# UNITED CAPITAL MARKETS, INC. X-17A-5 (2026-03-04) — Broker-dealer annual report - Company: UNITED CAPITAL MARKETS, INC. - Form: X-17A-5 - Filed: 2026-03-04 - Period: 2025-12-31 - Accession: 0001012872-26-000003 - CIK: 1012872 - File #: 8-49253 - Type: Broker-dealer - Material weakness: No - Auditor: BAKER TILLY US, LLP - Auditor location: JACKSONVILLE, FL - Contact: MICHAEL NELSON - Phone: 305-365-0527 - Email: mnelson@unitedcapital.com - Website: unitedcapital.com - Signed by: DENNIS JOHN DEVANEY (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1012872/000101287226000003/UCM_X17A5_2025.pdf --- {0}------------------------------------------------ 8-49253 | 01/01/2025
12/31/2025 | | | | | | |--------------------------------------|----------------------|---------------------------|-------|-------|--| | | | | | | | | | | | | | | | UNITED | CAPITAL
MARKETS | INC. | | | | | ■ | | | | | | | | | | | | | | 2665
S
BAYSHORE
DR. | PH
1 | | | | | | | | | | | | | MIAMI | FL | | 33133 | | | | | | | | | | | | | | | | | | MICHAEL
NELSON | (305)
365-0527 | MNELSON@UNITEDCAPITAL.COM | | | | | | | | | | | | | | | | | | | BAKER
TILLY
US,
LLP | | | | | | | | | | | | | | 1301
RIVERPLACE
BLVD,
SUITE | JACKSONVILLE
2400 | | FL | 32207 | | | | | | | | | | 10/22/03 | | 23 | | | | | | | | | | | {1}------------------------------------------------ | DENNIS JOHN DEVANEY | swear (or affirm) that, to the best of my knowledge and belief, the | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--| | tinancial report pertaining to the firm of UNITED CAPITAL MARKETS INC.
12/31 | as of
2 025 , is true and correct. I further swear (or affirm) that neither the company nor any | | | as that of a customer.
MICHAEL DOUGLAS NELSON
Notary Public - State of Florida
Commission # HH 363102
My Comm. Expires May 4, 2027
Bonded through National Notary Assn. | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in anyactory, as the solely
Signature:
Title:
CEO | | - - - - - - - - - - - - - - - - - - - - - - - - - - {2}------------------------------------------------ # **UNITED CAPITAL MARKETS, INC.** **Financial Statements and Report of Independent Registered Public Accounting Firm Year Ended December 31, 2025** {3}------------------------------------------------ # **Contents** | Report of Independent Registered Public Accounting Firm | 2-3 | | |-------------------------------------------------------------------------------------------------|--------|--| | Financial Statements | | | | Statement of financial condition | 4 | | | Statement of operations | 5 | | | Statement of changes in Stockholder's equity | 6 | | | Statement of cash flows | 7 | | | Notes to financial statements | 8 - 16 | | | Supplemental Schedule | | | | Computation of Net Capital Pursuant to Rule 15c3-1 of the
Securities and Exchange Commission | 17 | | Statement on Exemption from the Computation of Reserve Requirements and Information for Possession or Control Requirements Under Rule 15c3-3 18 {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ## **Report of Independent Registered Public Accounting Firm** To the Stockholder of United Capital Markets, Inc. ### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of (the "Company") as of December 31, 2025, and the related statements of operations, 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 our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. ### **Basis for Opinion** These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the 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 statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. {5}------------------------------------------------ ### **Supplemental Information** The Computation of Net Capital Pursuant to Rule 15c3-1 of the Securities and Exchange Commission and Statement on Exemption from the Computation of Reserve Requirements and Information for Possession or Control Requirements Under Rule 15c3-3 (collectively, the supplemental information) has been subjected to audit procedures performed in conjunction with the audit of Company's financial statements. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. § 240.17a5. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2016. Jacksonville, Florida March 2, 2026 {6}------------------------------------------------ # **Statement of Financial Condition** | December 31, | 2025 | |------------------------------------------------------------------------|---------------------| | ASSETS | | | Securities owned, at fair value | \$
1,310,400 | | Deposits with clearing organization | 500,000 | | Prepaid expenses and other assets | 163,561 | | Cash | 86,649 | | Property and equipment, (net of accumulated depreciation of \$255,984) | 32,407 | | Total assets | \$
2,093,017 | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | Liabilities | | | Accounts payable and accrued expenses | \$
481,922 | | Due to clearing organization | 163,333 | | Total liabilities | 645,255 | | Stockholder's equity | | | Common stock, no par value 2,000 shares authorized, 100 shares issued | | | and outstanding
Additional paid-in capital | 6,000
99,979,062 | | Accumulated deficit | (98,537,300) | | Total stockholder's equity | 1,447,762 | | Total liabilities and stockholder's equity | \$
2,093,017 | {7}------------------------------------------------ # **Statement of Operations** | Year ended December 31, | 2025 | |-----------------------------------------------|-------------------| | | | | Revenues | | | Principal transactions | \$
2,386,411 | | Interest and dividends | 74,084 | | | 2,460,495 | | | | | Expenses | | | Compensation and benefits | 1,898,444 | | Occupancy | 570,000 | | Travel and entertainment | 397,631 | | Dues and subscriptions | 382,811 | | Administrative | 344,369 | | Professional fees | 199,491 | | Interest | 190,046 | | Floor brokerage, exchange, and clearance fees | 109,757 | | Depreciation | 38,692 | | | | | Total expenses | 4,131,241 | | | | | Other Income | 11,660 | | | | | Net Loss | \$
(1,659,086) | {8}------------------------------------------------ # **Statement of Changes in Stockholder's Equity** | | | Common Stock | | | Additional | | | | | |---------------------------------------------------------------|---------------|--------------|-----------------|----|-------------------------------|-------------------------------------|--|-------------------------------------|--| | | Shares | | Amount | | Paid-In
Capital | Accumulated
Deficit | | Total | | | Balance, January 1, 2025
Capital contributions
Net loss | 100
-
- | \$ | 6,000
-
- | \$ | 99,559,062 \$
420,000
- | (96,878,214) \$
-
(1,659,086) | | 2,686,848
420,000
(1,659,086) | | | Balance, December 31, 2025 | 100 | \$ | 6,000 | \$ | 99,979,062 \$ | (98,537,300) \$ | | 1,447,762 | | {9}------------------------------------------------ # **Statement of Cash Flows** | Year ended December 31, | 2025 | |----------------------------------------------------------------------------------------------------------------------|-------------------------------| | Operating activities
Net loss
Adjustments to reconcile net loss to | \$
(1,659,086) | | net cash used in operating activities
Depreciation
Changes in assets and liabilities
(Increase) decrease in | 38,692 | | Due from clearing organization
Securities owned, at fair value
Prepaid expenses and other assets | 91,229
455,776
(13,414) | | Increase (decrease) in:
Accounts payable and accrued expenses
Due to clearing organizations | 47,191
163,333 | | Net cash used in operating activities | (876,279) | | Financing activity
Capital contributions | 420,000 | | Net cash provided by financing activity | 420,000 | | Decrease in cash | (456,279) | | Cash, beginning of year | 542,928 | | Cash, end of year | \$
86,649 | | Supplemental disclosure of cash flow information
Cash paid during the year for interest | \$
190,046 | {10}------------------------------------------------ **Notes to Financial Statements** ### **1. Summary of Significant Accounting Policies Organization** United Capital Markets, Inc. (the "Company"), a wholly owned subsidiary of United Capital Markets Holdings, Inc. (the "Parent"), is a registered broker-dealer under the Securities Exchange Act of 1934 and a member of the Financial Industry Regulatory Authority ("FINRA"). The Company markets equity securities, fixed income securities, including private label asset-backed and government agency securities, to other brokerdealers and financial institutions through its office located in Florida. The Company clears its securities transactions on a fully disclosed basis through Axos Clearing, LLC (the "clearing organization"). # **Securities Transactions** Proprietary and customer securities transactions and the related revenues and expenses are recorded on a trade date basis. Securities owned and securities sold, not yet purchased are stated at fair value with related realized and unrealized gains or losses reflected in principal transactions in the statement of operations. Fair value is generally based on published market prices or other relevant factors including independent price quotations and the Company's valuation models using methodologies such as the present value of known or estimated cash flows. Profit and loss arising from all investment transactions entered into for the account and risk of the Company as well as related commission expenses are recorded on a trade date basis. Amounts receivable and payable for securities transactions that have not reached their contractual settlement date are recorded net on the statement of financial condition. Marketable securities are valued at market, and securities not readily marketable are valued at fair value as determined by management. {11}------------------------------------------------ **Notes to Financial Statements** ### **1. Summary of Significant Accounting Policies (cont.)** ### **Revenue Recognition** The Company recognizes revenue under ASC Topic 606 Revenue from Contracts with Customers ("ASC Topic 606"), as amended. The revenue recognition guidance requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be 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 it is probable 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 Company buys and sells securities on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Company may charge a commission. Commissions and related clearing expenses are recorded on the trade date (the date that the Company fills the trade order by finding and contracting with a counterparty and confirms the trade with the customer). The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. The Company's trading revenue is comprised of gains and losses resulting from the sale of investment securities. These gains and losses are recorded on a trade date basis. Accordingly, all related performance obligations related to the sale transaction are considered completed at trade date. Interest income is recorded on an accrual basis. Margin Interest is recognized in accordance with our customer agreements. ## **Allowance for Credit Losses** ASC Topic 326, Financial Instruments – Credit Losses ("ASC 326") impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. Under the accounting update, the Company could determine there are no expected credit losses in certain circumstances. The Company considers factors such as historical experience, credit quality, age of balances and current and future economic conditions. The Company's expectation is that the credit risk associated with its financial assets are not significant, accordingly the Company has not provided an allowance for credit losses as of December 31, 2025. {12}------------------------------------------------ # **Notes to Financial Statements** #### **1. Summary of Significant Property and Equipment** **Accounting Policies (cont.)** Property and equipment is recorded at cost. Depreciation is calculated using the straight-line method over the useful lives of the assets which range from three to five years. ### **Concentration of Credit Risk** The Company maintains cash in bank deposit accounts, which, at times, exceed federally insured limits. The Company has experienced no losses associated with these accounts. ### **Interest Income** Interest income is earned from the underlying securities owned, the deposits with the clearing organization, and collateralized financing transactions and are accounted for on an accrual basis. ### **Interest Expense** Interest expense is incurred on the Company's financing of its proprietary inventory. Such interest expense is accounted for on an accrual basis. ### **Use of Estimates** The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (the "GAAP"). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Management believes that the estimates utilized in preparing its financial statements are reasonable and prudent. Actual results could differ from these estimates. {13}------------------------------------------------ **Notes to Financial Statements** #### **1. Summary of Income Taxes** > **Significant Accounting Policies (cont.)** The Company, with the consent of its Parent, has elected under the Internal Revenue Code to be a Qualified Subchapter S Subsidiary ("QSSS"). As a QSSS, the Company's income or loss is included in its Parent's tax return. The Parent is a Subchapter S corporation which is 100% owned by an individual, who is taxed on all of the Company's taxable income, if any. Therefore, no provision or liability for federal income taxes has been included in the financial statements. The Parent's federal tax status as a pass-through entity is based on its legal status as an S Corporation. The Company's Parent is not subject to state and local income taxes. As of December 31, 2025, the Company's Parent's federal tax return generally remains open for the last three years. # **Advertising Costs** The Company expenses advertising costs as they are incurred. Advertising expense for the year ended December 31, 2025 was \$157,381 and is included in administrative expense on the statement of operations. # **Subsequent Events** Management has evaluated subsequent events through March 2, 2026, the date which the financial statements were available for issue. # **Leases** The Company accounts for leases under ASC 842, Leases. The Company has elected to apply the short-term lease exception to all leases with an initial term of 12 months or less. Short-term leases are not recorded on the balance sheet. Lease expense is recognized for these leases on a straight-line basis over the term of the lease. The Company does not have any leases that are not considered short-term. # **Compensated Absences** Compensated absences for sick pay and personal time have not been accrued since they cannot be reasonably estimated. The Company's policy is to recognize these costs when actually paid. {14}------------------------------------------------ # **Notes to Financial Statements** **2. Fair Value** Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures defines fair value and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by 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. Following is a description of the valuation techniques applied to the Company's securities measured at fair value on a recurring basis. The Company reviews the significance and observability of inputs in valuation methodologies to determine the appropriate fair value hierarchy level for each of our securities. Based on the results of this review and investment class analysis, each instrument is categorized as Level 1, 2 or 3 based on the lowest level significant input to its valuation. Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. The following table presents the investments carried on the Statement of Financial Condition by level within the hierarchy as of December 31, 2025. | | | Quoted prices in | Significant other | Significant | |-----------------|-------------|----------------------|-------------------|--------------| | | | active markets | observable | unobservable | | | | for identical assets | inputs | inputs | | Description | Total | (Level 1) | (Level 2) | (Level 3) | | Debt Securities | \$1,310,400 | \$
