# INVEX, LLC. X-17A-5 (2026-03-09) — Broker-dealer annual report - Company: INVEX, LLC. - Form: X-17A-5 - Filed: 2026-03-09 - Period: 2025-12-31 - Accession: 0000885360-26-000003 - CIK: 885360 - File #: 8-44695 - Type: Broker-dealer - Material weakness: No - Auditor: BDO USA, P.C. - Auditor location: Miami, FL - Contact: Carlos Barrientos - Phone: 7864251717 - Website: bdo.com - Signed by: Carlos Barrientos (Chief Compliance Officer) Original filing: https://www.sec.gov/Archives/edgar/data/885360/000088536026000003/2025seclongconfidential.pdf --- {0}------------------------------------------------ | | 8-44695 | |--|---------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | {1}------------------------------------------------ ## INVEX, LLC #### FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES REQUIRED BY THE SECURITIES AND EXCHANGE COMMISSION # DECEMBER 31, 2025 #### (WITH REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM) (CONFIDENTIAL TREATMENT REQUESTED) {2}------------------------------------------------ ![](_page_2_Picture_0.jpeg) | Gerardo Reyes Retana | swear (or affirm) that, to the best of my knowledge and belief, the | |-------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of INVEX, LLC | as of | | December 31 | 2 025 | | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely | htle: President Invex, LLC. CONFIDENTIAL #### 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. as that of a customer. - = (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. - = (j) 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 requirements pursuant to Exhibit B 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. - (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. - {o} Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capible 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. - □ (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-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 inadequacies found to 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 this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18c-7(d)(2), os applicable. {3}------------------------------------------------ ## INVEX, LLC INDEX | | | Page | |-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------| | | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 1-2 | | FINANCIAL STATEMENTS: | | | | Statement of Financial Condition | | 3 | | Statement of Operations | | 4 | | Statement of Changes in Member's Equity | | 5 | | Statement of Cash Flows | | 6 | | Notes to the Financial Statements | | 7-19 | | SUPPLEMENTARY SCHEDULES: | | | | SCHEDULE I - | Computation of Net Capital Under Rule
15c3-1 of the Securities Exchange Act of 1934 and
Regulation 1.16 of the Commodity Futures
Trading Commission | 21 | | SCHEDULE II - | Reconciliation of Computation of Net Capital
Under Rule 15c3-1 of the Securities and Exchange
Act of 1934 to Company's Corresponding
Unaudited Form X-17a-5, Part IIA Filing | 22 | | SCHEDULE III - | Statement of Exemption from the Computation for
Determination of Reserve Requirements and Information
Relating to Possession or Control Requirements Under
Rule 15c3-3 of the Securities and Exchange Act of 1934 | 22 | | | INFORMATION REGARDING COMPLIANCE WITH RULE 15C3-3: | | | | Report of Independent Registered Public Accounting Firm | 24 | | | Exemption Report under Rule 17a-5 of the Securities and Exchange Act of 1934 | 25 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ![](_page_4_Picture_1.jpeg) Tel: 305-381-8000 Fax: 305-374-1135 www.bdo.com 100 SE 2nd St., Suite 1700 Miami, FL 33131 ### Report of Independent Registered Public Accounting Firm Invex Holdings, Inc., the sole member of Invex, LLC and the Board of Directors of Invex Holdings, Inc. Miami, Florida #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Invex, LLC (the "Broker-Dealer") as of December 31, 2025, the related statements of operations, changes in member's equity and cash flows for the year then ended, and 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 Broker-Dealer at 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 Broker-Dealer's management. Our responsibility is to express an opinion on the Broker-Dealer'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 Broker-Dealer 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 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 Computation of Net Capital Under Rule 15c3-1 of the Securities Exchange Act of 1934 and Regulation 1.16 of the Commodity Futures Trading Commission, Reconciliation of Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission to Company's Corresponding Unaudited Form X-17a5, Part IIA Filing, and the Statement of Exemption from the Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements Under Rule 15c3-3 of the Securities and Exchange Commission (the "Supplemental Information") has been subjected to audit procedures performed in conjunction with the audit of the Broker-Dealer's financial statements. The supplemental information is the responsibility of the Broker's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying BDO USA, P.C., a Virginia professional corporation, is the U.S. mentional Linited, a UK company limited by guarantee, and forms part of the nternational BDO network of independent member firms BDO is the brand name for the BDO network and for each of the