# EDGAR Filing Document

**Accession Number:** 0000311887
**File Stem:** 0000311887-26-000002
**Filing Date:** 2026-2
**Character Count:** 19594
**Document Hash:** 4bb57a70811729099515d0326db24063
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000311887-26-000002.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000311887-26-000002

**CONFORMED SUBMISSION TYPE**: MA-A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THE GMS GROUP, LLC
- **CENTRAL INDEX KEY:** 0000311887

**ORGANIZATION NAME:**
- **EIN:** 770606720
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** MA-A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 867-01737
- **FILM NUMBER:** 26693343

**BUSINESS ADDRESS:**
- **STREET 1:** 120 EAGLE ROCK AVE
- **STREET 2:** SUITE 300
- **CITY:** EAST HANOVER
- **STATE:** NJ
- **ZIP:** 07936
- **BUSINESS PHONE:** 973-535-5000

**MAIL ADDRESS:**
- **STREET 1:** 120 EAGLE ROCK AVE
- **STREET 2:** SUITE 300
- **CITY:** EAST HANOVER
- **STATE:** NJ
- **ZIP:** 07936

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GMS GROUP, LLC
- **DATE OF NAME CHANGE:** 20191213

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THE GMS GROUP, LLC
- **DATE OF NAME CHANGE:** 20030305

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GMS GROUP LLC
- **DATE OF NAME CHANGE:** 20000101

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM MA: UNIFORM APPLICATION FOR MUNICIPAL ADVISOR REGISTRATION

### Filer and Contact Information

**Filer CIK:** 0000311887

**Filer CCC:** XXXXXXXX

**Contact Name:** Thomas Regenye

**Contact Phone:** 973-548-2526

**Contact Email:** tregenye@gmsgroup.com

**Notification Emails:** tregenye@gmsgroup.com, mlipman@gmsgroup.com

### Type of Filing

**Selected Filing Type:** Annual Update

### Item 1: Identifying Information

**A. Full Legal Name of the Firm:** THE GMS GROUP, LLC

**&nbsp;&nbsp;&nbsp;Organization CRD No.:** 8000

**&nbsp;&nbsp;&nbsp;Is applicant a Sole Proprietor?:** No

**&nbsp;&nbsp;&nbsp;Has the municipal legal name changed since the last filing?:** No

**B. Doing-Business-As (DBA) Name:** GMS Group

**&nbsp;&nbsp;&nbsp;Has the applicant had any previous DBA names?:** No

**&nbsp;&nbsp;&nbsp;Does the applicant have any additional DBA names?:** No

**C. IRS Employer Identification Number:** 77-0606720

**D. Registrations:**

- **Municipal Advisor (Temporary):** SEC File No: 866-00607-00

- **Municipal Advisor:** SEC File No: 867-01737

- **Broker-Dealer:** SEC File No: 008-23936, CRD No: 8000

- **SEC-Registered Investment Adviser:** SEC File No: 801-126662, CRD No: 8000

**E. Principal Office and Place of Business:** 120 EAGLE ROCK AVENUE, SUITE 300, EAST HANOVER, NJ, 07936

**Telephone Number:** 973-535-5000

**Additional Offices of Employment:**

- **Office #1 (Add):** 5075 Westheimer, Ste 1175, Houston, TX, 77056 | Phone: 713-622-7620

