# STONEBRIDGE SECURITIES, LLC. X-17A-5 (2026-04-01) — Broker-dealer annual report

- Company: STONEBRIDGE SECURITIES, LLC.
- Form: X-17A-5
- Filed: 2026-04-01
- Period: 2025-12-31
- Accession: 0001088408-26-000003
- CIK: 1088408
- File #: 8-51851
- Type: Broker-dealer
- Material weakness: No
- Auditor: Ohab and Company, PA
- Auditor location: MAITLAND, FL
- Contact: Michael A Hendrickson
- Phone: 206-484-3848
- Email: mikeh@stonebridgesecurities.com
- Website: stonebridgesecurities.com
- Signed by: Michael A Hendrickson (CEO)

Original filing: https://www.sec.gov/Archives/edgar/data/1088408/000108840826000003/sspub2-.pdf

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|                                                                                                                                                                     | UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSIOI~<br>Washington, D.C. 20S49 |                                         | C~j\L<br>0MB Number; 3235-0123<br>Expires: Nov. 30, 2026<br>Estimated average burden<br>u<br>hours per response: |  |
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| Public                                                                                                                                                              | ANNUAL REPORTS                                                                 |                                         | SEC FILE NUMBER                                                                                                  |  |
|                                                                                                                                                                     | FORM X-1.7A-5                                                                  |                                         | 8-51851                                                                                                          |  |
|                                                                                                                                                                     | PART Ill                                                                       |                                         |                                                                                                                  |  |
|                                                                                                                                                                     | FACING PAGE                                                                    |                                         |                                                                                                                  |  |
| Information Required Pursuant to Rules 17a-S, 17a-12, and lSa-7 under th1! Securities Exchange Act o1f 1934                                                         |                                                                                |                                         |                                                                                                                  |  |
| FILING FOR THE PERIOD BEGINNING Q 1/01/2025                                                                                                                         |                                                                                | AND ENDING 12/31/2025                   |                                                                                                                  |  |
|                                                                                                                                                                     | MM/DD/YY                                                                       |                                         | MM/DD/YY                                                                                                         |  |
|                                                                                                                                                                     | A. REGISTRANT IDENTIFICATION                                                   |                                         | ·-----·-------··---                                                                                              |  |
| NAME OF FIRM: STONEBHIDGE SECUR.ITIES LLC                                                                                                                           |                                                                                |                                         |                                                                                                                  |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>■ Broker-dealer<br>□ Security-based swap dealer<br>□ Check here if respondent is also an OTC derivatives dealer |                                                                                | D Major security-based swap participant |                                                                                                                  |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                                                 |                                                                                |                                         |                                                                                                                  |  |
| 330 112TH AVE NE, SUITE 300                                                                                                                                         |                                                                                |                                         |                                                                                                                  |  |
|                                                                                                                                                                     | (No. and Street)                                                               |                                         |                                                                                                                  |  |
| BELLEVUE                                                                                                                                                            | WA                                                                             |                                         | 98004                                                                                                            |  |
| (City)                                                                                                                                                              | (State)                                                                        |                                         | (Zip Code)                                                                                                       |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                        |                                                                                |                                         |                                                                                                                  |  |
| MICHAEL HENDRICKSON                                                                                                                                                 | 206-770-9700                                                                   |                                         | MIKEH@STONEBRIDGESECURITIES.COM                                                                                  |  |
| (Name)                                                                                                                                                              |                                                                                | __                                      | •_-_-_-I                                                                                                         |  |
|                                                                                                                                                                     | (Area Code-Telephon,_e_N_u_m_be_r_)<br>B. ACCOUNTANT IDENTIFICATION            | ,_,(E_m_a_il A_d_d_re_ss_)              | ::=i                                                                                                             |  |
|                                                                                                                                                                     |                                                                                |                                         |                                                                                                                  |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports am contained in this filing*                                                                                            |                                                                                |                                         |                                                                                                                  |  |
| OHAB AND COMPANY, PA                                                                                                                                                |                                                                                |                                         |                                                                                                                  |  |
|                                                                                                                                                                     | (Name - if individual, state last, first, and middle name)                     |                                         |                                                                                                                  |  |
| 100 E SYBELIA AVENUE SUITE 130                                                                                                                                      | MAITLAND                                                                       | FL                                      | 327fi1                                                                                                           |  |
| (Address)                                                                                                                                                           | (City)                                                                         | (State)                                 | (Zip Code)                                                                                                       |  |
| JULY 28 2004                                                                                                                                                        |                                                                                | 1839                                    | PC:.OS Ref>lratioo N,rnbe,, if •l!I"~                                                                            |  |
| (Date of Re imallon with PCAOS (i a<br>llcable                                                                                                                      | FOR OFFICIAL USE ONLY                                                          |                                         |                                                                                                                  |  |
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**Persons who are to respond to the collection of Information contained 11 this form are not required to respond unless tlhe form displays a currently valid OM B control number,** 

