# WESTWOOD CAPITAL, LLC X-17A-5 (2026-06-17) — Broker-dealer annual report

- Company: WESTWOOD CAPITAL, LLC
- Form: X-17A-5
- Filed: 2026-06-17
- Period: 2025-12-31
- Accession: 0001002604-26-000004
- CIK: 1002604
- File #: 8-48745
- Type: Broker-dealer
- Material weakness: No
- Auditor: Withum Smith and Brown
- Auditor location: Whippany, NJ
- Contact: Keiki-Michael Cabanos
- Phone: 2128677275
- Email: jmessersmith@westwoodcapital.com
- Website: westwoodcapital.com
- Signed by: Jon Messersmith (Executive DIrector/Financial Operator)

Original filing: https://www.sec.gov/Archives/edgar/data/1002604/000100260426000004/westwoodcapfspublic.pdf

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

### ANNUAL REPORTS FORM X-17A-5 PART III

| OMB APPROVAL             |    |
|--------------------------|----|
| OMB Number: 3235-0123    |    |
| Expires: Nov. 30, 2026   |    |
| Estimated average burden |    |
| hours per response:      | 12 |

SEC FILE NUMBER 8-48745

MM/DD/YY

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 01/01/25 | AND ENDING 12/31/25 |
|------------------------------------------|---------------------|
|------------------------------------------|---------------------|

MM/DD/YY

A. REGISTRANT IDENTIFICATION

## NAME OF FIRM: Westwood Capital, LLC

TYPE OF REGISTRANT (check all applicable boxes):

@ Broker-dealer | | Security-based swap dealer | | Major security-based swap participant □ Check here if respondent is also an OTC derivatives dealer

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)

## 437 Madison Avenue, 24th Floor

|                                                                                                   | (No. and Street)                                           |              |                                           |  |
|---------------------------------------------------------------------------------------------------|------------------------------------------------------------|--------------|-------------------------------------------|--|
| New York                                                                                          | NY                                                         |              | 10022                                     |  |
| (City)                                                                                            | (State)                                                    |              | (Zip Code)                                |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                      |                                                            |              |                                           |  |
| Jon Messersmith                                                                                   | 212-867-3200                                               |              | jmessersmith@westwoodcapital.com          |  |
| (Name)                                                                                            | (Area Code - Telephone Number)                             |              | (Email Address)                           |  |
|                                                                                                   | B. ACCOUNTANT IDENTIFICATION                               |              |                                           |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>Withum Smith + Brown | (Name - if individual, state last, first, and middle name) |              |                                           |  |
|                                                                                                   |                                                            |              |                                           |  |
| 200 Jefferson Park, Suite 400                                                                     | Whippany                                                   | NJ           | 07981                                     |  |
| (Address)                                                                                         | (City)                                                     | (State)      | (Zip Code)                                |  |
| 10/08/03                                                                                          |                                                            | PCAOB ID 100 |                                           |  |
| (Date of Registration with PCAOB)(if applicable)                                                  |                                                            |              | (PCAOB Registration Number, if applicable |  |

\* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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#### OATH OR AFFIRMATION

|  | Jon Messersmith |  |
|--|-----------------|--|
|  |                 |  |

, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Westwood Capital, LLC as of

12/31 2025 \_ 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 proprietary interest in any account classified soledy as that of a customer.

VISHAL R THAKKAR Notary Poblic, State of New Jersey -Comm. #50214325 My Commission Expires 09/17/2028

Signature:

Title: Executive Director/Financial Operator

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.
- [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.
- [] 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.
- [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- [m] Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- [n] Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- [0] Reconciliations, including appropriate explanations, of the FOCUS Report with computation of 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 exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- [z) Other:
- \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.170-5(c)(3) or 17 CFR 240.18c-7(d)(2), as applicable.

