# EDGAR Filing Document

**Accession Number:** 0001006938
**File Stem:** 0001006938-26-000005
**Filing Date:** 2026-1
**Character Count:** 16255
**Document Hash:** 0229a5b3967ebb4aa3f8861de7d1692b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001006938-26-000005.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001006938-26-000005

**CONFORMED SUBMISSION TYPE**: MA-A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHLAND SECURITIES, INC.
- **CENTRAL INDEX KEY:** 0001006938

**ORGANIZATION NAME:**
- **EIN:** 411819873
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** MA-A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 867-00500
- **FILM NUMBER:** 26558737

**BUSINESS ADDRESS:**
- **STREET 1:** 150 SOUTH FIFTH STREET
- **STREET 2:** SUITE 3300
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** (612) 851-5946

**MAIL ADDRESS:**
- **STREET 1:** 150 SOUTH FIFTH STREET
- **STREET 2:** SUITE 3300
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ORACLE INVESTMENTS, INC.
- **DATE OF NAME CHANGE:** 20020917

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHLAND SECURITIES, INC.
- **DATE OF NAME CHANGE:** 20020911

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ORACLE INVESTMENTS, INC.
- **DATE OF NAME CHANGE:** 20020828

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

## FORM MA: UNIFORM APPLICATION FOR MUNICIPAL ADVISOR REGISTRATION

### Filer and Contact Information

**Filer CIK:** 0001006938

**Filer CCC:** XXXXXXXX

**Contact Name:** Traci Spanier

**Contact Phone:** 612-851-4901

**Contact Email:** tspanier@northlandsecurities.com

**Notification Emails:** awatson@northlandsecurities.com

### Type of Filing

**Selected Filing Type:** Annual Update

### Item 1: Identifying Information

**A. Full Legal Name of the Firm:** NORTHLAND SECURITIES, INC.

**&nbsp;&nbsp;&nbsp;Organization CRD No.:** 40258

**&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?:** No

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

**C. IRS Employer Identification Number:** 41-1819873

**D. Registrations:**

- **Municipal Advisor:** SEC File No: 867-00500

- **Broker-Dealer:** SEC File No: 008-48994, CRD No: 40258

- **SEC-Registered Investment Adviser:** SEC File No: 801-96329, CRD No: 40258

**E. Principal Office and Place of Business:** 150 SOUTH 5TH STREET, 33rd FLOOR, MINNEAPOLIS, MN, 55402

**Telephone Number:** 612-851-5900

**Additional Offices of Employment:**

- **Office #1 (Add):** 6903 Vista Drive, West Des Moines, IA, 50266 | Phone: 515-657-4677

- **Office #2 (Add):** 5251 DTC Parkway, Suite 1020, Greenwood Village, CO, 80111 | Phone: 303-801-3375

- **Office #3 (Add):** 175 South Third Street, Suite 340, Columbus, OH, 43215 | Phone: 614-663-8070

- **Office #4 (Add):** 1620 Dodge St 28th Floor, MS 3284, Omaha, NE, 68197 | Phone: 402-602-3372

- **Office #5 (NewAdd):** 9400 Mission Road, Prairie Village, KS, 66206 | Phone: 9132667002

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

**F. Website:** www.northlandsecurities.com

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

**Name:** Traci Lee Spanier

**Titles:** Sr. Vice President - Co-Chief Compliance Officer

**Address:** 150 South 5th Street, 33rd Floor, Minneapolis, MN, 55402

**Phone Number:** 612-851-4901

**Email:** tspanier@northlandsecurities.com

**H. Business Affiliates:**

- **Name:** Northland Capital Holdings

- **Name:** First National of Nebraska

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

### Item 2: Form of Organization

**A. Applicant's form of organization:** Corporation

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

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

**D. Date of Organization:** 09-14-1995

**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:** 215

**B. Municipal Advisory Activities - Employees:** 22

**C. Registered Representatives - MAA Employees also registered reps of a broker-dealer:** 22

**&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:** 67

**&nbsp;&nbsp;&nbsp;Types of Clients:** Municipal Entities, Non-profit organizations

**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
Contingent Fees
, Hourly Charges, Fixed Fees, 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 Investment Of Proceeds MS, Advice ME Investments, Advice ME Other Investments, Advice On Selection

### Item 5: Other Business Activities

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

- **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:** Broker-dealer municipal securities dealer or government securities broker or dealer, Investment Adviser, Banking/Thrift institution, Trust Company, Insurance company or agency, Other municipal advisor, Banking/Thrift institution, Banking/Thrift institution, Trust Company, Insurance company or agency, Investment Adviser, Investment Adviser, Insurance company or agency, Insurance company or agency

**Total Associated Persons:** 8

### 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?:** Yes

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

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

- **SEC/CFTC Imposed Civil Penalty?:** Yes

- **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?:** No

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

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

- **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   |
|:---|:---|:---|:---|:---|:---|:---|
| Northland Capital Holdings, Inc | Direct Owner                | 01-02-2004      | E - 75% or more   | Yes               | 20-0222291   |  |
| Randy Gene Nitzsche             | CEO, President              | 09-01-2002      | NA - less than 5% | Yes               |  | 1558954      |
| Dustin Richard Alden            | Controller, Fin Op          | 08-01-2017      | NA - less than 5% | Yes               |  | 6131554      |
| Mandy Marie Teigland            | Co-Chief Compliance Officer | 06-01-2021      | NA - less than 5% | Yes               |  | 4870219      |
| Traci Lee Spanier               | Co-Chief Compliance         | 06-01-2021      | NA - less than 5% | Yes               |  | 2897659      |
| David E Cota                    | Director                    | 05-01-2023      | NA - less than 5% | No                |  | 2866911      |
| Tiffany Dawn Henn               | Director                    | 05-01-2023      | NA - less than 5% | Yes               |  | 5515577      |
| Stephen Curtis Wade             | Director                    | 05-01-2023      | NA - less than 5% | No                |  | 2416612      |

