# LINCOLN DOUGLAS INVESTMENTS, LLC X-17A-5 (2026-03-09) — Broker-dealer annual report - Company: LINCOLN DOUGLAS INVESTMENTS, LLC - Form: X-17A-5 - Filed: 2026-03-09 - Period: 2025-12-31 - Accession: 0001504360-26-000002 - CIK: 1504360 - File #: 8-68728 - Type: Broker-dealer - Material weakness: No - Auditor: HHH CPA Group, LLC - Auditor location: Columbus, OH - Contact: Brandon Bullock - Phone: 740-397-1397 - Email: bbullock@lincolndouglas.net - Website: lincolndouglas.net - Signed by: Brandon Bullock (FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1504360/000150436026000002/public.pdf --- {0}------------------------------------------------ | OMB APPROVAL | | |--------------------------|----| | OMB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: | 12 | | | | | SEC FILE NUMBER | | |-----------------|--| | -68728 | | | FILING FOR THE PERIOD BEGINNING | 25
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MM/DD/YY | | |---------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|-------------|--------------------------------------------|--| | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: Lincol | cuqlas | Investments | | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer
Check here if respondent is also an OTC derivatives dealer | [ Security-based swap dealer Major security-based swap participant | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | 1051
Newark | Snad | | | | | | (No. and Street) | | | | | | | | 0 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Kullock
Standon | 740-397-1397 | | BBullock @ Linea
cilasile | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | ત્ત્વન્
CPA
Group gl | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | tenderso | Colum Dus | | | | (Address) | (City) | (State) | (Zip Code) | | | 12
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2010 | | | | | | (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 of an independent public | | | | | {1}------------------------------------------------ - - - - - - - - - - - - - - - - - - - - - - - - - - - {2}------------------------------------------------ **ANNUAL PCAOB AUDIT** **DECEMBER 31, 202 AND 202** {3}------------------------------------------------ ### **Table of Contents** | Audit Report……………………………………………………………………………………………………………………………………………………….1-2 | | |----------------------------------------------------------------------------------------------------|--| | Statements of Financial Condition…………………………………………………………………………………………………………………………3 | | | Statements of Operations……………………………………………………………………………………………………………………………………4 | | | Statements of Changes in Members' Equity………………………………………………………………………………………………………5 | | | Statements of Cash Flows………………………………………………………………………………………………………………………………………6 | | | Statements of Changes in Liabilities Subordinated to Claims of General Creditors……………………………………………7 | | | Notes to Financial Statements………………………………………………………………………………………………………………………….8-17 | | | Note 1 – Summary of Significant Accounting Policies………………………………………………………………………….8-11 | | | A.
Organization……………………………………………………………………………………………………………………………8 | | | B.
Management's Estimates………………………………………………………………………………………………………8 | | | C.
Cash and Restricted Cash Equivalents………………………………………………………………………………….8-9 | | | D.
Concentration of Credit Risk……………………………………………………………………………………………………9 | | | E.
Securities Transactions and Revenue Recognition…………………………………………………………………9 | | | F.
Advertising Costs…………………………………………………………………………………………………………………….9 | | | G.
Fair Value Measurements…………….………………………………………………………………………………….9-10 | | | H.
Government and Other Regulations………………………………………………………………………………….10 | | | I.
