# PULLMAN SECURITIES, LLC X-17A-5 (2026-02-23) — Broker-dealer annual report - Company: PULLMAN SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-02-23 - Period: 2025-12-31 - Accession: 0001068597-26-000001 - CIK: 1068597 - File #: 8-51234 - Type: Broker-dealer - Material weakness: No - Auditor: Mercurius & Associates LLP - Auditor location: New Delhi, K7 - Contact: David Pullman - Phone: 310-288-0558 - Email: dpullman@pullmanbonds.com - Website: pullmanbonds.com - Signed by: David Pullman (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1068597/000106859726000001/PSconfedgarfinal.pdf --- {0}------------------------------------------------ OMBAPPROVAL **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington,D.C 20549** | Expires:Nov.30,2026 | |----------------------------------------------------| | Estimatedaverage burden
hoursperresponse:
12 | | SEC FILE NUMBER | | 8-51234 | OMB Number:3235-0123 ## **ANNUAL REPORTS FORM X-17A-5 PART III** **FACING PAGE** **Information Required Pursuant to Rules 17a-5,17a-12, and 18a-7under the Securities Exchange Act of 1934** **FILING FOR THE PERIOD BEGINNING** 01/01/2025 **AND ENDING** 12/31/2025 MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** **NAME OF FIRM**. **:**PULLMAN SECURITIES, LLC **TYPE OF REGISTRANT (check all applicable boxes):** **0 Broker-dealer Security-based swap deaier Major security-based swap participant** Check hereif respondent is also anOTC derivatives dealer ## **ADDRESS OF PRINCIPAL PLACE OF BUSINESS:(Do not use a P.O. box no.)** # 9250 Robin Drive (No. and Street) Los Angeles CA 90069 (City) (State) (Zip Code) **PERSON TO CONTACT WITH REGARD TOTHIS FILING** David Pullman 310-288-0558 **dpullman@pullmanbonds.com** (Name) (Area Code-Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION** **INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\*** ## Mercurius & Associates LLP (Name— if individual,state last,first,and middle name) **A-94/8. Wazirpur Industrial Area New Delhi-110052. INDIA** | (Address) | (City) | (State) | (Zip Code) | | |----------------------------------------------------|-----------------------|----------------------------------------------|------------|--| | 02/10/2009 | | 3223 | | | | (Date of Registration withPCAOB)(if
applicable) | | (PCAOB Registration Number,if
applicable) | | | | | FOR OFFICIAL USE ONLY | | | | \* Claims for exemption from therequirement that theannualreports be covered by thereports of an independent public accountant mustbe supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(l)(ii),if applicable. **Persons whoare torespond tothecollectionofinformationcontained inthisform are notrequired to respond unless the form displays a currentlyvalid OMB control number.** {1}------------------------------------------------ #### **OATH OR AFFIRMATION** **I(** **David Pullman swear {or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of PULLMAN SECURITIES, LLC** **as of 2025 .is true andcorrect, Ifurther swear (or affirm) that neither the company nor any partner,officer,director,or equivalent person,as the case maybe,has any proprietary interest in any account classified solely as that of a customer.** December 31 | Signature: | QJL | | |---------------|------------------------------|--| | Title:
CEO | P
l
)
/V\
\
" | | **This filing\*\* contains (check all applicable boxes):** - **S (a) Statement of financial condition.** - **B (b) Notes to consolidated statement of financial condition.** - **B (c) Statement of income (loss) or,if there isother comprehensive income in the period(s) presented,a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).** - **B (d) Statement of cash flows.** - **B (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.** - **B (h) Computation of net capital under 17 CFR 240.15c3-lor 17 CFR 240.18a-l,as applicable.** - **(i) Computation of tangible net worth under 17CFR 240.18a-2.** - **(j) Computation for determination of customer reserve requirements pursuant toExhibit A to17 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.** - **O (m) Information relatingto possession or control requirements for customers under 17 CFR 240.15c3-3.** - **(n) Information relatingtopossession or controlrequirements for security-based swap customersunder 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4,as applicable.** - **B (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 240.15c3-3or 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.** - **B (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.** - **B (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.** - **(t)Independent public accountant's reportbased on anexaminationof the statement of financial condition.** - **B (u) Independent public accountant's report based on an examination of the financialreport 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.