# EDGAR Filing Document

**Accession Number:** 0001616512
**File Stem:** 0001616512-26-000001
**Filing Date:** 2026-1
**Character Count:** 12589
**Document Hash:** beae10b4f28743a3fc4282e0d00a8b50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001616512-26-000001.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001616512-26-000001

**CONFORMED SUBMISSION TYPE**: MA-A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SB Friedman Development Advisors, LLC
- **CENTRAL INDEX KEY:** 0001616512

**ORGANIZATION NAME:**
- **EIN:** 363743752
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** MA-A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 867-00435
- **FILM NUMBER:** 26608439

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 820
- **STREET 2:** 221 N. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601
- **BUSINESS PHONE:** 312-424-4250

**MAIL ADDRESS:**
- **STREET 1:** SUITE 820
- **STREET 2:** 221 N. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** S. B. Friedman & Co
- **DATE OF NAME CHANGE:** 20140812

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

## FORM MA: UNIFORM APPLICATION FOR MUNICIPAL ADVISOR REGISTRATION

### Filer and Contact Information

**Filer CIK:** 0001616512

**Filer CCC:** XXXXXXXX

**Contact Name:** Stephen B. Friedman

**Contact Phone:** 312-424-4260

**Contact Email:** sbf@sbfriedman.com

**Notification Emails:** tsmith@sbfriedman.com

### Type of Filing

**Selected Filing Type:** Annual Update

### Item 1: Identifying Information

**A. Full Legal Name of the Firm:** SB Friedman Development Advisors, LLC

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

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

**&nbsp;&nbsp;&nbsp;Has the applicant had any previous DBA names?:** Yes

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

**C. IRS Employer Identification Number:** 36-3743752

**D. Registrations:**

- **Municipal Advisor (Temporary):** SEC File No: 866-00645-00

- **Municipal Advisor:** SEC File No: 867-00435

**E. Principal Office and Place of Business:** SUITE 3700, 70 WEST MADISON STREET, CHICAGO, IL, 60602

**Telephone Number:** 312-424-4250

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

**F. Website:** www.sbfriedman.com

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

**Name:** Stephen Belais Friedman

**Titles:** Founder and Member

**Address:** Suite 3700, 70 West Madison Street, Chicago, IL, 60602

**Phone Number:** 312-424-4260

**Email:** sbf@sbfriedman.com

**I. Location of Books and Records:** No

### 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:** IL

**D. Date of Organization:** 01-03-1991

**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:** 38

**B. Municipal Advisory Activities - Employees:** 5

**C. Registered Representatives - MAA Employees also registered reps of a broker-dealer:** 0

**&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:** 0

**&nbsp;&nbsp;&nbsp;Types of Clients:** Municipal Entities, Non-profit organizations, Corporations or other businesses, Other

**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
Fixed Fees
, Hourly Charges, Fixed 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

### Item 5: Other Business Activities

**Is applicant engaged in any other non-municipal advisor business?** Yes

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

**Types of associated persons:** Real estate broker or dealer, Real estate broker or dealer, Real estate broker or dealer

**Total Associated Persons:** 2

### 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?:** No

- **&nbsp;&nbsp;&nbsp;If yes, are any of these broker-dealers an associated person of the applicant?:** —