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#### OATH OR AFFIRMATION

| I, MICHAEL HENDRICKSON                                                | swear (cir affirm) that, tc) the best of my knowledge and belief, the |  |
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| financial report pertaining to the firm of STONEBRIDGE SECURITIES LLC | _____________ _, as of<br>,                                           |  |
|                                                                       |                                                                       |  |

12/31 2\_~ **is true** and **correct.** I further **swear** (or affirm) **that** nielther th Et **company nor any partner, officer, director,** or **equivalent** person, **as the case may** be, **has any** propri11tary **interest** in any **account classified solely as that of a customer.** 

**This filing .. contains (check all applicable boxes):** 

- **.iii** (a) Statement of financial condition.
- iii (b) Notes to consolidated statement of financial condition.
- D (c) Statement of income (loss) or, if there is other comprehensive income in the ~-eriod(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation S-X).
- D (d) Statement of cash flows.
- D (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- D (f) Statement of changes in liabilities subordinated to claims of creditors.
- D (g) Notes to consolidated financial statements.
- D (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.lSa-1, as applicable.
- D (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- D (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.1Sc3-3.
- 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 CFH 240.18a-4, as applicable.
- D (I) Computation for Determination of PAS Requirements under Exhibit A to§ 240.1Sc3-3.
- D (m) Information relating to possession or control requirements for customers uniler 17 CFR 240.1Sc3-3.
- D (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.lSa-4, as applicable.
- D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 UR 240.1Sc3-1, 17 CFR 240.18a-1, or 17 CFR 240.lSa-2, as applicable, and the re5erve 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.
- D (p) Summary of financial data for subsidiaries not consolidated in the statement c1f financial condition.
- iii (q) Oath or affirmation in accordance with 17 CFR 240.17a-S, 17 CFR 240.17a-12, 1>r 17 CFR 240.lSa-7, as applicable.
- D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, ;,s applicable.
- D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, a;, applicable.
- Ii (t) Independent public accountant's report based on an examination of the statement of financial condition.
- D (u) Independent public accountant's report based on an examination of the finandal report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- D (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.
- D (w) Independent public accountant's report based on a review of the exemption roaport under 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, as applicable.
- D (x) Supplemental reports on applying agreed-upon procedures, in accordance wit,i 17 CFR 240.15c3-le or 17 CFR 240.17a-12, as applicable.
- D (y) Report describing any material inadequacies found to exist or found to have ellisted since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 2.40.17a-12(k). <sup>D</sup>(z) Other: \_\_\_\_\_ \_\_\_\_\_\_\_\_ \_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_
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- """To request confidential treatment of certain portions of this filing, see 17 CFR :i.'40.17a-5(e)(3) or 17 CFR 2,t0.18a-7(d)(2), as applicable.

