# NORTHERN CAPITAL SECURITIES CORPORATION X-17A-5 (2025-12-17) — Broker-dealer annual report - Company: NORTHERN CAPITAL SECURITIES CORPORATION - Form: X-17A-5 - Filed: 2025-12-17 - Period: 2025-10-31 - Accession: 0001010589-25-000004 - CIK: 1010589 - File #: 8-49130 - Type: Broker-dealer - Material weakness: No - Auditor: Larry D. Liberfarb PC - Auditor location: Norwood, MA - Contact: David Grant Oldaker - Phone: 9782891000 - Email: ogo@northerncapital.com - Website: northerncapital.com - Signed by: David Grant Oldaker (Chief Executive Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1010589/000101058925000004/attachment.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION **Washington, D.C. 20549** ### **ANNUAL REPORTS FORM X-17A-S PART Ill** | FACING PAGE | | | | | |-------------|--|--|--|--| |-------------|--|--|--|--| | OMBAPPROVAL | | |--------------------------|----| | 0MB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: | 12 | | | | | SEC Fl LE NUMBER | | | 8-49737 | | | | | Information Required Pursuant to Rules 17a-5, 17a.;12, and lBa-7 under the Securities Exchange Act of 1934 | FILING FOR THE PERIOD BEGINNING 11 /Q 1 /24 | | ANO ENDING 1 Q/31 /25 | | |-------------------------------------------------------|------------------------------|-----------------------|--| | | MM/DD/YY | MM/DD/VY | | | | A. REGISTRANT IDENTIFICATION | | | | NAME OF FIRM: NORTHERN CAPITAL SECURITIES CORPORATION | | | | TYPE OF REGISTRANT (check all applicable boxes): [!l Broker-dealer □ Security-based swap dealer D Check here if respondent is also an OTC derivatives dealer □ Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | 50 HIGH STREET | 4TH FLOOR | | |----------------|------------------|------------| | | (No. and Street) | | | NORTH ANDOVER | MA | 01845 | | (City) | (State) | (Zip Code) | #### PERSON TO CONT ACT WITH REGARD TO THIS FILING | DAVID OLDAKER | 978-824-2601 | | OGO@NORTHERNCAPITAL.COM | | |---------------------------------------------------------------------------|------------------------------------------------------------|-----------------|--------------------------------------------|--| | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | LARRY LIBERFARB, PC | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | 11 VANDERBILT AVENUE #220 | NORWOOD | MA | 02062 | | | (Address) | (City) | (State) | (Zip Code) | | | 1/10/2006 | | 2560 | | | | (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-S(e)(l)(ii), if applicable. Persons who are to respond to the col!ection of information contained In th.is form .are not required to respond unless the form displays a currently valid 0MB control number. {1}------------------------------------------------ #### **OATH OR AFFIRMATION** 1, DAVID OLDAKER swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of NORTHERN CAPITAL SECURITIES CORPORATION as of 10/31 2 °25 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. ![](_page_1_Picture_3.jpeg) \_ Title: #### PRESIDENT #### **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-l, as applicable. - 0 (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. - D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - □ (I) Computation for Determination-of PAB Requirements under Exhibit A to§ 240.15c3-3. - ~ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - ~ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-l, 17 CFR 240.18a-l, 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 report or 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. l 7a-5 or 17 CFR 240.18a-7, as applicable. - 0 (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR 240.17a-12, as applicable. i • - 0 (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). 0 (z) Other: \_ \_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_ \_ \_ - - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7{d){2), as applicable. {2}------------------------------------------------ ### NORTHERN CAPITAL SECURITIES CORPORATION FINANCIAL STATEMENTS OCTOBER 31, 2025 {3}------------------------------------------------ • ## LARRY D. LIBERFARB, P.C. CERTIFIED PUBLIC ACCOUNTANTS AND FINANCIAL ADVISORS 11 Vanderbilt Avenue, Suite 220, Nor"'-ood, Massachusetts 02062 Tel. (781) 255-8800 Fax (781) 255-9217 E-Mail: Info@Liberfarb.com #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors Northern Capital Securities Corporation #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Northern Capital Securities Corporation as of October 31, 2025, the related