- **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?:** No

- **SEC/CFTC Found Violation?:** No

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

- **SEC/CFTC Entered Order?:** No

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

- **SRO Found Unethical Conduct?:** No

- **SRO Found Violation?:** No

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

- **SRO Barred/Suspended/Fined > $2,500?:** No

- **SRO Denied/Suspended/Revoked Registration?:** No

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

- **Foreign Authority Found Violation?:** No

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

- **Foreign Authority Disciplined?:** No

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

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

**Civil Disclosure:**

- **Enjoined in Connection with Municipal Advisory Activity?:** No

- **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   |
|:---|:---|:---|:---|:---|:---|:---|
| SBF 2 Corp              | Member Manager                         | 02-05-2022      | D - 50% but less than 75% | Yes               | 87-4053271   |  |
| Stephen Belais Friedman | Founder and Member                     | 12-22-2022      | NA - less than 5%         | No                |  | 000000000    |
| Anthony Quentin Smith   | Executive Vice President and Member    | 02-05-2022      | B - 10% but less than 25% | Yes               |  | 000000000    |
| Grace J Kim             | Corporate Secretary and Vice President | 01-01-2017      | NA - less than 5%         | No                |  | 000000000    |
| Fran Lefor Rood         | Senior Vice President and Member       | 02-05-2022      | B - 10% but less than 25% | Yes               |  | 000000000    |
| Ranadip NMN Bose        | Senior Vice President and Member       | 02-05-2022      | B - 10% but less than 25% | Yes               |  | 000000000    |
| Geoffrey H Dickinson    | Senior Vice President and Member       | 02-05-2022      | B - 10% but less than 25% | No                |  | 000000000    |
| Lance D Dorn            | Senior Vice President and Member       | 01-01-2023      | NA - less than 5%         | No                |  | 000000000    |
| Ryan M Hagerty          | Senior Vice President and Member       | 01-01-2023      | NA - less than 5%         | No                |  | 000000000    |

### Schedule B: Indirect Owners

| Owning Entity                         | Name                    | Title/Status   | Date Acquired   | Ownership Code            | Control Person?   | IRS Number   |
|:---|:---|:---|:---|:---|:---|:---|
| SB Friedman Development Advisors, LLC | SBF 2 Corp.             | Class A Member | 02-05-2022      | D - 50% but less than 75% | Yes               | 87-4053271   |
| SBF 2 Corp.                           | Stephen Belais Friedman | President      | 01-01-2022      | E - 75% or more           | Yes               |  |

### 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      |  | SBF 2 Corp              | Member Manager                         | 02-05-2022      | D - 50% but less than 75% | Yes               | 87-4053271   |  |
|  | Indirect    | SB Friedman Development Advisors, LLC | SBF 2 Corp.             | Class A Member                         | 02-05-2022      | D - 50% but less than 75% | Yes               | 87-4053271   |  |
|  | Direct      |  | Stephen Belais Friedman | Founder and Member                     | 12-22-2022      | NA - less than 5%         | No                |  | 000000000    |
|  | Direct      |  | Anthony Quentin Smith   | Executive Vice President and Member    | 02-05-2022      | B - 10% but less than 25% | Yes               |  | 000000000    |
|  | Direct      |  | Grace J Kim             | Corporate Secretary and Vice President | 01-01-2017      | NA - less than 5%         | No                |  | 000000000    |
|  | Direct      |  | Fran Lefor Rood         | Senior Vice President and Member       | 02-05-2022      | B - 10% but less than 25% | Yes               |  | 000000000    |
|  | Direct      |  | Ranadip NMN Bose        | Senior Vice President and Member       | 02-05-2022      | B - 10% but less than 25% | Yes               |  | 000000000    |
|  | Direct      |  | Geoffrey H Dickinson    | Senior Vice President and Member       | 02-05-2022      | B - 10% but less than 25% | No                |  | 000000000    |
|  | Direct      |  | Lance D Dorn            | Senior Vice President and Member       | 01-01-2023      | NA - less than 5%         | No                |  | 000000000    |
|  | Direct      |  | Ryan M Hagerty          | Senior Vice President and Member       | 01-01-2023      | NA - less than 5%         | No                |  | 000000000    |
|  | Indirect    | SBF 2 Corp.                           | Stephen Belais Friedman | President                              | 01-01-2022      | E - 75% or more           | Yes               |  | 000000000    |

### Execution Page

**Signature:** Stephen B. Friedman

**Signer Name:** Stephen B. Friedman

**Title:** Founder and Member

**Date:** 01-26-2026