Receivables Policies.…………………………………………………………………………………………………………10-11 | | | Note 2 – Reserve Requirements………………………………………………………………………………………………………………11 | | | Note 3 – Net Capital Requirements (Schedules I and II)………………………………….…………….…………………11-12 | | | Note 4 – Subordinated Debt……………………………………………………………………………………………………………………12 | | | Note 5 – Income Taxes……………………………………………………………………………………………………………….……………12 | | | Note 6 – Reportable Segment Disclosure……………………….………………………………………………………………12-13 | | | Note 7 – Leases ……………………………………………………………………………………….…………………………….….………….13 | | | Note 8 – Related Party Transactions ………………………………………………………………………….…………………………13 | | | Note 9 – Subsequent Events …………………………………………………………………………………………………………………13 | | | Note 10 – Retirement Plan ……….….……………………………………….……………………………………………………………13 | | | Note 11 – Notes Payable ………………………………………………………………….……………………………………….………….14 | | | Note 12 – Litigation……………………………………………………………………………………………………………………………….14 | | | Note 13 – Contingencies…………………………………………………………………………………….……………………………………14 | | {4}------------------------------------------------ **Supplemental Information** | Schedule I – Computation of Net Capital Under Rule 15c-3-1 of the SEC……………………………………………15 | | |-----------------------------------------------------------------------------------------------------|--| | Schedule II – Schedule of Aggregate Indebtedness………….……………………………………………………….…………16 | | | Schedule III – Reconciliation with Company's Computation of Net Capital as Included in | | | Part IIA of Form X-17A-5……………………………………………………………………………………………………16 | | | Statement on Exemption from Computation of Reserve Requirement and Information For Possession | | | or Control Requirements Under Rule 15c3-3 of The Securities and Exchange Commission……………17 | | | Report of Independent Registered Public Accounting Firm On SEC Rule 15c3-3 Exemption Report………………18 | | | SEC Rule 15c3-3 Exemption Report……………………………………………………………………………………………………………………19 | | | Report of Independent Registered Public Accounting Firm On Applying Agreed-Upon Procedures…………20-21 | | | SIPC-7……………………………………………………………………………………………………………………………………………………………22-23 | | {5}------------------------------------------------ ![](_page_5_Picture_1.jpeg) 1 ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors of Lincoln Douglas Investments, LLC Mount Vernon, Ohio ### Opinion on the Financial Statements We have audited the accompanying statements of financial condition of Lincoln Douglas Investments, LLC (an Ohio limited liability corporation) as of December 31, 2025 and 2024, and the related statements of operations, changes in members' equity, changes in liabilities subordinated to claims of general creditors, and cash flows for the years then ended, and the related notes and schedules (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of Lincoln Douglas Investments, LLC as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years 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 Lincoln Douglas Investments, LLC's management. Our responsibility is to express an opinion on Lincoln Douglas Investments, 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 Lincoln Douglas Investments, 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. #### Supplemental Information The schedule of Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission, Schedule of Aggregate Indebtedness, Reconciliation with Company's Computation {6}------------------------------------------------ of Net Capital as Included in Part IIA of Form X-17A-5 , and Statement on Exemption from Computation of Reserve Requirement and Information for Possession or Control Requirements Under Rule 15c3-3 of The Securities and Exchange Commission have been subjected to audit procedures performed in conjunction with the audit of Lincoln Douglas Investments, LLC's financial statements. The supplemental information is the responsibility of Lincoln Douglas Investments, 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 Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission, Schedule of Aggregate Indebtedness, Reconciliation with Company's Computation of Net Capital as Included in Part IIA of Form X-17A-5 , and Statement on Exemption from Computation of Reserve Requirement and Information for Possession or Control Requirements Under Rule 15c3-3 of The Securities and Exchange Commission is fairly stated, in all material respects, in relation to the financial statements as a whole. HHH CPA Group, LLC We have served as Lincoln Douglas Investments, LLC''s auditor since 2011. Columbus, Ohio February 25, 2026 {7}------------------------------------------------ **LINCOLN DOUGLAS INVESTMENTS, LLC FINANCIAL STATEMENTS DECEMBER 31, 202 AND 202** {8}------------------------------------------------ #### **STATEMENTS OF FINANCIAL CONDITION** #### **DECEMBER 31, 2025 AND 2024** | | 2025 | 2024 | |----------------------------------------------------------|---------------|---------------| | ASSETS | | | | Cash | \$
441,701 | \$
308,375 | | Restricted cash and equivalents | 75,000 | 75,000 | | Total cash | 516,701 | 383,375 | | Receivable from broker-dealers and clearing organization | 146,881 | 251,548 | | Accounts receivable - related party | 10,629 | 118,208 | | Prepaid expenses | 44,876 | 41,252 | | Total current assets | 719,087 | 794,383 | | Long-term assets | - | - | | | \$