BDO Member Firms. {5}------------------------------------------------ ![](_page_5_Picture_1.jpeg) accounting and other records, as applicable, and performing procedures to test the completeness. accounting and other records, as appresented in the supplemental information. Information and accuracy of the information, we evaluated whether the supplemental information, opinion on the supplemental information, we evaluated whether Exchange Ast 1934 opinion on the supplement, in c c ratered in conformith Securities Exchange Act of 1934 including its form and content, is presented in conformity stated , in material respec including its form and Content, is presental information is fairly stated, in all material respects, in relation to the financial statements as a whole. BDO USA, P.C. We have served as the Broker-Dealer's auditor since 2021. Miami, Florida February 27, 2026 {6}------------------------------------------------ ### INVEX, LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 #### ASSETS | Cash and Cash Equivalents | \$
963,189 | |----------------------------------------------|------------------| | Deposits with Clearing Broker | 263,754 | | Due from Related Parties | 116,257 | | Securities Owned- at Fair Value | 1,799,822 | | Receivables From Clearing Brokers | 8,886,732 | | Prepaid and Other Assets | 481,193 | | Right Of Use Asset - Operating | 1,194,314 | | Furniture and Equipment - Net of Accumulated | | | Depreciation of \$535,957 | 34,423 | | | | | TOTAL ASSETS | \$
13,739,684 | | | | | LIABILITIES AND MEMBER'S EQUITY | | | Accounts Payable and Accrued Expenses | \$
604,031 | | Lease Obligations - Operating | 1,390,366 | | Due to Related Parties | 444,021 | | TOTAL LIABILITIES | 2,438,418 | | COMMITMENTS AND CONTIGENCIES | - | | MEMBER'S EQUITY | 11,301,266 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$
13,739,684 | {7}------------------------------------------------ ### INVEX, LLC STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2025 | REVENUES | | |---------------------------------------|-----------------| | Commissions | \$
9,823,642 | | Mutual Fund Fees | 2,345,411 | | Interest and Dividend Income | 399,976 | | Trading Gains, net | 410,209 | | Other income | 376,100 | | Total Revenues | 13,355,338 | | EXPENSES | | | Employee Compensation and Benefits | 7,593,690 | | Subscriptions, Dues and Clearing Fees | 881,040 | | Communications | 805,472 | | Professional Fees | 1,845,784 | | General and Administrative | 581,793 | | Interest Expense | 82 | | Occupancy and Equipment Rental | 475,515 | | Total Expenses | 12,183,376 | | Net Income | 1,171,962 | | | | {8}------------------------------------------------ ### INVEX, LLC STATEMENT OF CHANGES IN MEMBER'S EQUITY FOR THE YEAR ENDED DECEMBER 31, 2025 | | | Member's Equity | |------------------------------------|----|-----------------| | Beginning Balance, January 1, 2025 | | 14,417,416 | | Net Income | | 1,171,962 | | Contributions | | 200,000 | | Distributions | | (4,488,112) | | Ending Balance, December 31, 2025 | \$ | 11,301,266 | {9}------------------------------------------------ ### INVEX, LLC STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2025 | Net Income | 1,171,962 | |--------------------------------------------------------------|-----------------| | ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH | | | USED IN OPERATING ACTIVITIES | | | Depreciation | 18,594 | | Depreciation of right of use assets | 369,696 | | (Increase) decrease in assets: | | | Securities Owned - at Fair Value | 1,138,433 | | Receivables/payables to clearing broker | (1,525,384) | | Due From Related Parties | 192,029 | | Prepaid and Other Assets | (190,181) | | Increase (decrease) in liabilities: | | | Due To Related Parties | 57,546 | | Payments of operating lease obligations | (415,687) | | Accounts payable and accrued expenses | 43,097 | | Total Adjustments | \$
(311,857) | | Net Cash Provided by Operating Activities | \$
860,105 | | CASH FLOWS FROM INVESTING ACTIVITIES | | | Purchase of Equipment | (8,971) | | Net Cash used in Investing Activities | (8,971) | | CASH FLOWS FROM FINANCING ACTIVITIES | | | Contributions | 200,000 | | Distributions | (1,245,500) | | Net Cash used in Financing Activities | (1,045,500) | | NET DECREASE IN CASH AND CASH EQUIVALENTS | (194,366) | | CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 1,157,555 | | CASH AND CASH EQUIVALENTS AT END OF YEAR | \$
963,189 | | SUPPLEMENTAL INFORMATION: | | | Cash Paid For Interest | \$
82 | | NON-CASH FINANCING INFORMATION: | | | Right of Use Asset obtained in exchange for lease obligation | \$
66,480 | | Distribution of Limited Partnership interest | \$
3,242,612 | {10}------------------------------------------------ ### NOTE A - ORGANIZATION Invex, LLC, (the "Company"), a Delaware corporation, was incorporated on January 30, 1992, and received its broker/dealer registration from the Securities and Exchange Commission (the "SEC") on March 24, 1992. Invex, LLC is a wholly owned subsidiary of Invex Holdings, Inc. ("Holdings") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA") and the National Futures Association. Invex Controladora, S.A.B. de C.V., the foreign parent of Invex Holdings, Inc., is the holding company of a Mexican-based financial group (the "Group"). The Group's business activities include broker/dealer activities, underwriting, and proprietary trading in Mexican securities. The Company is a FINRA-registered securities broker/dealer offering brokerage services to the clientele of the Group as well as executing proprietary trading for the Company. The majority of the Company's revenue relates to commissions and markups attributable to customer transactions. ### NOTE B - SIGNIFICANT ACCOUNTING POLICIES #### Basis of Presentation The accompanying financial statements are prepared on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). #### Cash and Cash Equivalents Cash and cash equivalents include cash on deposit at banks and depository institutions. The Company considers all highly liquid investments (including money market funds) with maturities at time of purchase of three months or less, that are not held for sale in the ordinary course of business, to be cash equivalents. At times, such balances may exceed federally-insured limits per financial institution. The Company has experienced no losses in connection with such balances over FDIC insured amounts of \$250,000 and none are expected. At December 31, 2025, the Company's deposit account balances exceeded the FDIC coverage limit by approximately \$463,000. #### Receivables from and payable to Clearing Brokers Receivables from clearing brokers represent cash held on account available for future trades. The amount payable to the clearing broker is collateralized by the securities owned by the Company. #### Other Receivables Other receivables consist primarily of interest and commissions earned during the year but not received as of year-end. Receivables are recorded only when substantial evidential matter is obtained as to the validity of the receivable. As collection of receivables has historically been consistent and timely, management has determined collectability is reasonably assured. Other Receivables are included in Prepaid and Other Assets in the Statement of Financial Condition. {11}------------------------------------------------ #### NOTE B - SIGNIFICANT ACCOUNTING POLICIES - CONTINUED # Furniture and Equipment Furniture and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets which range from three to five years. # Securities Transactions and Revenue Recognition Commissions: The Company buys and sells securities on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Company charges a commission. Commissions and related clearing expenses are recorded on the trade date (the date that the Company fills the trade order by finding and contracting with a counterparty and confirms the trade with the customer). The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. Mutual Fund Fee revenue is a residual commission and it is recorded when earned. It is generally based on a percentage of the current market value of the clients' investment holdings in trail eligible assets. As mutual fund revenue is based on the market value of the clients' investment holdings, this variable consideration is constrained until the market value is determinable, which is usually monthly or quarterly. Mutual fund fee revenues recognized in the current period include performance obligations that have been satisfied in prior periods. The Company earns interest and dividend income from its cash equivalents and securities owned, less interest expense on related transactions. Interest and dividend income are not within the scope of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers ("ASC 606"). Securities owned and securities sold but not yet purchased are stated at quoted market values with unrealized gains and losses reflected in trading income or loss-net in the accompanying Statement of Operations. The Company earns trading income through firm trading also referred to as principal transactions. Profit or loss for these transactions is measured by the difference between the acquisition cost and the fair value, which, like the underlying trading securities, is recorded on a trade-date basis. The realized and unrealized gains/(losses) securities are reported on the accompanying statement of operations for the year ended December 31, 2025. Realized gains/(losses) on securities sold are calculated on specific identification method. Trading income is not within the scope of ASC 606. {12}------------------------------------------------ ### NOTE B - SIGNIFICANT ACCOUNTING POLICIES - CONTINUED # Risk Factors ## Market Risk The Company's revenues and investments are subject to substantial fluctuations due to a variety of factors that cannot be predicted with great certainty, including the overall condition of the economy and the securities markets as a whole. As a result, net income and revenues may vary significantly from year-to-year. ### Credit Risk The Company is engaged in various trading and brokerage activities in which counterparties primarily include broker-dealers and banks. Credit risk represents the potential loss that the Company would incur if the counterparties failed to perform pursuant to the terms of their obligations to the Company. The Company minimizes its exposure to credit risk by conducting transactions with established and reputable financial institutions. Counterparty exposure is monitored on a regular basis. ### Operational risk Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. The Company outsources a portion of its critical business functions to third party firms. Accordingly, the Company negotiates its agreements with these firms with attention focused not only on the delivery of core services but also on the safeguards afforded by back-up systems and disaster recovery capabilities. ### Cyber-Security risk Cyber-security risk is the risk that the Company's computer systems, software and networks may be vulnerable to unauthorized access, computer viruses or other malicious code and other events that could have a security impact. To mitigate the risks related to cyber-attacks on our critical data, the Company takes protective measures and devotes significant resources to maintaining and upgrading its systems and networks. Such measures include intrusion and detection prevention systems, monitoring firewalls to safeguard critical business applications, monitoring third-parties that the Company does business with and employee training. #### Leases The Company determines if an arrangement contains a lease at inception based on whether or not the Company has the right to control the asset during the control period and other facts and circumstances. The Company evaluates the classification of leases as operating or finance at inception. Leases that meet one or more of the following criteria will be classified as finance leases: {13}------------------------------------------------ ### NOTE B - SIGNIFICANT ACCOUNTING POLICIES - CONTINUED - The Company can acquire the leased asset at the end of the lease term for a below-market price. - The ownership of the leased asset is transferred to the Company at the end of the lease period. - The duration of the lease encompasses at least 75% of the useful life of the leased assets. - The present value of the minimum lease payments under the lease represents at least 90% of the fair value of the leased asset. The Company has determined that all leases under which they are the lessee to be operating leases. The Company is the lessee in a lease contract when they obtain the right to control the asset. Operating lease right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company determines the lease term by assuming the exercise of renewal options that are reasonably certain. As most of the Company's leases do not provide an implicit interest rate, the Company uses the Daily Treasury Yield Curve Rate from the U.S. Department of the Treasury for financing over the period of the lease based on the information available at the commencement date in determining the present value of future payments. Leases with a lease term of 12 months or less at inception are not recorded on the Company's statement of financial condition and are expensed on a straight-line basis over the lease term in the Company's statements of operations. #### Income Taxes The Company is treated as a disregarded entity for federal income tax purposes and, accordingly, generally would not incur income taxes or have any unrecognized tax benefits. Instead, its earnings and losses are included in the tax return of Holdings and taxed depending on the Holdings' tax situation. As a result, the financial statements do not reflect a provision for income taxes. #### Foreign Currency Certain customer investment trades are executed utilizing foreign currency. Investments denominated in foreign currencies are translated into U.S. Dollar amounts at the date of valuation. Purchases and sales of investments denominated in foreign currencies are translated into U.S. Dollar amounts on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of investments, sale of foreign currencies and currency gains or losses realized between trade and settlement dates. The gains and losses are included as a component of the commission on the investment transaction. {14}------------------------------------------------ #### NOTE B - SIGNIFICANT ACCOUNTING POLICIES - CONTINUED ### Net Capital Requirements The Company is subject to the SEC's Uniform Net Capital Rule ("Rule 15c3-1"). The Company has elected to compute minimum net capital under the Alternative Net Capital method under Rule 15c3-1(a)(1)(ii), which requires maintenance of minimum net capital of the greater of 2% of aggregate debit items or \$250,000 as of December 31, 2025. At December 31, 2025, the Company had net capital as defined by Rule 15c3-1(a)(1)(ii) of \$10,319,039, which was \$10,069,039 in excess of the required minimum net capital. The Company is also subject to the net capital requirements of the CFTC Regulation 1.17 and requirements of the National Futures Association, and is required to maintain "adjusted net capital", as these terms are defined in Rule 15c3-1. #### Use of Estimates and Assumptions The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts in the financial statements. Such estimates include the fair value of securities and other financial instruments, allowance for doubtful accounts, accruals for liabilities, revenue and expense accruals, and other matters, including a disclosure 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. #### The Allowance for Credit Losses The Company accounts for estimated credit losses in accordance with ASC Topic 326, Financial Instruments – Credit Losses ("ASC 326"). ASC 326 impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. Under ASC 326, the Company could determine there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the client). The Company identified receivables from clearing brokers and other receivables (including, but not limited to, receivables related to securities transactions, and advisory fees) as impacted by the guidance. The allowance for credit losses is based on the Company's expectation of the collectability of financial instruments, including receivables from clearing brokers and other receivables utilizing the CECL framework. The Company considers factors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company's expectation of the collectability in determining the allowance for credit losses. {15}------------------------------------------------ ### NOTE B - SIGNIFICANT ACCOUNTING POLICIES - CONTINUED #### Broker Dealer – Single Reportable Segment The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including buying and selling securities on behalf of clients, buying and selling securities for their own account, and providing access to structured products, mutual funds and ETFs for their clients. These services produce for the Company commissions, mutual fund fees, interest and dividend income, and trading gains and losses. The Company has identified its President as the chief operating decision maker ("CODM"), who uses net income or loss to evaluate the results of the business, predominately 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. 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. 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. ### Accounting Standards to be Adopted in Future Periods Expenses. In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU No. 2024-03 ("ASU 2024-03"), Disaggregation of Income Statement Expenses. The guidance primarily will require enhanced disclosures about certain types of expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and may be applied either on a prospective or retrospective basis. The Company is evaluating the impact of the standard on its disclosures. Credit losses. In July 2025, the FASB issued ASU No. 2025-05 ("ASU 2025-05"), Financial Instruments -Credit Losses. The guidance provides an optional practical expedient when applying the guidance related to the estimation of expected credit losses for current accounts receivable and current contract assets resulting from transactions arising from contracts with customers. The amendments in ASU 2025-05 are effective for fiscal years beginning after December 15, 2025, and interim reporting periods, with early adoption permitted. The Company is evaluating the impact of the standard on its financial statements. Internal-Use Software. In September 2025, the FASB issued ASU No. 2025-06 ("ASU 2025-06"), Intangibles -Goodwill and Other -Internal-Use Software. The guidance modernizes and clarifies the threshold for when an entity is required to start capitalizing software costs and is based on when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and interim reporting periods, with early adoption permitted. The Company is evaluating the impact of the standard on its financial statements. {16}------------------------------------------------ # NOTE C – SECURITIES OWNED AND SECURITIES SOLD NOT YET PURCHASED #### Securities Owned And Securities Sold Not Yet Purchased – At Fair Value The components of securities owned and securities sold, not yet purchased- at fair value at December 31, 2025 are as follows: | | 2025 | | | | |--------------------------|-----------------|---------------|-----------|--| | | | Sold, Not Yet | | | | | Owned | | Purchased | | | Foreign debt instruments | \$
142,441 | \$ | - | | | Marketable Equities | 1,657,381 | \$ | - | | | | \$
1,799,822 | \$ | - | | ### NOTE D – ACCOUNTS PAYABLE AND ACCRUED EXPENSES The following is a summary of all accounts payable and accrued expenses as of December 31, 2025: Bonus Payable 520,000 \$ Accrued Expenses 52,000 Accounts Payable - Vendors 32,031 \$ 604,031 #### NOTE E – TRANSACTION WITH CLEARING BROKERS The Company clears its U.S. securities transactions and customers' transactions on a fully disclosed basis through nonaffiliated clearing brokers. ### NOTE F – RESERVE REQUIREMENTS AND INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS FOR BROKERS AND DEALERS The Company is exempt from the provisions of Rule 15c3-3 (pursuant to paragraph (k)(2)(ii) of such rule) of the Securities Exchange Act of 1934 as an introducing broker or dealer that carries no customers' accounts, promptly transmits all customer funds and delivers all customer securities received to the clearing broker and does not otherwise hold funds or securities of customers or dealers. Because of such exemption, the Company is not required to prepare a determination of reserve requirement and the Company is not subject to the provisions of Rule 15c3-3 pertaining to the possession or control requirements for broker dealers. {17}------------------------------------------------ ### NOTE G – LEASES The Company leases office space under an operating lease in Miami, Florida which expires on March 31, 2028. The office lease provides for minimum annual rentals, which are subject to escalation clauses for operating costs and taxes. The Company also leases automobiles under various operating leases expiring through 2028. Operating lease assets and liabilities as of December 31, 2025 are as follows: | Operating lease ROU assets, net | \$1,194,314 | |---------------------------------|-------------| | Operating lease liabilities | \$1,390,366 | Total operating lease costs were approximately \$399,000 for the year ended December 31, 2025. Information associated with the measurement of the remaining operating lease obligations as of December 31, 2025 is as follows: Weighted-average remaining lease term in years 2.24 Weighted-average discount rate 2.74 As of December 31, 2025, the estimated undiscounted future minimum lease payments, exclusive of taxes and other charges are as follows: | 2026 | \$