** - **B (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) Supplementalreports on applyingagreed-upon procedures,in accordance with 17 CFR 240.15c3-le or 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:** **\*\*7b** *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}------------------------------------------------ ![](_page_2_Picture_0.jpeg) **MERCURIUS & ASSOCIATES LLP +91 11 4559 6669 info@masiip.coni www.masllp.com** #### **Report of the Independent Registered Public Accounting Firm** **To the Members of Pullman Securities, LLC** #### **Opinion on the Financial Statements** **We have audited the accompanying statement of financial condition of Pullman Securities, LLC (the "Company") as of December 31, 2025, and the related statement of operations, changes in member'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.** #### **Supplemental Information** **The supplemental information contained in the schedules related to Computation of Net Capital and Aggregate Indebtedness Pursuant to Rule 15c3-lof the Securities and Exchange Commission, Information Relating to the Possession or Control Requirements Under paragraph (k) of 17 C.F.R. § 240. 15c3-3, Computation for Determination of Reserve Requirements Under paragraph (k) of 17 C.F.R. § 240. 15c3-3 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 Rulel7 C.F.R. § 240.17a-5. In our opinion, the supplemental information contained in the schedules is fairly stated,in all material respects,inrelation to the financial statements as a whole.** *tifAcu^utA & AMAHASJJA LLP* **Mercurius & Associates LLP We have served as the Company's Auditor since 2024. New Delhi, India** {3}------------------------------------------------ ### **PULLMAN SECURITIES, LLC** ## Statement of Financial Condition December 31, 2025 Assets | Cash
Prepaid
Expense | \$
34,359
2,175 | |----------------------------|-----------------------| | Total
Assets | \$
36,534 | #### Liabilities and Member's Equity Liabilities | Accounts
payable
and
accrued
expenses | \$
600 | |---------------------------------------------------|--------------| | Accounts
payable
related
party | 1,200 | | Total
Liabilities | 1,800 | | Member's
Equity | 34,734 | | | | | Member's
Total
Liabilities
and
Equity | \$
36,534 | {4}------------------------------------------------ ## **PULLMAN SECURITIES, LLC** Statement of Operations ### For the Year Ended December 31, 2025 | Revenues | | |---------------------------------|--------------| | Consulting
Income | \$
10,000 | | Interest
income | 386 | | Total
Revenues | 10,386 | | | | | Expenses | | | &
Overhead
Administrative | 1,200 | | Bank
Charges | 113 | | Insurance
Expense | 425 | | Fees
Professional | 7,662 | | Regulatory
Fees | 750 | | Total
Expenses | \$
10,150 | | Net
Income | \$
236 | {5}------------------------------------------------ ## PULLMAN SECURITIES,LLC ### Statement of Changes in Member's Equity For the Year Ended December 31, 2025 | Member's
1,
Equity
January
2025 | \$
34,498 | |-----------------------------------------------|--------------| | Net
Income | 236 | | Member's
31,
Equity
December
2025 | \$
34,734 | {6}------------------------------------------------ #### **PULLMAN SECURITIES, LLC** #### Statement of Cash Flows #### For the Year Ended December 31, 2025 | Cash flows from operating activities: | | |------------------------------------------------------------------|--------------| | Net Income | \$
236 | | Adjustmentsto reconcile net income to net cash
provided
by | | | operating activities: | | | Accrued Expenses | (2,948) | | Change in assets: | (2,712) | | Prepaid Expense | (1,268) | | Total Adjustments | (1,268) | | increase for the year
Net Cash | (3,980) | | | | | Cash at January 1, 2025 | 38,339 | | 31, 2025
Cash at December | \$
34,359 | {7}------------------------------------------------ ## **Pullman Securities,LLC Notes to Financial Statements December 31, 2025** # Note1- Organization and Nature of Business Pullman Securities,LLC (the "Company") is a Limited Liability Company organized under the laws of the State of Delaware on July 22,1998. The Company is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA).The Company does not clear securities transactions or carry customers' accounts on a fully disclosed basis and does not have possession of any customer funds or securities. Therefore,the Company will not claim an exemption from SEA Rule 15c3-3. The Company conducts a consulting business and intends toengage in private placement of nonregistered securities with institutional accounts. #### Note 2 - Summary of Significant AccountingPolicies #### Basis of Presentation The Company's financial statements are prepared usingthe accrual method of accounting in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). #### Income