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Stonebridge Seclllrities, LLC Report Pursuant to Rule 17a-5 (<Cf) Financial Statements For the Year,Ended December 31, 2:025

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![](_page_3_Picture_0.jpeg)

100 L Syhclia Ave. Suite 130 Maitland. H. 32751

Certified Public Accolln/ants 1 mail pan a oltabe o.com

Telephone 407-740-7311 Fa< 407-740-6441

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Member of Stonebndge Securities. LLC

#### Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Stonebridge Securities, LLC as of December 31. 2025. and the related notes (collectively referred to as the "financial statemenr). In our opinion, the financial statement presents fairly, mall material respects. the financial position of Stonebridge Securities, LLC 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 Stonebridge Securities, LLC'S management. C>r responsibility is to express an opinion on Stonebridge Securities, LLC's financial statement based on our audit. We ,ire a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Stonebridge: 1 Securities, LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the РСАОВ.

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 ffE-e of material misstatement. whether due to error or fraud. Our audit included performing procedures to asse;s the risks of material misstatement of the financial statement. whether due to error or fr; fud, and performing proc« wres that respond to those nsks. Such procedures included examining, on a test bailS, 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.

Offent and Compage Ple

We have served as Stonebridge Securities, LI.C's auditor since 2018

Maitland, Florida

March 23, 2026

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## Stonebridge Securities, LLC Statement of Financial Condition December 31, 2025

#### Assets

| Cash<br>Receivables from customers<br>Allowance for doubtful accounts<br>Prepaid expenses and other |                                 | S  | 63,643<br>73,500<br>(73,500)<br>4,173 |
|-----------------------------------------------------------------------------------------------------|---------------------------------|----|---------------------------------------|
| Total current assets                                                                                |                                 |    | 67,816                                |
| Equipment<br>Accumulated depreciation                                                               |                                 |    | 26,05.5<br>(26,05.St                  |
| Net Equipment                                                                                       |                                 |    |                                       |
| Total Assets                                                                                        |                                 | ತಿ | 67,816                                |
|                                                                                                     | Liabilities and Member's Equity |    |                                       |
| Liabilitfos                                                                                         |                                 |    |                                       |
| Accounts payable<br>Accrued expenses                                                                |                                 | S  | 8.154                                 |
| Total Liabilities                                                                                   |                                 |    | 8,154                                 |
| Member's Equity                                                                                     |                                 |    |                                       |
| Member's equity                                                                                     |                                 |    | 59,662                                |
| Total Member's E<luity                                                                              |                                 |    | 59,662                                |
| Total Liabilities and Member's Equity                                                               |                                 | S  | 67,816                                |
|                                                                                                     |                                 |    |                                       |

The accompanying notes are an integral part o ftheses financial statements.

- I -

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# **Stonebridge Securities, LLC Notes ito Finaltldal Statements J)ecember 31, 2025**

## **Note 1: DESCRIPTION OF OPERA TIO NS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

## *General*

Stoneblidge Securities, 1LC (the "Company"), a Washington limited liability company, was organized on March 19, 1999, under the name of Base Capital Securities, L.L.C. The Company operates as a registered broker/dealer in securities under the provisions of the Securities and Exchange Act of 1934. The Company is engaged in a single of business as a securities broker-· dealer, which is comprised of severe).! classes of service:; including principal transactions, investment banking and merger and acquisitions. The Company is a member of the Financial Industry Regulatory Authority ("FINRA").

The Company's services include raisiqg capital for customers through the plivate placement process by placing securities with acor~dited investors, providing fee based financial structuring and consulting.

Under its membership agreement with FINRA and pursuant 10 Rule **l** 5c3-3(k) (1), the broker-· dealer is relying on footnote 74 to file the exemption and is not claiming an exemption.

#### *Summary o JSignifi,cant Accounting Policies*

The presentation of financial statemeQts in conformity with accounting principles generally accepted in the United States of Americl1; requires management b make estimates and assumptions that affect the rep01ted amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the repotted amounts ofrevenue and expenses during the reporting period. Actual results could differ from t:ha;,e, estimates.

#### *Signfficant Judgments*

Revenue from contracts from customers includes fees from investment banking. The recognition and measurement of revenue is based on the assessment of individual contract tetms. Significant judgment is required to determine whether petformance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple perfomlance obligations are identified; when to recognize revenue res.eel on the appropriate measure of the Company's progress tmder the contract; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration sl~ould be applied due to uncertain future events.

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**Stonebridge Securities, LLC Notes 1to Finaindal Statemenfs December 31, 2025** 

# ~ *Advisory Fees*

The Company provides advisory services on mergers and acquisitions (M&A). Revenue for advisory arrangements is generally recognized at the point in time that performance under the atTangement is completed (the closing date of the transaction) er the contract is cancelled. However, for certain contracts, revenue is recognized over time for advisory a.J.Tangement in which the pe1fonnance obligations are simultaneously provided by the Company and consumed by the customer. In some circumstances, significantjudgment is needed to determine the timing and measure of progress appropriate for revenue recognition under a specific contract. Retainers and other fees received from customers prior:to recognizing revenue are reflected as contract liabilities. At December 31, 2025, all amounts were immaterial.

#### *Cash*

The Company considers all highly liquid investments purchased with an original maturity of three months or less as cash. At times during the year, the Company had cash in excess of the federally insured limits on deposit1in a single credit institution.

#### *Credit Losses*

The Company follows ASC Topic 326, f inancial Instruments - Credit Losses ("ASC 326"). ASC 326 impacts the impaiiment model for certain :financial assets by requiting a cun-ent expected credit loss ("CECL") methodolqgy to estimate expected credit losses over the entire life ofd1e financial asset. Under the accounting update, th, Company has the ability to determine that there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the customer).

The Company did not have any accounts receivable at December 31, 2025 of \$73,500 which was fully allowed for doubtful accounts of the san1e \$73,500.

#### *Equipment*

The Company capitalizes expenditures gi:eater than \$2,000 that materially increase asset lives and chai·ges ordinary maintenance and repairs to operations as incmTed. When assets are sold or othe1wise disposed of: the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in net income.

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# **Stone.bridge Securities,** *lLC*  **Notes .to FinandaJ Statements December 31, 2025**

Depreciation of equipment is computed using the straight-line nethod between 3 and 5 years. Depreciation expense for the years ended December 31 1 2025 is \$0.

At each balance sheet date, the Company evaluates the carrying value of its long-lived assets, and the propriety ofremaining liv:es of such assets considl ring whether any events have occmTed our conditions have developed which may indicate that remaining lives or amortization methods require adjustment. If such evaluations were to indicate an impairment of these assets, such impairment would *Ix* recognized by a write-down of the applicable assets. No impairment write-down was necessary for the years ended December 31, 2025.

#### **Note 2: INCOME TAXES**

The Company is treated as a disregarded entity for federal income tax purposes, in accordance with single member limited liability company rules. All tax effects of the Company's income or loss are passed through to the member. Therefore, no provision or li2.bility for Federal Income Taxes is included in these financial statements.

State income taxes are provided for the tax effects of traci;actions reported in the financial statements and consist of taxes currently, due plus defe1Ted taxes related to differences between the financial and income tax bases of assets and liabilities. The deferred tax assets and liabilities, if any, represent the future tax return c01;isequences of those differences, which will either *Ix* taxable or deductible when the assets and liabilities a.re recovered or settled.

#### **Note 3: FAIR VALUE OF JrINANCIAJ\_, INSTRUMENTS**

F ASB ASC No. 825, Financial Instruments establishes a fair val.ue hierarchy that prioritizes the inputs to valuation techniques used to m\_easure fair value. This hierarchy consists of three broad levels: Level 1 inputs consist of unadjusted quoted prices in active markets for identical assets and have the highest priority, while level 3 inputs have the lowest priority. The Company uses appropriate valuation techniques based on the available inputs ID measure the fair value ofits investments. When available, the Company measures fair value -.ising Level I inputs because they generally provide the most reliable evid~nce of fair value.

