# MMC SECURITIES LLC X-17A-5 (2026-02-17) — Broker-dealer annual report - Company: MMC SECURITIES LLC - Form: X-17A-5 - Filed: 2026-02-17 - Period: 2025-12-31 - Accession: 0001105818-26-000002 - CIK: 1105818 - File #: 8-52349 - Type: Broker-dealer - Material weakness: No - Auditor: Deloitte & Touche LLP - Auditor location: New York, NY - Contact: Kim Blackmore - Phone: 201-284-4908 - Email: kim.blackmore@mmc.com - Website: mmc.com - Signed by: Kim Blackmore (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1105818/000110581826000002/MMCS2025PUBLIC.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SEC FILE NUMBER 8-52349 # ANNUAL REPORTS FORM X-17A-5 PART III PUBLIC | PUBLIC | | |--------|--| | | | FACING PAGE Information Required Pursuant to Rules 17a-5..17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING 1/1/2025 AND ENDING 12/31/2025 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION # NAME OF FIRM: MMC Securities LLC TYPE OF REGISTRANT (check all applicable boxes): 0 Broker-dealer ❑ Security-based swap dealer ❑ Major security-based swap participant ❑ Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # 1166 Avenue of the Americas | | | (No. and Street) | | | | | |------------------------------------------------------------------------------------------------|------------------------------------------------------------|------------------|-------------------------------|-----------------------|-----------------|--------------------------------------------| | New York | | New York | | | 10036 | | | (City) | | (State) | | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | Kim Blackmore | 201-284-4908 | | | kim.blackmore@mmc.com | | | | (Name) | | | (Area Code —Telephone Number) | | (Email Address) | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Deloitte & Touche | | | | | | | | | (Name — if individual, state last, first, and middle name) | | | | | | | 30 Rockefeller Plaza | | New York | | NY | | 10036 | | (Address) | | (City) | | (state) | | (Zip Code) | | 10/20/2003 | | | | 34 | | | | (Date of Registration with PCAOB)(if applicable) | | | | | | (PCAOB Registration Number, if applicable) | | | | | FOR OFFICIAL USE ONLY | | | | \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {1}------------------------------------------------ #### OATH OR AFFIRMATION | 1, Kim Blackmore | , swear (or affirm) that, to the best of my knowledge and belief, the | |---------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of MMC Securities LLC | , as of | | 12/31
, | 2 025 , is true and correct. I further swear (or affirm) that neither the company nor any | | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely | | as that of a customer. | | Title: Chief Financial Officer # This filing" contains (check all applicable boxes): #### W (a) Statement of financial condition. - M (b) Notes to consolidated statement of financial condition. - ❑ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - ❑ (d) Statement of cash flows. - ❑ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - ❑ (f) Statement of changes in liabilities subordinated to claims of creditors. - ❑ (g) Notes to consolidated financial statements. - ❑ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - ❑ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - ❑ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3 - ❑ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - ❑ (1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - ❑ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - ❑ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - ❑ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - ❑ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - © (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - ❑ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - ❑ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (t) Independent public accountant's report based on an examination of the statement of financial condition. - ❑ (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - ❑ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - ❑ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - ❑ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e 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 240.17x-12(k). - ❑ (z) Other: \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17x-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {2}------------------------------------------------ MMC SECURITIES LLC (An Indirect Wholly-Owned Subsidiary of Marsh & McLennan Companies, Inc.) SEC ID No. 8-52349 # STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2025 AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM This report is filed pursuant to Rule 17a-5(e)(3) under the Securities Exchange Act of 1934 as a PUBLIC DOCUMENT {3}------------------------------------------------ # Deloitte. Deloitte & Touche LLP 30 Rockefeller Plaza New York, NY 10112-0015 USA Tel: +1 212 492 4000 Fax: +1 212 489 1687 www.deloitte.com # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Directors and Equity Owner of MMC Securities LLC # Opinion on the Financial Statement We have audited the accompanying statement of financial condition of MMC Securities LLC (the "Company") as of December 31, 2025 and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. ## Basis for Opinion The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit of the financial statement provides a reasonable basis for our opinion. February 17, 2026 We have served as the Company's auditor since 1989. {4}------------------------------------------------ # MMC SECURITIES LLC (an Indirect Wholly-Owned Subsidiary of Marsh & McLennan Companies, Inc.) # STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 #### ASSETS | