# EXCHANGERIGHT SECURITIES, LLC X-17A-5 (2026-02-13) — Broker-dealer annual report - Company: EXCHANGERIGHT SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-02-13 - Period: 2025-12-31 - Accession: 0001670332-26-000002 - CIK: 1670332 - File #: 8-69753 - Type: Broker-dealer - Material weakness: No - Auditor: Anson, Brian, W - Auditor location: TARZANA, CA - Contact: Warren Thomas - Phone: (626) 564-1031 - Email: wthomas@jrw.com - Website: jrw.com - Signed by: Warren Thomas (Managing Member) Original filing: https://www.sec.gov/Archives/edgar/data/1670332/000167033226000002/2025ERSCertAudfull.pdf --- {0}------------------------------------------------ FINANCIAL STATEMENTS AND ACCOMPANYING SUPPLEMENTARY INFORMATION REPORT PURSUANT TO SEC RULE 17a-5(d) FOR THE 12 MONTHS ENDED DECEMBER 31, 2025 {1}------------------------------------------------ ### Table of Contents ### SEC Form X-17A-5 - Report of Independent Registered Public Accounting Firm - Statement of Financial Condition - Statement of Operations - Statement of Changes in Members' Equity - Statement of Cash Flows - Notes to Financial Statements - Supplementary Information | Schedule I | Statement of Net Capital | |--------------|-----------------------------------------------| | Schedule II | Determination of Reserve Requirements | | Schedule III | Information Relating to Possession or Control | Assertions Regarding Exemption Provisions Report of Independent Registered Public Accounting Firm {2}------------------------------------------------ **UNITED STATES SECURITIES ANO EXCHANGE COMMISSION Washington, D.C. 20549** # **ANNUAL REPORTS FORM X-17A-5 PART Ill** **FACING PAGE** **Information Required Pursuant to Rules 17a-S, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** | 0MB Number: 3235-0123 | | |--------------------------|--| | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: 12 | | | SEC FILE NUMBER | | | 8-69753 | | 12\_\_/3\_1 /\_2\_5 \_\_ \_ #### FILING FOR THE PERIOD BEGINNING \_\_ O \_1\_/O\_ 1\_ /\_2\_5 \_\_ AND ENDING \_\_ MM/D0/YY MM/00/YY **A. REGISTRANT IDENTIFICATION** NAME oF FIRM: \_E\_x\_c\_h \_an\_...,;;;g\_e \_R\_ig-=--h\_t\_S\_ e \_c\_u\_r it \_ie \_ s\_,\_L\_L\_C \_\_\_\_\_\_\_\_\_ \_ TYPE OF REGISTRANT (check all applicable boxes): 0 Broker-dealer D Security-based swap dealer D Major security-based swap participant D Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | 1055 E Colorado Blvd, Suite 310 | | | | |------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|-----------------|-------------------------------------------| | | (No. and Street) | | | | Pasade
na | CA | | 91106 | | (City) | (State} | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | War
r
n Th
omas
e | (626) 564-1031 | | wthomas@jrw.com | | (Name) | (Area Code-Telephone Number) | (Emaif Address) | | | | 8. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
ian W. Anson, CPA
Br | | | | | | (Name -if individual, state last, first, and middle name) | | | | 10455 Burbank Blvd, Suite 406 | Tarzana | CA | 91356 | | (Address) | (City) | (State) | (Zip Code) | | 09/
15/2
005 | | 2370 | | | (Date of Registration with PCAOB)(if apolicablel | | | (PCAOB Registration Number, if anolicable | | | FOR OFFICIAL USE ONLY | | | | | | | | • aaims 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)(ll(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. {3}------------------------------------------------ #### OATH OR AFFIRMATION | I, warren Thomas | swear (or affirm) that, to the best of my knowledge and belief, the | | |--------------------------------------------|---------------------------------------------------------------------|--| | financial report pertaining to the firm of | ExchangeRight Securit es LLC
as of | | | | | | December 31 **2� is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director,** or **equivalent person,** as **the case may be, has any proprietary interest** in **any account classified solely as that of a customer.** **Title:** Managing Member #### **This filing\*\* contains {check all applicable boxes):** - I!! (a) Statement of financial condition. - D (b) Notes to consolidated statement of financial condition. - !! (c) Statement of income {loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - I!! (d) Statement of cash flows. - I!! (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. - !! (g) Notes to consolidated financial statements. - !! (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - □ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - 0 (j) Computation for determination of customer reserve requirements pursuant to rxhibit 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. - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - I!! (m} Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p){2) or 17 CFR 240.18a-4, as applicable. - !! {o} Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net 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 {Pl** Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - iiii!i (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. - !! (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (t} Independent public accountant's report based on an examination of the statement of financial condition. - !! ( u) Independent public accountant's report based on an examination of the financial 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:------------------- ----------------- - 0*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.* {4}------------------------------------------------ 18455 Burbank Blvd., Suite 406, Tarzana, CA 91356 • Tel. (818) 636-5660 #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member's and Board of Members of ExchangeRight Securities, LLC #### **Opinion on the Financial Statements** I have audited the accompanying statement of financial condition of ExchangeRight Securities, LLC as of December 31, 2025, the related statements of operations, changes in members' equity, and cash flows for the year then ended, and the related notes (collectively referred to as the financial statements). In my opinion, the financial statements present fairly, in all material respects, the financial position of ExchangeRight Securities, LLC as of December 31, 2025, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** These financial statements are the responsibility of Exchange Right Securities, LLC' s management. My responsibility is to express an opinion on ExchangeRight Securities, LLC's financial statements based on my audit. I am a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and am required to be independent with respect to ExchangeRight 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. I conducted my audit in accordance with the standards of the PCAOB. Those standards require that I 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. My 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. My 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. I believe that my audit provides a reasonable basis for my opinion. #### **Auditor's Report on Supplemental Information** The information contained in Schedule I, II, and III ("Supplemental Information") has been subjected to audit procedures performed in conjunction with the audit of the ExchangeRight Securities, LLC's financial statements. The Supplemental Information is the responsibility of ExchangeRight Securities, LLC's management. My 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 my opinion on the Supplemental Information, I evaluated whether the Supplemental Information, including its form and content is presented in conformity with 17 C.F.R. § 240. l 7a-5. In my opinion, Schedules I, II, and III are fairly stated, in all material respects, in relation to the financial statements taken as a whole. � Brian W. Anson Certified Public Accountant I have served as ExchangeRight Securities, LLC' s auditor since 2018. Tarzana, California February 2, 2026 {5}------------------------------------------------ ### Statement of Financial Condition December 31, 2025 #### ASSETS | Cash
Broker/Dealer Fees Receivable
Other Assets
Total Assets | | 290,971
160,205
422
969
4942
145 | |------------------------------------------------------------------------------------------------------------|----|-------------------------------------------------| | LIABILITIES AND MEMBERS' EQUITY | | | | LIABILlTIES | | | | Connnissions Payable
Due To Related Party
Accounts Payable and Accrued Expenses
Total Liabilities | | 286,201
44,576
5,000
335,777 | | MEMBERS' EQUITY: | | | | Members' Equity
Total Members' Equity | | 158,368
158,368 | | Total Liabilities and Members' Equity | \$ | 4942
145 | {6}------------------------------------------------ #### Statement of Operations For the 12 Months Ended December 31, 2025 #### REVENUES: | BD Manager Fees (Class I & D) | \$
1,095 | |-----------------------------------|----------------| | BD Private Placement Corrnnission | 769,349 | | Reallowance Fees | 1,202,957 | | Wholesale Supervision Fees | 319,887 | | Interest Income | 969 | | Total income | 2,294,257 | | | | | EXPENSES: | | | Corrnnissions Expense | 1,764,845 | | Referral Fee Expense | 215,387 | | Regulatory Expenses | 56,729 | | Payroll expenses | 177,690 | | Professional Fees | 74,268 | | Rent expense | 2,533 | | Insurance expense | 11,110 | | Other Expenses | 27 619 | | Total expenses | 2,330,181 | | WSS BEFORE INCOME TAXES | (35,924) | | INCOME TAX PROVISION | | | Income tax expense | 6 800 | | NETWSS | \$
(42,724) | {7}------------------------------------------------ Statement of Changes in Members' Equity For the 12 Months Ended December 31, 2025 | | Total
Members' | | | |-----------------------------------|-------------------|--|--| | | Equity | | | | Beginning Balance January 1, 2025 | \$
201,092 | | | | Net Loss | (42,724) | | | | Ending Balance December 31, 2025 | \$
158,368 | | | {8}------------------------------------------------ ### Statement of Cash Flows For the 12 Months Ended December 31, 2025 #### CASH FWWS FROM OPERATING ACTIVITIES: | Net Loss | | \$
(42,724) | |-----------------------------------------------------|----------------------------------------------------------------------------|--------------------| | | Adustments to reconcile net loss to net cash used in operating activities: | | | (Increase in) Decrease in: | | | | Broker/Dealer Fees Receivable | | 79,903 | | Other Assets | | 4,880 | | Increase in ( Decrease in): | | | | Due To Related Party | | 37,442 | | Corrnnissions Payable | | 45 596 | | | Total Adjustments | 1 67,82
1 | | | Net Cash used in Operating Activities | 125,097 | | Increase In Cash | | 125,097 | | | Cash -
Beginning of Period | 1 65,874 | | | Cash -
End of Period | \$
290,97
1 | | Supplemental disclosl.ll'e of cash flow information | | | | Cash paid dlll'ing
the year for: | | | | | Income taxes
Interest | \$
6,800
-0- | {9}------------------------------------------------ ## Note 1: GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ### *General* ExchangeRight Securities, LLC, (the "Company"), was formed January 6, 2016, in the State of California as a limited liability company. The Company is registered as a brokerdealer with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corporation ("SIPC"). The Company is authorized to engage in private placements of securities. The Company does not hold customer funds or safeguard customer securities. The Company was approved to do business by FINRA/SEC on October 9, 2017. ### *Summary of Significant Accounting Policies* The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company, with the consent of its Members, has elected to be a Limited Liability Company. For tax purposes, the Company is treated like a partnership, therefore in lieu of business income taxes, the Members are taxed on the Company's taxable income. Accordingly, no provision or liability for Federal Income Taxes is included in these fmancial statements. The State of California has similar treatment, although there exists a provision for a minimum Franchise Tax of \$800 plus a fee based upon gross receipts. The Company is subject to audit by the taxing agencies for year ending December 31, 2022, 2023 and 2024. The management has reviewed the results of operations for the year ended December 31, 2025 through February 2, 2026 the date the fmancial statements were available to be issued and have determined that no adjustments are necessary to the amounts reported in the accompanying financial statements nor have any subsequent events occurred, the nature of which would require disclosure. Segment Reporting: The Company is engaged in a single line of business as a securities broker dealer, which is comprised of one class of service. The Company has identified its President as the chief operating decision maker President, who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. {10}------------------------------------------------ Additionally, the President uses excess net capital, which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the President manages the business activities using information from the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. F ASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques that are consistent with the market, income or cost approach, as specified by F ASB ASC 820 are used to measure fair value. #### Note 1: GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Level 2 inputs are inputs ( other than quoted prices included within Level 1) that are observable for the asset or liability, either directly or indirectly. Level 3 are unobservable inputs for the asset or liability and rely on management's own assumptions about the assumptions that market participants would use in pricing the asset or liability. (The unobservable inputs should be developed based on the best information available in the circumstances and may include the Company's own data.) There were no levels to measure at December 31, 2025. {11}------------------------------------------------ ### ASC606-REVENUE RECOGNITION POLICY Revenue is measured based on a consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Fees earned: This may include fees earned from affiliated entities, administrative fees, supervisory fees, revenue from research services, broker dealer of record service fees. ### Note 2: INCOME TAXES The Company is subject to a limited liability company gross receipts fee of \$6,000 and a minimum franchise tax of \$800. ### Note 3: RELATED PARTY TRANSACTIONS ExchangeRight Securities, LLC is fully owned by ExchangeRight Holdings, LLC. Throughout the year, ExchangeRight Securities, LLC shares certain expenses such as rent \$2,533, professional fees \$74,268, salaries \$177,690 and insurance benefits \$11,110, etc. with JRW Investments and ExchangeRight Real Estate. During 2025, this amount totaled \$214,538 of which \$169,962 was paid at December 31, 2025. The balance of \$44,576 has been paid by the date of the audit, February 2, 2026. ExchangeRight Securities' \$2,533 total rent expense for the year was paid to an affiliate. ## Note 4: COMMITMENTS AND CONTINGENCIES During the year ended December 31, 2025, the Company was not engaged in any litigation and there were no open matters at year end. {12}------------------------------------------------ #### Note 5: NET CAPITAL The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC rule l 5c3-1 ), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Net capital and aggregate indebtedness change day to day, but on December 31, 2025 the Company had a minimum net capital requirement of \$5,000. The Company's actual net capital of \$115,399 was \$93,014 in excess of its required net capital of \$22,385; and the Company's ratio of aggregate indebtedness \$335,777 to net capital was 2.91 to 1, which is less than the 15 to 1 maximum ratio allowed for a broker dealer. {13}------------------------------------------------ ## **Schedule** I Statement of Net Capital December 31, 2025 | | Focus 12/3
