# NATIXIS SECURITIES AMERICAS LLC X-17A-5 (2026-03-06) — Broker-dealer annual report - Company: NATIXIS SECURITIES AMERICAS LLC - Form: X-17A-5 - Filed: 2026-03-06 - Period: 2025-12-31 - Accession: 0000007470-26-000005 - CIK: 7470 - File #: 8-00719 - Type: Broker-dealer - Material weakness: No - Auditor: Pricewaterhouse Coopers LLP - Auditor location: New York, NY - Contact: Kevin Wilches - Phone: 212 583 4977 - Website: pwc.com - Signed by: Otto Lambrianidis (FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/7470/000000747026000005/NSAFinancials123125Conf_1.pdf --- {0}------------------------------------------------ #### NATIXIS SECURITIES AMERICAS LLC (A Wholly Owned Subsidiary of Natixis North America LLC) (SEC I.D. No. 8-00719) ### FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2025 AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM \*\*\*\*\*\*\* This annual report is deemed CONFIDENTIAL in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934. A statement of financial condition, bound separately, has been filed with the Securities and Exchange Commission simultaneously herewith as a Public Document, and each page of this annual report is stamped "CONFIDENTIAL". {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ## ANNUAL REPORTS FORM X-17A-5 PART I | L
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D/ | | | | | | | | #### A. REGISTRANT IDENTIFICATION NAME OF FIRM: Natixis Securities Americas LLC TYPE OF REGISTRANT (check all applicable boxes): Broker-dealer Security-based swap dealer Check here if respondent is also an OTC derivatives dealer Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not usea P.O. box no.) ### 1251 Avenue of the Americas | | )
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NL | | | | | | | | | | Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances reliedon or as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. CFR 240.17a-5(e}(1}{ii). if apolicable. Persons who are to respond to the collection of information contained in this form are not required to respond unlessthe form displaysa currently valid OMB control number. {2}------------------------------------------------ ### NATIXIS SECURITIES AMERICAS LLC TABLE OF CONTENTS #### This filing\* contains (check all applicable boxes): - [a) Statement of financial condition. - [b) Notes to consolidated statement of financial condition. - c) Statement of income |loss | or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - (d) Statement of cash flows. - [e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [f) Statement of changes in liabilities subordinated to claims of creditors. - [g) Notes to consolidated financial statements. - [h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [i] Computation of tangible net worth under 17 CFR 240.18a-2. - [] Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - [ [k] Computation for determination of security-based swap reserve reguirements pursuant to Exhibit B to 17 CFR 200.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - [n] Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - [0] Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - [p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - |q] Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - [r] Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [t] Independent public accountant s report based on an examination of the statement of financial condition. - [u] Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - [ [v] Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [w] Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [x] Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - [] {y) Report describing any material inateguacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12{k}. [z) Other: \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.170-5(e)(2), as applicable. {3}------------------------------------------------ #### AFFIRMATION I, Otto Lambrianidis, affirm that, to the best of my knowledge and belief, the accompanying financial statements and supporting supplemental schedules pertaining to Natixis Securities Americas LLC (the "Company") as of and for the year ended December 31, 2025, are true and correct. I further affirm that neither the Company nor any principal officer or director has any proprietary interest in any account classified solely as that of a customer. other Otto Lambrianidis Principal Financial Officer This 26th day of February 2026 {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ### Report of Independent Registered Public Accounting Firm To the Board of Directors and Member of Natixis Securities Americas LLC: #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Natixis Securities Americas LLC, (the "Company") as of December 31, 2025, and the related statement of income, changes in member's equity, changes in liabilities subordinated to claims of general creditors and cash flows for the year then ended, including 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 of these financial statements 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. #### Supplemental Information The accompanying Computation of Net Capital Under Rule 15c3-1, Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3, Computation of PAB Requirements pursuant to Rule 15c3-3 and Information Relating to the Possession or Control Requirements under Rule 15c3-3 as of December 31, 2025 (collectively, 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 Company's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented information. In formation. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Rule 17a-5 under the Securities Exchange Act of 1934. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. February 26, 2026 We have served as the Company's auditor since 2022. PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017 T: (646) 471 3000. F: (813) 286 6000, www.pwc.com/us {5}------------------------------------------------ | ASSCIN | | | |--------------------------------------------------------------------------------------|------|------------| | Cash | S | 55,126 | | Securities borrowed | | 13,191,271 | | Securities received as collateral | | 5,173,283 | | Securities purchased under agreements to resell (includes \$6,409,024 at fair value) | | 8,964,900 | | Securities owned, at fair value | | 235,101 | | Due from affiliates | | 25,072 | | Due from clearing corporations, brokers, dealers, and others | | 155,782 | | Accrued interest receivable | | 55,228 | | Other assets | | 21,020 | | Total assets | ಲ್ಲಾ | 27,876,783 | | | | | | Liabilities and Member's Equity | | | | Liabilities | | | | Securities loaned | S | 8,166,762 | | Obligation to return securities received as collateral | | 5,173,283 | | Securities sold under agreements to repurchase (includes \$11,320,451 at fair value) | | 11,320,451 | | Securities sold, not yet purchased, at fair value | | 1,164 | | Borrowing from affiliate | | 351,999 | | Due to affiliates | | 1,308,782 | | Due to clearing corporations, brokers, dealers, and others | | 40,702 | | Accrued interest payable | | 34,553 | | Deferred taxes, net | | 3,308 | | Liabilities subordinated to claims of general creditors | | 150,000 | | Other liabilities | | 9,595 | | Total liabilities | ea | 26,560,599 | | Commitments and contingent liabilities (see Note 11) | | | | Total member's equity | | 1,316,184 | | Total liabilities and member's equity | ਉ | 27,876,783 | The accompanying notes are an integral part of these financial statements CONFIDENTIAL 6 {6}------------------------------------------------ ### Natixis Securities Americas LLC Statement of Income For the Year Ended December 31, 2025 (In Thousands of U.S. dollars) | Revenues | | | | |----------------------------------------|--|-----|-----------| | Interest income | | S | 1,037,968 | | Underwriting, placement and other fees | | | 77,630 | | Principal transactions, net | | | (199) | | Other income | | | 18,655 | | Total revenues | | ಕಿತ | 1,134,054 | | | | | | | Expenses | | | | | Interest expense | | S | 930,517 | | Compensation and benefits | | | 26,927 | | Administrative support | | | 52,421 | | Commissions and fees | | | 9,176 | | Professional fees | | | 669 | | Communications | | | 3,392 | | Occupancy | | | 630 | | Other expense | | | 4,124 | | Total expenses | | ಕಿ | 1,027,856 | | Income before income tax expense | | | 106,198 | | Income tax expense | | | 26,278 | | Net Income | | ಕಿ | 79,920 | The accompanying notes are an integral part of these financial statements CONFIDENTIAL 7 {7}------------------------------------------------ Total Member's Equity S 1,236,264 79,920 \$ 1,316,184 Balance at January 1, 2025 Net Income Balance at December 31, 2025 The accompanying notes are an integral part of these financial statements CONFIDENTIAL {8}------------------------------------------------ ### Natixis Securities Americas LLC Statement of Changes in Liabilities Subordinated to Claims of General Creditors For the Year Ended December 31, 2025 (In Thousands of U.S. dollars) | Balance at January 1, 2025 | 150,000 | |------------------------------|--------------| | Decreases during the year | | | Increases during the year | | | Balance at December 31, 2025 | S