- | \$
- | \$1,310,400 | {15}------------------------------------------------ # **Notes to Financial Statements** ### **2. Fair Value (cont.)** The valuation of Level 3 securities involves the use of significant unobservable inputs and generally requires a higher degree of management judgment or estimation than the valuations of Level 1 and Level 2 securities. Although Level 3 inputs are unobservable, management believes they are consistent with what other market participants would use when pricing such instruments and are considered appropriate given the circumstances. The use of different inputs or methodologies could have a material effect on the estimated fair value of Level 3 securities and could materially affect net income. Transfers between levels are recognized at the end of the reporting period. The following is a reconciliation of the beginning and ending balances for securities measured at fair value on a recurring basis using significant unobservable inputs (level 3) during the year ended December 31, 2025. | | Debt securities | |-------------------------------------------------|-----------------| | Beginning balance | \$
1,766,176 | | Total losses (realized/unrealized) | | | Included in earnings (or changes in net assets) | (1,163,033) | | Purchases | 13,836,360 | | Sales | (13,129,103) | | Ending balance | \$
1,310,400 | Realized gains and losses and change in unrealized gains and losses included in earnings for the period ended December 31, 2025, are reported within revenues from principal transactions as follows: | to assets still held at December 31, 2025 | | | |-------------------------------------------|---|----| | | - | \$ | The significant unobservable inputs used in the fair value measurement of the Company's debt securities consist of recent transaction prices for the same securities in inactive markets. {16}------------------------------------------------ # **Notes to Financial Statements** **2. Fair Value (cont.)** The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the securities measured at fair value using significant unobservable inputs (Level 3) at December 31, 2025: | | | Significant | | | |-------------|-----------|--------------|-------|----------| | | Valuation | Unobservable | | Weighted | | Description | Technique | Inputs | Range | Average | Debt Securities Market Pricing Recent Transaction Prices 30.00 – 31.50 31.50 - **3. Due to Clearing Organization** Included in due to clearing organizations are amounts payable to the Company's clearing organization. As of December 31, 2025, the Company had amounts payable to the clearing organization of \$163,333, consisting primarily of margin loans and clearing related expenses owed. Margin balances are subject to the clearing organization's margin requirements and collateral maintenance provisions. Management believes credit risk related to the clearing organization is minimal due to its financial strength and the short-term nature of the balances. Accordingly, no allowance was recorded as of December 31, 2025. The Company continuously monitors the creditworthiness of the clearing organization. The change in due from the clearing organization during 2025 reflects the settlement of a prior-year receivable, which resulted in a zero balance at December 31, 2025. - **4. Deposits with Clearing Organization** Amounts represent the Company's required cash collateral deposits with the Company's clearing organization. At December 31, 2025, the Company's deposits with a clearing organization were \$500,000. - **5. Property and** Property and equipment consists of the following at December 31, 2025: ## **Equipment** | Equipment | | | |-----------|-------------------------------|---------------| | | Equipment | \$
282,748 | | | Property | 5,643 | | | Less accumulated depreciation | (255,984) | | | | \$
32,407 | Depreciation expense for the year ended December 31, 2025 was \$38,692. {17}------------------------------------------------ **Notes to Financial Statements** ### **6. Transactions with Customers** For transactions where the Company's clearing organization extends credit to customers, the clearing organization seeks to control the risks associated with these activities by contractually requiring customers to maintain margin collateral in compliance with various regulatory and clearing organization guidelines. The Company applies the provisions of the Accounting Standard Codification ("ASC") 460 Guarantees, Including Indirect Guarantees of Indebtedness of Others. ASC 460 provides accounting and disclosure requirements for certain guarantees. The Company has agreed to indemnify the clearing organization for losses that it may sustain from the customer accounts introduced by the Company. At December 31, 2025, there were no customer balances maintained at its clearing organization and subject to such indemnification. During 2025, the Company incurred no losses under the terms of