# PCR FINANCE GROUP, LLC X-17A-5 (2026-03-02) — Broker-dealer annual report - Company: PCR FINANCE GROUP, LLC - Form: X-17A-5 - Filed: 2026-03-02 - Period: 2025-12-31 - Accession: 0001875376-26-000005 - CIK: 1875376 - File #: 8-70762 - Type: Broker-dealer - Material weakness: No - Auditor: Bauer & Company, LLC - Auditor location: Austin, TX - Contact: Jeffrey Royal - Phone: 7132759627 - Email: jeffrey.royal@precfinance.com - Website: precfinance.com - Signed by: Jeffrey Royal (CCO/Head of Distribution) Original filing: https://www.sec.gov/Archives/edgar/data/1875376/000187537626000005/confidential.pdf --- {0}------------------------------------------------ | ANNUAL REPORTS | |----------------| | FORM X-17A-5 | | PART III | | OMB APPROVAL | | |--------------------------|----| | OMB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | and the hour reservances | 17 | | B. ACCOUNTANT IDENTIFICATION | | | | | | |----------------------------------------------|--------------------------------|-------------------------------|--|--|--| | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | Jeffrey Royal | 713-275-9627 | jeffrey.royal@precfinance.com | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | (City) | (State) | (Zip Code) | | | | | Houston | IX | / /05/ | | | | | | (No. and Street) | | | | | | | (Name - if individual, state last, first, and middle name) | | | | |---------------------------------------------------|------------------------------------------------------------|--------|--------------------------------------------|--| | P.O Box 27887 | Austin | X | 18/55 | | | (Address) | (City) | State) | (Zip Code) | | | 11/20/2014 | | 6072 | | | | (Date of Registration with PCAOB) (if applicable) | | | (PCAOB Registration Number, if applicable) | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | {1}------------------------------------------------ ![](_page_1_Picture_4.jpeg) - - - - - - - - - - - - - - - - - - - - - - - - - - - {2}------------------------------------------------ PCR Finance Group, LLC dba Partners Finance Financial Statements and Supplemental Schedules With Report of Independent Registered Public Accounting Firm As of December 31, 2025 {3}------------------------------------------------ ### PCR Finance Group, LLC, dba Partners Finance Index to Financial Statements and Supplemental Schedules December 31, 2025 | Report of Independent Registered Public Accounting Firm | 1 | |---------------------------------------------------------------------------------------------------------------------|----| | FINANCE STATEMENTS | 2 | | Statement of Financial Condition | 3 | | Statement of Operations | 4 | | Statement of Changes in Member's Equity | 5 | | Statement of Cash Flows | 6 | | Notes to Financial Statements | 7 | | SUPPLEMENTAL SCHEDULES | 11 | | I. Computation of Net Capital and Aggregate Indebtedness Pursuant to Rule 15c3-1 | 12 | | II. Computation for Determination of Reserve Requirements Under to Rule 15c3-3 | 13 | | Ill. Information Relating to The Possession or Control Requirements Under to Rule 15c3-3 | 13 | | Report of Independent Registered Public Accounting Firm Regarding Management's Exemption Report | 14 | | Management's Assertion of Exemption | 15 | | Report of Independent Registered Public Accounting Firm
on Applying Agreed-Upon Procedures Regarding form SPIC-7 | 16 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM # To Those Charged with Governance and Member of PCR Finance Group, LLC dba Partners Finance # Opinion on the Financial Statements We have audited the accompanying statement of financial condition of PCR Finance Group, LLC dba Partners Finance (the "Company") as of December 31, 2025, the related statements of operations, changes in member's equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 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 the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with 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. # Auditor's Report on Supplemental Information The Computation of Net Capital and Aggregate Indebtedness Pursuant to Rule 15c3-1 of the Securities and Exchange Commission (Schedule I), the Computation for Determination of Reserve Requirements Under Rule 15c3-3 of the Securities and Exchange Commission (Schedule II) and the Information Relating to the Possession or Control Requirements Under Rule 15c3-3 of the Securities and Exchange Commission (Schedule III) (the "Supplemental Information") has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the 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 Supplemental Information is fairly stated, in all material respects, in relation to the financial statements as a whole. # BAUER & COMPANY, LLC Bauer & Company, LLC We have served as PCR Finance Group, LLC dba Partners Finance auditor since 2023. Austin, Texas February 24, 2026 {5}------------------------------------------------ # FINANCIAL STATEMENTS {6}------------------------------------------------ # PCR Finance Group, LLC, dba Partners Finance Statement of Financial Condition December 31, 2025 #### Assets | Current Assets
Cash and Cash Equivalents | 186,999 | |------------------------------------------------------------------|--------------------| | Accounts Receivable, Net
Prepaid Expense, Net
Other Assets | -
42,876