150,000 | The accompanying notes are an integral part of these financial statements CONFIDENTIAL {9}------------------------------------------------ #### Natixis Securities Americas LLC Statement of Cash Flows For the Year Ended December 31, 2025 (In Thousands of U.S. dollars) | Cash flows from operating activities | | | |----------------------------------------------------------------------|-------|-------------| | Net income | ea | 79,920 | | Adjustment to reconcile net income to net cash provided by (used in) | | | | operating activities : | | | | Deferred taxes, net | | 1,846 | | Net changes in operating assets and liabilities: | | | | Securities borrowed | | (856,324) | | Securities received as collateral | | (465,949) | | Securities purchased under agreements to resell | | (2,626,715) | | Securities owned, at fair value | | (46,555) | | Due from affiliate | | (8,976) | | Due from clearing corporations, brokers, dealers, and others | | 11,735 | | Accrued interest receivable | | 9,631 | | Other assets | | (11,247) | | Securities loaned | | (1,324,100) | | Obligation to return securities received as collateral | | 465,949 | | Securities sold under agreements to repurchase | | 4,796,168 | | Securities sold, not yet purchased, at fair value | | 1,164 | | Due to affiliates | | 557,679 | | Due to clearing corporations, brokers, dealers, and others | | (430) | | Accrued interest payable | | (7,688) | | Other liabilities | | 8,040 | | Net cash provided by operating activities | es | 584,148 | | | | | | Cash flows from financing activities | | | | Borrowing from affiliate | | (591,690) | | Net cash used in financing activities | ea | (591,690) | | | | | | Net decrease in cash | | (7,542) | | Cash, beginning of year | | 62,668 | | | | | | | | | | Cash, end of year | es | 55,126 | | Supplemental disclosure of cash flow information | | | | | ਦਿੱਤੇ | 938,205 | | Interest paid | | | The accompanying notes are an integral part of these financial statements CONFIDENTIAL {10}------------------------------------------------ #### 1. Business and Organization Natixis Securities Americas LLC (the "Company") is a single member limited liability company organized in Delaware and a wholly owned subsidiary of Natixis North America LLC ("NNA"), its managing member. NNA is a wholly owned subsidiary of Natixis"), an entity organized in Paris, France. Natixis is a wholly owned subsidiary of Group Banque Populaire and Caisse d'Epargne ("BPCE"). The Company is engaged in a single line of business as a securities broker-dealer, which comprises of several types of activities, including principal and agency transactions in debt and equity securities and investment banking transactions through private placement and advisory activities. The Company also engages in securities financing transactions, which are collateralized by U.S. government, agency, equity, collateralized loan obligations, and corporate debt securities. The Company is a registered broker-dealer with the Securities and Exchange Commission ("SEC") and a member of Financial Industry Regulatory Authority ("FINRA"). The Company has identified its Management Committee as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business to manage the Company. Additionally, the CODM uses excess net capital, which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or distribute dividends. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole and the statement of income presents the revenue and expenses for the year ended December 31, 2025 of \$79.9 million. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of sigmificant accounting policies. #### 2. Summary of Significant Accounting Policies #### Basis of financial information The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and are stated in U.S. dollars. #### Use of estimates The preparation of financial statements in conformity with GAAP 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 revenue and expenses during the year. Actual results could differ from those estimates generally include the fair value of securities owned, securities available for sale, and securities sold, not yet purchased, the fair value of certain securities sold under agreements to repurchase and securities purchased under agreements to resell. #### Cash Cash represents deposits with financial institutions which may, at times, exceed Federal deposit insurance limits. As of December 31, 2025, the Company had no restricted cash. {11}------------------------------------------------ #### Securities segregated for regulatory purposes The Company maintains securities in segregated reserve accounts for the exclusive benefit of its customers pursuant to Customer Protection Rule 15c3-3 of the Securities and Exchange Act of 1934, As of December 31, 2025, the Company had \$15 million in segregated securities included in Securities purchased under agreements to resell within the statement of financial condition. #### Securities financing transactions #### Securities borrowed and securities loaned Securities borrowed and securities loaned are recorded based upon the amount of cash collateral advanced or received and are accounted for as collateralized financing transactions. Securities borrowed transactions require the Company to deposit cash with the lender. With respect to securities loaned, the Company receives collateral in the form of cash. The Company monitors the market value of securities borrowed and loaned, with additional collateral obtained or excess collateral returned, as applicable, in order to maintain contractual margin protection. Securities borrowed and securities loaned are carried at contract value, plus accrued interest resulting from these transactions is recorded in interest income and interest expense in the Statement of Income. #### Securities received as collateral and obligation to return securities received as collateral The Company also receives securities as collateral in connection with certain securities for securities transactions in which the Company is the lender of securities. The Company reports the fair value of these securities and the related obligation to return the collateral in accordance with Accounting Standards Codification ("ASC") Topic 860, Transfers and Servicing issued by the Financial Accounting Standards Board ("FASB"). The Company monitors the market value of securities borrowed and loaned, with additional collateral obtained or excess collateral returned, as applicable, in order to maintain contractual margin protection. Interest resulting from these transactions is recorded in interest income and interest expense in the Statement of Income. ### Securities purchased under agreements to resell and securities sold under agreements to repurchase Securities purchased under agreements to resell, and securities sold under agreements to repurchase recorded as collateralized financing transactions. The Company has elected the fair value option (see Note 6) for certain of the securities purchased under agreements to resell and securities sold under agreements to repurchase. The remaining balance is carried at contract value, plus accrued interest. The Company obtains possession of collateral with a market value equal to or in excess of the principal amount