**Mailing Address is Different from Principal Office:** No

**F. Website:** www.gmsgroup.com

**G. Chief Compliance Officer (CCO):**

**Name:** Timothy Joseph Donohue

**Titles:** President, Chief Operating Officer/Chief Compliance Officer

**Address:** 120 EAGLE ROCK AVENUE, SUITE 300, EAST HANOVER, NJ, 07936

**Phone Number:** 973-548-2519

**Email:** tdonohue@gmsgroup.com

**H. Business Affiliates:**

- **Name:** GMS Group Holdings

- **Name:** SMG Realty

**I. Location of Books and Records:** Yes

### Item 2: Form of Organization

**A. Applicant's form of organization:** Limited Liability Company (LLC)

**B. Month of Applicant's Annual Fiscal Year End:** December

**C. State, Other U.S. Jurisdiction, or Foreign Jurisdiction Under Which Applicant is Organized:** DE

**D. Date of Organization:** 03-28-1997

**E. Is the applicant a public reporting company?:** No

### Item 3: Successions

**Is the applicant succeeding to the business of a registered municipal advisor?** No

### Item 4: Information About Applicant's Business

**A. Number of Employees:** 70

**B. Municipal Advisory Activities - Employees:** 6

**C. Registered Representatives - MAA Employees also registered reps of a broker-dealer:** 3

**&nbsp;&nbsp;&nbsp;MAA Employees also associated with an investment adviser:** 0

**D. Public Relations Company?:** No

**E. Soliciting on Behalf of an Affiliate - Number of firms:** 0

**F. Types of Clients - Number of clients served as municipal advisor:** 120

**&nbsp;&nbsp;&nbsp;Types of Clients:** Municipal Entities

**G. Solicitation of Municipal Entities and Obligated Persons - Municipal Entities:** 0

**&nbsp;&nbsp;&nbsp;Obligated Persons:** 0

**&nbsp;&nbsp;&nbsp;Total Solicited:** 0

**H. Types of Persons Solicited:** 
Not Applicable
, Not Applicable

**I. Compensation Arrangements (Municipal Advisory):** 
Hourly Charges
Contingent Fees
, Hourly Charges, Contingent Fees

**J. Compensation Arrangements (Solicitation):** 
Not Applicable
, Not Applicable

**K. Does the applicant receive compensation in the context of its municipal advisory business from other than its municipal entity or obligated person clients?:** No

**L. Applicant Business Relating to Municipal Securities:** Advice Insurance Of MS, Advice On Selection

### Item 5: Other Business Activities

- **Broker-Dealer:** Actively Engaged: Yes, Primary Business: Yes

- **Insurance:** Actively Engaged: Yes, Primary Business: —

- **Investment Advisor:** Actively Engaged: Yes, Primary Business: —

**Is applicant engaged in any other non-municipal advisor business?** No

### Item 6: Financial Industry and Other Activities of Associated Persons

**Types of associated persons:** 

**Total Associated Persons:** 0

### Item 7: Participation or Interest in Client Transactions

- **Buy or sell municipal securities from or to municipal advisory clients for the firm's own account?:** No

- **Buy or sell municipal securities from or to third-parties on behalf of clients?:** No

- **Enter into derivatives transactions with clients for the firm's own account?:** No

- **Recommend to clients to buy/sell securities in which the firm has a financial interest?:** No

- **Recommend to clients products/services of an affiliated person?:** No

- **Recommend to clients securities of an issuer with which the firm has other relationships?:** No

- **Have discretionary authority to buy/sell municipal securities for clients?:** No

- **Have discretionary authority to buy/sell any other securities or investments for clients?:** No

- **Have discretionary authority to determine the broker-dealer to be used for client transactions?:** No

- **Have discretionary authority to determine the commission paid to a broker-dealer?:** No

- **Recommend broker-dealers to clients?:** Yes

- **&nbsp;&nbsp;&nbsp;If yes, are any of these broker-dealers an associated person of the applicant?:** No

- **Compensate any person for client referrals?:** No

- **Receive compensation from any person for client referrals?:** No

### Item 8: Owners, Officers, and Other Control Persons

**A. (2) Does any person not named in Item 1-A or Schedules A, B, or C, directly or indirectly, control the applicant's management or policies?** No