statements of operations, changes in stockholders' equity, and cash flows for the year then ended, and the related notes and schedules (collectively referred to as the "financial statements"}. In our opinion, the financial statements present fairly, in all material respects, the financial position of Northern Capital Securities Corporation as of October 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 Northern Capital Securities Corporation's management. Our responsibility is to express an opinion on Northern Capital Securities Corporation's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Northern Capital Securities Corporation 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, a.nd 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. #### **Auditor's Report on Supplemental Information** The computation of aggregate indebtedness and net capital pursuant to SEC Rule 15c3-1 (Schedule I) and computation for determination of reserve and information relating to possession and control requirements for broker dealers under Rule 15c3-3 of the Securities and Exchange Commission (Schedule II) has been subjected to audit procedures performed in conjunction with the audit of Northern Capital Securities Corporation's financial statements. The supplemental information is the responsibility of Northern Capital Securities Corporation's management. Our audit procedures included determining whether the {4}------------------------------------------------ ' • 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 17 C.F.R. §240.17a-5. In our opinion, the computation of aggregate indebtedness and net capital pursuant to SEC Rule 15c3-1 and computation for determination of reserve and information relating to possession and control requirements for broker dealers under Rule 15c3-3 of the Securities and Exchange Commission is fairly stated, in all material respects, in relation to the financial statements as a whole .. We have served as Northern Capital Securities Corporation's auditor since 1996. Norwood, Massachusetts December 2, 2025 {5}------------------------------------------------ #### **NORTHERN CAPITAL SECURITIES CORPORATION** #### **STATEMENT OF FINANCIAL CONDITION** **October 31, 2025** #### **ASSETS** #### **LIABILITIES AND STOCKHOLDERS' EQUITY** | Cash | \$ 1,577,560 | |-----------------------------------------------------------------------------|--------------| | Deposit with clearing organization | 100,000 | | Receivable from broker-dealers and clearing organizations | 563,802 | | Right-of-use asset -
operating lease | 259,268 | | Furniture and fixtures, at cost, less accumulated depreciation of \$216,078 | 12,919 | | Other assets | 39,335 | | | \$ 2,552,884 | | Liabilities: | | |-----------------------------------------------------------|---------------| | Operating lease liability | \$
259,268 | | Accounts payable, accrued expenses, and other liabilities | 1,305,307 | | Stockholders' equity: | | |-------------------------------------------------------|--------------| | Common stock, authorized 1,000 shares, | | | issued 100 shares | 63,552 | | Additional paid-in capital | 25,000 | | Retained earnings | 945,016 | | Less 12.5 shares of common stock in treasury, at cost | (45,259) | | Total stockholders' equity | 988,309 | | | \$ 2,552,884 | | 1,564,575 | |-----------| | | The accompanying notes are an integral part of these financial statements. {6}------------------------------------------------ #### **NORTHERN CAPITAL SECURITIES CORPORATION** #### **STATEMENT OF OPERATIONS** **For the Year Ended October 31, 2025** | Revenues: | | |------------------------------------|--------------| | Commissions | \$ 6,036,802 | | Other income | 8,277 | | | 6,045,079 | | Expenses: | | | Clearing expenses | 675,474 | | Employee compensation and benefits | 3,007,412 | | Owners compensation and benefits | 1,080,000 | | Communications and data processing | 941,029 | | Occupancy | 105,000 | | Other expenses | 195,946 | | | 6,004,861 | | Income before income taxes | 40,218 | | Income taxes (refund) | (2,901) | | Net income | \$
43,119 | The accompanying notes are an integral part of these financial statements. {7}------------------------------------------------ #### **NORTHERN CAPITAL SECURITIES CORPORATION** #### **STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY** #### **For the Year Ended October 31, 2025** | | | d