loaned under the resale agreements. On a daily basis, the Company manages its risk by calculating the market value of each participant's positions and comparing it to the contract amounts with any difference settled by the counterparty returning securities or cash. Interest resulting from these transactions is recorded in interest income and interest expense in the Statement of Income. #### Securities owned, at fair value Securities owned, at fair value consist of collateralized loan obligations, corporate bonds, and equity securities carried at fair value, and are recorded on a trade date basis. Fair value is generally based on quoted market prices, dealer quotations or internally developed models. Gains and losses resulting from these transactions are recorded on the trade date using the First in First out ("FIFO") method and are reported in principal transactions, net in the Statement of Income. Interest #### CONFIDENTIAL {12}------------------------------------------------ resulting from these transactions is reported in interest expense in the Statement of Income. Additional information regarding securities owned, at fair value is provided within Note 6. Fair value is generally based on quoted market prices, dealer quotations or internally developed models. Interest resulting from these transactions is reported in interest income in the Statement of Income. Additional information regarding securities available for sale is provided within Note 6. #### Fair value of financial instruments ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. ASC Topic 820 defines fair value as "the price that would be received to sell an asset or paid to transfer a liability in an ordinary transaction between market participants at the measurement date". A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Financial instrument assets and liabilities carried at fair value have been classified and disclosed in one of the following three categories: - · Level 1. Quoted market prices in active markets for identical assets or liabilities. - · Level 2. Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in the market. - · Level 3. Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. #### Due from/to affiliates Due from affiliates represents receivables from affiliated entities and includes margin deposits relating to secured financing and sales remuneration which compensates the Company for services rendered. Due to affiliates represents deposits relating to dealer, clearing activities, margin deposits and secured financing transactions with affiliates. #### Due from/to clearing corporations, brokers, dealers, and others Due from clearing corporations, brokers, dealers and others represents receivables from clearing organizations and includes deposits with clearing organizations, amounts receivable for securities not delivered by the Company to a purchaser by the settlement date (fails to deliver), receivables arising from unsettled regular way trades and others of securities operations. As these receivables generally do not give rise to material credit risk due to their short-term maturity, no allowance for credit losses is held against them. Due to clearing corporations, brokers, dealers and others represent amounts payable for securities not received by the Company from a seller by the settlement date (fails to receive), payables arising from unsettled trades, and payables from broker, dealers, and others of securities operations. {13}------------------------------------------------ #### Income taxes Deferred income taxes are computed for the differences between the financial reporting and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on tax laws and rates applicable to the periods in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or the entire deferred tax asset will not be realized. As a limited liability company, the Company is disregarded as an entity separate from its owner and sole member NNA. The Company's results of operations are included in the consolidated federal and combined state and local income tax returns filed by NNA. The Company computes its current and deferred taxes as if it were a separate taxpayer. the Company uses the statutory tax rates applicable to the consolidated tax return when computing its current and deferred taxes. Net operating losses ("NOLs") are realized by the Company when NOLs are utilized by the consolidated group. Deferred and current tax benefits are credited to the Company to the extent such benefits can ultimately be utilized by members of the consolidated group regardless of whether such benefits could ultimately be realized on a standalone basis. In addition, the need for a valuation allowance is determined at the NNA level rather than on a standalone basis. Amounts receivable or payable with affiliates related to the Company's current tax provision are settled periodically through inter-company accounts. The Company's policy is to evaluate uncertain tax positions based on the estimated likelihood that a tax position will be sustained upon examination. Unrecognized tax benefits are reassessed periodically to determine if a change is needed based on current information. Interest and penalties, to the extent it is deemed probable that they would be asserted, are accrued and included in income tax expense. #### Underwriting, placement and other fees Underwriting revenue represents fees arising from debt and equity underwriting services ("Investment Banking" revenue). Fee revenue related to Investment Banking underwriting commitments is recognized when all significant items relating to the underwriting cycle have been completed, and the amount of underwriting revenue has been determined. Generally, this would occur on trade or pricing date when the deal is launched into the primary market. Performance obligations are satisfied at this point in time. The Company has determined that it acts as principal in the majority of these transactions and therefore presents expenses gross within Commissions and fees on the Statement of Income. Investment Banking revenue totaled \$33.0 million for the year ended December 31, 2025. Placement and other fees represent fees related to the structuring and placement of collateralized loan obligations ("Advisory" revenue). Advisory revenue is recognized when the structuring and placement services have been completed, in an amount based on the consideration the Company expects to receive in exchange for performance obligations provided when such amounts are not probable of a significant reversal. Generally, the services are completed on trade or pricing date and there is generally no variable consideration in the transaction price. Performance obligations are satisfied at this point in time. Advisory revenues amounted to \$3.9 million for the year ended December 31, 2025. Other fees of \$8.7 million represent commissions, clearing and agency fees relating to securities financing transactions. Investment Banking and Advisory revenue receivables are reported in Other assets within the statement of financial condition. There were no contract assets as of December 31, 2025. {14}------------------------------------------------ #### Principal transactions, net Principal transaction gains and losses are recognized on trade date and represent the net realized and unrealized gains and losses on instruments carried at fair value. #### Other income Other income primarily includes sales remuneration, earned by the Company as part of arrangements with its affiliates. #### Administrative support Administrative support consists primarily of costs (including certain compensation costs) incurred and services received related to support functions such as audit, accounting, compliance, operations, human resources, corporate services, information technology, legal and risk management provided by U.S. affiliates under the terms of a Master Service Agreement and by Natixis under the terms of a Service Level Agreement. See Note 8 for additional information on administrative support. #### Compensation and benefits The Company is allocated the costs of affiliated employees, except for support functions defined above who render services on its behalf. These costs are recorded in compensation and benefits and include the salary and costs associated with certain employee benefits and other incentive compensation plans sponsored by NNA or Natixis. The employee cost associated with these plans is accrued over the required vesting period as employee services are rendered. #### 3. Recently Issued Accounting Standards #### Income Taxes - Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), which requires more information about income taxes, particularly related to the rate reconciliation and income taxes paid information. Public business entities would be required to disclose additional categories of information regarding the rate reconciliation. The guidance would also require all entities to disclose income taxes paid, net of refunds, disaggregated by federal and state jurisdictions. The ASU effective date for public business entities is for annual periods beginning after December 15, 2024. The Company has fully evaluated this ASU effective January 1, 2025 and there is no material effect on the tax disclosures. #### Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures In November 2024, the FASB issued ASU No. 