# PRIVATE PORTFOLIO, INC. X-17A-5 (2026-01-16) — Broker-dealer annual report - Company: PRIVATE PORTFOLIO, INC. - Form: X-17A-5 - Filed: 2026-01-16 - Period: 2025-12-31 - Accession: 0000926540-26-000001 - CIK: 926540 - File #: 8-47421 - Type: Broker-dealer - Material weakness: No - Auditor: Brian W. Anson, CPA - Auditor location: Tarzana, CA - Contact: Eduardo Tovar - Phone: 8585512071 - Email: etovar@privateportfolio.com - Website: privateportfolio.com - Signed by: Daniel Barba (Vice President) Original filing: https://www.sec.gov/Archives/edgar/data/926540/000092654026000001/0000926540-01122026.pdf --- {0}------------------------------------------------ Financial Statements And Independent Auditor's Report Year Ended December 31, 2025 {1}------------------------------------------------ ## Table of Contents | | Page | |----------------------------------------------------------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm | | | Audited Financial Statements: | | | Statement of Financial Condition | | | Statement of Income | 3 | | Statement of Changes in Stockholder's Equity | | | Statement of Cash Flows | | | Notes to Financial Statements | | | Other Financial Information: | | | Schedule I - Computation of Net Capital Pursuant to Rule 15c3-1 | | | Schedule II - Computation for Determination of Reserve
Requirements Pursuant to Rule 15c3-3 | | | Schedule III - Information Relating to the Possession
or Control Requirements Pursuant to Rule 15c3-3 | | | Assertions Regarding Exemption Provisions | | | Report of Independent Registered Public Accounting Firm. | | {2}------------------------------------------------ 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 8-47421 PART III FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 01/01/2025 12/31/2025 FILING FOR THE PERIOD BEGINNING AND ENDING MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION Private Portfolio, Inc. NAME OF FIRM: TYPE OF REGISTRANT (check all applicable boxes): Broker-dealer [ Security-based swap dealer | Major security-based swap participant 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.) 7816 Ivanhoe Ave. Ste #10 (No. and Street) La Jolla CA 92037 (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING Eduardo Tovar 858-551-2071 etovar@privateportfolio.com (Name) (Email Address) (Area Code - Telephone Number) 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. #406 Tarzana CA 91356 (Address) (City) (State) (Zip Code) September 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. OMB APPROVAL 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. {3}------------------------------------------------ #### OATH OR AFFIRMATION | Daniel Barba
l, | |--------------------| |--------------------| swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Private Portfolio, Inc. as of December 31 , 2 025 , is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer , Thousary, LO2 day Signature Title: Vice President SALMAN USMAN NOTARY PUBLIC - CALIFORNIA COMMISSION # 2447722 SAN DIEGO COUNTY My Comm. Exp. June 21, 2027 (a) Statement of financial condition. This filing \*\* contains (check all applicable boxes): - [ (b) Notes to consolidated statement of financial condition. - @ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - (d) Statement of cash flows. - = (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [ (f) Statement of changes in liabilities subordinated to claims of creditors. - (g) Notes to consolidated financial statements. - (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - [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. - 2 (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 capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - [p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - [q] Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - [r] Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [ (t) Independent public accountant's report based on an examination of the statement of financial condition. - [u] Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - [ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [w] Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, 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. {4}------------------------------------------------ ### BRIAN W. ANSON Certified Public Accountant 18455 Burbank Blvd., Suite 406, Tarzana, CA 91356 · Tel. (818) 636-5660 ### REPORT OF INDERENDENT RECISTERED PUBLIC ACCOUNTING FIRM To the Stockholders' and Board of Directors of Private Portfolio, Inc. ### Opinion on the Financial Statements I have audited the accompanying statement of financial condition of Private Portfolio, Inc. as of December 31, 2025, the related statements of income, changes in stockholder's equity, and cash flows for the year then ended, 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 Private Portfolio, Inc. 