated engagement agreement has been satisfied.
#### **4. Income Taxes**
The Company was formed as a limited liability company (LLC). Income taxes due on the taxable income of a LLC are the responsibility of the members. The Company has implemented accounting for uncertainty in income taxes in accordance with accounting principles generally accepted in the United States of America. Management has evaluated its tax positions and has determined that no reserves for uncertain tax positions were required to have been recorded.
#### **5. Subsequent Events**
Management has evaluated subsequent events for possible recognition or disclosure through February 5, 2026, the date the financial statements were available to be distributed. There were no subsequent events that required recognition or disclosure.
#### **6. Related-Party Activities**
The Company has an Expense Sharing Agreement { 11Agreement") with Grace Matthews, Inc. which was executed on January 28, 2014. Through this Agreement, the Company reimburses
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Grace Matthews, Inc. for certain services. Total reimbursements for the year ending December 31, 2025 including payroll and bonus reimbursements were \$3,704,079. The Company leases its premises from a related party through a sublease. Rent expense for the year ended December 31, 2025 was \$92,100. The rent agreement for the current office space was signed on March 23, 2016. The amended sublease was dated January 29, 2025.
#### **7. Filing Requirements**
There were no liabilities subordinated to claims of creditors during the period ended December 31, 2025. Accordingly, a statement of changes in liabilities subordinate'd to claims of creditors is not included in the financial statements as required by rule 17a-5 of the Securities and Exchange Commission.
#### **8. Net Capital Requirements**
The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3 l), which requires that the ratio of aggregated indebtedness to net capital, both as defined, shall not exceed 15 to 1. Rule 15c3-1 also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. At December 31, 2025, the Company's net capital and required net capital were \$757,352 and \$5,000, respectively. The ratio of aggregate indebtedness to net capital was 0.0245 to 1.
Pursuant to SEA Rule 17a-5(d)(2)(iii), no material differences exist between the Computation of Net Capital as calculated in Part IIA of Form X-17A-5 and the financial statements.
#### **9. SEA Rule 15c3-3 and Reliance on Footnote 74**
The Company limits its business activities exclusively to receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients and (1) does not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; {2) does not carry accounts of or for customers; and (3) does not carry PAB accounts (as defined in Rule 15c3-3) and accordingly is acting as a Non-Covered Firm.
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# **GM Securities, LLC Net Capital Computation December31,2025**
| GAAP Equity
Plus: Qualified Subordinated Liability and Credits
Less: Non-Allowable Assets | \$
\$
\$ | 761,150
-
3,798 |
|-------------------------------------------------------------------------------------------------|----------------|-----------------------|
| Net Capital | | \$ 757,352 |
| Net Capital Requirement | \$ | 5,000 |
| Excess Net Capital | \$ | 752.352 |
| Net Capital Less Greater of 10% of Al* or 120% of Net Capital Requirement | \$ | 751,352 |
#### **Computation of Aggregate Indebtedness to Net Capital:**
| Total Liabilities | \$
18,568 |
|------------------------------------------------|--------------|
| Ratio of Aggregate Indebtedness to Net Capital | 0.0245 |
| | |
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February 2, 2026
To Whom It May Concern:
The below information is designed to meet the Exemption Report criteria pursuant to SEC Rule 17a-S(d)(4):
• GM Securities, LLC is a broker/dealer registered with the SEC and FINRA
• GM Securities, LLC business is limited to private placement of securities and mergers and acquisitions advisory services. This includes receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients.
• GM Securities, LLC does not meet any of the exemption conditions of paragraph (k) of Rule 15c3-3 and is relying on Footnote 74 and acting as a Non-Covered Firm because the firm:
(1) does not directly or indirectly receive, hold, or otherwise owe funds or securities for or owe money or securities to customers;
(2) does not carry account of or for customers; and
(3) does not carry PAB accounts as defined in Rule 15c3-3
• GM Securities, LLC has met the identified provisions throughout the most recent fiscal year ended December 31, 2025 without exception.
The above statement is true and correct to the best of my and the Firm's knowledge.
Sincerely,
**GM SECURITIES, LLC**
Bridget F. Spaulding Chief Financial Officer
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## **Jendrach Accounting and Professional Services, LLC 4811 South 76th Street, Suite 415 Greenfield, Wisconsin 53220**
## **Independent Accountant's Agreed-Upon Procedures Report on Schedule of Assessment and Payments {Form SIPC-7)**
Members of GM Securities, LLC.