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# **Stonebridge Securities, LLC' Notes ,to Financial Statemen1-s December 31, 2025**

*Level 1* Inputs to the valuation methodoJogy are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

*Level 2* Inputs to the valuation methodology include:

- Quoted prices for similar assets1 and liabilities in active markets;
- Quoted prices for identical or similar assets or liabilities in inactive markets;
- Inputs other than quoted prices that are observable for the asset or liability;
- Inputs that are derived principal.ly from or corroborated by observable market data by correlation or other means.
- If the asset or liability has a specified ( contractual) term, the Level 2 input must be observable for substantially the .full term o fthe asset or liability.

*Level 3* Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The following presents the Company's year-end date assets and--liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.

|                                                   | Level 1       | Leyel2        | Jotal      |
|---------------------------------------------------|---------------|---------------|------------|
| Money Market<br>Securities sold not yet purchased | \$15,243      | \$ -          | \$15,243   |
| Investments at fair value                         | \$15,243<br>- | \$ ___ ::_ __ | \$J!t,_MJ_ |
|                                                   |               |               |            |
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|                                                   | -8-           |               |            |
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**Stonepridge Securities, LLC Notes ito Financial Statements December 31, 2025** 

## **Note 4: CONCENTRATIONS OF CREDIT RISK**

The Company is engaged in various trading and brokerage activities in which counter-•parties primarily include broker-dealers, bank~, 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 creditworthiness of the counter-party or ·:ssuer of the instrument. It is the Company's policy to review, as necessary, the credit standing of each counter party.

## **Note 5: NET CAPITAL REQUIREMENTS**

The Company is subject to the Securiti,es and Exchange Commission Uniform Net Capital Rule (SEC rule 15c3-l), which requires the i:naintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, 3hall not exceed 15 to 1. Ruic 15c3 l also provides that equity capital may n.ot be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. Net capital and aggregate indebtedness chaqge day to day, but on December 31, 2025, the Company ha9 net capital of\$55,489 which was \$50,489 in excess ofits required net capital of \$5,000; and the <sup>1</sup> Company's ratio of aggregate indebtedness \$8,154 to net capital was 1.46 to 1, which is less than the 15 to 1 maximum allowed.

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### **Note 6: COMMITMENTS AND CONTINGENCIES**

There are no commitments or contingencies as ofDecember 31, 2025.

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**Stonebridge Securities, LLC Notes to Financial Statements December 31, 2025** 

#### **Note 7: SEGEMENT REPORTING** ,

111e Company is engaged in a single Ii.rye of business as a secudtie8 broker-dealer, which is comprised of several classes of services, ,including principal transactions, investment banking, and consulting. The Company has identified its CEO as the chief operating decision maker ("CODM"), who uses net income to evaluate the results ofthe business, predominantly in the forecasting process, to manage the Company. Addit,ionally, the CODM m:cs excess net c:apital (see Note 5), which is not a measme of profit and lo~, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends, The Company's operations constitute a single operating segment arid therefore, a single reportable segment, because the CODM manages the business activities <sup>1</sup> using information of the Company as a whole. The accounting policies used to measure th~ profit and loss of the i;egment are the san1e as those described in the smnmary of significant•accounting policies. TI1e company derived 85 percent of its total revenues from a single external pustomer in 2025.

#### **Note 8: COMP ANY CONDITIONS**

The Company has income of\$28,822 for the year ending December 31, 2025. The Company's member has represented that he intends tp continue making capital contributions, as needed, to ensw·e the Company's continuing operation.

Management expects the Company to coptinue as a going-concern and the accompanying financial statements have been prepared on a going-concern basis without adjustment for realization in the event the Company ceases to continue as, a going-concern.

#### **Note 9: SUBSEQUENT EVENTS**

The Company evaluated subsequent eve:nts through March 23, 2026 , the date these financial statements were available to be issued. Jbe Company is not aware of any additional significant events that occmTed subsequent to the balance shc:et date but prior to the filing of the rep01t that would have a material impact on the financial statements.


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