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 Private Portfolio, Inc.'s management. My responsibility is to express an opinion on Private Portfolio, 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 Private Portfolio, 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. #### Auditor's Report on Supplemental Information The information contained in Schedule I, II, and III ("Supplemental Information") has been subjected to audit procedures performed in conjunction with the audit of the Private Portfolio, Inc.'s financial statements. Supplemental Information is the responsibility of the Private Portfolio. Inc.'s management. My audit procedures included determining whether the Supplemental Information reconciles to the financial statements or the underlying and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the Supplemental Information. In forming my opinion on the Supplemental Information, I evaluated whether the Supplemental Information, including its form and content is presented in conformity with 17 C.F.R. § 240.17a-5. In my opinion, Schedules I, II, and III are fairly stated, in all material respects, in relation to the financial statements taken as a whole. Brian W. Anson Certified Public Accountant I have served as Private Portfolio, Inc.'s auditor since 2015. Tarzana, California January 12, 2026 {5}------------------------------------------------ ### Statement of Financial Condition December 31, 2025 ### ASSETS | Cash & cash equivalents | \$667,511 | |------------------------------------|-----------| | Deposit with clearing organization | 100.000 | | Commission receivable | 217,520 | | Prepaid expenses and other assets | 1.275 | | Furniture and equipment | 12.531 | | | \$998.837 | ### LIABILITIES AND STOCKHOLDER'S EQUITY | Liabilities
Accrued Payroll & Commissions | \$211,019 | |---------------------------------------------------------------------------------------------------------------------|---------------------------------| | Stockholder's equity
Common Stock No Par Value
100,000 Shares Authorized, 1,000 Shares issued and outstanding | 131,816 | | Retained earnings
Total stockholder's equity | 656.002
787.818
\$998.837 | {6}------------------------------------------------ ## Statement of Income ## Year Ended December 31, 2025 | Revenues | | |------------------------------------|-------------| | Commissions | \$1,293,831 | | Principal trades | 264,185 | | Interest and dividends | 24.342 | | Management fees and other | 511,309 | | Administrative fees | 538.450 | | 12b-1 Fees | 319,773 | | Mutual Fund Revenue | 77,004 | | Fees earned on customer bank sweep | 168,871 | | Other fees | 211.400 | | | 3,409,165 | | Expenses | | | Commissions and clearing charges | 2,531,597 | | Compensation and employee benefits | 592,029 | | Regulatory fees | 21,353 | | Office supplies and printing | 2,909 | | Rent | 14,544 | | Telephone and postage | 12,551 | | Travel and entertainment | 11,866 | | Depreciation | 3,996 | | Bank charges | 878 | | Other | 93,117 | | | 3,284,840 | | Net Income before Income Taxes | \$ 124,325 | | Income Taxes | 23,813 | | Net Income | \$100,512 | | | | {7}------------------------------------------------ # Statement of Changes in Stockholder's Equity ## Year Ended December 31, 2025 | | Common Stock | | Retained | | | |----------------------------|--------------|-----------|-----------|-----------|--| | | Shares | Amount | Earnings | Total | | | Balance, beginning of year | 1.000 | \$131,816 | \$555.490 | \$687,306 | | | Net Income | | | 100,512 | 100.512 | | | Balance, end of year | 1,000 | \$131,816 | \$656.002 | \$787,818 | | {8}------------------------------------------------ ## Statement of Cash Flows ## Year Ended December 31, 2025 | Cash flows from operating activities | | |-----------------------------------------------------------------------|-----------| | Net Income | \$100,512 | | Adjustments to reconcile net income to net cash provided by operating | | | activities | | | | | | Depreciation | 3,996 | | Changes in operating assets and liabilities | | | Commissions receivable | 200,002 | | | | | Accrued payroll & commissions | (162,534) | | | | | Adjustments | 44.464 | | Net cash provided by operating activities | 144.975 | | | | | | | | Increase in cash | 144.975 | | | | | Cash & cash equivalents, beginning of year | 522,536 | | | | | Cash & cash equivalents, end of year | \$667,511 | | | | | Supplemental disclosure of cash flow information: | | | Income taxes paid | \$23,813 | | | | | Interest Expense | 0 | | | | {9}------------------------------------------------ #### 1. THE COMPANY AND ITS SIGNIFICANT ACCOUNTING POLICIES The Company. Private Portfolio, Inc. (the "Company") is a registered broker-dealer licensed by the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority and the Securities Investor Protection. The Company provides broker-dealer services as an introducing broker-dealer clearing customer transactions through Pershing, LLC on a fully disclosed basis. Accounting Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates that affect the reported amounts of assets and liabilities and disclosures 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 may differ from those estimates. Revenue Recognition. Security transactions and the related commission revenue are recorded on a settlement date basis. 