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40), intended to improve the disclosures of expenses by requiring public business entity further disaggregation of relevant expense categories (i.e. employee compensation, depreciation, intangible asset amortization) in a separate note to the financial statements, a qualitative description of the amounts remaining in the relevant expense categories that are not separately disaggregated quantitatively. The ASU will be effective for annual reporting beginning after December 15, 2026 and for interim periods within annual reporting periods beginning after December 15, 2027. The Company is in the process of evaluating the impact and effect on its financial statements and related disclosures. {15}------------------------------------------------ #### 4. Offsetting Assets and Liabilities The following table presents the gross and net securities financing activities and the related offsetting amounts permitted under ASC 210-20-45: | | | | | | | As of December 31, 2025 | | | | | | | |--------------------------------------------------------|------|--------------------|---|---------------|---|-------------------------------|---|------------------------------------------------------------|---|------------------|---|---------| | | | | | | | (in thousands of U.S dollars) | | | | | | | | | | | | | | Net Amount of | | | | | | | | | | | | | | | | Gross amounts not offset within the Statement of Financial | | | | | | | | | | Gross Amount | | Assets/Liabilities | | | | Conditions (2) | | | | | | | | offset on the | | Presented | | | | | | | | | | Gross Amount | | Statement of | | on the Statement | | | | Cash | | | | | | of Recognized | | Financial | | of Financial | | Financial instruments | | collateral | | Net | | | | Assets/Liabilities | | Condition (1) | | Condition | | Collateral | | received/pledged | | Amounts | | | | | | | | | | | | | | | | Offsetting of financial assets: | | | | | | | | | | | | | | Securities borrowed | S | 13,191,271 \$ | | | S | 13,191,271 | S | (12,652,955) | S | | S | 538,316 | | Securities received as collateral | | 5,173,283 | | | | 5,173,283 | | (5,173,283) | | | | | | Securities purchased under agreements to resell | | 8,964,900 | | | | 8,964,900 | | (8,964,900) | | (44,732) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Offsetting of financial liabilities: | | | | | | | | | | | | | | Securities loaned | ಲ್ಲಾ | 8,166,762 | S | | S | 8,166,762 | S | (8,128,941) | | | S | 37,821 | | Obligation to return securities received as collateral | | 5,173,283 | | | | 5,173,283 | | (5,173,283) | | | | | | Securities sold under agreements to repurchase | | 11,320,451 | | | | 11,320,451 | | (11,312,460) | | (54,407) | | | (1) Amounts related to master netting agreements that have been determined by the Company to be legally enforceable in the event of default and where certain other required criteria are met in accordance with applicable offsetting accounting guidance (2) Amounts related to master netting agreements that have been determined by the Company to be legally enforceable in the event of default but where certain other required criteria to offset within the Statement of Financial Condition have not been met. {16}------------------------------------------------ #### 5. Collateralized Secured Borrowings The following table presents information about the contractual maturity of repurchase agreements and securities lending transactions that are accounted for as secured borrowings: | | | | As of December 31, 2025 | | | | | | | | |---------------------------------------------------------|---|------------|-------------------------------|-----------|----|------------|---|-----------|---|-----------| | | | | (in thousands of U.S dollars) | | | | | | | | | | | Overnight | | | | Greater | | Greater | | | | | | and | | Up to | | Than 30 to | | Than | | | | | | Continuous | | 30 Days | | 90 Days | | 90 Days | | Total | | | | | | | | | | | | | | Securities lending transactions: | | | | | | | | | | | | Equity securities | S | 5,280,824 | | 2,096,225 | ಕೆ | 533,053 | ટ | 256,660 | S | 8,166,762 | | Obligation to return securities received as collateral: | | | | | | | | | | | | Equity securities | | | | 102,212 | | 477,612 | | 4,593,459 | | 5,173,283 | | Repurchase agreements transactions: | | | | | | | | | | | | U.S. Treasury and Agency securities | | | | 6,966,156 | | 335,000 | | | | 7,301,156 | | Equity securities | | | | 760,000 | | 40,000 | | | | 800,000 | | Corporate Debts | | | | 1,131,409 | | 23,460 | | 1,547,615 | | 2,702,484 | | Collateralized Loan Obligations | | | | | | | | 516,811 | | 516,811 | | | | | | | | | | | | | #### 6. Fair Value Measurement The Company has categorized instruments, based on the priority of the inputs into the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in the active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Changes in the observability of valuation inputs may result in a transfer between levels for certain financial assets or liabilities. {17}------------------------------------------------ #### Measurement on a Recurring Basis The following table presents the Company's fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2025: | | | Fair Value Measurements on a Recurring Basis
as of December 31, 2025 | | | | | | | | | |------------------------------------------------------------------------------------------------------|------|-------------------------------------------------------------------------|---|------------|------|---------|---|------------|--|--| | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | | Assets: | | | | | | | | | | | | Securities received as collateral | ಕಾ | 5,124,689 | S | 48,594 | S | | S | 5,173,283 | | | | Securities purchased under agreements to resell | | | | 6,409,024 | | | | 6,409,024 | | | | Securities owned, at fair value: | | | | | | | | | | | | Equity securities | | | | | | 27,909 | | 27,909 | | | | Corporate securities | | | | 99 | | | | 99 | | | | Collateralized loan obligations | | | | 207,093 | | | | 207,093 | | | | Total Securities owned, at fair value | ಲ್ಲಿ | | | 207,192 | S | 27,909 | S | 235,101 | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | Obligation to return securities received as collateral | S | 5,124,689 | | 48,594 | ಕ್ಕಾ | | S | 5,173,283 | | | | Securities sold under agreements to repurchase