719,087 | \$
794,383 | | LIABILITIES AND MEMBERS' EQUITY | | | | Accounts payable | \$
- | \$
- | | Commissions payable | 215,772 | 266,325 | | Accrued liabilities | 23,244 | 20,762 | | Total current liabilities | 239,016 | 287,087 | | Subordinated debt | 100,000 | 100,000 | | Total liabilities | 339,016 | 387,087 | | Members' equity: | | | | Contributed capital | 35,000 | 35,000 | | Retained earnings | 345,071 | 372,296 | | Total members' equity | 380,071 | 407,296 | | | \$
719,087 | \$
794,383 | {9}------------------------------------------------ #### **STATEMENTS OF OPERATIONS** | | 2025 | 2024 | |---------------------------|-----------------|-----------------| | Revenues: | | | | Commissions | \$
3,339,249 | \$
2,985,304 | | Investment Advisory | 1,194,790 | 748,985 | | M&A Advisory | 971,000 | 20,000 | | Fee Income | 754,588 | 713,859 | | Other income | 227,468 | 352,839 | | Interest | 42,264 | 45,692 | | Total revenues | 6,529,359 | 4,866,679 | | Operating Expenses: | | | | Commissions | 5,013,442 | 3,427,262 | | Payroll Expense | 646,879 | 725,095 | | Clearing House Charges | 327,171 | 334,985 | | Referral Fees | 194,200 | - | | Office Expenses | 65,987 | 82,269 | | Registration & Regulatory | 49,974 | 43,667 | | Computer and Website | 47,437 | 42,208 | | Office Rent | 39,168 | 36,960 | | Advertising | 19,964 | 2,200 | | Professional Fees | 12,015 | 11,495 | | Printing and Postage | 11,907 | 9,576 | | Client Rebates | 8,992 | 2,874 | | Investment Advisory | 5,650 | 6,448 | | Telephone & Internet | 5,791 | 4,588 | | Travel & Entertainment | - | 369 | | Interest | 18 | 44 | | Bad Debts | - | - | | Other | 21,189 | 26,256 | | Total operating expenses | 6,469,784 | 4,756,296 | | Total operating income | 59,575 | 110,383 | | | | | | Net income | \$
59,575 | \$
110,383 | {10}------------------------------------------------ #### **STATEMENTS OF CHANGES IN MEMBERS' EQUITY** | | 2025 | 2024 | |--------------------------------|---------------|---------------| | Contributed Capital: | | | | Balance at beginning of period | \$
35,000 | \$
35,000 | | Contributed capital | - | - | | Balance at end of period | 35,000 | 35,000 | | | | | | Retained Earnings: | | | | Balance at beginning of period | 372,296 | 334,913 | | Net income | 59,575 | 110,383 | | Distributions | (86,800) | (73,000) | | Balance at end of period | 345,071 | 372,296 | | | | | | Total members' equity | \$
380,071 | \$
407,296 | {11}------------------------------------------------ #### **STATEMENTS OF CASH FLOWS** | | 2025 | 2024 | |---------------------------------------------------------------------------------------------------------------------------|--------------------|---------------| | Cash flows from operating activities:
Net income | \$
59,575 | \$
110,383 | | Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
(Increase) decrease in: | | | | Receivable from broker-dealers and clearing organization | 104,667 | 141,341 | | Accounts receivable - related party
Prepaid expenses | 107,579
(3,624) | 8,340
778 | | Increase (decrease) in: | | | | Accounts payable | - | - | | Commissions payable | (50,553) | (259,232) | | Accrued liabilities | 2,482 | (585) | | Total adjustments | 160,551 | (109,358) | | Net cash provided by (used in) operating activities | 220,126 | 1,025 | | Cash flows from investing activities | - | - | | Cash flows from financing activities: | | | | Distributions to members | (86,800) | (73,000) | | Net cash provided by (used in) operating activities | (86,800) | (73,000) | | Net increase (decrease) in cash | 133,326 | (71,975) | | Cash and restricted cash at beginning of period | 383,375 | 455,350 | | Cash and restricted cash at end of period | \$
516,701 | \$
383,375 | | Supplemental disclosures: | | | | Interest paid | \$
18 | \$
44 | | Income taxes paid | \$
2,766 | \$
8,163 | {12}------------------------------------------------ #### **TO CLAIMS OF GENERAL CREDITORS STATEMENTS OF CHANGES IN LIABILITIES SUBORDINATED** | | 2025 | 2024 | |--------------------------------|---------------|---------------| | Subordinated Borrowings: | | | | Balance at beginning of period | \$
100,000 | \$
100,000 | | Additional borrowings | - | - | | Repayments or borrowings | - | - | | Balance at end of period | \$
100,000 | \$
100,000 | {13}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENTS** ### **DECEMBER 31, 2025 AND 2024** #### Note 1 - Summary of Significant Accounting Policies #### A. Organization Lincoln Douglas Investments, LLC (the Company) was formed as a limited liability company in the State of Ohio in December 2010 and began operations in July 2011. The Company has been operating as a broker-dealer registered with the Securities and Exchange Commission (SEC) and the State of Ohio Securities Division; it is a member of the Financial Industry Regulatory Authority, Inc. (FINRA). The Company operates pursuant to Exchange Act Rule 15c3-3(k)(2)(ii), clearing transactions on a fully disclosed basis through its clearing firm, National Financial Services LLC ("NFS"), and on an application-way