535,941 | |-----------------------------------------|---------------| | 2027 | 546,937 | | 2028 | 360,048 | | Total future minimum lease payments | 1,442,926 | | Less: amount representing interest | (52,560) | | Present value of minimum lease payments | \$1,390,366 | Cash paid for amounts included in the measurement of lease liabilities was \$516,566 for the year ended December 31, 2025. As of December 31, 2025, remaining terms for operating leases range from one to five years. {18}------------------------------------------------ #### NOTE H - OFF-BALANCE-SHEET RISK AND CONCENTRATION OF CREDIT RISK In the normal course of business, the Company's securities transactions involve executions and settlements of various securities transactions as principal. These activities may expose the Company to risk in the event that counterparties are unable to fulfill contractual obligations. The Company has agreed to indemnify its clearing broker for losses that the clearing broker may sustain from the customer accounts introduced by the Company. The introduced customers are generally institutional or high-net-worth retail customers. ### NOTE I - RELATED-PARTY TRANSACTIONS The Company was charged an annual fee totaling \$444,021 by Invex Controladora, S.A.B. de C.V. during 2025 for use of the name "INVEX" and this amount is included within professional fees in the accompanying Statement of Operations. As of December 31, 2025, \$444,021 was outstanding and payable to the Parent. There were no other amounts due to the Parent. The annual fee amount due to the Parent is included within due to related parties in the Statement of Financial Condition. The Company also earned \$160,057 on trades done with Banco Invex, S.A., an affiliated entity to the Company, domiciled in Mexico. The Company and Invex Advisors, LLC, subsidiaries of Invex Holdings, Inc., executed an intercompany expense-sharing agreement which took full force and effect on March 1, 2017. Based on the agreement, Invex Advisors, LLC will make quarterly payments to the Company for its share of the operating costs relating to personnel and administrative services as well as reimbursement of certain other office expenses incurred by the Company on behalf of Invex Advisors. Based on this agreement, the Company invoiced Invex Advisors, LLC \$1,236,827 for shared expenses in 2025. As of December 31, 2025, \$76,031 was due and outstanding from Invex Advisors, LLC for the 2025 shared expenses. This expense sharing income is recorded in the accompanying Statement of Operations as a reduction of the respective expense and the corresponding receivable due from Invex Advisors, LLC is recorded in the accompanying Statement of Financial Condition as a due from related parties. {19}------------------------------------------------ ### NOTE I – RELATED PARTY TRANSACTIONS – CONTINUED The Company has approximately \$24,000 of receivables at December 31, 2025 from employees due on demand and which were non-interest bearing. Additionally, the Company had a note receivable due from an employee in the amount of \$16,166 as of December 31, 2025. The note is unsecured and was issued on April 15, 2012 with a principal balance of \$71,133 and an original maturity of April 15, 2020. During 2020, the note was renewed for another five year term with a maturity date of April 15, 2025 and was then renewed for another five year term with a maturity date of April 15, 2030. During 2021 the Company loaned an additional \$6,000 to the employee which is reflected in the principal balance of the note. The interest on the note accrues at 2% per annum, payable each year on the anniversary of the note. Such receivables from employees, related party note and interest amounts along with a \$76,031 receivable due from Invex Advisors, LLC, are all included in due from related parties in the accompanying Statement of Financial Condition. The following is a summary of amounts due from related parties as of December 31, 2025: | Accounts Receivable - Employees | \$
24,060 | |---------------------------------|---------------| | Note Receivable - Employee | 16,166 | | Due From Related Entities | 76,031 | | Due From Related Parties | \$