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9 | The accompanying notes are an integral part of these financial statements. • • {8}------------------------------------------------ • #### **NORTHERN CAPITAL SECURITIES CORPORATION** **STATEMENT OF CASH FLOWS** **For the Year Ended October 31, 2025** | Cash flows from operating activities: | | |-----------------------------------------------------------------------|--------------| | Net income | \$
43,119 | | Adjustments to reconcile net income | | | to net cash used for operating activities: | | | Depreciation | 6,812 | | (Increase) decrease in operating assets: | | | Decrease in receivable from broker-dealers and clearing organizations | 16,040 | | Increase in other assets | (8,588) | | (Decrease) increase in operating liabilities: | | | Increase in accounts payable and accrued expenses | 242,122 | | Net cash provided by operating activities | 299,505 | | Cash flows from investing activities | | | Purchase of furniture and fixtures | (12,478) | | • Cash flows from fmancing activities | | None Increase in cash Cash at beginning of the year Cash at end of the year Supplemental cash flow disclosures: Income tax payments Interest expense The accompanying notes are an integral part of these financial statements. 287,027 1,290,533 \$ 1,577,560 \$ \$ 0 0 {9}------------------------------------------------ # **NORTHERN CAPITAL SECURITIES CORPORATION NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 2025** #### **NOTE** I **-ORGANIZATION AND NATURE OF BUSINESS** The Company is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority, Inc. (FINRA). The Company is a registered investment advisor with the Massachusetts Securities Division. ### **NOTE 2** - **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### Brokerage Commissions Riskless principal income is earned from the markup/markdown of customer buy/sell orders. All riskless principal transactions are executed in the marketplace and placed in the Company's riskless principal account. Riskless principal income and related clearing charges are recorded on the trade date basis. Commissions are earned when the Company fills orders from customer requests to purchase certain securities. As buyers and sellers are found, each individual transaction price is negotiated. The Company follows the guidance provided by ASC Topic 940, Financial Services - Brokers and Dealers, in that it believes that its performance obligations are satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon, and the risks and rewards of ownership have been transferred to/from the customer and that no contract liability balances exist either at the beginning or end of the period covered by its statement of operations nor any contract values related to performance obligations that are unsatisfied at the end of such period. The Company clears all securities transactions through its riskless principal account at RBC Capital Markets LLC on a fully disclosed basis. • #### Advertising • The Company expenses the cost of advertising as .incurred. Advertising expense was \$2,695 for the fiscal year ending October 31, 2025. {10}------------------------------------------------ # **NORTHERN CAPITAL SECURITIES CORPORATION NOTES TO FINANCIAL STATEMENTS, CONTINUED OCTOBER 31, 2025** #### **NOTE 2** • **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)** #### Furniture and Fixtures Property and equipment are recorded at cost. The cost of maintenance and repairs is charged to operations as incurred. Major improvements to property and equipment are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. #### Income Taxes The Company operates as an S Corporation. As such, the Company's income or loss and credits are passed through to the stockholders, and reported on their individual income tax returns. #### Statement of Cash Flows For purposes of the statement of cash flows, the Company has defined cash equivalents as highly liquid investments, with original maturities of less than ninety days that are not held for sale in the ordinary course of business. #### Use of Estimates The preparation of financial statements in confonnity with generally accepted accounting principles 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 reported period. Actual results could differ from these estimates. {11}------------------------------------------------ ### **NORTHERN CAPITAL SECURITIES CORPORATION NOTES TO FINANCIAL STATEMENTS, CONTINUED** • **OCTOBER 31, 2025** #### **NOTE 3** - **FURNITURE AND FIXTURES** | Cost | | |-----------------------------------------------------------------------|--------------------------| | Less: Accumulated depreciation | 228,997