Securities sold, not yet purchased, at fair value: | | | | 11,320,451 | | | | 11,320,451 | | | | Corporate securities | | | | 1,164 | | | | 1,164 | | | | Total Securities sold, not yet purchased, at fair value | S | | S | 1,164 | ತಿ | | | 1,164 | | | - · The fair value for securities purchased under agreements to resell and securities sold under agreements to repurchase classified as Level 2 is determined using a discounted cash flow technique, estimated based on the term of contracts. - · The fair value of equity securities classified as Level 3 represents equity investments held by the Company that are not traded in the public market. Fair value is based on an assessment of each underlying investment, based on internal and/or third-party valuation models, which utilize discounted cash flow analyses and market-based information, including comparable companies' transactions, among other factors. The significant unobservable inputs which are primarily driving the Level 3 classification include a P/E ratio of 22.6 and a liquidity discount of 55.0%. - · The fair value of collateralized loan obligations classified as Level 2, is determined by an internal valuation process which compares the carrying price to the price received from a thirdparty market price quotation or dealer quote. - · The fair value of securities received as collateral and obligation to return securities received as collateral classified as Level 1 comprise of instruments whose fair value is determined based on directly usable prices quoted on active markets. This mainly includes securities listed on a stock exchange or traded continuously on other active markets. {18}------------------------------------------------ The following is a reconciliation of the beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs (level 3) during the year ended December 31, 2025: | | | as of December 31, 2025
(in thousands of U.S. dollars)
Net realized/
unre alized gains
December 31, included in principal Purchase/ December 31, | | | | | | |-------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|--------|--|--|--| | | 2024 | transactions | Sales | 2025 | | | | | Assets: | | | | | | | | | Securities owned, at fair value:
Equity securities | 23,092 | 4,817 | | 27,909 | | | | | Total | 23,092 | 4.817
ಕ | ક | 27,909 | | | | There were no transfers in/out of Level 3 during the year ended December 31, 2025. #### Measurement Not on a Recurring Basis The following table represents the carrying value of financial instruments that are not carried at fair value within the statement of financial condition. The carrying value of these predominately collateralized financial instruments approximates fair value due to their short-term nature and generally negligible credit risk. The table excludes of non-financial assets and liabilities. The company uses a standard discounted cash flow method to compute the fair value of the long-term subordinated note. | | Fair Value Measurements Not on a Recurring Basis
as of December 31, 2025
(in thousands of U.S. dollars) | | | | | | | | | | | |--------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|-------------------|----|--|---------|--------------|--|---|---------|--|-------------------------------------| | | | Carrying
Value | | | Level 1 | Level 2 | | | Level 3 | | Total
Estimated
Fair
Value | | Assets: | | | | | | | | | | | | | Securities borrowed | | \$ 13,191,271 | \$ | | | \$13,191,271 | | S | | | \$ 13,191,271 | | Securities purchased under agreements to resell | | 2,555,876 | | | | 2,555,876 | | | | | 2,555,876 | | Due from affiliates | | 25,072 | | | | 25,072 | | | | | 25,072 | | Due from clearing corporations, brokers, dealers, and others | | 155,782 | | | | 155,782 | | | | | 155,782 | | Liabilities: | | | | | | | | | | | | | Securities loaned | 8 | 8,166,762 | S | | | \$ 8,166,762 | | S | | | \$ 8,166,762 | | Borrowing from affiliates, net | | 351,999 | | | | 351,999 | | | | | 351,999 | | Due to affiliates | | 1,308,782 | | | | 1,308,782 | | | | | 1,308,782 | | Due to clearing corporations, brokers, dealers, and others | | 40,702 | | | | 40,702 | | | | | 40,702 | | Liabilities subordinated to claims of general creditors | | 150,000 | | | | 156,283 | | | | | 156,283 | {19}------------------------------------------------ #### 7. Due from/to clearing corporations, brokers, dealers, and others As of December 31, 2025, amounts due from/to clearing corporations, brokers, dealers, and others consist of the following: ### (In thousands of U.S. dollars) | | | Receivable | | Payable | |------------------------------------------------|------|------------|----|---------| | Deposits with clearing corporations and others | ಕ್ಕಿ | 129,536 | ಕಿ | 18,619 | | Securities failed to deliver/receive | | 123 | | 1,195 | | Unsettled trades | | 26,123 | | 20,888 | | | S | 155,782 | | 40,702 | #### 8. Related Party Transactions The Company entered into securities borrowed transactions with Natixis for \$10.7 billion and securities loaned transactions with Natixis London Branch for \$5.3 billion. During the year ended December 31, 2025, the Company recorded \$472.7 million of interest income and \$341.1 million of interest expense on its securities borrowed and securities loaned with affiliates. The Company entered into securities purchased under agreements to resell of \$1.4 billion with Natixis and Natixis New York Branch ("NYB"), respectively. The Company entered into securities sold under agreements to repurchase of \$4 billion and \$2.2 billion with Natixis and the NYB, respectively. During the year ended December 31, 2025, the Company recorded interest income of \$102.5 million with Natixis, and \$84.8 million with the NYB on its securities purchased under agreements to resell and recorded interest expense of \$118 million with Natixis and \$93.1 million with the NYB on securities sold under agreements to repurchase. The Company entered into securities owned, at fair value of \$1 million and recorded interest receivable of \$22 thousand with BPCE. Effective June 1, 2020, the Company entered into a revolving commitment of \$350 million with Natixis, which was set to mature on January 31, 2026. The facility was terminated on January 12, 2026. Draws under this facility qualified as regulatory capital, and the Company paid a facility fee on the undrawn portion at an annual rate of 0.09%. Interest on draws, when used, was to be determined by mutual agreement between NSA and Natixis at the time of each advance. For the year ended December 31, 2025, the Company recognized a facility fee of \$0.3 million on the non-utilized portion of the facility. There were no draws on the facility in 2025. Effective March 5, 2020, the Company and Natixis entered into a loan agreement whereby Natixis provided an uncommitted, unsecured line of credit for \$300 million, later amended to \$2.5 billion, which was due to mature on January 30, 2026. The facility increased to \$3 billion on January 22, 2026 and extended to January 30, 2028. The Company shall bear interest at a rate specified on the related confirmation, calculated based on the principal amount of such loan outstanding at the end of each day. During the year ended December 31, 2025, the Company recorded \$26.6 million of interest expense in #### CONFIDENTIAL {20}------------------------------------------------ relation to the facility. As of December 31, 2025, the Company had \$352 million outstanding on the Natixis facility. As of December 31, 2025, the Company had \$23.5 million recorded in due from affiliates and \$13.4 million in other income, in relation to sales services with NYB, and \$1.3 million in other income in relation to sales services and broker activities with Natixis during the year ended December 31, 2025. As of December 31, 2025, the Company had an outstanding subordinated loan from NNA, of \$150 million which originally matured December 31, 2025. The loan was renewed and approved by FINRA to a maturity of December 31, 2029, at an interest rate of compounded daily SOFR plus 198 basis points. During the year ended December 31, 2025, the Company incurred interest expense of \$9.5 million on the subordinated loans. Effective June 30, 2017, the Company entered into a revolving loan agreement of \$500 million with Natixis Funding Corporation ("NFC") which automatically renews annually on July 1 and incurs an unused commitment fee at an interest rate of 0.25%. During the year ended December 31, 2025, the Company incurred interest expense of \$1.3 million in relation to the loan agreement. As of December 31, 2025, the Company had no balance outstanding with NFC. The Company and Natixis entered into a guarantee agreement whereby all the Company's payment obligations arising from its equity financing, securities lending, and capital markets activities are fully guaranteed by Natixis at a fee of 20 basis points of risk-weighed assets per annum. During the year ending December 31, 2025, the Company recorded \$2.5 million commission fees in relation to the guarantee. The following table sets forth the Company's related party assets and liabilities as of December 31, 2025: {21}------------------------------------------------ #### (In Thousands of US dollars) Assets | Securities borrowed | S | 10,725,608 | |---------------------------------------------------------|---|------------| | Securities purchased under agreements to resell | | 4,994,492 | | Securities owned, at fair value | | 1,019 | | Due from affiliates | | 25,072 | | Accrued interest receivable | | 25,170 | | Total assets | | 15,771,361 | | Liabilities | | | | Securities loaned | S | 5,280,825 | | Securities sold under agreements to repurchase | | 6,206,074 | | Borrowing from affiliates | | 351,999 | | Due to affiliates | | 1,308,782 | | Accrued interest payable | | 17,951 | | Liabilities subordinated to claims of general creditors | | 150,000 | | Total liabilities | | 13,315,631 | The Company is charged by its U.S. affiliates, for various support services including credit support, human resources, management, accounting, operations, information systems, occupancy, professional fees, compensation, and other support services. The following table sets forth the Company's related party revenues and expenses for the year ended December 31, 2025: {22}------------------------------------------------ (In Thousands of U.S. dollars) | Kevenues | | | |----------------------------------------|-------|---------| | Interest income | | 660,009 | | Underwriting, placement and other fees | | 8,553 | | Principal transactions, net | | (877) | | Other income | | 15,967 | | Total revenues | | 683,652 | | | | | | | | | | Expenses | | | | Interest expense | ਦਿੱਤੇ | 563,001 | | Compensation and benefits | | 26,927 | | Administrative support | | 52,421 | | Commissions and fees | | 2,884 | | Professional fees | | 651 | | Communications | | 3,372 | | Occupancy | | 630 | | Other expense | | 1,712 | | Total expenses | ಕ್ಕಾ | 651,598 | #### 9. Regulatory Requirements The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital. The Company has elected to use the alternative method, permitted by the requires that the Company maintain minimum net capital, as defined, equal to the greater of \$1.5 million or 2% of aggregate debit balances arising from customer transactions, as defined. As of December 31, 2025, the Company had net capital of \$1.1 billion, which exceeded the amount required by \$1.1 billion. As of December 31, 2025, the Company had a reserve requirement pursuant of \$1.1 million to Rule 15c3-3. The company had a reserve account balance of \$15.0 million, as noted within Supplemental Schedule j. The subordinated loan, as disclosed in Note 8, has been approved by FINRA and qualifies as equity capital for regulatory purposes and may only be repaid if the Company is in compliance with various terms of the SEC's Uniform Net Capital Rule. {23}------------------------------------------------ #### 10. Income Taxes The components of the income tax provision for the year ended December 31, 2025 are as follows (in thousands of U.S. dollars): | | Current | | Deferred | | Total | | | |-----------------|--------------|--|----------|----|-----------|--|--| | Federal | \$ 20.320 | | \$ 1.534 | မာ | 21.854 | | | | State and local | 4.112 | | 312 | | 4.424 | | | | Total | \$ 24.432 \$ | | 1,846 | | \$ 26.278 | | | As of December 31, 2025, the significant components of the Company's deferred tax assets and liabilities are set forth below (in thousands of U.S. dollars): | Deferred tax assets | | | |---------------------------|------------|--| | Accrued expenses | 2,891
S | | | Gross deferred tax assets | 2.89 1 | | | Deferred tax liabilities | | | | Securities owned | (6,199) | | | Deferred taxes, net | (3,308) | | The Company has recorded a payable to NNA of \$5.2 million related to current taxes which is included in due to affiliates in the accompanying Statement of Financial Condition. The Company has not recorded a valuation allowance against the deferred tax assets as it is more likely than not that the NNA consolidated federal and combined state and local filing groups will have sufficient taxable income in future years to recognize the temporary differences when these items become deductible for tax purposes. A reconciliation of the differences between the federal statutory income tax rate and the effective tax rate as of December 31, 2025 is set forth below (in thousands of U.S. dollars): | Federal statutory income tax rate | \$22.301 | 21.0% | |------------------------------------------------------|----------|-------| | State and local income taxes, net of federal benefit | 3.495 | 3.3% | | Other adjustments | 482 | 0.4% | | Effective income tax rate | \$26.278 | 24.7% | As of December 31, 2025, the Company had no accrued interest or penalties related to unrecognized tax benefits in the Statement of Income or the Statement of Financial Condition. The Company's income tax returns are subject to examination by various governmental taxing authorities for all open years as prescribed by applicable statute. As of December 31, 2025, the tax returns for the years ended December 31, 2022 and after remain subject to potential examination by the Internal Revenue Service, and the tax returns for the years ended December 31, 2021 and after remain {24}------------------------------------------------ subject to potential examination by New York State and New York City, constituting the major taxing jurisdictions. Prior to an internal reorganization of Natixis' combined U.S. operations effective June 29, 2018, the Company's results were included in the results of Natixis U.S. Holdings Inc. ("NUSHI"), an indirect wholly-owned subsidiary of Natixis. The Company is currently under examination as part of the NUSHI group tax returns for 2018 by New York City. The Company does not have any unrecognized tax benefits and does not expect the balance to change significantly during the twelve months subsequent to December 31, 2025. On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act ("OBBBA"), a comprehensive package of tax and policy changes. The provisions relevant to the Company have been assessed and are not expected to have a material effect on our financial statements. #### 11. Commitments and Contingencies In the normal course of business, the Company may be named as a defendant in various lawsuits and may be involved in certain investigations and proceedings. It is the opinion of management, after consultation with counsel, that there are no matters pending against the Company that could have an impact on its financial statements as of December 31, 2025. The Company is a member of various clearing organizations that trade and clear securities or options contracts, or both. Associated with these memberships, the Company may be required to pay a proportionate share of financial obligations of another member who may default on its obligations to the clearing organization. Although the rules governing its memberships vary, in general the Company's guarantee obligations would arise only if the clearing organization had previously exhausted its resources. In addition, any such obligation would be apportioned among the other nondefaulting members of the clearing organization. Any potential contingent liability under these membership agreements cannot be estimated. The Company has not recorded any contingent liability in these financial statements for these agreements and believes that any potential requirement to make payments under these agreements is remote. As of December 31, 2025, the Company has commitments to enter into forward reverse repo of \$957.6 million. There is no fair value attributed to these commitments. #### 12. Collateral Arrangements The Company has received securities with a gross estimated fair value of approximately \$13.2 billion in connection with its securities financing activities as of December 31, 2025, which it can sell or repledge. All of these securities have been re-pledged to counterparties as of December 31, 2025. The Company also receives securities as collateral in connection with certain securities for securities transactions in which the Company is the lender of