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 satisfied a performance obligation by transferring control over a product or service to a customer. Taxes and regulatory fees assessed by a government authority or agency that are both imposed on and concurrent with a specified revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. The following is a description of activities - separated by reportable segments, per FINRA Form "Supplemental Statement of Income (SSOI)"; from which the Company generates its revenue. For more detailed information about reportable segments, see below. Commissions: This includes performance obligations related to transactions that is subject to SEA Rule 10b-10 for any renumeration that would need 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 principal. 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 end companies. Net Gains or Losses on Principal Trades: This includes all realized and unrealized gains and losses from proprietary trading and market making activities and net gains or losses from "riskless" principal transactions. Capital Gains (Losses) on Firm Investments. Interest/Rebate/Dividend Income. This includes rebates and/or interest earned on Securities borrowings; reverse repurchase transactions; Margin 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. {10}------------------------------------------------ Revenue from Underwriting and Selling Group participation: This includes revenue from underwritings and selling group participation in any capacity. 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 ATS; 12b-1 fees; Mutual fund fees other than concessions or 12b-1 fees; execution service fees; clearing services; fees earned from customer bank sweep into FDIC insured products or from '40 Act companies and networking fees from '40 Act companies. Segment Accounting: The Company is engaged in a single line of business as a securities broker, which is comprised of several classes of services, including principal transactions, agency transactions, and investment advisory. 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. Furniture and Equipment. Furniture and equipment is stated at cost. Purchases greater than \$2,500 are capitalized. Maintenance and repairs which do not extend asset lives are expensed as incurred. Depreciation is provided on the straight-line method over the estimated useful lives of the assets (generally 3-7 years). Income Taxes. The Company has elected S corporation status under the state and federal tax laws. Accordingly, income or losses pass through to the Company's stockholder, and no provision for federal income taxes has been reflected in the accompanying financial statements. State income taxes have been provided at the reduced rate applicable to S corporations. The Company is subject to audit by the taxing agencies for years ending December 31, 2022 through 2024. Income taxes for the year ended December 31st. 2025 was \$23,813. Cash and Cash Equivalents. Company maintains its cash in bank deposit accounts which at times, may exceed uninsured limits. The Company has not experienced any losses in such accounts. The Company considers as cash all short-term investments with an original maturity of three months or less to be cash equivalents. All of the Company's cash and cash equivalents are held at high credit quality financial institutions. Concentration of Credit Risk. The company maintains cash balances with various financial institutions. Management periodic evaluations of the relative credit standing of these institutions. The Company has not sustained any material credit losses from these instruments. #### Commissions Receivable. Commissions receivable are stated at face amount with no allowance for doubtful accounts. An allowance for doubtful accounts is not considered necessary because probable uncollectable accounts are immaterial. {11}------------------------------------------------ #### Pension The Company has a profit sharing plan for its two shareholders. This Company's contribution to its profit sharing plan for the year ended December 31", 2025 is \$100,000 and is based on shareholders' annual salary. A total of 3 people were participants in or beneficiaries of the plan at the end of the year. Additionally, there is a 401k employer match at 4% of salary for contributing employees and the amount was \$7,274. #### 2. LEASE COMMITMENT The Company has reviewed ASC 842 Lease Accounting and does not believe it is applicable to the Company because the operating lease for the Company's office space is on a month to month basis. Rent expense for the year ended December 