# ZEUS FINANCIAL, LLC X-17A-5 (2026-03-24) — Broker-dealer annual report - Company: ZEUS FINANCIAL, LLC - Form: X-17A-5 - Filed: 2026-03-24 - Period: 2025-12-31 - Accession: 0000795051-26-000004 - CIK: 795051 - File #: 8-36214 - Type: Broker-dealer - Material weakness: No - Auditor: RBSM LLP - Auditor location: New York, NY - Contact: Ivana Shumberg - Phone: 713-582-4897 - Email: ishumberg@zeusbd.com - Website: zeusbd.com - Signed by: Vincent Butkevits (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/795051/000079505126000004/zeuspub20254.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE **COMMISSION** Washington, D.C. 20549 | 0MB APPROVAL | |--------------------------| | 0MB Number: 3235-0123 | | Expires:Nov.30,2026 | | Estimated average burden | | hours per response: 12 | # AiNNUAL REPORTS FORM X-17A-S PART 1H | SEC FILE NUMBER | | |-----------------|--| | 8-36214 | | FACING PAGE Information Required Pursuant to Rules 17a-S, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FILING FOR THE PERIOD BEGINNING O 1/01/2025 | | AND ENDING 12/31/2025 | | | | | | |-------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------------------------------|------------|-------------------------------------------|--|--|--| | | MM/D0/YY | | | MM/DD/YY | | | | | | A. REGISTRANT IDENTIFICATION | | | | | | | | NAME oF FIRM: Zeus Financial, LLC | | | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
0 Broker-dealer
D Check here if respondent is also an OTC derivatives dealer | O Security-based swap dealer | 0 Major security-based swap participant | | | | | | | ADDRESS OF PRINCIPAL PLACE Of BUSINESS: (Do not use a P.O. box no.) | | | | | | | | | 4800 T-Rex Ave, Suite 100 | | | | | | | | | | (No. and Street) | | | | | | | | Boca Raton | FL | | | | | | | | (City) | (State) | | (Zip Code) | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | Ivana Shumberg | 713-582-4897 | | | ishumberg@zeusbd.com | | | | | (Name) | (Area Code-Telephone Number)
(Email Address) | | | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | | | RBSM LLP | | | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | | | 805 Third Avenue 14th Floor New York | | | NY | 10022 | | | | | {Address) | (City) | | (State) | (Zip Code) | | | | | 9/24/2003 | | 587 | | I | | | | | (re of Regi,trntion wiili PCAOBJ(if applicable) | | | | (PCAOB Registration Numb&, if applicable) | | | | | * Claims for exemption from the r-equirement that the annual reports be covered by the r,eports of an .independent public | fQIR OFFICIAL USE ONLY | | | | | | | accountant must be supported by a st atement of facts and circumstances relied on .as the basis of the exemption. See 17 CFR 240.17a-S(el(1){ii), if applicable. Persons w ho are to rrespond to the collection ,of information contained in this form are not required t,o ,respond unless the form **displays a currently valid 0MB control number.** {1}------------------------------------------------ #### OATH **OR AFFIRMATION** | I, Vince Butkevits | | | | | | | | swear (or affirm) that, to the best of my knowledge and belief, the | | |--------------------|--|--|----|-----------------------------------------------------------------------------------|--|--|--|---------------------------------------------------------------------|-------| | | | | | financial report pertaining to the firm of Zeus Financial, LLC | | | | | as of | | 12/31 | | | 2~ | is true and correct. I further swear (or affirm) that neither the company nor any | | | | | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. CEO s;gna~-.\_\_\_ Tit le: #### This filing\*\* contains (check all applicable **boxes}:** - **lil** (a) Statement of financial condition. - **lil** (b) Notes to consolidated statement of financial condition. - 0 (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).** - 0 **(d) Statement of cash flows.** - D **(e) Statement of changes in stockholders' or partners' or sole proprietor's equity.** - D (f) **Statement of changes in liabilities subordinated to claims of creditors.** - D (g) Notes to consolidated financial statements. - D (h) Computation of net capital under 17 cm 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - 0 {i) Comput ation of tangible net worth under 17 CFR 240.18a-2. - D {j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CfR 240.15c3-3. - D (k) Comput ation for determination of security-based swap reserve requirements pursuant to Exhibit 8 to 17 CFR 240.15c3-3 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. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (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 (o} 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-1, 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.** - D (p} Summary of financial data for subsidiaries not consolidated in the statement offinancial condition. - I!!!!! (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. - 0 {r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (s) Exempt ion report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - **[ij** {t) Independent public accountant's report based on an examination of the statement of financial condition. - 0 (u) Independent public ac-countant's report based on an examination of the financia l report or 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.