789 | | Total Assets | 230,664 | | Liabilities and member's equity | | | Current Liabilities | | | Accounts Payable | 40,937 | | Payable to affiliate | 9,477 | | Accrued Liabilities | 11,904 | | Loan Payable | 18,974 | | Other Liabilities | 10,896 | | Total Liabilities | 92,188 | | Member's Equity | 138,476 | | Total Liabilities and member's equity | 230,664 | The accompanying notes are an integral part of these financial statements. {7}------------------------------------------------ # PCR Finance Group, LLC dba Partners Finance Statement of Operations For the Year ended December 31, 2025 | Revenue: | | | | | |--------------------------------------------------------|-------------------|--|--|--| | Related Party Private Placement Offerings | 1,135,533 | | | | | Total Revenues | 1,135,533 | | | | | Operating Expenses
Marketing and Promotion Expenses | 564,292
14,536 | | | | | Professional Services | 154,106 | | | | | Insurance Expense | 28,209 | | | | | Related Party Expense | 235,832 | | | | | Travel and Entertainment | 76,326 | | | | | Payroll and Related Expense | 575,494 | | | | | Other Business Expenses | 52,270 | | | | | Total Operating Expenses | 1,701,065 | | | | | Non-operating Expenses | | | | | | Interest Income | 18 | | | | | Interest Expenses | 2,625 | | | | | Net Income (loss) before Income Taxes | (568,139) | | | | | Net Income (loss) | (568,139) | | | | The accompanying notes are an integral part of these financial statements. {8}------------------------------------------------ ### PCR Finance Group, LLC, dba Partners Finance #### Statement of Changes in Member's Equity #### For the year ended December 31,2025 | | Member's Equity | | |--------------------------------|-----------------|--| | Balance as of December 31,2024 | 151,615 | | | Capital Contributions | 555,000 | | | Distribution of Capital | | | | Net Income (loss) | (568,139) | | | Balance as of December 31,2025 | 138,476 | | The accompanying notes are an integral part of these financial statements. {9}------------------------------------------------ # PCR Finance Group, LLC, dba Partners Finance Statement of Cash Flows For the year ended December 31, 2025 | Cash Flows from Operating Activities
Net Loss | (568,139) | | | |--------------------------------------------------|-----------|--|--| | | | | | | Changes in Operating Assets and Liabilities | | | | | Accounts receivable | 26,014 | | | | Related Party Accounts Receivable | 8,348 | | | | Prepaid Expenses | (3,971) | | | | Accounts Payable | (10,533) | | | | Accrued Expense | 10,860 | | | | Payable to affiliate | (1,196) | | | | Accrued 401 (k) employer contribution | 10,896 | | | | Other Assets | 408 | | | | Loan payable | 624 | | | | Net cash used in operating activities | (526,688) | | | | Contribution from Member | 555,000 | | | | Net Cash provided in Financing activities | 555,000 | | | | Net Increase (Decreased) in cash | 28,312 | | | | Cash and cash equivalent at January 1, 2025 | 158,687 | | | | Cash and cash equivalent at December 31, 2025 | 186,999 | | | | Supplemental Cash Flow Information: | | | | | Cash paid for interest
- | | | | | Cash paid for income taxes | - | | | The accompanying notes are an integral part of these financial statements. {10}------------------------------------------------ # PCR Finance Group, LLC, dba Partners Notes to Financial Statements December 31, 2025 ### Note 1- Nature of Business PCR Finance Group, LLC, dba Partners Finance, (the "Company"), a Texas Limited Liability Corporation, is a broker-dealer in securities, approved to commence operations on October 21, 2022, registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"). The Company does not claim an exemption from Rule 15c3-3, in reliance on footnote #74 of SEC Release No. 34-70073 dated July 30, 2013, and as discussed in question 8 on the related FAQ released by SEC staff. The Company does not hold customer funds or securities. The Company focuses primarily on two types of business: 1) private placements of securities; and 2) placement agent to assist private companies established by an affiliate to raise capital for real estate development projects, and to raise capital for private real estate investment funds managed by an affiliate. The company's ability to continue as a going concern in the next twelve months following the date the financial statements were available to be issued depends upon its ability to generate revenue and or obtain capital contribution to meet current and future obligations. The members of the company have evaluated these conditions and are committed to providing funding as needed to satisfy its capital needs. ### Note 2 - Significant Accounting Policies #### Basis of Accounting These financial statements are presented on the accrual basis of accounting in accordance with generally accepted accounting principles whereby revenues are recognized in the period earned and expenses when incurred. ### Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all highly liquid financial instruments, with original maturities of three months or less when purchased, to be cash. #### 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. #### Revenue Recognition Revenue from contracts with customers consists entirely of private placement offerings. The recognition and measurement of revenue is based on the assessment of individual contract terms. {11}------------------------------------------------ # PCR Finance Group, LLC, dba Partners Finance Notes to the Financial Statements (Continued) December 31, 2025 The Company earns revenue on the sale of interests in related party