**B. (1) Is any person in Schedule A, B, or C, or in Section 8-A of Schedule D a public reporting company?** No

### Item 9: Disclosure Information

**Criminal Disclosure:**

- **Applicant/Advisory Affiliate Convicted/Pled Guilty to Felony?:** No

- **Applicant/Advisory Affiliate Charged with Felony?:** No

- **Organization Convicted/Pled Guilty to Felony?:** No

- **Organization Charged with Felony?:** No

**Regulatory Disclosure:**

- **SEC/CFTC Found False Statement?:** Yes

- **SEC/CFTC Found Violation?:** Yes

- **SEC/CFTC Found Cause of Denial/Suspension?:** No

- **SEC/CFTC Entered Order?:** Yes

- **SEC/CFTC Imposed Civil Penalty?:** No

- **SRO Found Unethical Conduct?:** Yes

- **SRO Found Violation?:** Yes

- **SRO Found Cause of Denial/Suspension?:** No

- **SRO Barred/Suspended/Fined > $2,500?:** Yes

- **SRO Denied/Suspended/Revoked Registration?:** Yes

- **Foreign Authority Found False Statement?:** No

- **Foreign Authority Found Violation?:** Yes

- **Foreign Authority Found Cause of Suspension?:** No

- **Foreign Authority Disciplined?:** Yes

- **Authorization to Act as Attorney/Accountant Revoked?:** No

- **Subject of a Regulatory Complaint?:** No

**Civil Disclosure:**

- **Enjoined in Connection with Municipal Advisory Activity?:** Yes

- **Found to Have Violated Regulations?:** No

- **Civil Proceeding Dismissed Pursuant to Settlement?:** No

- **Named in Civil Proceeding Alleging Violation?:** No

### Item 10: Small Businesses

**Does the applicant have annual receipts of less than $7,000,000?** No

**Is the applicant affiliated with a person that has annual receipts of more than $7,000,000?** No

### Schedule A: Direct Owners and Executive Officers

| Name                      | Title/Status                                                | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|
| GMS GROUP HOLDINGS CORP   | MEMBER                                                      | 08-19-2003      | E - 75% or more   | Yes               | 77-0606720   |  |
| Timothy J Donohue         | CHIEF COMPLIANCE OFFICER/ CHIEF OPERATING OFFICER/ DIRECTOR | 09-17-1985      | NA - less than 5% | Yes               |  | 725373       |
| Paul R Konsig             | CHIEF EXECUTIVE OFFICER                                     | 06-22-1985      | NA - less than 5% | Yes               |  | 500443       |
| Melvin N/A Feldman        | DIRECTOR                                                    | 08-25-2003      | NA - less than 5% | No                |  | 205924       |
| Barbara B Price           | DIRECTOR                                                    | 08-25-2003      | NA - less than 5% | No                |  | 17944        |
| David B Korostoff         | DIRECTOR                                                    | 08-25-2003      | NA - less than 5% | No                |  | 1205712      |
| Justyn Seth Feldman       | DIRECTOR                                                    | 04-25-2019      | NA - less than 5% | No                |  | 2283535      |
| Paul David Mante          | DIRECTOR                                                    | 04-25-2019      | NA - less than 5% | No                |  | 4911949      |
| Danielle Denise Dembowski | FINOP                                                       | 09-03-2019      | NA - less than 5% | No                |  | 5855269      |
| Leonardo N/A Estanislao   | Director                                                    | 07-30-2020      | NA - less than 5% | No                |  | 4622553      |
| Carmine Claudio Capone    | Executive Vice President                                    | 01-01-2020      | NA - less than 5% | Yes               |  | 1124455      |
| Jeffrey Paul Lenzi        | Director                                                    | 07-30-2020      | NA - less than 5% | No                |  | 2452390      |
| Stephen Glenn Vessels     | Director                                                    | 07-30-2020      | NA - less than 5% | No                |  | 2403660      |
| Timothy J Donohue         | PRESIDENT                                                   | 01-01-2021      | NA - less than 5% | Yes               |  | 725373       |
| Matthew Eric Lipman       | SECRETARY                                                   | 04-28-2022      | NA - less than 5% | No                |  | 2367335      |
| Leonardo NMN Estanislao   | SVP and CIO                                                 | 01-01-2014      | NA - less than 5% | No                |  | 462255       |
| Carmine Claudio Capone    | DIRECTOR                                                    | 07-30-2020      | NA - less than 5% | Yes               |  | 1124455      |
| Michael James McKenna     | Executive Vice President                                    | 05-01-2010      | NA - less than 5% | Yes               |  | 1524460      |

### Schedule C: Amendments to Schedules A and B

| Type   | Ownership   | Owning Entity   | Name                      | Title/Status                                                | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Direct      |  | GMS GROUP HOLDINGS CORP   | MEMBER                                                      | 08-19-2003      | E - 75% or more   | Yes               | 77-0606720   |  |
|  | Direct      |  | Timothy J Donohue         | CHIEF COMPLIANCE OFFICER/ CHIEF OPERATING OFFICER/ DIRECTOR | 09-17-1985      | NA - less than 5% | Yes               |  | 725373       |
|  | Direct      |  | Paul R Konsig             | CHIEF EXECUTIVE OFFICER                                     | 06-22-1985      | NA - less than 5% | Yes               |  | 500443       |
|  | Direct      |  | Melvin N/A Feldman        | DIRECTOR                                                    | 08-25-2003      | NA - less than 5% | No                |  | 205924       |
|  | Direct      |  | Barbara B Price           | DIRECTOR                                                    | 08-25-2003      | NA - less than 5% | No                |  | 17944        |
|  | Direct      |  | David B Korostoff         | DIRECTOR                                                    | 08-25-2003      | NA - less than 5% | No                |  | 1205712      |
|  | Direct      |  | Justyn Seth Feldman       | DIRECTOR                                                    | 04-25-2019      | NA - less than 5% | No                |  | 2283535      |
|  | Direct      |  | Paul David Mante          | DIRECTOR                                                    | 04-25-2019      | NA - less than 5% | No                |  | 4911949      |
|  | Direct      |  | Danielle Denise Dembowski | FINOP                                                       | 09-03-2019      | NA - less than 5% | No                |  | 5855269      |
|  | Direct      |  | Leonardo N/A Estanislao   | Director                                                    | 07-30-2020      | NA - less than 5% | No                |  | 4622553      |
| Amend  | Direct      |  | Carmine Claudio Capone    | Executive Vice President                                    | 01-01-2020      | NA - less than 5% | Yes               |  | 1124455      |
|  | Direct      |  | Jeffrey Paul Lenzi        | Director                                                    | 07-30-2020      | NA - less than 5% | No                |  | 2452390      |
|  | Direct      |  | Stephen Glenn Vessels     | Director                                                    | 07-30-2020      | NA - less than 5% | No                |  | 2403660      |
|  | Direct      |  | Timothy J Donohue         | PRESIDENT                                                   | 01-01-2021      | NA - less than 5% | Yes               |  | 725373       |
|  | Direct      |  | Matthew Eric Lipman       | SECRETARY                                                   | 04-28-2022      | NA - less than 5% | No                |  | 2367335      |
|  | Direct      |  | Leonardo NMN Estanislao   | SVP and CIO                                                 | 01-01-2014      | NA - less than 5% | No                |  | 462255       |
|  | Direct      |  | Carmine Claudio Capone    | DIRECTOR                                                    | 07-30-2020      | NA - less than 5% | Yes               |  | 1124455      |
|  | Direct      |  | Michael James McKenna     | Executive Vice President                                    | 05-01-2010      | NA - less than 5% | Yes               |  | 1524460      |
| NewAdd | Direct      |  | Stephen Glenn Vessels     | Executive Vice President                                    | 01-29-2026      | NA - less than 5% | Yes               |  | 2403660      |