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STATEMENT OF FINANCIAL CONDITION AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

DECEMBER 31, 2025

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#### CONTENTS

| Report of Independent Registered Public Accounting Firm |     |
|---------------------------------------------------------|-----|
| Financial Statements                                    |     |
| Statement of Financial Condition                        | 2   |
| Notes to Financial Statements                           | 3-8 |

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![](_page_4_Picture_0.jpeg)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Management and Member of Westwood Capital, LLC:

#### Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Westwood Capital, LLC (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Company's auditor since 2014.

Whippany, New Jersey February 25, 2026

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#### STATEMENT OF FINANCIAL CONDITION

| December 31, 2025                       |     |         |
|-----------------------------------------|-----|---------|
| ASSETS                                  |     |         |
| Cash                                    | ക്ക | 303,973 |
| Investment in securities, at fair value |     | 87,417  |
| Property and equipment, net             |     | 6,062   |
| Prepaid expenses                        |     | 16,002  |
| Other assets                            |     | 28,600  |
|                                         | ക   | 442,054 |
| LIABILITIES AND MEMBER'S EQUITY         |     |         |
| Accounts payable and accrued expenses   | ക   | 29,471  |
| Member's equity                         |     | 412,583 |
|                                         | ക   | 442,054 |

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#### -

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{8}------------------------------------------------

#### NOTES TO FINANCIAL STATEMENTS

#### 1. Nature of business and summary of significant accounting policies (continued)

#### Revenue Recognition

The revenue recognition guidance of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entitled in exchange for those goods or services. The guidance requires an entity to follow a five- step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The revenue recognition guidance does not apply to revenue associated with financial instruments and interest income.

#### Segment Reporting

The Company is principally engaged in the operation of institutional financial advisory and financing services located throughout the United States. The Company has identified one operating and reportable segment: broker-dealer services. The Company's chief operating decision maker ("CODM") is the Company's executive committee. The Company defines its segments on the basis of the way in which internally reported financial is reviewed by the CODM to analyze financial performance, make decisions and allocate resources. The Company provides institutional financial advisory and financing services within its segment. The accounting policies of the segment are the same as those described in the Company's summary of significant accounting policies. Intersegment revenue and expenses are inapplicable because the Company has identified only one segment performance measure is operating income. 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. Additionally, the CODM uses operating income to allocate personnel and marketing resources. The detail of the revenue, expenses, profit and loss for the segment is described in the financial statements.

#### Income Taxes

The Company is a limited liability company, and as such does not record a provision for federal and state income taxes in the accompanying financial statements as each member of the Parent is responsible for reporting its share of income or loss, as reported for income tax purposes.

At December 31, 2025, management determined that the Company had no uncertain tax positions that would require financial statement recognition will always be subject to ongoing reevaluation as facts and circumstances may require.

#### Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

{9}------------------------------------------------

#### NOTES TO FINANCIAL STATEMENTS

#### 2. Revenue from contracts with customers; Investment Banking Revenues

#### Advisory Fees

The Company earns fees for related advisory work by providing market research, structuring advice and financial advice on an hourly or negotiated fee basis. The Company records advisory fee revenues over time, gross of related expenses, because the customer is receiving and consuming the benefits provided by the Company. Such performance obligation may include, but is not limited to, time allocated to the assigment or discussion of its market opinion.

#### Success Fees

The Company earns revenue by way of transaction success fees that are recognized at the point in time that performance under the arrangement is completed. The Company has determined that this date is the appropriate point in time to recognize revenue for success fees as the performance obligation has been satisfied, there are no significant actions which the Company needs to take subsequent to this date and the purchaser obtains the control and benefit of the proceeds at that point. Recognizing revenue prior to closing would be inappropriate as it represents contingent consideration and potential for significant reversal if revenue is due upon closing.

#### Disaggregation of Revenue

Disaggregation of revenue can be found on the statement of operations for the year ended December 31, 2025 by type of revenue streams.

#### Contract Assets and Liabilities

As of January 1, 2025 and December 31, 2025, the Company had no contract liabilities.