basis with registered investment companies, insurance and annuity providers, and other product offerings. Customer accounts held directly at a product issuer for which the Company is listed as the broker-dealer of record. The Company does not hold customer funds or safeguard customer securities. As of December 31, 2025, the Company is licensed in 42 states, including Alabama, Alaska, Arizona, Arkansas California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin. #### B. Management's Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. #### C. Cash and Restricted Cash Equivalents The Company maintains cash balances at one bank account and one brokerage account. The cash balance in the bank was over the federally insured limit of \$250,000, by \$123,419 as of December 31, 2025, while the cash balance in the brokerage account money market fund was under the Securities Investor Protection Corporation (SIPC) protection limit for securities by \$168,877. For purposes of the statement of cash flows, the Company considers all cash in checking accounts and money market accounts to be cash equivalents. {14}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENTS** ## **DECEMBER 31, 2025 AND 2024** ### C. Cash and Restricted Cash Equivalents – Continued Restricted cash equivalents represent amounts on deposit at financial institutions that are legally restricted due to contract terms with NFS. Included in the statements of financial condition is a restricted cash deposit for margin requirements at NFS in the amount of \$75,000. ### D. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and commissions receivable. The Company places its cash with high credit quality financial institutions, which at times may be in excess of FDIC insurance limits. The Company's receivables represent commissions from completed securities trades, and 12b-1 fees, or trails, from assets held direct. All customer transactions are cleared through another broker-dealer on a fully disclosed basis. #### E. Securities Transactions and Revenue Recognition Securities transactions, commissions and related clearing expenses are reported on a trade date basis. The change in the resulting difference between cost and market is included in net trading profits in the statement of income. The Company's activities are transacted on either a cash or margin basis. Margin transactions are subject to various regulatory and internal margin requirements and are collateralized by cash and securities in the Company's accounts. Commission expense is also recorded on a trade-date basis as security transactions occur. #### F. Advertising Costs Advertising costs are expensed when incurred. Advertising costs were \$19,964 and \$2,200 in 2025 and 2024, respectively. #### G. Fair Value Measurements FASB ASC 820, Fair Value Measurement, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described below: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access. {15}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENTS** ## **DECEMBER 31, 2025 AND 2024** ### G. Fair Value Measurements - Continued Level 2 Inputs to the valuation methodology include: Quoted prices for similar assets or liabilities in active markets; Quoted prices for identical or similar assets or liabilities in inactive markets; Inputs other than quoted prices that are observable for the asset or liability; Inputs that are derived principally from or corroborated by observable market data by correlation or other means. > If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2025. *Money Market funds*: The carrying amount approximates fair value because the instruments are liquid in nature. This investment uses Level 1 inputs. #### H. Government and Other Regulations The Company's business is subject to significant regulation by various governmental agencies and self-regulatory organizations. Such regulation includes, among other things, periodic examinations by these regulatory bodies to determine whether the Company is conducting and reporting its operations in accordance with the requirements of these organizations. As a registered broker-dealer, the Company is subject to the SEC's Net Capital Rule 15c3-1 which requires that the Company maintains a minimum net capital, as defined [see note 3]. I. Receivables and Allowance for Credit Losses Receivables are uncollateralized broker obligations and advisory fees receivable due under normal trade terms requiring payment within 30 days from the report date. The Company generally collects receivables within 30 days and does not charge interest on receivables with invoice dates over 30 days old. {16}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS** #### **DECEMBER 31, 2025 AND 2024** #### I. Receivables and Allowance for Credit Losses - Continued The carrying amount of receivables is reduced by a valuation allowance that reflects management's best estimate of the amounts that will not be collected. FASB ASC 326-20 requires the Company to estimate expected credit losses over the life of its financial assets and certain off-balance sheet exposures as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. Additionally, management estimates an allowance for