In accordance with Rule l 7a-5(e)(4) under the Securities Exchange Act of 1934, we have performed the procedures enumerated below with respect to the accompanying Schedule of Assessment and Payments (Form SIPC-7) to the Securities Investor Protection Corporation (SIPC) for the year ended December 31, 2025, which were agreed to by GM Securities, LLC, and the Securities and Exchange Commission, Financial Industry Regulatory Authority, Inc., and SIPC, solely to assist you and the other specified parties in evaluating GM Securities, LLC's compliance with the applicable instructions of Fonn SIPC-7. GM Securities, LLC's management, is responsible for GM Securities, LLC's compliance with those requirements. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. 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 our findings are as follows:
- 1) Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records entries (SIPC 6 and SIPC -7), nothing no differences;
- 2) Compared the amounts reported on the audited Form X-17A-5 for the year ended December 31 , 2025, as applicable, with the amounts reported in Form SIPC-7 for the year ended December 31, 2025, nothing no differences;
- 3) Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers, nothing no differences;
- 4) Proved the arithmetical accuracy of the calculations reflected in Form SlPC-7 and in the related schedules and working papers supporting the adjustments nothing no differences; and
- 5) Compared the amount of any overpayment applied to the current assessment with the Fonn SIPC-7 on which it was originally computed, nothing no differences.
We were not engaged to, and did not conduct an examination, the objective of which would be the expression of an opinion on compliance. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
This report is intended solely for the information and use of.the specified parties listed above and is not to be and should not be used by anyone other than these specified parties.
*/V/* A«➔ 14/~ *L,, ccr.*
**/2drach Accounting** & **Professional Services, LLC** Greenfield, Wisconsin February 24, 2026
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### **GENERALASSESSMENTFORM**
For the fiscal year ended 12/31/2025
| | Determination of "SIPC NET Operating Revenues" and General Assessment for:
MEMBER NAME | SEC No. | |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------|
| | GM SECURITIES LLC | 8-68655 | |
| L.-. | __
__
1/1/2025
and ending
_ F_o_r_th_~ fiscal period beginning
= *
0 | 12/31/2025 | |
| 1 | Total Revenue (FOCUS Report-Statement of Income (Loss)- Code 4030) | | \$ 5,489,564.00 |
| 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 | | \$ 5,489,564.00 |
| 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 (I) 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 Sb | \$ 0.00 | |
| 6 | Add lines 4a through 4h and Sc. This is your total deductions. | | \$ 0.00 |
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### **GENERALASSESSMENTFORM**
For the fiscal year ended 12/31/2025
| 7 | | | Subtract line 6 from line 3. This is your SIPC Net Operating Revenues. | | | \$ 5,489,564.00 |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|--------------|-----------------------|
| 8 | | | Multiply line 7 by .0015. This is your General Assessment. | | | \$8,234.00 |
| 9 | | | Current overpayment/credit balance, if any | | | \$ 0.00 |
| 10 | | | General assessment from last filed 2025 SIPC-6 or 6A | | \$1,879.00 | |
| 11 | | d Add lines 11 a through 11 c | a Overpayment(s) applied on all 2025 SIPC-6 and 6A(s)
b Any other overpayments applied
c All payments applied for 2025 SIPC-6 and 6A(s) | \$ 0.00
\$ 0.00
\$1,879.00 | \$1,879.00 | |
| 12 | | LESSER of line 10 or 11d. | | | | \$1,879.00 |
| 14 | \$8,234.00
13 a Amount from line 8
\$ 0.00
b Amount from line 9
\$ 1,879.00
c Amount from line 12
d Subtract lines 13b and 13c from 13a. This is your assessment balance due.
Interest (see instructions) for
O
days late at 20% per annum | | | | | \$6,355.00
\$ 0.00 |
| 15 | | | IAmount you owe SIPC. Add lines 13d and 14. | | | \$ 6,355.ool |
| 16 | | | Overpayment/credit carried forward (if applicable) | | | \$ 0.00 |
| | | SEC No.
8-68655
MEMBER NAME
MAILING ADDRESS | Designated Examining Authority
DEA: FINRA
GM SECURITIES LLC
833 E MICHIGAN STREET STE 1420
MILWAUKEE, WI 53202 | FYE
2025 | Month
Dec | |
| | | | UNITED STATES | | | |
Subsidiaries (S) and predecessors (P) included in the form (give name and SEC number)
By checking this box, you certify that you have the authority of the SIPC member to sign this form; that all information in this form is true and complete; and that on behalf of the SIPC 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
| GM SECURITIES LLC | Bridget F Spaulding | | |
|-----------------------|------------------------------|--|--|
| (Name of SIPC Member) | (Authorized Signatory) | | |
| 2/2/2026 | bspaulding@gracematthews.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.**
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## **Jendrach Accounting and Professional Services, LLC 4811 South 76th Street, Suite 415 Greenfield, Wisconsin 53220**
### **Report of Independent Registered Public Accounting Firm**
To the Members of GM Securities, Inc. Milwaukee, Wisconsin
We have reviewed management's statements, included in the accompanying GM Securities, lnc., in which GM Securities, Inc. identified the following provisions of SEC. l 5c3-3 under GM Securities, Inc. Noted that they did not meet any of the provisions of SEC. 15c3-3 and Footnote 74.
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 GM Securities, LLC'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 provisions set forth ZJYA::~ *t*/{.:\_/' /~ / ttl.
**~/2ch** Accounting & Professional Services, **LLr** ..19:;~;field, Wisconsin February 15, 2026
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.