### Schedule B: Indirect Owners

| Owning Entity                      | Name                                | Title/Status   | Date Acquired   | Ownership Code            | Control Person?   | IRS Number   |
|:---|:---|:---|:---|:---|:---|:---|
| Northland Capital Holdings, Inc    | First National of Nebraska, Inc     | Owner          | 05-01-2023      | E - 75% or more           | Yes               | 47-0444651   |
| FIRST NATIONAL OF NEBRASKA, INC    | LAURITZEN CORPORATION               | DIRECT OWNER   | 06-01-1997      | C - 25% but less than 50% | No                | 47-0444651   |
| LAURITZEN CORPORATION              | JOHN R. LAURITZEN IRREVOCABLE TRUST | DIRECT OWNER   | 06-01-1984      | C - 25% but less than 50% | No                | 20-6035628   |
| JOHN R LAURITZEN IRREVOCABLE TRUST | FIRST NATIONAL BANK OF OMAHA        | TRUSTEE        | 12-01-1972      | E - 75% or more           | No                | 47-0259043   |

### 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      |  | Northland Capital Holdings, Inc     | Direct Owner                | 01-02-2004      | E - 75% or more           | Yes               | 20-0222291   |  |
|  | Indirect    | Northland Capital Holdings, Inc    | First National of Nebraska, Inc     | Owner                       | 05-01-2023      | E - 75% or more           | Yes               | 47-0444651   |  |
|  | Indirect    | FIRST NATIONAL OF NEBRASKA, INC    | LAURITZEN CORPORATION               | DIRECT OWNER                | 06-01-1997      | C - 25% but less than 50% | No                | 47-0444651   |  |
|  | Indirect    | LAURITZEN CORPORATION              | JOHN R. LAURITZEN IRREVOCABLE TRUST | DIRECT OWNER                | 06-01-1984      | C - 25% but less than 50% | No                | 20-6035628   |  |
|  | Indirect    | JOHN R LAURITZEN IRREVOCABLE TRUST | FIRST NATIONAL BANK OF OMAHA        | TRUSTEE                     | 12-01-1972      | E - 75% or more           | No                | 47-0259043   |  |
|  | Direct      |  | Randy Gene Nitzsche                 | CEO, President              | 09-01-2002      | NA - less than 5%         | Yes               |  | 1558954      |
|  | Direct      |  | Dustin Richard Alden                | Controller, Fin Op          | 08-01-2017      | NA - less than 5%         | Yes               |  | 6131554      |
|  | Direct      |  | Mandy Marie Teigland                | Co-Chief Compliance Officer | 06-01-2021      | NA - less than 5%         | Yes               |  | 4870219      |
|  | Direct      |  | Traci Lee Spanier                   | Co-Chief Compliance         | 06-01-2021      | NA - less than 5%         | Yes               |  | 2897659      |
|  | Direct      |  | David E Cota                        | Director                    | 05-01-2023      | NA - less than 5%         | No                |  | 2866911      |
|  | Direct      |  | Tiffany Dawn Henn                   | Director                    | 05-01-2023      | NA - less than 5%         | Yes               |  | 5515577      |
|  | Direct      |  | Stephen Curtis Wade                 | Director                    | 05-01-2023      | NA - less than 5%         | No                |  | 2416612      |

### Disclosure Reporting Pages (DRPs)

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

- **Filed On (Applicant):** Form ADV/BD/U4 for Northland Securities, Inc

- **CRD Number:** 40258

- **Disclosure Number:** 1519706

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

- **Filed On (Applicant):** Form ADV/BD/U4 for Northland Securities, Inc

- **CRD Number:** 40258

- **Disclosure Number:** 1519134

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

- **Filed On (Applicant):** Form ADV/BD/U4 for Northland Securities, Inc

- **CRD Number:** 40258

- **Disclosure Number:** 1344879

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

- **Filed On (Applicant):** Form ADV/BD/U4 for Northland Securities, Inc

- **CRD Number:** 40258

- **Disclosure Number:** 1335389

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

- **Filed On (Applicant):** Form ADV/BD/U4 for Northland Securities, Inc

- **CRD Number:** 40258

- **Disclosure Number:** 1826175

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

- **Filed On (Applicant):** Form ADV/BD/U4 for Northland Securities, Inc.

- **CRD Number:** 40258

- **Disclosure Number:** 1826175

**Regulatory DRP for: Applicant (Responding to Questions: 9-C5)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Northland Securities, Inc.

- **CRD Number:** 40258

- **Disclosure Number:** 1826175

**Regulatory DRP for: Applicant (Responding to Questions: 9-D1, 9-D2, 9-D4)**

  - **Associated Person:** —

  - **CRD Number:** 153128

  - **Filed On (AP):** Form ADV/BD/U4 for First National Fund Advisors

  - **Disclosure Number:** 1971295

### Execution Page

**Signature:** Traci Spanier

**Signer Name:** Traci Spanier

**Title:** Co-Chief Compliance Officer

**Date:** 01-23-2026