# SYNDICATED CAPITAL, INC. X-17A-5 (2026-02-24) — Broker-dealer annual report - Company: SYNDICATED CAPITAL, INC. - Form: X-17A-5 - Filed: 2026-02-24 - Period: 2025-12-31 - Accession: 0000879442-26-000003 - CIK: 879442 - File #: 8-44162 - Type: Broker-dealer - Material weakness: No - Auditor: Anson, Brian, W - Auditor location: TARZANA, CA - Contact: Faith Lee - Phone: (310) 751-7098 - Email: leef@syndicatedcapital.com - Website: syndicatedcapital.com - Signed by: Faith Lee (President) Original filing: https://www.sec.gov/Archives/edgar/data/879442/000087944226000003/2025SynCapPublicCertAudfull.pdf --- {0}------------------------------------------------ # **PUBLIC COPY** ## SYNDICATED CAPITAL, INC. ## FINANCIAL STATEMENTS AND ACCOMPANYING SUPPLEMENTARY INFORMATION REPORT PURSUANT TO SEC RULE 17a-5(d) FOR THE YEAR ENDED DECEMBER 31, 2025 {1}------------------------------------------------ OMB APPROVAL UNITED STATES OMB Number: 3235-0123 SECURITIES AND EXCHANGE COMMISSION Expires: Nov. 30, 2026 Washington, D.C. 20549 Estimated average burden hours per response: 12 ANNUAL REPORTS SEC FILE NUMBER FORM X-17A-5 8-44162 PART III FACING PAGE Information Required Pursuant to Rules 178-5, 178-12, and 188-7 under the Securities Exchange Act of 1934 AND ENDING 12/31/25 FILING FOR THE PERIOD BEGINNING 01/01/25 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: Syndicated Capital, Inc. TYPE OF REGISTRANT (check all applicable boxes): [] Security-based swap dealer | Major security-based swap participant Broker-dealer O Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 21671 Gateway Center Drive #111 (No. and Street) Diamond Bar CA 91765 (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING Faith Lee (310) 751-7098 leef@syndicatedcapital.com (Name) (Area Code - Telephone Number) (Email Address) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Brian W. Anson, CPA (Name - if individual, state last, first, and middle name) 18455 Burbank Blvd. Suite 406 Tarzana CA 91356 (Address) (City) (State) (Zip Code) 09/15/2005 2370 (Date of Registration with PCAOB)(if applicable) (PCAOB Registration Number, if applicable) FOR OFFICIAL USE ONLY \* 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 relied on as the basis of the exemption. See 17 CFR 240.17a-5{e)(1)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION | 1; Ealth Les | swear (or affirm) that, to the best of my knowledge and belief, the | | |-----------------------------------------------------|---------------------------------------------------------------------|--| | Contact and and can and see sundicated Canifal Inc. | | | I report perfaining to the firm 2 025 is true and correct. I further swear (or affirm) that neither the -----------------------------------------------------------------------------------------------------partner, director, or equivalent person, as the case may be, has any proprietary interest in any account classified soledy as that of a customer. | Signature: | | |------------|--| | Title: | | | President | | #### This filling \*\* 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 stutements. - [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 240.1563-3. - [ [k] computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [1] 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. - I 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. - [] {o} Reconciliations, including approgriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.180-1, 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. - [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 240.170-12, 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] Indegendent public accountant's report based on an eramination of the financial report or financial statements under 17 CFR 240.172-5, 17 CFR 240.183-7, or 17 CFR 240.17a-12, as applicable. - [0] 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 240.17-20, as applicable. - [ [y] Report describing any material inadequacies 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). - O (z) Other: - "To request confidential treatment of certain portions of this filing, see 17 CFR 240.170-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable. {3}------------------------------------------------ ## **BRIAN W. ANSON** *Certified Public Accountant* 18455 Burbank Blvd., Suite 406, Tarzana, CA 91356 • Tel. (8 I 8) 636-5660 ### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Stockholders' and Board of Directors of Syndicated Capital, Inc. ### Opinion on the Financial Statements I have audited the accompanying statement of financial condition of Syndicated Capital, Inc.as of December 31, 2025, and the related notes (collectively referred to as the financial statements). In my opinion, the financial statements present fairly, in all material respects, the financial position of Syndicated Capital, Inc.as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. ## Basis for Opinion These financial statements are the responsibility of Syndicated Capital, Inc.'s management. My responsibility is to express an opinion on Syndicated Capital, Inc.'s financial statements based on my audit. I