securities. In instances where the Company can sell or re-pledge these securities received as collateral, it reports the fair value of these securities and the related obligation to return the securities received as collateral within the statement of financial condition. As of December 31, 2025, \$5.2 billion was reported as securities received as collateral and #### CONFIDENTIAL {25}------------------------------------------------ as obligation to return securities received as collateral within the statement of financial condition. All of these securities have been re-pledged to counterparties as of December 31, 2025. Additionally, the Company engages in securities for securities transactions in which it is the borrower of securities and provides other securities as collateral. As no cash is provided under these types of transactions, the Company, as borrower, treats these as non-cash transactions and does not recognize assets or liabilities within the statement of financial condition. #### 13. Financial Instruments with Off-Balance Sheet Risk The Company's securities financing activities require the Company to pledge securities when allowed as collateral in support of various secured financing transactions. In the event the counterparty is unable to meet its contractual obligation to return securities pledged as collateral, the Company may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy its obligations. The Company controls this risk by monitoring the market value of securities pledged on a daily basis and by requiring adjustments of collateral levels in the event of excess market exposure. In addition, the Company establishes credit limits for such activities and monitors compliance. The Company is engaged in various trading and brokerage activities primarily with counterparties in the financial services industry including securities brokers and dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to credit risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. The Company clears fixed income securities through a clearing arrangement with The Bank of New York Mellon and clears non-fixed income securities through the National Securities Clearing Corporation and the Options Clearing Corporation ("OCC"). These activities may expose the Company to risk in the event that the securities transaction counterparties, including the clearing broker/bank, other broker-dealers and depositories or banks, are unable to fulfill contractual obligations. It is the Company's policy to review, as necessary, the credit standing of each counterparty. The Company, as a member of the OCC, collects margin collateral from an affiliate to meet the OCC margin collateral requirement related to the affiliate's option activities. Although this activity may expose the Company to off-balance sheet risk in the event margin requirements are not sufficient to fully cover losses that the affiliate may incur, the following actions are taken to mitigate this risk. In the event the affiliate fails to satisfy its obligations, the Company may be required to purchase or sell financial instruments at prevailing market prices to fulfill the affiliate's obligations. The Company seeks to control the risks associated with its affiliate activities by requiring the affiliate to maintain margin collateral in compliance with various regulatory and internal guidelines. The Company monitors required margin levels daily and, pursuant to such guidelines, requires the affiliate to deposit additional collateral or to reduce positions when necessary. #### 14. Subsequent Events The Company has evaluated events subsequent to December 31, 2025, through the date on which these financial statements were issued. Other than what's disclosed within Note 8, the Company did not have any subsequent events that required adjustment or disclosure in the financial statements. \*\*\*\*\*\*\* {26}------------------------------------------------ Natixis Securities Americas LLC Computation of Net Capital Under Rule 15c3-1 December 31, 2025 (In Thousands of U.S. Dollars) | Natixis Securities Americas LLC | | | | |----------------------------------------------------------------------------------------|--|--|--| | Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission | | | | | December 31, 2025 | | | | | (In Thousands of U.S. Dollars) | | | | | Member's equity | | S | 1,316,184 | |---------------------------------------------------|--------------|---|-----------| | Add: | | | | | Subordinated liabilities approved for net capital | | | 150,000 | | | | | | | Total capital and approved subordinations | | | 1,466,184 | | Deductions/charges: | | | | | Non-allowable assets | S
299,379 | | | | Other deductions/charges: | | | | | Stock borrow / Stock loan deficits | 21,395 | | | | Reverse Repurchase/Repurchase deficits | 20,000 | | | | Operational deductions | 96 | | | | Other | 50 | | | | Total deductions/charges | | | 340,921 | | Net Capital before haircuts | | | 1,125,263 | | Haircuts on contractual securtites commitments | | | | | Haircuts on trading securities: | | | | | Corporate securities | 1,036 | | | | Other | 616 | | | | Total haircuts | | | 1,651 | | | | | | | Net Capital | | | 1,123,612 | | Minimum Net Capital Requirement: | | | | | Greater of 2% of Combined Aggregate Debit Items | | | | | as shown in Formula for Reserve Requirements | | | | | pursuant to rule 15c3-3 or \$1,500 | | | 1,500 | | Excess Net Capital | | S | 1,122,112 | | | | | | Note: There are no material differences between this computation of Net Capital and computation prepared by the Company included in its December 31, 2025, Part II unaudited FOCUS Report, filed on January 27, 2026. {27}------------------------------------------------ Supplemental Schedule j # Natixis Securities Americas LLC Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3 December 31, 2025 (In Thousands of U.S. Dollars) | Credit balances: | | | |----------------------------------------------------------------------------|---|---------| | Free credit balances and other credit balances in | | 123 | | customers' security accounts | | | | Money borrowed collateralized by securities carried for the | | | | accounts of customers | | | | Monies payable against customers' securities loaned | | | | Customers' securities failed to receive | | | | Credit balances in firm accounts which are attributable to | | | | principal sales to customers | | | | Market value of stock dividends, stock splits over 30 days | | | | Market value of short securities and credits in suspense over 30 days | | 1.059 | | Other | | | | | | | | Total credit items | | 1,182 | | | | | | Debit balances: | | | | Debit balances in customers' cash and margin accounts | | | | excluding unsecured accounts and accounts doubtful of collection | | | | Failed to deliver of customers' securities not older than 30 calendar days | | 123 | | | | | | Aggregate debit items | | 123 | | | | | | Less: 3% of aggregate debit items | | 4 | | | | | | Total Rule 15c3-3 debits | | 119 | | | | | | Excess of total Rule 15c3-3 debits over credits | | (1,063) | | | | | | Amount held on deposit in "Reserve Bank Account" at | | | | December 31, 2025 | S | 15,019 | | | | | | Amount of deposit (or withdrawal) on January 5, 2025 | | | | | | | | New amount in "Reserve Bank Account" after adding deposit | | | | or subtracting withdrawal | S | 15,019 | | | | | Note: There were no material differences between this computation for Determination of Reserve Requirements and the corresponding information prepared by the Company included in its December 31, 2025, Part II unaudited FOCUS Report, filed on January 27, 2026. {28}------------------------------------------------ #### Natixis Securities Americas LLC Supplemental Schedule I Computation for Determination of PAB Requirements Pursuant to Rule 15c3-3 December 31, 2025 The Company is subject to Computation for Determination of PAB Requirements with respect to SEC Rule 15c3-3. However, it is the Company's policy not to hold proprietary securities and cash accounts of other broker-dealers. | CREDIT BALANCES | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------| | 1. Free credit balances and other credit balances in PAB security accounts | | | 2110

.