\$
216,078 | | Depreciation expense for the year ended October 31, 2025 was \$6,812. | \$ 12,919 | #### **NOTE 4** - **RECEIVABLE FROM BROKER-DEALERS AND CLEARING ORGANIZATIONS** Amounts receivable from broker-dealers and clearing organizations at October 31, 2025, consist of the following: Cash in an account held at clearing broker Unsettled trades #### **NOTE 5** - **NET CAPITAL** \$ 534,511 29,291 \$ 563,802 The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c-3-I), which requires the maintenance of minimum net capital, and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to l. The Company had net capital of \$936,055 which was \$836,055 in excess of its required net capital of \$100,000. The Company's net capital ratio was 1.39 to 1. {12}------------------------------------------------ • # **NORTHERN CAPITAL SECURITIES CORPORATION NOTES TO FINANCIAL STATEMENTS, CONTINUED OCTOBER 31, 2025** #### **NOTE 6** - **EMPLOYEE BENEFITS** The Company has a 40l(k) savings plan for all employees. The Company at its discretion may match employee contributions to the plan. For the fiscal year ending October 31, 2025 the . Company contributed \$0 for employees to the plan. #### **NOTE** 7 **·LONGTERM LEASES** The Company adopted FASB ASC 842, Leases effective July 1, 2022. As such, the Company recognizes and measures its leases in accordance with F ASB ASC 842, Leases. The Company is a lessee in the lease described herein. 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 present value of its future lease payments. The discount rate is the implicit rate if it is readily determinable of otherwise the Company uses its incremental borrowing rate. Cash paid for amounts included in the measurement of lease liability consists of operating cash flows from the operating lease amounted to \$96,192. The Company leases its operating facility under an operating lease expiring June 30, 2028. Right-of use asset Less accumulated amortization Operating lease liability Total lease payments Less interest Less lease payments \$ 290,830 (31,562) \$ 259,268 \$ 290,830 (1,996) (29,566) \$ 259,268 {13}------------------------------------------------ # **NORTHERN CAPITAL SECURITIES CORPORATION NOTES TO FINANCIAL STATEMENTS, CONTINUED OCTOBER 31, 2025** #### **NOTE** 7 - **LONG TERM LEASES (CONTINUED)** Minimum future lease payments for non-cancelable operating lease | 2026 | \$95,411 | |------|-----------| | 2027 | 97,695 | | 2028 | 66,162 | | | \$259,268 | #### **NOTE 8** - **OFF BALANCE·SHEET RISK AND CONCENTRATIONS OF CREDIT RISK** The Company is engaged in various trading and brokerage activities whose counterparties include banks and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the credit worthiness of the counterparty or issuer of the instrument. The Company seeks to minimize this risk through procedures designed to monitor the credit worthiness of its customers. The Company maintains cash in bank accounts in excess of the established limit insured by the Federal Deposit Insurance Corporation (FDIC). #### **NOTE 9** - **COMMITMENTS AND CONTINGENCIES** As of October 31, 2025, there were no material contingencies or guarantees that require disclosure. #### **NOTE 10** - **SEGMENT REPORTING** The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of one class of services, buying and selling securities to or for customers. The accounting policies for fees are the same as those described in the summary of significant accounting policies. The chief operating decision maker assesses performance for the agency fee segment and decides how to allocate resources based on the net income that is reported on the income statement. The measurement of the segment assets is reported on the balance sheet as total assets. {14}------------------------------------------------ # **NORTHERN CAPITAL SECURITIES CORPORATION NOTES TO FINANCIAL STATEMENTS, CONTINUED OCTOBER 31, 2025** #### **NOTE 10** - **SEGMENT REPORTING (CONTINUED)** The chief operating decision maker uses net income to evaluate income generated from the segment assets (return of assets) in deciding whether to reinvest profits into the agency fee segment or into other parts of the entity. The chief operating decision maker also uses net income in competitive analysis by benchmarking competitors. The Company derives revenue from North America, The chief decision maker is the chief . executive