** - 0 **(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.** - 0 **(x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable.** - □ **(y) Report describing any material inadequacies found to exist or 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). 0 (z) other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e}(3} or 17 CFR 240.18a-7(d}{2), as applicable. {2}------------------------------------------------ # ZEUS FINANCIAL, LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 {3}------------------------------------------------ # **ZEUS FINANCIAL, LLC STATEMENT OF FINANCIAL CONDITION December 31, 2025** #### **CONTENTS** | Report of Independent Registered Public Accounting Firm | | |---------------------------------------------------------|-----| | FINANCIAL STATEMENT: | | | Statement of Financial Condition | 2 | | Notes to Statement of Financial Condition | 3-7 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) *New York Office:* 805 Third A venue New York, NY 10022 212.838-5100 *www.rbsmllp.com* #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Managing Member of Zeus Financial, LLC Boca Raton, FL #### *Opinion on the Financial Statement* We have audited the accompanying statement of financial condition of Zeus Financial, LLC (the "Company") as of December 31 , 2025, and the related notes to the financial statement ( collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31 , 2025, in conformity with accounting principles generally accepted in the United States of America. #### *Basis for Opinion* This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement 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 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 statement is 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 statement, whether due to error or fraud, and perfonning procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. 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 statement. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2025 NewYork, NY March 23, 2026 New York, NY Washington DC Mumbai & Pune, India Boca Raton, FL Houston, TX San Francisco, CA Las Vegas, NV Beijing, China Athens, Greece Member: ANTEA International with affiliated offices worldwide {5}------------------------------------------------ # **ZEUS FINANCIAL, LLC** # **Statement of Financial Condition For the year ended December 31, 2025** | Assets | | | |---------------------------------------------------|---|------------| | Cash | s | 70,032 | | Due from clearing firm | | 152,610 | | Financial instruments owned, at fair value | | 21,416,009 | | Due from related party | | 22,437 | | Secured demand note, face value | | 900,000 | | Clearing deposit | | 500,000 | | Prepaid expenses and other assets | | 187,938 | | Fixed assets, net | | 77,030 | | Other assets | | 25,138 | | Total assets | s | 23,351,194 | | Liabilities and Member's Equity | | | | Liabilities | | | | Payable to clearing firm | s | 14,073,681 | | Securities sold, not yet purchased, at fair value | | 2,641,097 | | Commission Payable | | 186,675 | | Secure demand note | | 900,000 | | Accounts payable and accrued expenses | | 265,373 | | Total liabilities | s | 18,066,826 | | Commitments and contingencies (see Notes 7 & 8) | | | | Member's equity | s | 5,284,368 | | Total liabilities and member's equity | s | 23,351,194 | See accompanying notes to financial statements. {6}------------------------------------------------ #### **NOTE 1 - DESCRIPTION OF BUSINESS AND ORGANIZATION** #### **Company Operations** Zeus Financial, LLC (the "Company") is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority ("FINRA"), whose primary business is fixed income proprietary trading. The Company is also a member of the Securities Investor Protection Corporation ("SIPC"). The Company is a single member Florida Limited Liability Company that is a disregarded entity for tax purposes. In August 2022, the Company was awarded the Minority Business Enterprise ("MBE") designation by the National Minority Supplier Development Council ("NMSDC"). ## **NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### **Basis of Presentation** The accounting policies and reporting practices of the Company conform to the predominant practices in the broker-dealer industry and are in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). #### **Use of Estimates** The preparation of the statement of financial condition in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Such estimates include accrued expenses and allowance for credit losses. The actual outcome could differ from those estimates. #### **Concentration of Credit Risk** The Company maintains its cash in bank deposit accounts at high quality financial institutions. The balances, at times, may exceed the Federal Deposit Insurance Corporation's (the "FDIC") current \$250,000 limit per depositor. At December 31 , 2025 the Company did not exceed the federally insured limit. #### **Property and Equipment** Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. #### **Income Taxes** The Company is a disregarded entity for income tax purposes, and, accordingly, no provision has been made for income taxes. All profits and losses of the Company pass through to their sole member parent company. U.S. GAAP requires evaluation of tax positions taken or expected to be taken in the course of preparing the tax returns to determine whether the tax positions are more likely than not of being sustained by the applicable tax authority. The Company concluded that it does {7}------------------------------------------------ ## **NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)** #### **Income Taxes (continued)** not have any unrecognized tax benefits or any additional tax liabilities for any uncertain positions as of December 31 , 2025. #### **Defined Contribution Plan** The Company maintains a 401 (k)-plan covering all employees. The Company does not make matching contributions. #### **Fair Value Measurements** Securities are recorded at fair value in accordance with ASC Topic-820, Fair Value Measurements and Disclosures. ASC Topic-820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly 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. Valuation techniques that are consistent with the market, income or cost approach, as specified by ASC Topic-820, are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 are unobservable inputs for the asset or liability and rely on management's own assumptions about the assumptions that market participants would use in pricing the asset or liability. The unobservable inputs should be developed based on the best information available in the circumstances and may include the Company's own data. The following table sets forth by level, within the fair value hierarchy, the Company's net securities owned and other marketable instruments, and securities sold not yet purchased, at fair value on a recurring basis as of December 31 , 2025. {8}------------------------------------------------ #### **NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)** #### **Fair Value Measurement (continued)** | | Level 1 | | Level2 | Level3 | | Total | | | |----------------------------|---------|----|---------------|--------|--------|-------|--------------|--| | Certificates of deposit | \$ | \$ | 341 ,207 | \$ | | \$ | 341 ,207 | | | Government securities | | | (2, 641 ,097) | | | | (2,641 ,097) | | | Mortgage-backed securities | | | 16, 547,006 | | | | 16,547,006 | | | Corporate debt securities | | | 510,636 | | | | 510,636 | | | Municipal securities | | | 4,017, 160 | | | | 4,017, 160 | | | Total, net | | \$ | 18,774,912 | | | \$ | 18,774,912 | | | | | | | | | | | | | | Level 1 | | Level2 | | Level3 | | Total | | | Long position | \$ | \$ | 21 ,416,009 | \$ | | \$ | 21 ,416,009 | | | Short position | | | (2,641 ,097) | | | | (2,641 ,097) | | | Total, net | \$ | | 18,774,912 | \$ | | | 18,774,912 | | The financial instruments of the Company are reported in the statement of financial condition at their fair values, or at carrying amounts that approximate fair values because of the short maturity of the instruments, except long-term notes payable, and subordinated borrowings, if any. The Company utilizes ICE Data Services ("ICE") fixed income pricing system to determine its Level 2 fair values. ICE provides the Company's clearing firm with a daily feed reflecting the Company's positions and related fair value pricing. Management will categorize as Level 3 of the fair value hierarchy, those securities that are valued based on market transactions and where there is a material price disparity between third-party pricing services and the Company's valuation based on observable and unobservable inputs. During the year ended December 31 , 2025, there were no transfers in or out of Levels 1, 2, or 3 of the fair value hierarchy. #### **New Accounting Pronouncements** The Accounting Standards Update (ASU) 2023-07 issued by the Financial Accounting Standards Board (FASB) introduced enhancements to segment reporting requirements for public entities, including broker-dealers. The update aimed to improve the transparency and usefulness of financial disclosures for investors and other stakeholders. ASU 2023-07 disclosure requirements are effective for fiscal years starting after December 15, 2023. Company management reviewed the ASU 2023-07 disclosure requirements and determined that no additional disclosures are required as the Company has only one reportable segment. {9}------------------------------------------------ # **NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)** #### **Credit Losses** ASU 2016-13 Financial Instruments - Credit Losses (ASC Topic 326 ): Measurement of Credit Losses on Financial Instruments utilizes an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. The Company did not have any such