Introduction <p>People who identify as Sexual or Gender Minorities (SGMs) tend to report more symptoms of depression and anxiety relative to those who identify as cisgender heterosexuals (non-SGMs). According to the minority stress model, these elevated rates are due to exposure to distal stressors that are disproportionately experienced by SGMs relative to non-SGMs and the proximal manifestations of such exposure.</p> Methods <p>We test this model with an online survey sample of 447 SGM and 171 non-SGM adults. Data were collected June of 2023.</p> Results <p>Consistent with the model (a) SGMs report significantly more symptoms of anxiety and depression than do non-SGMs, (b) distal forms of stress account for this difference, and (c) distal stressors appear to promote concealment, which in turn is associated with proximal stress, anxiety, and depression in the SGM sample.</p> Conclusions <p>SGM identity concealment appears to play a more pivotal role in the mechanisms by which environmental stressors lead to anxiety and depression symptoms than previously established.</p> Policy Implications <p>These findings highlight the importance of policies that reduce environmental stressors and, in turn, reduce the necessity for identity concealment among SGMs. Public education initiatives should prioritize reducing stigmatization and creating supportive communities. Efforts to create safe spaces, such as community centers, and to ensure access to relevant healthcare, including gender-affirming care, are important steps in fostering supportive communities.</p>