31st, 2025 was \$14,544. #### 3. NET CAPITAL REQUIREMENTS Under Rule 15c3-1 of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital (as defined) and a ratio of aggregate indebtedness to net capital (as defined) not exceeding 15 to 1. The Company's ratio at December 31, 2025 was 0.27 to 1. The basic concept of the Rule is liquidity, its object being to require a broker-dealer in securities to have at all times sufficient liquid assets to cover its current indebtedness. At December 31, 2025, the Company had net capital of \$761,155 was \$661,155 in excess of the amount required by the SEC. #### FAIR VALUE MEASUREMENTS 4. FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritized 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 or liability. 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 fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Level 2 inputs are inputs (other than quoted prices included within Level 1) that are observable for the asset or liability, either directly or indirectly. Level 3 are unobservable inputs for the asset or liability and rely on management's own assumptions about the assumptions that market participants would use in pricing the asset or liability. (The unobservable inputs should be developed based on the best information available in the circumstances and may include the Company's own data.) {12}------------------------------------------------ There were no levels to measure at December 31st, 2025. #### OFF BALANCE SHEET RISK 5. As discussed in Note 1, the Company does not hold customer segregated cash or securities balances. Transactions are processed by a clearing firm on a fully disclosed basis. In conjunction with this arrangement, the Company is contingently liable for any unsecured debit balances in the customer accounts introduced by the Company. These customer activities may expose the Company to off-balance-sheet credit risk in the event the introduced customer is unable to fulfill its contracted obligations. The Company seeks to control such credit risk by monitoring its exposure to the risk of loss daily, on an account basis. At December 31, 2025, the Company was not responsible for any unsecured debits and did not have any open positions in its trading accounts. #### 6. FURNITURE AND EQUIPMENT | Furniture and Equipment | \$31.007 | |-------------------------------|----------| | Less Accumulated Depreciation | \$18.476 | | Total | \$12,531 | Depreciation expense for year ended December 31st, 2025 was \$3,996. #### DEPOSIT WITH CLEARING ORGANIZATION 7. The Company has a brokerage agreement with Pershing LLC ("Clearing Broker") to carry its account and the accounts of its clients as customers of the Clearing Broker. The Clearing Broker has custody of the Company's cash balances which serve as collateral for any amounts due to the Clearing Broker as well as collateral for securities sold short or securities purchases on margin. Interest is paid monthly on these cash deposits at the average overnight repurchase rate. The Company maintains a cash deposit account with its clearing broker in addition to other cash accounts. The balance at December 31st, 2025 was \$100,000. #### 8. SUBSEQUENT EVENTS The Company evaluated subsequent events from the statement of financial condition date through January 12th, 2026 the date at which the financial statements were available to be issued, and determined there no other items to disclose. #### 9. COMMITMENTS AND CONTINGENCIES The Company did not have any litigation or other legal action that would require disclosure during year ended December 31st, 2025. {13}------------------------------------------------ Schedule I Computation of Net Capital Pursuant to Rule 15c3-1 December 31, 2025 | | Audited
Financial
Statements | FOCUS
X-17A-5
Part IIA | Differences | |-------------------------------------------------------------------------------------------|------------------------------------|------------------------------|-------------| | Total stockholder's equity | \$787,818 | \$787,818 | 0 | | Less non-allowable assets
Prepaid expenses and other assets
Furniture and equipment | (1,275)
(12,531) | (1,275)
(12,531) | 0
0 | | Net capital before haircut | \$774.012 | \$774,012 | 0 | | Haircut | 12.857 | 12,857 | 0 | | Net capital | 761.155 | 761,155 | 0 | | Total aggregate indebtedness | \$211,019 | \$211.019 | 0 | | Ratio of aggregate indebtedness to net capital | 0.27 | 0.27 | 0 | | Minimum net capital required | \$100,000 | \$100,000 | | There were no reported differences between the audit and Focus filed at December 31, 2025. {14}------------------------------------------------ ## Schedule II Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3 #### December 31, 2025 The Company is exempt from the Reserve Requirement of computation according to the provision of Rule 15c3-3(k)(2)(ii) and as supported by footnote too SEC Release 34-70073. {15}------------------------------------------------ ## Schedule III Information Relating to the Possession or Control Requirements Pursuant to Rule 15c3-3 #### December 31, 2025 The Company is exempt from the Rule 15c3-3 as it relates to possession and control requirements under the (k)(2)(ii) exemptive provision and as supported by footnote 74 to SEC Release 34-70073. {16}------------------------------------------------ #### Private Portfolio, Inc. Exemption Report Private Portfolio, Inc. (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (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) (2) The Company met the identified exemption provisions in 17 C.F.R. § 240.15c3-3 (k) (2) (ii) throughout the most recent 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: effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company. The Company (1) 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 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); (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent year without exception. Private Portfolio, Inc. I, Daniel Barba, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. By: Daniel Barba Title: Vice President January 12, 2026 {17}------------------------------------------------ BRIAN W. ANSON Certified Public Accountant 18455 Burbank Blvd., Suite 406, Tarzana, CA 91356 · Tel. (818) 636-5660 ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors Private Portfolio, Inc. La Jolla, California I have reviewed management's statements, included in the accompanying Exemption Report in which (1) Private Portfolio, Inc., identified the following provisions of 17 C.F.R. §15c3-3(k) under which Private Portfolio, Inc. claimed an exemption from 17 C.F.R. §240.15c3-3: (k)(2)(i) (the "exemption provisions") and (2) Private Portfolio, Inc., stated that Private Portfolio, Inc., met the identified exemption provisions throughout the most recent year without exception and (3) Private Portfolio, Inc. stated that Private Portfolio, Inc. 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 effecting securities transactions via subscriptions on a subscription way basis where funds are payable to the issuer or its agent and not the to Company; and the Company (i) 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 Rule15c2-4 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); (ii) did not carry accounts of or for customers; and (iii) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent year ended December 31, 2025 without exception. Private Portfolio Inc.'s management is responsible for compliance with the exemption provisions and its statements. My 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 Private Portfolio, Inc.'s compliance with the exemption provisions. 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, I do not express such an opinion. Based on my review, I am not aware of any material modifications that should be made to the management's statements referred to above for them to be fairly stated, in all material respects. Certified Public Accountant Tarzana, California January 12, 2026 {18}------------------------------------------------ #### BRIAN W. ANSON Certified Public Accountant 18455 Burbank Blvd., Suite 406, Tarzana, CA 91356 · Tel. (818) 636-5660 ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPLYING AGREED-UPON PROCEDURES Board of Directors of Private Portfolio, Inc. I have performed the procedures in Rule 172-5(e)(4) under the Securities Exchange Act of 1934 and in the Securities Investor Protection (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 Private Portfolio Inc. (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 complicable 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, I 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 I performed, and my 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 amount 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 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. I was engaged by the Company to perform this agreed-upon procedures engagement and conducted my 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). I was 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 complicable instructions on Form SIPC-7 for the year ended December 31, 2025. Accordingly, I do not express such an opinion or conclusion. Had I performed additional procedures, other matters might have come to my attention that would have been reported to you. I am required to be independent of the Company and to meet my other ethical responsibilities in accordance with the relevant ethical requirements related to my 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. Brian W. Anson Certified Public Accountant Tarzana, California January 12, 2026 {19}------------------------------------------------ ### GENERAL ASSESSMENT FORM For the fiscal year ended 12/31/2025 | | Determination of "SIPC NET Operating Revenues" and General Assessment for:
MEMBER NAME
PRIVATE PORTFOLIO INC | SEC No.