116,257 | #### NOTE J - EMPLOYEE RETIREMENT SAVINGS PLAN The Company participated in a 401K plan (the "Plan") for its employees. An employee is eligible to participate in the Plan after three months of employment with the Company. Employees can contribute from 1% to 15% of their bi-weekly pay into the Plan up to a maximum of the lesser of 25% of the participant's compensation (subject to Internal Revenue Code limits) or \$23,500 in 2025 with a \$7,500 catch-up for age 50+, totaling \$31,000, and a special "super" catch-up of \$11,250 for ages 60–63, allowing up to \$34,750. The Company matches up to 100% of the first 3% of a participating employee's contribution to the Plan, plus 50% of deferrals from 4% to 5% of the participating employee's pay. During the year ended December 31, 2025, the Company contributed approximately \$173,251 to the 401K plan. {20}------------------------------------------------ ### NOTE K - ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various approaches. The Company uses an established fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company's assumption about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: - Level 1 Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 securities. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. - Level 2 Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. - Level 3 Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for securities categorized in Level 3. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined by the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. {21}------------------------------------------------ #### NOTE K - ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS - CONTINUED The Company uses prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. - Marketable Equities The Company values investments in securities and securities sold, but not yet purchased that are freely tradable and are listed on a national securities exchange or reported on the NASDAQ national market at their last sales price as of the last business day of the year. - Foreign and Domestic Debt Instruments The Company may hold both domestic and foreign corporate bonds. The fair value of these bonds is estimated using recently executed transactions, market price quotations (where observable), and bond spreads. The spread data used are for the same maturity as the bond. If the spread data does not reference the issuer, then data that references a comparable issuer is used. When observable price quotations are not available, fair value is determined based on cash flow models with yield curves, bond, or recovery rates based on collateral values as key inputs. Corporate bonds are generally categorized in Level 2 of the fair value hierarchy. In instances where significant inputs are unobservable, they are categorized in Level 3 of the hierarchy. - Listed Derivative Contracts Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy. Listed derivatives that are not actively traded are valued using the same approaches as those applied to OTC derivatives; they are generally categorized in level 2 of the fair value hierarchy. - Mutual Funds The Company may own both domestic and foreign Mutual funds. Mutual funds are valued at the net asset value ("NAV") of shares held by the plan at year end. - U.S. Treasury Bills The Company may own U.S. Treasury Bills. Treasury Bills are highly liquid and readily marketable securities. The Company values U.S. Treasury Bills at the daily value posted on Bloomberg by the U.S. Treasury Department. {22}------------------------------------------------ #### NOTE K - ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS - CONTINUED The following table presents the Company's fair value hierarchy for those assets measured at fair value as of December 31, 2025: #### Financial Assets at Fair Value As of December 31, 2025 | | Level 1 | Level 2 | | Level 3 | | Total | | |------------------------------|-----------------|---------|---------|---------|---|-------|-----------| | ASSETS | | | | | | | | | Financial instruments owned: | | | | | | | | | Foreign Debt Instruments | -
\$ | \$ | 142,441 | \$ | - | \$ | 142,441 | | Marketable Equities | 1,657,380 | | - | | - | | 1,657,380 | | | | | | | | | | | Totals | \$
1,657,380 | \$ | 142,441 | \$ | - | \$ | 1,799,821 | #### NOTE L - FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE Some of the Company's financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. #### NOTE M - SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred subsequent to December 31, 2025, through the date the financial statements were available to be issued, for potential recognition or disclosure in the accompanying financial statements. The Company didn't identify any subsequent events that would require recognition or disclosure in the financial statements. {23}------------------------------------------------ ## SUPPLEMENTARY SCHEDULES {24}------------------------------------------------ ![](_page_24_Picture_0.jpeg) # INVEX, LLC ### SCHEDULE I COMPUTATION OF NET CAPITAL UNDER RULE 15C3-1 OF THE SECURITIES EXCHANGE ACT OF 1934 AND REGULATION 1.16 OF THE COMMODITY FUTURES TRADING COMMISSION AS OF DECEMBER 31, 2025 | CREDITS: | | | |----------------------------------------------------------|---------------|------------------| | Total shareholder's equity from statement of | | \$
11,301,266 | | financial condition | | | | DEBITS: | | | | Due from Related Parties | \$
116,257 | | | Accounts Receivable | 224,418 | | | Furniture and equipment, net | 34,423 | | | Prepaid expense and other assets | 256,195 | | | Total Debits | | 631,293 | | | | | | NET CAPITAL BEFORE HAIRCUTS ON SECURITIES | | 10,669,973 | | HAIRCUT ON SECURITIES (PURSUANT TO RULE 15c3-1(a)(1)(ii) | | | | Trading and Investment securities | 350,934 | | | TOTAL HAIRCUTS | | 350,934 | | NET CAPITAL | | \$