### Disclosure Reporting Pages (DRPs)

**Regulatory DRP for: Applicant (Responding to Questions: 9-C1, 9-C2, 9-C4)**

  - **Associated Person:** Paul A Steets

  - **CRD Number:** 1020787

  - **Filed On (AP):** Form ADV/BD/U4 for Paul A Steets

  - **Disclosure Number:** 57512

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C4)**

  - **Associated Person:** Paul R Konsig

  - **CRD Number:** 500443

  - **Filed On (AP):** Form ADV/BD/U4 for Paul R Konsig

  - **Disclosure Number:** 81097

**Regulatory DRP for: Applicant (Responding to Questions: 9-D1, 9-D5)**

  - **Associated Person:** Paul R Konsig

  - **CRD Number:** 500443

  - **Filed On (AP):** Form ADV/BD/U4 for Paul R Konsig

  - **Disclosure Number:** 112441

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C4)**

  - **Associated Person:** Melvin N/A Feldman

  - **CRD Number:** 205924

  - **Filed On (AP):** Form ADV/BD/U4 for Melvin Feldman

  - **Disclosure Number:** 71073

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C4)**

  - **Associated Person:** Melvin N/A Feldman

  - **CRD Number:** 205924

  - **Filed On (AP):** Form ADV/BD/U4 for Melvin Feldman

  - **Disclosure Number:** 71074

**Regulatory DRP for: Applicant (Responding to Questions: 9-C1, 9-C2, 9-C4)**

  - **Associated Person:** John F Howell

  - **CRD Number:** 502534

  - **Filed On (AP):** Form ADV/BD/U4 for John F Howell Jr

  - **Disclosure Number:** 145020

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for The GMS Group, LLC

- **CRD Number:** 8000

- **Disclosure Number:** 1550379

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for The GMS Group, LLC

- **CRD Number:** 8000

- **Disclosure Number:** 001433747

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for The GMS Group, LLC

- **CRD Number:** 8000

- **Disclosure Number:** 1383130

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for The GMS Group, LLC

- **CRD Number:** 8000

- **Disclosure Number:** 1207888

**Regulatory DRP for: Applicant (Responding to Questions: 9-E3)**

  - **Associated Person:** CARMINE CLAUDIO CAPONE

  - **CRD Number:** 1124455

  - **Filed On (AP):** Form ADV/BD/U4 for CARMINE CLAUDIO CAPONE

  - **Disclosure Number:** 1835752

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for —

- **CRD Number:** —

- **Disclosure Number:** —

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2, 9-E4)**

- **Filed On (Applicant):** Form ADV/BD/U4 for The GMS Group, LLC

- **CRD Number:** 8000

- **Disclosure Number:** 1915907

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2, 9-E4)**

- **Filed On (Applicant):** Form ADV/BD/U4 for The GMS Group, LLC

- **CRD Number:** 8000

- **Disclosure Number:** 2112058

**Regulatory DRP for: Applicant (Responding to Questions: 9-E3, 9-E4)**

  - **Associated Person:** Carmine Claudio Capone

  - **CRD Number:** 1124455

  - **Filed On (AP):** Form ADV/BD/U4 for Carmine Capone

  - **Disclosure Number:** 1835752

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for The GMS Grouup, LLC

- **CRD Number:** 8000

- **Disclosure Number:** 2462142

### Execution Page

**Signature:** Thomas Regenye

**Signer Name:** Thomas Regenye

**Title:** VP Compliance

**Date:** 02-25-2026

**CRD Number:** 8000