private placement offerings. Placement fees are recognized on the date the investor's subscription is accepted by the issuer. The Company believes that the performance obligation is satisfied on the acceptance date because that is when the underlying financial instrument and the risks/rewards of ownership have been transferred to the investor. There were no unsatisfied performance obligations at December 31, 2025. Accounts Receivable - Accounts receivable consists of services performed through the balance sheet date which are generally billed and collected within 60 days. Accounts receivable are recorded at amounts billed to clients less an allowance for doubtful accounts. The Company accounts for estimated credit losses in accordance with FASB ASC 326-20, Financial Instruments - Credit Losses. The Company continually reviews the credit quality of its clients, and if deemed necessary, an allowance will be established. As of December 31, 2025 no allowance for credit losses has been recorded. ### Financial Instruments and Credit Risk Financial instruments that potentially subject the Company to credit risk include cash and cash equivalents, and accounts payable and accrued expenses. From time to time, the Company has cash and cash equivalents in excess of amounts insured by the U.S. Federal Deposit Insurance Corporation ("FDIC"). The Company has not experienced any losses related to amounts in excess of FDIC limits. ### Fair Value Measurements The carrying amounts of the Company's financial instruments, which include cash and cash equivalents, other assets, accounts payable and accrued expenses, approximate their fair values due to their short maturities. ### Income Taxes The financial statements do not include a provision for income taxes. As a limited liability company, the Company is not a taxable entity under the provisions of the Internal Revenue Code and, accordingly, the accompanying financial statements do not reflect a provision for the Company for federal income taxes. The tax effect of the Company's transactions related to this entity is the responsibility of its sole member. Management has evaluated the Company's tax positions and concluded that the Company has taken no uncertain tax positions that require adjustment to the financial statement. The Company is subject to Texas franchise tax, which is based on taxable margin, rather than being based on federal taxable income. For the year ended December 31, 2025, the Company recorded \$0 in Texas margin tax expense. {12}------------------------------------------------ # PCR Finance Group, LLC, dba Partners Finance Notes to the Financial Statements (Continued) December 31, 2025 ### Recent Accounting Pronouncements Accounting standards that have been issued or proposed by Financial Accounting Standard Board ("FASB") or other standard setting bodies are not expected to have material impact on the Company's financial position, results of operations or cash flows. ### Segment Reporting The Company follows Accounting Standards Update 2023-07-Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of a segment's profit or loss. ASU 2023-07 also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM makes decisions about allocating resources to segments and evaluating performance. The Company conducts its business activities and reports financial results as a single reportable brokerage services segment. The CODM makes decisions about allocating resources and assessing performance in a manner consistent with the way the Company operates its business and presents their financial results. The nature of business and accounting policies of the brokerage services segment are the same as described in the description of business and summary of significant accounting policies notes. The CODM is the Company's Head of Distribution (Jeffrey Royal). ### Note 3 - Commitments and Contingencies ### Litigation The Company from time to time may be involved in litigation relating to claims arising out of its normal course of business. Management believes that there are no claims or actions pending or threatened against the Company, the ultimate disposition of which would have a material impact on the Company's financial position, results of operations or cash flows. ### Risk Management The Company maintains various forms of insurance that Company's management believes are adequate to reduce the exposure to risks to an acceptable level. Further, The Company maintains membership and pays fees to the Securities Investor Protection Corporation (SIPC). ### Note 4 - Net Capital Requirements The Company is subject to the SEC Uniform Net Capital Rule ("Rule 15c3-1"), 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; and prohibits a broker-dealer from engaging in securities transactions when its net capital falls below minimum requirements as defined by the rule. The Company's ratio of aggregate indebtedness to net capital 0.92 to 1. At December 31, 2025 the Company had net capital of \$94,811, which was \$88,665 in excess of its required net capital of \$ 6,146 on that day. {13}------------------------------------------------ # PCR Finance Group, LLC, dba Partners Finance Notes to the Financial Statements (Continued) December 31, 2025 ### Note 5 - Concentration During the period ended December 31, 2025, the Company had four customers, each with revenue representing at least 10% of the Company's total revenue as listed below. Customer A 