officer. #### **NOTE 11** - **SUBSEQUENT EVENTS** Management has evaluated subsequent events through December 2, 2025, the date on which the financial statements were available to be issued. There were no subsequent events that require adjustment or disclosure in the financial statements. ![](_page_14_Picture_6.jpeg) {15}------------------------------------------------ #### NORTHERN CAPITAL SECURITIES CORPORATION SUPPLEMENTARY SCHEDULES OCTOBER 31, 2025 {16}------------------------------------------------ #### **SCHEDULE** I #### **NORTHERN CAPITAL SECURITIES CORPORATION** #### **COMPUTATION OF AGGREGATE INDEBTEDNESS AND NET CAPITAL PURSUANT TO RULE 15c3-1** **OCTOBER 31, 2025** | AGGREGATE INDEBTEDNESS: | | | |---------------------------------------|-------------|---------------| | Accounts payable and accrued expenses | \$1,305,307 | | | NET CAPITAL: | | | | Common stock | | \$
63,552 | | Additional paid-in capital | | 25,000 | | Retained earnings | | 945,016 | | Treasury stock | | (45,259) | | | | 988,309 | | ADJUSTMENTS TO NET CAPITAL: | | | | Other assets | | (39,335) | | Furniture and fixtures | | (12,919) | | Net Capital, as defined | | 936,055 | | NET CAPITAL REQUIREMENT | | \$
100,000 | | NET CAPITAL IN EXCESS OF REQUIREMENT | | \$
836,055 | | RA TIO OF AGGREGATE INDEBTEDNESS TO NET CAPITAL | l.39to l | |-----------------------------------------------------------|---------------| | Reconciliation with Company's computation of net capital: | | | Net capital as reported in Co~pany's Part IIA (unaudited) | | | FOCUS Report | \$
919,945 | | Net audit adjustments | 16,110 | | Decrease in non-allowables and haircuts | | | Net capital per above | \$
936,055 | See Independent Auditor's Report. {17}------------------------------------------------ #### **SCHEDULE** II #### **NORTHERN CAPITAL SECURITIES CORPORATION** #### **COMPUTATION FOR DETERMINATION OF RESERVE AND INFORMATION RELATED TO POSSESSION OR CONTROL REQUIREMENTS FOR BROKER/DEALERS UNDER RULE 15c3-3 OF THE SECURITIES EXCHANGE ACT OF 1934** ' #### **OCTOBER 31, 2025** The Company is exempt from the reserve requirements of Rule 15c3-3 as its transactions are limited, such that they do not handle customer funds or securities, accordingly, the computation for dete1mination of reserve requirements pursuant to Rule l 5c3-3 and information relating to the possession or control requirement pursuant to Rule 15c3-3 are not applicable. {18}------------------------------------------------ • ### LARRY D. LIBERFARB, P.C. #### CERTIFIED PUBLIC ACCOUNTANTS AND FINANCIAL ADVISORS 11 Vanderbilt Avenue, Suite 220, Norwood, Massachusetts 02062 Tel. (781) 255,8800 Fax (781) 255,9217 E-Mail: Info@Liberfarb.com #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors Northern Capital Securities Corporation We have reviewed management's statements, included in the accompanying Exemption Report, in whiph (1) Northern Capital Securities Corporation identified the following provision of 17 C.F.R. §15c3-3(k) under which Northern Capital Securities Corporation claimed an exemption from 17 C.F.R. §240.15c3-3: (k)(~)(ii) (exemption provision) and (2) Northern Capital Securities Corporation stated that Northern Capital • Securities Corporation met the identified exemption provision throughout the most recent fiscal year without exception. Northern Capital Securities Corporation's management is responsible for complian~ with the exemption provision 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 Northern Capital Securities Corporation's compliance with the exemption provision. 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 mad+, to management's statements referred to above for them to be fairly stated, in all material respects, base~ on the provision set forth in paragraph (k)((2)(ii) of Rule 15c3-3 under the Securities Exchange Act of 1934. : ' ' r 2, {19}------------------------------------------------ #### **NORTHERN CAPITAL SECURITIES CORPORATION** #### **EXEMPTION REPORT REQUIREMENT FOR BROKER/DEALERS UNDER RULE 17a-5 OF THE SECURITIES EXCHANGE ACT OF 1934** #### **OCTOBER 31, 2025** Northern Capital Securities Corporation (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 broker-dealers"). Ibis Exemption Report was prepared as required by 17 C.F.R. §240. 17a-5(d)(I) 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) throughout the most recent fiscal year without exception. David G. Oldaker, Chief Executive Officer Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.