credit losses at December 31 , 2025. ## **NOTE 3 - RECEIVABLE FROM AND PAYABLE TO CLEARING BROKER** The clearing and depository operations for customers' and counterparties' securities transactions are provided by clearing brokers pursuant to a fully disclosed clearing agreement. The Company has agreed to indemnify its clearing brokers for losses that the clearing brokers may sustain from the customers' and counterparties accounts introduced by the Company. At December 31 , 2025, all customer accounts contained cash and fully paid for securities. At December 31 , 2025, the amount due to the clearing firm of \$14,073,681 is secured by the securities owned by the Company and included herein on the statement of financial condition. At December 31 , 2025, the Company had a receivable due from clearing broker in the amount of \$152,610, which is included herein on the statement of financial condition. At December 31 , 2025, the Company has a \$500,000 cash deposit held by the clearing broker, which is included herein on the statement of financial condition. #### **NOTE 4 - NET CAPITAL REQUIREMENT** The Company is subject to the SEC Uniform Net Capital Rule (Rule 5c3-1) which requires the maintenance of minimum net capital and requires that a ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Rule 15c3-1 also provides that equity capital may not be withdrawn, or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. At December 31 , 2025, the Company's net capital was \$4,809, 135 which exceeded requirements by \$4,709, 135. The Company's net capital ratio was .096 to 1. ## **NOTE 5 - RISK CONCENTRATIONS** Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash , proprietary trading positions and due from clearing organization. The Company maintains its cash in bank accounts, the balances of which , at times, may exceed Federal insured limits. Exposure to credit risk is reduced by placing such deposits in high quality financial institutions. Concentration of credit risk with respect to due from clearing organizations is limited due to the quality of the clearing organizations. {10}------------------------------------------------ ## **NOTE 5 - RISK CONCENTRATIONS (continued)** The Company is exposed to off-balance sheet risk of loss on unsettled transactions between the trade date and the settlement date in the event customers and other counter parties are unable to fulfill contractual obligations. The Company's policy is to continuously monitor its exposure to market and counter party risk through the use of a variety of financial, position, and credit exposure reporting and control procedures. In addition, the Company has a policy of reviewing the credit standing of each broker/dealer, clearing organization, client and/or other counter parties with which it conducts business. The Company monitors the market value of collateral and requests and receives additional collateral when required. ## **NOTE 6 - SUBORDINATED BORROWINGS** The Company (as borrower) entered into a subordinated agreement with its Chief Executive Officer (as lender) in the amount of \$900,000, which became effective upon FINRA's approval on March 29, 2019. The subordinated borrowing is in the form of a secured demand note ("SDN"), which is collateralized by cash and securities with a market value of \$940,478 as of December 31 , 2025. The SDN carries an interest rate of 6% per annum and matures in March 2026. The SDN will be renewed for an additional 12 month period for maturity in March 2027. The principal amount of the SDN is available in computing net capital under the SEC's Uniform Net Capital Rule. ## **NOTE 7 - COMMITMENTS** The Company sublets office space in Boca Raton , Florida, from its parent company. Additionally, the Company has WeWork (a shared office space provider) memberships in New York, New York, and a sublet office space in Charlotte, North Carolina, and are out of scope for ASC 842. Rent expense for the year ended December 31 , 2025 was \$191 ,780 and is included in occupancy and maintenance in the statement of operations. ## **NOTE 8 - CONTINGENCIES** The Company can be subject to litigation, arbitration settlements, and regulatory assessments which arise in the ordinary course of business as a registered broker-dealer. The Company recognizes a liability and expense for any such matters at the time exposure to loss is more than remote and an amount of the loss is reasonably determinable. In the opinion of management, there are no outstanding matters at December 31 , 2025 requiring contingent loss recognition. ## **NOTE 9 - SUBSEQUENT EVENTS** Management has evaluated subsequent events subsequent to December 31 , 2025, and through March 23 , 2026, which is the date that the financial statements were available for issuance. There have been no material subsequent events that occurred during such period that would require disclosure in this report or would be required to be recognized in the consolidated financial statements as of December 31 , 2025. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.