am a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and am required to be independent with respect to Syndicated Capital, Inc.in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. I conducted my audit in accordance with the standards of the PCAOB. Those standards require that I 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. My 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. My audit also included evaluating the accounting principles used and significant estimates made by management, as evaluating the overall presentation of the financial statements. I believe that my audit provides a reasonable basis for my opinion. I have served as Syndicated Capital, Inc.'s auditor since 2008. Tarzana, California February 22, 2026 {4}------------------------------------------------ ## SYNDICATED CAPITAL, INC. ### Statement of Financial Condition December 31, 2025 #### ASSETS | Cash | \$
584,967 | |----------------------------------------|-----------------| | Accounts receivable | 105,582 | | Receivable from clearing organizations | 53,296 | | Deposits from clearing organizations | 100,000 | | Due from brokers | 101,679 | | Restricted securities | 6,028 | | Other assets | 102,849 | | Total assets | \$
1,054,401 | #### LIABILITIES AND STOCKHOLDERS' EQUITY #### LIABILITIES: | Accounts payable | 14,208 | |--------------------------------------------------|-----------------| | Commissions payable | 68,478 | | Payable to clearing organizations | 134,326 | | | | | Total liabilities | \$
217,012 | | STOCKHOLDERS' EQUITY: | | | Common stock, \$1 par value. 2,000 shares | | | authorized, 2,000 shares issued, and outstanding | 2,000 | | Additional paid in capital | 398,000 | | Retained earnings | 437,389 | | Total stockholders' equity | 837,389 | | Total liabilities and stockholders' equity | \$
1,054,401 | {5}------------------------------------------------ ## Note 1: GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ## General Syndicated Capital, Inc (the "Company") was registered as an introducing broker-dealer under the Securities and Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority ("FINRA"), the Securities Investor Protection Corporation ("SIPC"), and the Municipal Securities Rulemaking Board ("MSRB"). The Company conducts business on a fully disclosed basis whereby the execution and clearance of trades are handled by its clearing organizations. The Company does not hold customer funds and/or securities. The Company primarily earns commissions through the sale of equities, mutual funds, variable annuities, private placement, and investment advisory services. The Company has about 1,400 clients located throughout the United States. ## Summary of significant accounting policies The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Commissions receivables are stated at face amount with no allowance for doubtful accounts. An allowance for doubtful accounts is not considered necessary because probable uncollectible accounts are immaterial. Marketable securities owned by the Company are accounted for at market value, with market value based on current published market prices. The resulting charge is the difference between cost and market (or fair value) during the period is included in income. The Company, with the consent of its Stockholder, has been elected to be an S Corporation and accordingly has its income taxed under Sections 1 361-1379 of the Internal Revenue Code. Subchapter S of the Code provides that the Stockholder, rather than the Company, is subject to tax on the Company's taxable income. Therefore, no provision or liability for Federal Income Taxes is included in these financial statements. The State of California has similar regulations, although there exists a provision for a minimum Franchise Tax and a tax rate of 1.5% over the minimum franchise fee of \$800. The management has reviewed the results of operations for the period of time from its year end December 31, 2025, through February 22, 2026, the date the financial statements were available to be issued and have determined that no adjustments are necessary to the amounts reported in the accompanying financial statements nor have any subsequent events occurred, the nature of which would require disclosure. The Company is subject to audit by the taxing agencies for the years ending December 31, 2022, 2023 and 2024. Segment Reporting: The Company is engaged in a single line of business as a securities broker dealer, which is comprised of several classes of services, including principal transactions and agency transactions, The Company has identified its president as the chief operating decision maker (CODM), who uses net income to evaluate the results of the business, predominantly in the forecasting process, 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 pay 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 from the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. {6}------------------------------------------------ ## Fair Value Measurement Stocks ASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair va1ue 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 liability