34% Customer B 19% Customer C 16% Customer D 12% ### Note 6 - Related Party Transactions The Company has agreements with funds and development projects set up by a related party owned by the majority shareholders and management of the Company. The funds and development projects are organized as investment vehicles created for investments and development of privately held real estate assets. The Company acts as a placement agent for these funds and projects. As part of the placement agreement the Company earns placement fees for equity raised for the funds and projects. During 2025, the Company recognized \$1,135,533 in placement fee revenue from such related parties. Additionally, the Company has an expense sharing agreement with its parent company PCR Real Estate Holding Company, LLC ("PREC") whereby it is allocated a portion of fees rent, administrative expenses, accounting software and salaries. At December 31, 2025, the Company paid \$235,832 to PREC for these expenses. As of December 31, 2025, the Company had a payable balance due to PREC of \$9,477. ### Note 7 - Subsequent Events The Company has evaluated subsequent events through February 24, 2026, the date of the Report of Independent Registered Public Accounting Firm, the date the financial statements were available to be issued. No significant events were noted subsequent to year end. {14}------------------------------------------------ SUPPLEMENTAL SCHEDULE {15}------------------------------------------------ ### PCR Finance Group, LLC, dba Partners Finance ### I. Computation of Net Capital and Aggregate Indebtedness #### Pursuant to Rule 15c3-1 of the Securities and Exchange Commission December 31, 2025 #### SCHEDULE I | Total member's equity for net capital | \$
138,476 | |---------------------------------------------------------------|---------------| | Deductions and/or charges: | | | Non-allowable receivables | 0 | | Prepaid expenses | (42,876) | | Related party accounts receivable | 0 | | Other assets | (789) | | Total deductions and/or charges | (43,665) | | Net capital before haircuts on securities | 94,811 | | Haircuts on securities | | | Net Capital | \$
94,811 | | Aggregate indebtedness: | | | Accounts payable and accrued expenses | 92,188 | | Total aggregate indebtedness | \$
92,188 | | Computation of basic net capital requirement: | | | Minimum net capital required (greater of \$5,000 or 6 2/3% of | | | aggregate indebtedness) | \$
6,146 | | Net capital in excess of minimum requirement | \$
88,665 | | Ratio of aggregate indebtedness to net capital | . 97 to 1 | | | | Note: No differences exist between the net capital computation above and the computation included in the corresponding unaudited FOCUS Report, Form X-17A-5, Part II for December 31, 2025 as filed on January 26, 2026. Accordingly, no reconciliation is deemed necessary. {16}------------------------------------------------ # PCR Finance Group, LLC, dba Partners Finance Schedule II & Schedule Ill December 31, 2025 #### Schedule II # II. Computation for Determination of Reserve Requirements Under Rule 1Sc3-3 of the Securities and Exchange Commission The Company does not claim an exemption from Rule 15c3-3, in reliance on footnote #74 of SEC Release No. 34-70073 dated July 30, 2013, and as discussed in question 8 on the related FAQ released by SEC staff. The Company does not hold customer funds or securities. #### Schedule Ill ## III. Information Relating to Possession or Control Requirements Under Rule 15c3-3 of the Securities and Exchange Commission The Company does not claim an exemption from Rule 15c3-3, in reliance on footnote #74 of SEC Release No. 34-70073 dated July 30, 2013, and as discussed in question 8 on the related FAQ released by SEC staff. The Company does not hold customer funds or securities. {17}------------------------------------------------ ![](_page_17_Picture_0.jpeg) # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Those Charged with Governance and Member of PCR Finance Group, LLC dba Partners Finance We have reviewed management's statements, included in the accompanying Rule 15c3-3 Exemption Report, pursuant to SEC Rule 17a-5, in which (1) PCR Finance Group, LLC dba Partners Finance (the "Company") did not claim an exemption under paragraph (k) of 17 C.F.R. §240.15c3-3, and (2) the Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to (1) private placement of securities, and (2) placement agent to assist private companies established by an affiliate to raise capital for real estate development projects, and to raise capital for private real estate investment funds managed by an affiliate. Further, the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 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; did not carry accounts of or for customers; (2) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year of December 31, 2025 without exception. Partners Finance's management is responsible for compliance with the provisions contemplated by Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 and related SEC Staff Frequently Asked Questions 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 Partners Finance's compliance with the provisions of footnote 74. 