this indemnification. In accordance with the margin agreement between the clearing organization and customers, customer balances are collateralized by customer securities and supported by other types of recourse provisions including the right to request customers to deposit additional collateral or reduce securities positions without the consent of the customer. - **7. Commitments** The Company pays occupancy costs for office space provided by an affiliate under an office space usage arrangement. Amounts paid under this arrangement are included in occupancy expense in the accompanying statement of operations. Refer to note 10 for additional information on related party transactions. - **8. Contingencies** The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the financial condition or operating results of the Company. - **9. Principal Transactions** The Company's principal transactions by reporting categories, for the year ended December 31, 2025, included the following: | Asset backed securities | \$
2,386,411 | |------------------------------|-----------------| | Total principal transactions | \$
2,386,411 | {18}------------------------------------------------ **Notes to Financial Statements** #### **10. Related Party Transactions** The Company paid the Parent a total of \$120,000 for consulting services. Such amounts are included in the statement of operations within professional fees. The Company entered into trades of securities with affiliates during 2025 for a total net buy amount of \$16,473,720. The net gain resulting from these trades totaled \$3,217,690 and is included in the statement of operations within revenues from principal transactions. The Company is owed \$17,022 from its related parties and is included within prepaid expenses and other assets. In June 2025, the Company entered into an office space usage arrangement with a related party. Amounts paid under this arrangement totaled \$504,000 for the year ended December 31, 2025 and are included in occupancy expense in the statement of operations. The remaining occupancy expense relates to non-related-party costs. - **11. Segments** The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of proprietary trading. The Company has identified its Chief Executive Officer as the chief operating decision maker ("CODM"), who reviews net gains and expenses, in order to evaluate segment performance, develop strategy and allocate resources. Additionally, the CODM uses excess net capital, which is not a measure of profit and loss, to ensure capital adequacy. Excess net capital is measured in accordance with SEC Rule 15c3-1 (see Note 12) and is reconciled to GAAP measures. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. Segment asset balances are presented in the statement of financial condition. - **12. Net Capital Requirements** Pursuant to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital as defined under such rule. At December 31, 2025, the Company had regulatory net capital of \$442,710 an excess of \$342,710 over the required minimum net capital of \$100,000. At December 31, 2025, the Company's percentage of aggregate indebtedness to net capital was 145.75% A deposit in the amount of \$500,000 is held with the clearing organization and is considered an allowable asset in the computation of net capital. {19}------------------------------------------------ # **Supplemental Schedule of Computation of Net Capital Pursuant to Rule 15c3-1 of the Securities and Exchange Commission** | December 31, | 2025 | |------------------------------------------------------------------|-----------------| | Net capital | | | Total stockholder's equity from statement of financial condition | \$
1,447,762 | | Deductions and/or charges | | | Non-allowable assets | | | Property and equipment, net | (32,407) | | Prepaid expenses and other assets | (163,561) | | Total deductions and/or charges | (195,968) | | Net Capital before haircuts on securities positions | 1,251,794 | | Haircuts on securities: | | | Debt securities | (196,560) | | Undue concentration | (612,524) | | Net capital | \$
442,710 | | | | | Computation of aggregate indebtedness | | | Accounts payable and accrued expenses | \$
645,255 | | Total aggregate indebtedness | \$
645,255 | | Computation of basic net capital requirement | | | Minimum net capital required | | | (greater of 6-2/3% of aggregate indebtedness or \$100,000) | \$
100,000 | | Net capital in excess of minimum requirements | \$
342,710 | | | | | Ratio of aggregate indebtedness to net capital | 145.75% | There were no material differences between the audited computation of net capital included in this report and the corresponding schedule included in the Company's unaudited December 31, 2025 Part IIA FOCUS filed January 27, 2026. {20}------------------------------------------------ # **Statement on Exemption from the Computation of Reserve Requirements and Information for Possession or Control Requirements Under Rule 15c3-3** In accordance with the exemptive provisions of SEC Rule 15c3-3, specifically exemption k(2)(ii), the Company is exempt from the computation of a reserve requirement and the information relating to the possession or control requirements. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.