# BRITEHORN SECURITIES X-17A-5 (2026-03-02) — Broker-dealer annual report - Company: BRITEHORN SECURITIES - Form: X-17A-5 - Filed: 2026-03-02 - Period: 2025-12-31 - Accession: 0000922631-26-000003 - CIK: 922631 - File #: 8-47217 - Type: Broker-dealer - Material weakness: No - Auditor: LMHS PC - Auditor location: Norwell, ME - Contact: Andrew D Hurry - Phone: 3039496053 - Email: andrew@britehorn.com - Website: britehorn.com - Signed by: Andrew Duncan Hurry (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/922631/000092263126000003/EDGARAudit.pdf --- {0}------------------------------------------------ | 1998 1991 1 1991 1 1991 | |-------------------------| | | | SEC FIFE MUNBER | | 8/47217 | | | FACING PAGE
Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | |---------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|--------------------------------------------|--| | FILING FOR THE PERIOD BEGINNING 01/1/2025 | | AND ENDING | 12/31/2025 | | | | MM/DD/YY | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM· | Britehorn Securities LLC | | | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer
Check here if respondent is also an OTC derivatives dealer | [ Security-based swap dealer | L Major security-based swap participant | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | 1401 Lawrence St, Suite 1600 | | | | | | | (No. and Street) | | | | | Denver | CO | | 80202 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Andrew D Hurry | 720-465-5305 | | andrew@britehorn.com | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
LMHC PC | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | 80 Washington St, Bldg S Norwell | | MA | 02061 | | | (Address) | (City) | (State)
3373 | (Zip Code) | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | | FOR OFFICIAL USE ONLY | | | | {1}------------------------------------------------ | Andrew D Hurry | | | , swear (or affirm) that, to the best of my knowledge and belief, the | | |----------------|--|--|-------------------------------------------------------------------------------------------------|-------| | | | | tinancial report pertaining to the firm of Britehorn Securities LLC | as of | | | | | , 2 026 , is true and correct. I further swear (or affirm) that neither the company nor any | | - - - - - - - - - - - - - - - - - - - - - - - - - - - {2}------------------------------------------------ # BRITEHORN SECURITIES, LLC Financial Statements For the Year Ending December 31, 2025 In accordance with Rule 17A-5(d) {3}------------------------------------------------ | BRITEHORN SECURITIES, LLC | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------| | TABLE OF CONTENTS | | | Independent Registered Public Accounting Firm's Report | Page(s)
3 | | Statement of Financial Condition | 4 | | Statement of Operations Income | 5 | | Statement of Changes in Members' Equity | 6 | | Statement of Cash Flows | 7 | | Notes to Financial Statements | 8 -
11 | | Supplementary Schedules:
I.
Computation of Net Capital Pursuant to Net Capital Rule 15c3-1 included in the
Company's Corresponding Unaudited Form X-17A-5 Part II Filing and reconciliation | 13 | | II. Computation for Determination of Reserve Requirements Under Rule 15c3-3 | 14 | | III. Information Relating to Possession or Control Requirements Under Rule 15c3-3 | 14 | | Independent Registered Public Accounting Firm's Report on Management's Assertions
Regarding Exemption Claimed from Rule 15c3-3 | 15 | | Exemption Report Requirement for Broker/Dealers Under Rule 17a-5 of the Securities
and Exchange Act of 1934 | 16 | | Independent Accountant's Report on Applying Agreed Upon Procedures | S1 | | SIPC Assessment Reconciliation Pursuant to Form SIPC 7 | S3 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ### Report of Independent Registered Public Accounting Firm To the Members Britehorn Securities, LLC Denver, Colorado ### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Britehorn Securities, LLC, as of December 31, 2025, and the related statements of income, changes in members' 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 Britehorn Securities, LLC as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. ### Basis for Opinion These financial statements are the responsibility of the entity's management. Our responsibility is to express an opinion on these 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 Britehorn Securities, LLC, 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 supplemental information appearing on page 13 through 14 has been subjected to audit procedures performed in conjunction with the audit of Britehorn Securities, LLC's financial statements. The supplemental information is the responsibility of Britehorn Securities, LLC management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with C.F.R. §240.17a-5. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as Britehorn Securities, LLC's auditor since 2021. LMHS, P. C. Norwell, Massachusetts February , 2026 ![](_page_4_Picture_13.jpeg) ![](_page_4_Picture_15.jpeg) {5}------------------------------------------------ # BRITEHORN SECURITIES, LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 ### ASSETS | Cash | \$ | 156,067 | | | | | |-----------------------------------------------|----|---------|--|--|--|--| | Commissions Receivable | | 982 | | | | | | Other Assets (Prepaid) | | 16,592 | | | | | | Total assets | \$ | 173,641 | | | | | | LIABILITIES AND MEMBERS' EQUITY | | | | | | | | LIABILITIES: | | | | | | | | Commissions payable | \$ | - | | | | | | Accounts payable and accrued expenses | | 8,065 | | | | | | Other Current Liabilities | | 1,973 | | | | | | Total liabilities | | 10,038 | | | | | | COMMITMENTS AND CONTINGENCIES (Notes 3 and 4) | | | | | | | | MEMBERS' EQUITY (Note 2) | | 163,603 | | | | | | Total liabilities and members' equity | \$ | 173,641 | | | | | {6}------------------------------------------------ # BRITEHORN SECURITIES, LLC STATEMENT OF OPERATIONS INCOME YEAR ENDED DECEMBER 31, 2025 | REVENUE: | | |--------------------------------|------------------| | Investment banking | \$
12,469,150 | | Consulting income | 463,315 | | Total revenue | 12,932,465 | | EXPENSES: | | | Commissions expense | 11,279,023 | | Regulatory fees and compliance | 101,755 | | Payroll and related expenses | 144,788 | | Professional fees | 83,687 | | Technology and communications | 14,916 | | Rent and occupancy | 24,141 | | Insurance and risk management | 3,808 | | Other operating expenses | 32,495 | | Total expenses | 11,684,613 | | NET INCOME | \$
1,247,852 | {7}------------------------------------------------ # BRITEHORN SECURITIES, LLC CHANGES IN MEMBERS' EQUITY YEAR ENDED DECEMBER 31, 2025 | BALANCE, December 31, 2024 | \$
135,751 | |----------------------------|---------------| | Distributions to Members | (1,220,000) | | Net income | 1,247,852 | | BALANCE, December 31, 2025 | \$
163,603 | {8}------------------------------------------------ # BRITEHORN SECURITIES, LLC STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2025 | CASH FLOWS FROM OPERATING ACTIVITIES: | | |-------------------------------------------------------------------------------|-----------------| | Net income | \$
1,247,852 | | Adjustments to reconcile net income to cash provided by operating activities: | | | Change in commissions receivable | 17,978 | | Change in other assets | (9,328) | | Change in commissions payable | (198,607) | | Change in accounts payable and accrued expenses | (9,415) | | Net cash provided by operating activities | 1,048,480 | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | Distributions to members | (1,220,000) | | NET DECREASE IN CASH | (171,520) | | CASH, at beginning of year | 327,587 | | CASH, at end of year | \$
156,067 | {9}------------------------------------------------ ### Organization and Business NOTE 1 - BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Britehorn Securities, LLC ("Britehorn Securities or the "Company"), formerly LoHi securities, LLC, is a Colorado limited liability company, organized in 2003 to engage in best efforts underwriting and private placements of securities. The Company's primary activity is investment banking and consulting services. The Company is registered as a broker-dealer in securities with the Securities and Exchange Commission (the "SEC") and is a member of the Financial Industry Regulation Authority ("FINRA"). The Company operates pursuant to Footnote 74 of Rule 15c3-3 of the Securities and Exchange Act of 1934 (the "Act") and does not carry customer accounts or clear customer transactions, nor does it plan to hold any customers' securities or funds. As a result, the Company is exempt from the remaining provisions and requirements of Rule 15c3-3 of the Act. Under this exemption, Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements are not required. ### Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." This ASU, as amended, provides comprehensive guidance on the recognition of revenue from customers arising from transfer of goods and services, guidance on accounting for certain contract costs, and new disclosures. The ASU did not have a material impact on the Company's financial condition, results of operations or cash flows for the year ended December 31, 2025. The Company primarily derives its revenues from investment banking services and capital raising activities. Revenue associated with investment banking and capital raising activities is recognized when earned in accordance with the applicable investment banking and placement agent agreements. Due diligence fees and