(see Note A) | | | 2. Monles borrowed collateralized by securities carried for the accounts of PAB | | | .
2120
(see Note B) | | | 3. Monies payable against PAB securities loaned (see Note C) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2130 | | | 4. PAB securities falled to receive (see Note D) ·····························································································································
2140 | | | 2150
5. Credit balances in firm accounts which are attribulable to principal sales to PAB ························································································· | | | 6. Market value of stock dividends, stock splits and similar distributions receivable | | | 2152
oulstanding over 30 calendar days | | | 2154
7. " Market value of short security count differences over 3D calendar days old | | | 8. ** Market value of short securities and credits (not to be officet by longs or by | | | debits) in all suspense accounts over 3D calendar days
2156 | | | 9. Market value of securities which are in transfer in excess of 40 calendar | | | days and have not been confirmed to be in transfer by the transfer agent | | | or the issuer during the 40 days
2158 | | | 2160
_).
10. Other (List: | | | 11. TOTAL PAB CREDITS (sum of Lines 1-10) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - | 2170 | | DEBIT BALANCES | | | 12. Debit balances in PAB cash and margin accounts excluding unsecured | | | ··································· \$
2180
accounts and accounts doubtful of collection (see Note E) | | | 13. Securities borrowed to effectuate short sales by PAB and securities | | | borrowed to make delivery on PAB securities failed to deliver ················································································································
2190 | | | .
2200
14. Falled to deliver of PAB securities not older than 30 calendar days | | | 15. Margin required and on deposit with Options Clearing Corporation for | | | all option contracts written or purchased in PAB accounts (see Note F) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2210 | | | 16. Margin required and on deposit with a clearing agency registered with | | | the Commission under section 17A of the Exchange Act (15 U.S.C. 78q-1) or a | | | derivatives clearing organization registered with the Commodity Futures | | | Trading Commission under section 5b of the Commodity Exchange Act | | | (7 U.S.C. 7a-1) related to the following types of positions written, | | | | | | | | | purchased or sold in PAB accounts: (1) security futures products and | | | (2) futures contracts (and options thereon) camed in a securities
2215 | | | account pursuant to an SRO portfollo margining rule (see Note G) -
2220 | | | 17. Other (List) | 2230 | | 18. TOTAL FAB DEBITS (sum of Lines 12-17) · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · | | | RESERVE COMPUTATION | 2240 | | 19. Excess of total PAB debits over total PAB credits (line 16 less line 11) ································································································· | | | 20. Excess of total PAB credils over lotal PAB debits (line 11 less line 18) | 2250 | | 21. Excess debits in customer reserve formula computation | D 2260 | | 22. PAB Reserve Requirement (line 20 least line 21) | D 2270 | | 23. Amount held on deposit in "Reserve Bank Account(s)", including | | | [2275] value of qualified securities, at end of reporting period · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · ·
S | 2280 | | 24. Amount of deposit (or withdrawal) including | | | [2285] value of qualified securities - -
S | 2290 | | | | | 25. New amount in Reserve Bank Account(s) after adding deposit or subtracting withdrawal including | | | 2295] value of qualified securities

67 | 2300 | | 26. Date of deposit (MMDDYY) | 2310 | | | | | FREQUENCY OF COMPUTATION | | | 2330
2320 Monthly
2315 Weekly
27. Daily | | | | | | · See Notes regarding the PAB Reserve Bank Account Computation (Notes 1-1D). | | | " In the event the net capital requirement is computed under the alternative method, this reserve | | | formula shall be prepared in accordance with the requirements of paragraph (a)(1)(l) of Rule 15c3-1. | | | References to notes in this section refer to the notes to 17 CFR 240.15c3-13. | | | Name of Firm: NATIXIS SECURITIES AMERICAS LLC | | | Page 21
As of:
12/31/25 | | Note: There are no material differences between this Computation for Determination of PAB Requirements and the corresponding information prepared by the Company included in its December 31, 2025, Part II unaudited FOCUS Report, filed on January 27, 2026. #### CONFIDENTIAL {29}------------------------------------------------ #### Natixis Securities Americas LLC Supplemental Schedule m Information Relating to the Possession or Control Requirements under Rule 15c3-3 December 31, 2025 The Company is subject to Possession and Control requirements with respect to SEC Rule 15c3-3. However, it is the Company's policy not to carry customer custody or cash accounts State the market valuation and the number of items of: | 1. Customers' fully paid securities and excess margin securities not in the respondent's possession | | |-----------------------------------------------------------------------------------------------------------|--| | or control as of the report date (for which instructions to reduce to possession or control had | | | been issued as of the report date) but for which the required action was not taken by respondent | | | within the time frames specified under Rule 15c3-3. Notes A and B | | | A. Number of items | | | 2. Customers' fully paid securities and excess margin securities for which instructions to reduce | | | to possession or control had not been issued as of the report date, excluding items arising | | | from "temporary lags which result from normal business operations" as permitted under | | | Rule 15c3-3. Notes B,C and D | | | A. Number of items | | | | | | | | | 3. The system and procedures utlized in complying with the requirement to maintain physical possession or | | | control of customers' fully paid and excess margin securities have been tested and are functioning in a | | | manner adequate to fulfill the requirements of Rule 15c3-3 Yes
4584 No | | | | | Note: There are no material differences between this Information Relating to the Possession or Control Requirements and the corresponding information prepared by the Company included in its December 31, 2025, Part II unaudited FOCUS Report, filed on January 27, 2026. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.