the aggregate remaining receivables based on historical collectability. In the opinion of management, at December 31, 2025, all receivables were considered collectible and have been collected prior to this report. The Company's receivables from broker-dealers and clearing organizations include amounts receivable from unsettled trades, including amounts related to futures and options on futures contracts executed on behalf of customers, amounts receivable for securities failed to deliver, accrued interest receivables and cash deposits. A portion of the Company's trades and contracts are cleared through a clearing organization and settled daily between the clearing organization and the Company. Because of this daily settlement, the amount of unsettled credit exposures is limited to the amount owed the Company for a very short period of time. The Company continually reviews the credit quality of its counterparties Accounts receivable – related party are stated at the amount billed. Registered representative affiliation fees, commission charge backs and other costs that are the responsibility of registered representatives are offset against amounts owed to registered representatives for their commission payables. If the balance of the debits owed to the Company exceed the amount owed to the registered representative, the net balance owed to the Company is recorded as a receivable. #### Note 2 – Reserve Requirements The Company is not obligated to report under SEC Rule 15c3-3 since it does not maintain customer accounts or hold securities. All customer transactions are cleared through another broker-dealer on a fully disclosed basis. Therefore, the Company does not have a reserve requirement nor does it have any information relating to the possession or control requirement under Rule 15c3-3. #### Note 3 – Net Capital Requirements (Schedules I and II) Under SEC Rule 15c3-1, the Company is required to maintain net capital of not less than the greater of 6-2/3% of total aggregate indebtedness liabilities, exclusive of subordinated debt, for the year ended December 31, 2025, \$15,087, or \$50,000. At December 31, 2025 the Company's net capital as defined by SEC Rule 15c3-1 was \$372,944 in excess of the minimum net capital required. {17}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENTS** ## **DECEMBER 31, 2025 AND 2024** #### Note 3 – Net Capital Requirements (Schedules I and II) - Continued In addition to the minimum net capital provision, SEC Rule 15c3-1 requires that the Company maintain a ratio of aggregate indebtness, as defined, to capital, of not more than 15 to 1. At December 31, 2025 the ratio was 0.54 to 1. #### Note 4 – Subordinated Debt Subordinated debt consists of a subordinated note payable to a member in the amount of \$100,000, with interest at 5% payable annually. However, the \$5000 interest payment was waived by the member in 2022. The note has a stated maturity of April 11th, 2016, however, the Extension of Maturity provision was included within the agreement, allowing for an extension of an additional year without further action by either the lender or broker/dealer. The principal payment can only be made with FINRA approval. This note has paid out interest of \$0 in 2025 and \$0 in 2024. #### Note 5 – Income Taxes Lincoln Douglas Investments, LLC is recognized as a "pass-through entity" under the Internal Revenue Code and pays no federal and state taxes. The members are taxed individually on the Company's taxable income. The Company recognizes and disclosures uncertain tax positions in accordance with accounting principles generally accepted in the United States of America. As of and during the year ended December 31, 2025, the Company did not have a liability for unrecognized tax benefits. The Company is no longer subject to examination by federal and state taxing authorities for returns filed prior to 2023. The Company assesses its tax positions and determines whether it has any material unrecognized liabilities for uncertain tax positions. The Company records these liabilities to the extent it deems them more likely than not to be incurred. Interest and penalties related to uncertain tax positions, if any, would be classified as a component of income tax expense. The Company believes that it does not have any significant uncertain tax positions requiring recognition or measurement in the accompanying financial statements. #### Note 6 – Reportable Segment Disclosure The Company is engaged in a single line of business as a securities broker-dealer. The Company has identified its President as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Supplementary Schedules), which is not a measure of profit and loss, to make operational decisions while maintaining capital 12 {18}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENTS** ## **DECEMBER 31, 2025 AND 2024** #### Note 6 – Reportable Segment Disclosure - Continued adequacy, such as whether to reinvest profits or pay dividends. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant account policies. #### Note – Leases The Company entered into an operating lease for office space in October 2024. The lease agreement is controlled by 1051 Newark Road, LLC. The current lease commenced on January 1, 2026 and calls for a lump sum payment in arrears in December of the lease year or monthly payments of \$3,351.92. The lease is renewable annually at the discretion of both parties. Total rent expense under the lease was \$39,168 for 2025. ## Note – Related Party Transactions Several members of the Company are active in administration and sales operations. These members earned \$280,730 and \$308,630 in wages and bonus during 2025 and 2024, respectively. Also, they earned \$6,043 and \$4,630 in commissions during 2025 and 2024, respectively. See Note 4 for subordinated agreement with related party. #### Note – Subsequent Events Management has reviewed all events subsequent to December 31, 2025, up to the date of audit report (February 25, 2026) and has not encountered any subsequent events that effect the current financial statements or that require additional disclosure. #### Note – Retirement Plan The Organization has a Simplified Employee Pension Plan (the Plan) covering all employees who meet the eligibility standards. Under the plan, the Organization provides a 100% match of eligible employee contributions, up to 3% of an employee's annual salary. All employer contributions made under the plan are non-forfeitable and the participants are fully vested. The Organization's contribution to the plan was \$29,015 and \$28,409 for the years ended December 31, 2025 and 2024, respectively. {19}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS** ### **DECEMBER 31, 2025 AND 2024** #### Note 1 – Notes Payable The Company has no notes payable. #### Note 1 – Litigation The Company has no pending litigation. #### Note 1 – Contingencies The Company may enter into agreements that contain certain representations and warranties and which provide general indemnifications. The Company serves as a guarantor of such obligations. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company expects any risk of liability associated with such indemnifications to be remote. As of December 31, 2025, the Company has not accrued for any such claims or other contingencies. In the ordinary course of business, the Company is also subject to regulatory examinations, information gathering requests, inquiries and investigations. As a registered broker-dealer, the Company is subject to regulation by the SEC, the FINRA, and state securities regulators. In connection with formal and informal inquiries by those agencies, the Company receives numerous requests, subpoenas and orders for documents, testimony, and information in connection with various aspects of its regulated activities. {20}------------------------------------------------ # **SUPPLEMENTAL INFORMATION** {21}------------------------------------------------ #### **SUPPLEMENTARY SCHEDULES** #### **AS OF DECEMBER 31, 2025** #### **Schedule I** #### **Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission** #### NET CAPITAL | Total members' equity
Add: | | \$380,071 | |---------------------------------------------------------------------------------------------------------------------------------------|--------------------|-----------| | Liabilities subordinated to claims of general creditors
allowable in computation of net capital | | 100,000 | | Other (deductions) or allowable credits | | - | | Total capital and allowable subordinated liabilities | | 480,071 | | Non-allowable assets:
Accounts receivable – related party
Prepaid expenses | \$10,629
44,876 | 55,505 | | Net capital before haircuts on securities positions | | 424,566 | | Haircuts on securities (computed, where applicable, pursuant
to rule 15c3-1(f)):
Exempted securities
Other securities | \$1,622
- | \$1,622 | | Total net capital | | \$422,944 | | 6 2/3% of Aggregate Indebtedness | | \$15,087 | | Minimum Net Capital Requirement – Greater of \$50,000 or 6 2/3% of
Aggregate Indebtedness of \$278,834 | | 50,000 | | Excess Net Capital | | \$372,944 | | Net capital less the greater of 120% of the Minimum Net Capital
Requirement (\$60,000) or 10% of Aggregate Indebtedness (\$27,883) | | \$362,944 | {22}------------------------------------------------ ## **Schedule II** #### **Schedule of Aggregate Indebtedness** | Computation of aggregate indebtedness: | | |------------------------------------------------|-----------| | Commissions Payable | \$215,772 | | Accrued Liabilities (allowable portion) | 10,531 | | Other Accounts Payable | - | | Total allowable liabilities from Balance Sheet | \$226,303 | | Ratio of aggregate indebtedness to net capital | 0.54 to 1 | ### **Schedule III** ### **Reconciliation with Company's Computation of Net Capital as Included in Part IIA of Form X-17A-5** | Net capital, as reported in Company's Part IIA (unaudited)