or, in the absence of a principal market, the most advantageous market for the asset of liability. Valuation techniques that are consistent with the market, income or cost approach, as specified by F ASB ASC 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 I 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.) Following is description of the valuation methodologies used for assets measured at fair value. *Stocks:* Unrestricted quoted market price at major stock markets *Stocks:* Restricted quoted market price at major stock markets unable to trade due to stock restriction The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table sets forth by level, within the fair value hierarchy, the Company's assets at fair value as of December 31, 2025: | Level I | |---------| | | {7}------------------------------------------------ ## ASC 606 Revenue Recognition Revenue is measured based on a consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Commissions: This includes performance obligations related to transactions that is subject to SEA Rule lOb-10 for any renumeration that needs to be disclosed. It also includes any transaction when the Company is engaged as an agent. It does not include net gains or losses from transactions made by the Company when acting as a principal, or riskless principle. Revenue from sale of Investment Company Shares: This includes concessions earned from the sale of open-end mutual funds that contain a load. Included are commissions charged on transactions on no load funds and UIT's to the extent they are open-ended companies. Revenue from sale of Insurance Based Products: This includes revenue from any variable annuity or any other financial instrument that contains insurance and security component and includes fixed annuities. Interest/Rebate/Dividend Income. This includes rebates and/or interest earned on Securities borrowings; reverse repurchase transactions; Margin interest; interest earned from customer bank sweep into FDIC insured products and '40 Act investments and any interest and/or dividends on securities held in Firm inventory. Fees earned: This includes fees earned from affiliated entities; investment banking fees, M&A advisory; account supervision and investment advisory fees; administrative fees, revenue from research services; rebates from exchanges/ECN and A TS; l 2b- l fees; Mutual fund fees other than concessions or l 2b- l fees; execution service fees; clearing services; fees earned from customer bank sweep into FDIC insured products or from '40Act companies and networking fees from '40 Act companies. ### Note 2: DEPOSITS WITH CLEARING ORGANIZATIONS The Company has entered into a clearing agreement with Pershing, LLC, a BNY .Securities Group Co., who carries the accounts of the customers of the Company. The Company has deposited \$ 1 00,000 with its clearing firm as security for its transactions with them which is the balance at December 3 1 , 2025. The Company also maintains other cash and money market accounts at the clearing organization. ## Note 3: INCOME TAXES As discussed in the Summary of Significant Accounting Policies (Note l ), the Company has elected the S Corporate Tax status, therefore no Federal Income Tax provision is provided. The tax provision at December 31, 2025, consists of the following: California **\$** 2,760 {8}------------------------------------------------ ### **Note 4: COMMITMENTS AND CONTINGENCIES** **In January 2025, the Company signed a one-year operating lease covering its offices in Diamond Bar, California through December 31, 2025.** **Rent expense for the year ended December 3 l, 2025, was \$22,300.** **The Company was not subject to any litigation during or at the year ended December 31, 2025.** #### **Note 5: CONCENTRATIONS OF CREDIT RISK** **The Company is engaged in various trading and brokerage activities whose counterparties primarily include broker/dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends upon the creditworthiness of the counterparty or issuer of the instrument. To mitigate the risk of loss, the Company maintains its accounts with creditworthy customers and counterparties.** #### **Note 6: NET CAPITAL REQUIREMENTS** **The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC rule l 5c3- l ), which requires the maintenance of minimum net capital and requires that the ration of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Net capital and aggregate indebtedness change day to day, but on December 31, 2025, the Company had net capital of \$607,5 1 4, which was \$507,5 14 in excess of its required net capital of 1 00,000 or 6 2/3 or aggregate indebtedness which is \$2 1 7,01 2. In this case the minimum net capital is \$ 1 00,000 and the Company's ratio of aggregate indebtedness to net capital was 0.36 to 1, which is less than the 15 to I maximum ratio required ofa broker/dealer.** ### **Note 7: RETIREMENT** **The Company has sponsored a 401k retirement plan with a Company matching provision covering all of its employees. For the year ended December 31, 2025, the Company's pension expense was \$ 1 0,000.** Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.