Taxes The Company is a Single Member Limited Liability Company which has elected to be taxed as a sole proprietor. Therefore, no provisions for federal or state taxes are made by the Company. Members of a Limited Liability Company are individually taxed on their pro-rata share of the Company's earnings. Income tax expenses are the sum of taxes currently payable and the change during the period in deferred tax assets and liabilities. Deferred income taxes are recognized for the tax consequences in future years of differences between tax basis of assets and liabilities and their financial reportingamounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.The Company has not been subject to income tax examinations by the U.S.federal,state or local authorities. {8}------------------------------------------------ ## **Pullman Securities,LLC Notes to Financial Statements December 31, 2025** ### Note 2 - Summary of Significant Accounting Policies (cont'd.) #### Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts and disclosures. Accordingly,actual results could differ from those estimates. #### Cash Balances The Company considers cash balances maintained with the bank to be cash; such balances are fully insured. #### Fair Value The Company has adopted the provisions of ASC Topic 820, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements,but it does provide guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity's own assumptions (unobservable inputs). The hierarchy consists of three levels: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 -Inputs other than Level1that are observable,either directly or indirectly,such as quoted prices for similar assets of liabilities;quoted prices in markets that are not active;or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Certain financial instruments are carried at cost on the balance sheet,which approximates fair value due to their short-term,highly liquid nature.These instruments include cash and accounts payable. #### Revenue Recognition Revenue is recognized on a quarterly basis,as the performance obligation for services completed is fulfilled. {9}------------------------------------------------ ## **Pullman Securities,LLC Notesto Financial Statements December 31, 2025** ### Note 2 - Summary of Significant Accounting Policies (cont'd.) Revenue is recognized in accordance with AccountingStandards Codification (ASC) 606,Revenue from Contracts with Customers, which requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration 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.Indeterminingthetransaction 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 recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgement is required to determine whether performance obligations are satisfied at a point in time or overtime. # Note 3 -Related Party Transactions The Company had 100% of its consulting income from a related entity,Structured Asset Sales, LLC ("SAS") for the year ended December 31,2025.In addition,the Company had \$1,200 payable to the related entity.The related entity is owned by the Member. #### Note 4 - Net Capital Requirement As a registered broker-dealer and member of FINRA,the Company is subject tothe SEC's Uniform Net Capital Rule 15c3-l(the "Rule"),which requires that net capital,as defined,be at least the greater of \$5,000 or 6.667% of aggregate indebtedness, as defined. The Rule prohibits the Company from distributing equity capital or paying cash dividends if its resulting net capital is less than one-tenth of aggregate indebtedness or 120% of the minimum dollar amount required, whichever is greater. Net capital and aggregate indebtedness change from day to day,but at December 31,2025,the Company had net capital of \$32,559 which exceeded its requirement of \$5,000 by \$27,559. Aggregate indebtedness was \$1,800. The Company's net capital ratio was 5.53 to1of aggregate indebtedness to net capital. {10}------------------------------------------------ ## **Pullman Securities, LLC Notes to Financial Statements December 31,2025** # Note 5 -Recent AccountingPronouncements There were no new accounting pronouncements relevant for the year ended December 31, 2025 that we believe would have a material impact on our financial position or results of operations. # Note 6-Prepaid Expense As of December 31,2025 the Company had prepaid expenses of \$2,175,out of which \$150 is SIPC prepayment,\$815 is related to payment of the broker dealer bond,and \$1,210 is related to the FINRA annual renewal and prepaid regulatory fees. # Note 7 -Accounts Payable and Accrued Expenses As of December 31,2025 the Company had accounts payable of \$600 pertainingto Bookkeeping services and to a related party (Structured Asset Sales, LLC) amounting to \$1,200 as well. ## Note 8 - Segment Reporting The Company is engaged in a single line of business as a broker-dealer which is comprised of several classes of services,including private placements of securities with institutional customers and consulting,finder's and referral fee business.The Company has identified its Chief Executive Officer as the chief operating decision maker ("CODM") who uses net income to evaluate the results of the business,predominantly in the forecastingprocess in deciding whether to reinvest profits into the entity, such as for acquisitions or distributions, to manage the Company. Additionally,the CODM uses excess net capital (see Note 4),which is not a measure of profit and loss,to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or distribute its profits.The Company's operations constitute a single operating segment and therefore, a single reportable segment,because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss segment are the same as those described in the summary of significant accountingpolicies (NOTE 2).The Company derived 96% of totalrevenues earned duringthe year ended December 31, 2025, from one customer. The significant expenses of the segment are reported on the accompanying income statement of this report. {11}------------------------------------------------ ## **Pullman Securities,LLC Notes to Financial Statements December 31,2025** # Note 9 -Subsequent Events These financial statements were approved by management and available to be issued on February 19, 2026. Based on this evaluation,there were no subsequent events that require recognition or disclosure in the accompanying financial statements. {12}------------------------------------------------ ## **Pullman Securities,LLC SUPPLEMENTARY SCHEDULE** Information Relatingto the Possession or Control Requirements Under paragraph (k) of 17 C.F.R. § 240.15c3-3 ## As of December 31, 2025 The Company will not claim an exemption from SEA Rule 15c3-3. Statement Related to Exemptive Provision (Possession and Control) The Company does not have any possession or control of customer's funds or securities. There were no material inadequacies in the procedures followed in adhering to the exemptive provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because it limits its business toprovidingconsultingservices,it does not carry accounts for customers,it does not hold securities or funds for customers,it does not carry PAB accounts, and it only receives transaction-based compensation from a closing attorney when the unit sale and closing has been completed. The Company was in compliance with the conditions of the exemptive provisions of SEC Rule 15c3-3 at December 31,2025. {13}------------------------------------------------ ## **Pullman Securities, LLC SUPPLEMENTARY SCHEDULE** Computation for Determination of Reserve Requirements Under paragraph (k) of 17 C.F.R. § 240.15c3-3 ## As of December 31, 2025 The Company will not claim an exemption from SEA Rule 15c3-3. The Company does not require Computation for Determination of Reserve Requirements.There were no material inadequacies in the procedures followed in adhering to the exemptive provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because it limits its businessto providingconsulting services,it does not carry accounts for customers,it does not hold securities or funds for customers,it does not carry PAB accounts, and it only receives transaction-based compensation from a closing attorney when the unit sale and closing has been completed. The Company was in compliance with the conditions of the exemptive provisions of SEC Rule 15c3-3 at December 31,2025. {14}------------------------------------------------ ## **PULLMAN SECURITIES,LLC** # Supplementary Schedule Computation of Net Capital and Aggregate Indebtedness Pursuant to Rule 15c3-lof the Securities and Exchange Commission For the Year Ended December 31,2025 | '
from
the
of
Total
member
s equity
Statement | ,
Condition
\$
34
734
Financial | |-----------------------------------------------------------------------------|------------------------------------------------| | and/or
Deductions
charges | | | assets:
Non-allowable | | | Prepaid
expenses | ,
\$
175
2 | | and/or
Total
deductions
charges | 2,175
\$ | | | | | on
Net
Capital
before
haircuts
securities | ,
\$
32
559 | | | | | on
Haircuts
securities | | | | | | Net
Capital | 32,559
\$ | | | | | Aggregate indebtedness | | | of
Items
inStatement
included
Financial
Condition | | | and
Accounts
payable
accrued
expenses | \$ 1,
800 | | | | | Total
aggregate indebtedness | 1,800
\$ | | | | | of
Computation
basic net
capital
requirement | | | \$5,000
Minimum
net
capitalrequired
(greater
of | 5,000
or | | 2/3%
of
6
aggregate indebtedness) | | | in
capital
excess of
minimum
Net
requirement | ,
\$
27
559 | | capita!