FOCUS report | \$424,944 | |----------------------------------------------------------------------------|-----------| | Audit adjustments | - | | Net capital per audited financial statements | \$424,944 | There are no material differences between the computation of net capital presented herein and that reported by the Company in its unaudited amended Part IIA of Form X-17A-5 filing as of the same date. {23}------------------------------------------------ # **Statement on Exemption from Computation of Reserve Requirement and Information for Possession or Control Requirements Under Rule 15c3-3 of The Securities and Exchange Commission** In accordance with the exemptive provision of SEC Rule 15c3-3, specifically exemption k(2)(ii), the Company is exempt from computation of a reserve requirement and the information relation to the possession or control requirements. {24}------------------------------------------------ ![](_page_24_Picture_1.jpeg) #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors of Lincoln Douglas Investments, LLC Mount Vernon, Ohio We have reviewed management's statements, included in the accompanying SEC Rule 15c3–3 Exemption Report, in which (1) Lincoln Douglas Investments, LLC identified the following provisions of 17 C.F.R. §15c3-3(k) under which Lincoln Douglas Investments, LLC claimed an exemption from 17 C.F.R. §240.15c3-3: (2)(ii) (the "exemption provisions") and (2) Lincoln Douglas Investments, LLC stated that Lincoln Douglas Investments, LLC met the identified exemption provisions throughout the most recent fiscal year without exception. Lincoln Douglas Investments, LLC's management is responsible for compliance with the exemption provisions 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 Lincoln Douglas Investments, 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 in paragraph (k)(2)(ii)) of Rule 15c3-3 under the Securities Exchange Act of 1934. HHH CPA Group, LLC Columbus, Ohio February 25, 2026 {25}------------------------------------------------ ## **SEC Rule 15c3-3 Exemption Report** Board of Directors Lincoln Douglas Investments, LLC Lincoln Douglas Investments, LLC is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 CFR 240. l 7a-5- "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 CFR 240.17a-5(d)(l) and (4). To the best of its knowledge the Company states the following: 7KH&RPSDQ\LVH[HPSWIURP5XOH&)5FXQGHUSURYLVLRQN LL RI5XOHFRI WKH 6HFXULWLHV ([FKDQJH \$FW RI 7KH &RPSDQ\PHWWKH LGHQWLILHG H[HPSWLRQ SURYLVLRQ LGHQWLILHG DERYH WKURXJKRXW WKH PRVW UHFHQW ILVFDO \HDU HQGHG 'HFHPEHU ZLWKRXW H[FHSWLRQ Lincoln Douglas Investments, LLC I, Brandon Bullock, affirm that, to my best knowledge and belief, this Exemption Report is true and correct. Brandon Bullock FINOP February 2, 202 {26}------------------------------------------------ ![](_page_26_Picture_1.jpeg) # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPLYING AGREED-UPON PROCEDURES To the Board of Directors of Lincoln Douglas Investments, LLC Mount Vernon, Ohio We have performed the procedures included in Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 and in the Securities Investor Protection Corporation (SIPC) Series 600 Rules, which are enumerated below on the accompanying General Assessment Reconciliation (Form SIPC-7) for the year ended December 31, 2025. Management of Lincoln Douglas Investments, LLC (Company) is responsible for its Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7. Management of the Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Company's compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2025. Additionally, SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. The procedures we performed and our findings are as follows: - 1) Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records entries, noting no differences; - 2) Compared the 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, noting no differences; - 3) Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers, noting no differences; {27}------------------------------------------------ - 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; and - 5) Compared the amount of any overpayment applied to the current assessment with the Form SIPC-7 on which it was originally computed, 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 AICPA and in accordance with the standards of the Public Company Accounting Oversight Board (United States). We were not engaged to, and did not conduct an examination or a review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2025. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. This report is intended solely for the information and use of the Company and SIPC and is not intended to be, and should not be, used by anyone other than these specified parties. HHH CPA Group, LLC Columbus, Ohio February 25, 2026 {28}------------------------------------------------ | | \$% &

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DEA: FINRA
LINCOLN DOUGLAS INVESTMENTS LLC
1051 NEWARK RD
MT VERNON, OH 43050
UNITED STATES |

2025 |

Dec | | | | | | | | | | LINCOLN DOUGLAS INVESTMENTS LLC
###################################################### | Brandon Bullock
############################### | | | |-------------------------------------------------------------------------------------------|----------------------------------------------------------------|--|--| | .%
=%-1 | .)B! " 1 | | | | 1/22/2026
###################################################### | bbullock@lincolndouglas.net
############################### | | | | .\$1 | .% !!1 | | | | | | | | Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.