1/25 | | Audit 12/3
1/25 | | Change | | |------------------------------------------------|--------------------|--------------|--------------------|--------------|--------|--| | Members' Equity, December 31, 2025 | \$ | 1 58,368 | \$ | 158,368 | \$ | | | Subtract -
Non allowable assets: | | | | | | | | Accmmts Receivable | | | | | | | | Other Assets | | 42,969 | | 42,969 | | | | Tentative Net Capital | | 1 1
5,399 | | 1 1
5,399 | | | | Haircuts | | 0 | | 0 | | | | Net Capital | | 1 1
5,399 | | 1 1
5,399 | | | | MininrumNet Capital | | 22,3
85 | | 22,3
85 | | | | Excess Net Capital | \$ | 93,0
14 | \$ | 93,0
14 | \$ | | | Aggregate Indebtedness | | 335,777 | | 335,777 | | | | Ratio of Aggregate Indebtedness to Net Capital | | 2.9
1 | | 2.9
1 | | | There were no differences between the audit and focus file at December 31, 2025 {14}------------------------------------------------ #### **Schedule II** Determination of Reserve Requirements Under Rule 15c3-3 (e) of the Securities and Exchange Commission December 31, 2025 The Company has no reserve deposit obligations under SEC 15c3-3 (e) because it is a "non-covered" firm pursuant to footnote 74 to SEC Release 34-70073 and therefore is not subject to the Rule. #### **Schedule III** Information Relating to Possession or Control Requirements Under Rule 15c3-3 (b) of the Securities and Exchange Commission December 31, 2025 The Company has no possession or control obligations under SEC 15c3-3 (b) because it is a "non-covered" firm pursuant to footnote 74 to SEC Release 34-70073 and therefore is not subject to the Rule. {15}------------------------------------------------ #### **ExchangeRight Securities, LLC Exemption Report** ExchangeRight Securities, LLC (the "Company") is a registered broker-dealer subject to Rule 1 7a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240. l 7a-5, "Reports to bemade by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240.1 7a-5(d)(I) and (4). To the best of its knowledge and belief, the Company states the following: - ( l) The Company does not claim an exemption under paragraph (k) of 17 C.F .R. § 240. l 5c3-3, and - <21The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F. R. § 240. l 7a-5 because the Company limits its business activities exclusively *to:* 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 and 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 l 5c2-4 and/or funds received and promptly transmitted for effecting 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) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 1 5c3-3) throughout the year ending December 31, 2025 without exception. ExchangeRight Securities, LLC **By: ("-2--�** Title: ManetgiY19 *Pa({y\lt,* **February 2, 2026** {16}------------------------------------------------ **BRIAN W. ANSON** *Certified Public Accountant* 1 8455 Burbank Blvd., Suite 406, Tarzana, CA 91 356 • Tel. (8 1 8) 636-5660 ### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** **Board of Members ExchangeRight Securities, LLC Pasadena, California** **I have reviewed management's statements, included in the accompanying SEC Rule 1 5c3-3 Exemption Report in which ExchangeRight Securities, LLC, stated that ExchangeRight Securities, LLC's, business activities are effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and (1) ExchangeRight Securities, LLC 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) or Rule 1 5c2-4 and/or funds received and promptly transmitted for effecting 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) did not carry accounts of or for customers; and (3) did not carry P AB accounts ( as defined in Rule 1 5c3-3) throughout the most recent year ended December 31, 2025, without exception. ExchangeRight Securities, LLC's management is responsible for compliance and is not subject to the provisions set forth in Rule 15c3-3 under the Securities and Exchange Act of 1 934 and its statements.** **My 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 ExchangeRight Securities, LLC's declaration concerning the provisions set forth in Rule 1 5c3-3 under the Securities Exchange Act of 1934. 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, I do not express such an opinion.** **Based on my review, I am 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 Footnote 74 to SEC Release 34-70073.** **Brian W. Anson Certified Public Accountant T arzana, California February 2, 2026** Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.