of
10%
of
Net
less greater
aggregate indebtedness | of
or
120% | | minimum
capital
required
net | ,
\$ 26
559 | | to
Percentage of
net
aggregate indebtedness | capital
5.53
% | | | | Note:The above computation does not differ from the computation of net capital under Rule 15c3-las of December 31,2025 as reported by PULLMAN SECURITIES,LLC on Form X-17A-5. Accordingly,no reconciliation is deemed necessary {15}------------------------------------------------ ![](_page_15_Picture_0.jpeg) **MERCURIUS & ASSOCIATES LLP www.maslip.com** #### Report of Independent Registered Public Accounting Firm To the Member of Pullman Securities, LLC We have reviewed management's statement, included in the accompanying Pullman Securities, LLC's Exemption Report,in which: (1) Pullman Securities, LLC (The "Company") does not claim an exemption under paragraph (k) of 17 C.F.R §240.15c3-3 and (2) The Company stated that it is filing the Exemption Report relying on Footnote 74 of the SEC Release No. 34- 70073 adopting amendments to 17 C.F.R.§240.17a-5 because the company limits its business activities exclusively to private placement of securities with institutional customers, and consulting,finder's and referral fee business and therefore,1) did not directly or indirectly receive,hold, or otherwise owe funds or securities for or to customers 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 fiscal year ended December 31, 2025, without exception. The Company's management is responsible for the statements and for compliance with the provisions of Footnote 74 of the SEC Release No.34-70073 adopting amendments to 17 C.F.R. §240.17a-5 and its statement throughout the year ended December 31,2025. 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 the Company's compliance with the provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R.§240.17a-5. A review is substantially less in scope than an examination,the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated,in all material respects, based on the provisions set forth in SEC Footnote 74 of the SEC Release No.34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. Mercurius & Associates LLP New Delhi,India February 19,2026 {16}------------------------------------------------ **Pullman Securities, LLC 9250 Robin Drive Los Angeles,CA 90069** #### **SEA 15c3-3 Exemption Report January 1,2025,through December 31, 2025** **Pullman Securities, LLC (the "Company") is a registered broker-dealer subject to Rule l7a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.l7a-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)(l) and (4). To the best of its knowledge and belief, the Company states the following:** - **1. The Company does not claim exemption under paragraph (k) of 17 C.F.R. § 240.15c3-3.** - **2. The Company is filing this Exemption Report relying on Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.l7a-5 because the Company limits its business activities exclusively to participating in distributions of securities (other than firm commitment underwritings) in accordance with the requirements of paragraphs (a) or (b)(2) of Rule 15c2-4, consulting, and acting as finder; and** - **3. The Company did not directly or indirectly receive,hold, or otherwise owe funds or securities for or to customers.** - **4. The Company did not carry accounts of or for customers throughout the most recent fiscal year without exception.** - **5. The Company did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception.** **Pullman Securities,LLC** **I, David Pullman, swear (or affirm) that,to the best of my knowledge and belief,this Exemption Report is true and correct.** **Respectfully submitted,** c **David Pullman Chairman and CCO Dated: 2.** In -z. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.