10,319,039 | | | | | | MINIMUM NET CAPITAL REQUIREMENTS 2% OF | | | | AGGREGATE DEBIT ITEMS OR \$250,000, | | | | WHICHEVER IS GREATER | | \$
250,000 | | EXCESS NET CAPITAL | | \$
10,069,039 | | | | | See Report of Independent Registered Public Accounting Firm. {25}------------------------------------------------ ![](_page_25_Picture_0.jpeg) # INVEX, LLC ### SCHEDULE II RECONCILIATION OF COMPUTATION OF NET CAPITAL UNDER RULE 15C3-1 OF THE SECURITIES AND EXCHANGE ACT OF 1934 TO COMPANY'S CORRESPONDING UNAUDITED FORM X-17A-5, PART IIA FILING There are no material differences between the preceding computation and the Company's corresponding unaudited Part IIA of Form X-17A-5 as of December 31,2025. ### SCHEDULE III STATEMENT OF EXEMPTION FROM THE COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS AND INFORMATION RELATING TO POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15C3-3 OF THE SECURITIES AND EXCHANGE ACT OF 1934 In accordance with the exemptive provisions of SEC Rule 15c3-3, especially exemption k(2)(ii), the Company is exempt from the computation for determination of reserve requirements and the information relating to the possession or control requirements. All customer transactions are cleared through another broker-dealer on a fully disclosed basis. The Company holds no customer funds or securities. Any such customer funds or securities are promptly transmitted to the clearing broker-dealer. {26}------------------------------------------------ ## INFORMATION REGARDING COMPLIANCE WITH RULE 15C3-3 {27}------------------------------------------------ ![](_page_27_Picture_0.jpeg) ![](_page_27_Picture_1.jpeg) Tel: 305-381-8000 Fax: 305-374-1135 www.bdo.com 100 SE 2nd St., Suite 1700 Miami, FL 33131 #### Report of Independent Registered Public Accounting Firm Invex Holdings, Inc., the sole member of Invex, LLC and the Board of Directors of Invex Holdings, Inc. Miami, Florida We have reviewed management's statements, included in the accompanying Exemption Report under Rule 17a-5 of the Securities Exchange Act of 1934 (the "Exemption Report"), in which Invex, LLC (the "Company") (1) identified the following provisions of Securities Exchange Act of 1934 ("SEA") Rule 15c3-3(k) under which the Company claimed an exemption from SEA Rule 15c3-3: (k)(2)(ii) (the "exemption provisions") and (2) stated that the Company met the identified exemption provisions throughout the most recent fiscal year without exception. In addition, the Company stated in the Exemption Report that the Company is filing the Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to SEA Rule 17a-5 ("Footnote 74") because the Company's other business activities are limited to proprietary trading, referral fees, earning dividends on securities and interest on corporate funds, and the Company (a) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of SEA Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company); (b) did not carry accounts of or for customers; and (c) did not carry PAB accounts (as defined in SEA Rule 15c3-3) throughout the most recent fiscal year without exception. The Company's management is responsible for compliance with the exemption provisions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the exemption provisions and the provisions of Footnote 74. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(2)(ii) of Rule 15c3-3 under the Securities Exchange Act of 1934 and in reliance of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. BDO USA, P.C. Miami, Florida February 27, 2026 BDO USA, P.C., a Virginia professional corporation, is the U.S. member of BDO International Limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. {28}------------------------------------------------ #### EXEMPTION REPORT UNDER RULE 17A-5 OF THE SECURITIES AND EXCHANGE ACT OF 1934 Invex, LLC, (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the SEC (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. §240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: (1) The Company claimed an exemption from 17 C.F.R. §240.15c3-3 under the following provisions of 17 C.F.R. §240.15c3-3(k)(2)(ii): Who as an introducing broker or dealer, clears all transactions with and for customers on a fully disclosed basis with a clearing broker or dealer, and who promptly transmits all customer funds and securities to the clearing broker or dealer which carries all of the accounts of such customers and preserves such books pertaining thereto pursuant to the requirements of 17 C.F.R. §240.17a-3 and \$240.17a-4, as are customarily made and kept by a clearing broker or dealer. (2) The Company met the identified exemption provisions in 17 C.F.R. §240.15c3-3(k)(2)(ii) throughout the most recent fiscal year without exception. (3) The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. §240.17a-5 are limited to proprietary trading, referral fees, earning dividends on securities and interest on corporate funds, and the Company (a) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of SEA Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company);(b) did not carry accounts of or for customers; and (c) did not carry PAB accounts (as defined in SEA Rule 15c3-3) throughout the most recent fiscal year without exception. Invex, LLC I, Gerardo Reyes-Retana, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. February 27, 2026 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.