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 upon the Company's business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5, and related SEC Staff Frequently Asked Questions of Rule. BAUER & COMPANY, LLC Bauer & Company, LLC Austin, Texas February 24, 2026 {18}------------------------------------------------ ### Partners Finance Exemption Report Partners Finance (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. §240.l 7a-5(d)(1) and (4). To the best of knowledge and belief, the Company states the following: - (I) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3, and - (2) The 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 two types of business: (1) private placement of securities, and (2) placement agent to assist private companies established by an affiliate to raise capital for real estate development projects, and to raise capital for private real estate investment funds managed by an affiliate. Further, the Company (I) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 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 15c3-3) throughout the most recent fiscal year without exception. I, Brett Chiles, affirm that, to my best knowledge and belief, this Exemption Report is true and correct. By: Date: 2/24/2026 {19}------------------------------------------------ ![](_page_19_Picture_0.jpeg) # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPLYING AGREED-UPON PROCEDURES # To Those Charged with Governance and Member of PCR Finance Group, LLC dba Partners Finance 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 PCR Finance Group, LLC dba Partners Finance (the "Company") is responsible for its Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7. Management of the Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Company's compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 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 intended 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 Total Revenue amounts reported on the Annual Audited Report Form X-17A-5 Part III for the year ended December 31, 2025 with the Total Revenue amount 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; - 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. {20}------------------------------------------------ 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. # BAUER & COMPANY, LLC Bauer & Company, LLC Austin, Texas February 24, 2026 {21}------------------------------------------------ ## **GENERAL ASSESSMENT FORM** For the fiscal year ended \_\_\_\_\_\_\_\_\_\_ 12/31/2025 | | Determination of "SIPC NET Operating Revenues" and General Assessment for:
MEMBER NAME
SEC No.
PCR FINANCE GROUP LLC
8-70762 | | | |---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------------------------------------| | | 1/1/2025
12/31/2025
For the fiscal period beginning ______________ and ending ____________ | | | | 1 | Total Revenue (FOCUS Report – Statement of Income (Loss) – Code 4030) | | \$ 1,135,551.00
__________________ | | 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 | | \$ 1,135,551.00
__________________ | | 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 5b
__________________ | \$ 0.00 | | | 6 | Add lines 4a through 4h and 5c. This is your total deductions. | | \$ 0.00
__________________ | {22}------------------------------------------------ | SIPC-7
37 REV 0722 | SECURITIES INVESTOR PROTECTION CORPORATION | | | SIPC-7
37 REV 0722 | |-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|-----------------------------------|---------------------------------------| | | | GENERAL ASSESSMENT FORM | | | | | | 12/31/2025
For the fiscal year ended __________ | | | | 7 | Subtract line 6 from line 3. This is your SIPC Net Operating Revenues. | | | \$ 1,135,551.00
__________________ | | 8 | Multiply line 7 by .0015. This is your General Assessment. | | | \$ 1,703.00
__________________ | | 9 | Current overpayment/credit balance, if any | | | \$ 0.00
__________________ | | 10 | 2025
General assessment from last filed
_____
SIPC-6 or 6A | | \$ 1,223.00
__________________ | | | | 2025
11 a Overpayment(s) applied on all _____ SIPC-6 and 6A(s)
b Any other overpayments applied
2025
c All payments applied for _____ SIPC-6 and 6A(s)
d Add lines 11a through 11c | \$ 0.00
__________________
\$ 0.00
__________________
\$ 1,223.00
__________________ | \$ 1,223.00
__________________ | | | 12 | LESSER of line 10 or 11d. | | | \$ 1,223.00
__________________ | | | 13 a Amount from line 8 | | \$ 1,703.00
__________________ | | | | b Amount from line 9 | | \$ 0.00
__________________ | | | | c Amount from line 12 | | \$ 1,223.00
__________________ | | | | d Subtract lines 13b and 13c from 13a. This is your assessment balance due. | | | \$ 480.00
__________________ | | 14 | 0
Interest (see instructions) for ______ days late at 20% per annum | | | \$ 0.00
__________________ | | 15 | Amount you owe SIPC. Add lines 13d and 14. | | | \$ 480.00 | | 16 | Overpayment/credit carried forward (if applicable) | | | \$ 0.00
__________________ | | SEC No.
8-70762 | Designated Examining Authority
DEA: FINRA | FYE
2025 | Month
Dec | | | | MEMBER NAME
PCR FINANCE GROUP LLC
5847 SAN FELIPE ST
MAILING ADDRESS
SUITE 1400
HOUSTON, TX 77057 | | | | 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 ✔ | PCR FINANCE GROUP LLC | JEFFREY ROYAL | |--------------------------------------------------------|---------------------------------| | ______________________________________________________ | _______________________________ | | (Name of SIPC Member) | (Authorized Signatory) | | 2/25/2026 | jeffrey.royal@precfinance.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.* Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.