#### Significant Judgments

Revenue from contracts with customers includes fees from investment banking service. The recognition and measurement of revenue are based on the assessment of individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events.

{10}------------------------------------------------

#### NOTES TO FINANCIAL STATEMENTS

#### 3. Fair value measurements

The Company's assets recorded at fair value have been categorized based upon a fair value hierarchy as described in the Company's significant accounting policies in Note 1.

The following table presents information about the Company's assets measured at fair value as of December 31, 2025:

|                                                    | Quoted Prices<br>in Active<br>Markets for<br>Identical Assets<br>(Level 1) |        | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) |  | Significant<br>Unobservable<br>Inputs<br>(Level 3) |  | Balance<br>as of<br>December 31.<br>2025 |           |
|----------------------------------------------------|----------------------------------------------------------------------------|--------|-----------------------------------------------------------|--|----------------------------------------------------|--|------------------------------------------|-----------|
| Assets (at fair value)<br>Investment in securities |                                                                            |        |                                                           |  |                                                    |  |                                          |           |
| Common stock                                       | ક                                                                          | 87,417 | ക                                                         |  | S                                                  |  |                                          | \$ 87,417 |

#### ধ Property and equipment

Details of property and equipment at December 31, 2025 are as follows:

| Furniture and fixtures        | સ્ત્ર | 8.984    |
|-------------------------------|-------|----------|
| Computers and equipment       |       | 29.422   |
|                               |       | 38.406   |
| Less accumulated depreciation |       |          |
| and amortization              |       | (32,344) |
|                               | S     | 6.062    |
|                               |       |          |

Depreciation and amortization expense for the year ended December 31, 2025 was \$4,058.

#### 5. Net capital requirement

The Company, as a member of FINRA, is subject to the SEC Uniform Net Capital Rule 15c3-1 requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1 and that equity capital may not be withdrawn if the resulting net capital ratio would exceed 10 to 1. At December 31, 2025, the Company's net capital was \$341,122, which was \$336,122 in excess of its minimum requirement of \$5,000 and the net capital ratio was .09 to 1.

#### 6. Concentrations of credit risk

In the normal course of business, the Company provides credit to its clients in the form of deferring collection of certain receivables. These clients are not concentrated in any particular industry or specific geography. The Company evaluates the collectability of its receivables from its clients on a quarterly basis and writes off those balances that management deems to be uncollectible.

The Company maintains its cash accounts primarily with a bank located in New York. The total cash balances are temporarily insured by the Federal Deposit Insurance Corporation ("FDIC") up to \$250,000 per bank. The Company has cash balances on deposit at December 31, 2025 above the minimum FDIC coverage. Any loss incurred or lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations and cash flows.

For the year ended December 31, 2025, three customers accounted for 97% of revenue.

{11}------------------------------------------------

NOTES TO FINANCIAL STATEMENTS

#### 7. Non-Covered Firm

The Company is deemed a Non-Covered Firm (as defined in Q&A 8 of the July 1, 2020 FAQ Concerning the July 30, 2013 Amendments to the Broker-Dealer Financial Reporting Rule issued by SEC staff July 1, 2020) and solely engages in Non-Covered Firm activities. As such, the Company is not subject to any Rule 15c3-3 requirements according to footnote 74 to SEC Release 34-70073. The Company (1) did not directly receive, hold, or otherwise owe funds or securities for or to customers, other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3).

#### 8. Related party transactions

The Company had a service agreement with a related party to provide business advisory services to institutional clients of the affiliate that included but was not limited to development, structuring, advisory and/or administrative services and to provide additional personnel for the related party engagements. For the year ended December 31, 2025, the Company had \$70,000 in revenues associated with this agreement. As of January 1, 2025 and December 31, 2025, the Company had accounts receivables due of (i) \$40,053 and \$0, respectively, from a related party, and (ii) \$0 and \$0, respectively, from Parent.

#### 9. Subsequent events

The Company has evaluated subsequent events for recognition or disclosure through February 25, 2026.


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.