expense advances received by the Company, along with any related expenses that are incurred, are initially deferred and are recognized only when the services have been provided. December 31, 2025. The Company's policy is not to accrue interest on commissions receivable. ### Commissions Receivable Commissions receivable are stated at actual amounts less an allowance for doubtful accounts. The commissions are receivable from clients on a monthly basis that reflect amounts earned but not yet received. Management has determined that no allowance for doubtful accounts is deemed necessary at ### Income Taxes The Company made an election to be taxed as a limited liability company under the Internal Revenue Code. Accordingly, there is no provision for income taxes included in the accompanying financial statements except for state franchise taxes and fees. All income and expenses are reported by the Company's members on their respective tax returns. {10}------------------------------------------------ NOTE 1 - BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The Company may account for uncertain tax positions in accordance with Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 740-10, Accounting for Uncertainty in Income Taxes. FASB ASC Topic 740-10 establishes that a tax position taken or expected to be taken in a tax return is to be recognized in the financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The Company's returns from 2022 to 2025 are subject to review by the Internal Revenue Service. ### Basis of Accounting The financial statements of the Company have been prepared on the accrual basis of accounting and accordingly reflect all significant receivables, payables, and other liabilities. ### Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers investments with maturities less than three months to be cash equivalents. ### Use of Estimates The preparation 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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. ### Fair Value Measurement The Company follows ASC 820, Fair Value Measurements and Disclosures which 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 FASB ASC 820, are used to measure fair value. The Company does not hold any securities positions as of December 31, 2025. NOTE 2 - NET CAPITAL AND MINIMUM CAPITAL REQUIREMENTS Pursuant to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined under provision. At December 31, 2025, the {11}------------------------------------------------ NOTE 2 - NET CAPITAL AND MINIMUM CAPITAL REQUIREMENTS (CONTINUED) Company had net capital and net capital requirements of \$146,030 and \$5,000 respectively. The Company's net capital ratio (aggregate indebtedness to net capital) was 0.687 to 1. According to Rule 15c3-1, the Company's net capital ratio shall not exceed 15 to 1. NOTE 3 - COMMITMENTS AND RELATED PARTY TRANSACTIONS The Company recognizes and measures its leases in accordance with FASB ASC 842, Leases. The Company is a lessee in one noncancelable operating lease for office space. The Company determines if an arrangement is a lease, or contains a lease, at inception of a contract and when the terms of an existing contract are changed. The Company recognizes a lease liability and a right of use (ROU) asset at the commencement date of the lease. The lease liability is initially and subsequently recognized based on the total value of its future lease payments. Variable payments are included in the future lease payments when those variable payments depend on an index or a rate. The ROU asset is subsequently measured throughout the lease term at the amount of the remeasured lease liability (i.e., present value of the remaining lease payments), plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received, and any impairment recognized. Lease cost for lease payments is recognized on a straight-line basis over the lease term. The Company has elected, for all underlying classes of assets, to recognize ROU assets and lease liabilities for short-term leases that have a lease term of greater that 12 months at lease commencement, and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. We recognize lease cost associated with our short-term leases on a straight-line basis over the lease term. The Company had a noncancelable Membership agreement with an unrelated party for office space which expires in October 2026, which is less than 12 months. The Membership agreement was transferred to Britehorn Partners, LLC in January 2026 and there are no future minimum membership/lease payments due. NOTE 4 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND UNCERTAINTIES Rent and related membership occupancy costs charged to operations amounted to \$24,141 for the year ended December 31, 2025. The Company is engaged in various corporate financing activities with counterparties that primarily include issuers with which the Company has an investment banking assignment. In the event counterparties, do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Company's policy to review, as necessary, the credit standing of each counterparty with which it conducts business. In the Company's trading activities, the Company may purchase securities for its own account and may incur losses if the market value of those securities decline subsequent to December 31, 2025. {12}------------------------------------------------ NOTE 4 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND UNCERTAINTIES (CONTINUED) The Company's financial instruments, including cash and cash equivalents, commissions receivable, other assets, accounts payable and accrued expenses and other liabilities, are carried at amounts that approximate fair value due to the short-term nature of those instruments. Investments are valued as described in Note 1. amount but periodically balances are in excess. To mitigate the risk the company maintains banking NOTE 5 - SEGMENT REPORTING As of December 31, 2025, the Company does not have deposits in banks in excess of the FDIC insured amount of \$250,000. In general, the company maintains cash balances below the \$250,000 insured relationships with large National Banks, i.e. JP Morgan Chase Bank. The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including underwriting, investment banking and investment advisory business. The Company has identified its Managing Member 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 (see Note 2), 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 distributions. 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. All revenue segments and significant expenses for the year ended December 31, 2025 are disclosed on the Statement of Operations Income. NOTE 6 - CONCENTRATION RISK NOTE 7 - SUBSEQUENT REVIEW The Company records revenue from several different advisory and consulting agreements. For the year ended December 31, 2025, 61% of the Company's revenue was derived from four individual agreements. The Company has performed an evaluation of subsequent events through the date the financial statements were available to be issued. The evaluation did not result in any subsequent events that required disclosures and/or adjustments. {13}------------------------------------------------ ### SUPPLEMENTARY INFORMATION {14}------------------------------------------------ # BRITEHORN SECURITIES, LLC SCHEDULES I COMPUTATION OF NET CAPITAL AND RECONCILIATION PURSUANT TO UNIFORM NET CAPITAL RULE 15c3-1 DECEMBER 31, 2025 | CREDIT: | | |-------------------------------------------------------------|---------------| | Members' equity | \$
163,603 | | DEBITS: | | | Nonallowable assets: | | | Commissions receivable | - | | Other assets | 17,574 | | Total debits | 17,574 | | NET CAPITAL BEFORE HAIRCUTS AND UNDUE CONCENTRATION | 146,029 | | Haircuts on securities positions | - | | Undue concentration | - | | NET CAPITAL | 146,029 | | Minimum requirements of 6-2/3% of aggregate indebtedness of | | | \$10,038 or \$5,000, whichever is greater | 5,000 | | Excess net capital | \$
141,029 | | AGGREGATE INDEBTEDNESS: | | | Commissions payable | \$
- | | Other Liabilities | 10,038 | | Due to Parent | - | | Total aggregate indebtedness | \$
10,038 | | RATIO OF AGGREGATE INDEBTEDNESS TO NET CAPITAL | 0.687 to 1 | There are no material differences between the above computation of net capital and the corresponding computation by the Company with the unaudited Form X-17A-5 as of December 31, 2025 {15}------------------------------------------------ # BRITEHORN SECURITIES, LLC SCHEDULES II AND III ### DECEMBER 31, 2025 ## Schedule II Computation for Determination of Reserve Requirements Under Rule 15c3-3 None. The Company is a Non-Covered Firm engaging in Non-Covered Firm Activities no longer deemed to be acting under the (k)(2)(i). Although the Company is no longer eligible to claim an exemption under SEC Rule 15c3-3(k), it is not required to comply with the requirements of SEC Rule 15c3-3 by reason of the SEC's guidance set forth in footnote 74 to SEC Release No. 34-70073 (July 30, 2013). # Schedule III Information Relating to Possession or Control Requirements Under Rule 15c3-3 None. The Company is a Non-Covered Firm engaging in Non-Covered Firm Activities no longer deemed to be acting under the (k)(2)(i). Although the Company is no longer eligible to claim an exemption under SEC Rule 15c3-3(k), it is not required to comply with the requirements of SEC Rule 15c3-3 by reason of the SEC's guidance set forth in footnote 74 to SEC Release No. 34-70073 (July 30, 2013). {16}------------------------------------------------ ![](_page_16_Picture_0.jpeg) ### Report of Independent Registered Public Accounting Firm To the Members Britehorn Securities, LLC Denver, Colorado We have reviewed management's statements, included in the accompanying SEC Rule 15c3-3 Exemption Report in which Britehorn Securities, LLC stated that Britehorn Securities, LLC's business activities are limited to private placement of securities, specifically to act as selling agent in the solicitation of private offerings on a best effort basis and that it has not held customer funds or securities and that Britehorn Securities, LLC is classified as "non-covered" pursuant to footnote 74 to SEC Release 34-70073, dated July 30, 2013 and as discussed in Q&A 8 of the related FAQ issued by SEC staff on April 4, 2014. Britehorn Securities, LLC also stated that it had maintained compliance with the above declaration throughout the most recent fiscal year ended December 31, 2025, without exception. Britehorn Securities, LLC management is responsible for compliance and is not subject to the provisions set forth in Rule 15c3- 3 under the Securities and Exchange Act of 1934 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 Britehorn Securities, LLC's declaration concerning the provisions set forth in Rule 15c3-3 under the Securities and Exchange Act of 1934. 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 Footnote 74 to SEC Release 34-70073. 's auditor since 2021. LMHS, P.C. We have served as Britehorn Securitas, LLC Norwell, Massachusetts February , 2026 ![](_page_16_Picture_9.jpeg) ![](_page_16_Picture_11.jpeg) {17}------------------------------------------------ {18}------------------------------------------------ ![](_page_18_Picture_0.jpeg) ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPLYING AGREED UPON PROCEDURES To the Members Britehorn Securities, LLC Denver, Colorado We have performed the procedures included in Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 and in the Securities Investor Protection Corporation (SIPC) Series 600 Rules, which are enumerated below on the accompanying General Assessment Reconciliation (Form SIPC-7) for the year ended December 31, 2025. Management of Britehorn Securities, LLC (the Company) is responsible for its Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7. Management of the Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Company's compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2025. Additionally, SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. The procedures we performed and the associated findings are as follows: - 1. Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records entries noting no differences, - 2. Compared the Total Revenue amounts reported on the Annual Audited Report Form X-17A-5 Part III for the year ended December 31, 2025, with the Total Revenue amounts reported in Form SIPC-7 for the year ended December 31, 2025, noting no differences, - 3. Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers noting no differences. - 4. Recalculated the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related schedules and working papers supporting the adjustments noting no differences, and - 5. Compared the amount of any overpayment applied to the current assessment with the Form SIPC-7 on which it was originally computed noting no differences. We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the AICPA and in accordance with the standards of the Public Company Accounting Oversight Board (United States). We were not engaged to and did not conduct an examination or a review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2025. Accordingly, we do not express such an opinion or conclusion. Had we ![](_page_18_Picture_12.jpeg) ![](_page_18_Picture_14.jpeg) {19}------------------------------------------------ performed additional procedures, other matters might have come to our attention that would have been reported to you. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. This report is intended solely for the information and use of the Company and SIPC and is not intended to be, and should not be, used by anyone other than these specified parties. LMHS, P.C. We have served as the Britehorn Securities, LLC's auditor since 2021. Norwell, Massachusetts February , 2026 ![](_page_19_Picture_6.jpeg) ![](_page_19_Picture_8.jpeg) {20}------------------------------------------------ ### BRITEHORN SECURITIES, LLC # SIPC ASSESSMENT RECONCILIATION PURSUANT TO FORM SIPC-7 DECEMBER 31, 2025 | General assessment per Form SIPC-7, including interest | \$
19,229 | |--------------------------------------------------------|--------------| | Less: payments made with Form SIPC-6 | (11,855) | | Amount paid with Form SIPC-7 | \$
7,374 | Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.