8-47421 | | |---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|-----------------| | | For the fiscal period beginning ______________________________________________________________________________________________________________________________________________
and ending _ 12/31/2025 | | | | 1 | Total Revenue (FOCUS Report - Statement of Income (Loss) - Code 4030) | | \$ 3,409,165.00 | | 2 | Additions: | | | | | a Total revenues from the securities business of subsidiaries (except foreign
subsidiaries) and predecessors not included above. | | | | | b Net loss from principal transactions in securities in trading accounts. | | | | | c Net loss from principal transactions in commodities in trading accounts. | | | | | d Interest and dividend expense deducted in determining item 1. | | | | | e Net loss from management of or participation in the underwriting or
distribution of securities. | | | | | f Expenses other than advertising, printing, registration fees and legal fees
deducted in determining net profit management of or participation in
underwriting or distribution of securities. | | | | | g Net loss from securities in investment accounts. | | | | | h Add lines 2a through 2g. This is your total additions. | | \$ 0.00 | | 3 | Add lines 1 and 2h | | \$ 3,409,165.00 | | 4 | Deductions: | | | | | a Revenues from the distribution of shares of a registered open end investment
company or unit investment trust, from the sale of variable annuities, from the
business of insurance, from investment advisory services rendered to
registered investment companies or insurance company separate accounts
and from transactions in security futures products. | \$ 396,777.00 | | | | b Revenues from commodity transactions. | | | | | c Commissions, floor brokerage and clearance paid to other SIPC members
in connection with securities transactions. | | | | | d Reimbursements for postage in connection with proxy solicitations. | | | | | e Net gain from securities in investment accounts. | | | | | f 100% commissions and markups earned from transactions in (1) certificates
of deposit and (ii) Treasury bills, bankers acceptances or commercial paper
that mature nine months or less from issuance date. | | | | | g Direct expenses of printing, advertising, and legal fees incurred in connection
with other revenue related to the securities business (revenue defined by
Section 16(9)(L) of the Act). | | | | | h Other revenue not related either directly or indirectly to the securities business.
Deductions in excess of \$100,000 require documentation | | | | | 5 a Total interest and dividend expense (FOCUS Report - Statement
of Income (Loss) - Code 4075 plus line 2d above) but
not in excess of total interest and dividend income | | | | | b 40% of margin interest earned on customers securities accounts
(40% of FOCUS Report - Statement of Income (Loss) -
Code 3960) | | | | | c Enter the greater of line 5a or 5b | \$ 0.00 | | | | 6 | | \$ 396,777.00 | {20}------------------------------------------------ ## **GENERALASSESSMENTFORM** **For the fiscal year ended 12/31/2025** | 7 | Subtract line 6 from line 3. This is your SIPC Net Operating Revenues.
Multiply line 7 by .0015. This is your General Assessment.
Current overpaymenUcredit balance, if any | | | \$ 3,012,388.00
\$4,518.00 | | |---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|--------------------------------|------------------------------------|--------------| | 8 | | | | | | | 9 | | | | | \$0.00 | | 10 | | General assessment from last filed 2025 SIPC-6 or 6A | | \$2,414.00 | | | | b Any other overpayments applied
d Add lines 11a through 11c | 11 a Overpayment(s) applied on all 2025 SIPC-6 and 6A(s)
c All payments applied for 2025 SIPC-6 and 6A(s) | \$0.00
\$0.00
\$2,414.00 | \$2,414.00 | | | 12 | LESSER of line 10 or 11d.
13 a Amount from line 8
b Amount from line 9
c Amount from line 12
d Subtract lines 13b and 13c from 13a. This is your assessment balance due.
14
Interest (see instructions) for
O
days late at 20% per annum | | | | \$2,414.00 | | | | | | \$4,518.00
\$0.00
\$2,414.00 | | | 15 | | IAmount you owe SIPC. Add lines 13d and 14. | | | \$ 2.104.001 | | 16 | | OverpaymenUcredit carried forward (if applicable) | | | \$0.00 | | 8-47421 | SEC No.
MEMBER NAME
MAILING ADDRESS | Designated Examining Authority
DEA: FINRA
PRIVATE PORTFOLIO INC
7816 IV AN HOE AVE STE 10
LAJOLLA, CA 92037-4535 | FYE
2025 | Month
Dec | | **Subsidiaries (S) and predecessors (P) included in the form (give name and SEC number)** **r:71 By checking this boxl you certify that you have the authority of the SIPC member to sign this � form; that all information in this form is true and complete; and that on behalf of the SIPC member! you are authorized, and do hereby consent, to the storage and handling by SIPC of the data in accordance with SIPC's Privacy Policy** | (Date) | (e-mail address) | |-----------------------|-----------------------------| | 1/5/2026 | etovar@privateportfolio.com | | (Name of SIPC Member) | (Authorized Signatory) | | PRIVATE PORTFOLIO INC | EDUARDO TOVAR | **Completion of the "Authorized Signatory" line will be deemed a signature.** *This form and the assessment payment are due 60 days after the end of the fiscal year.* Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.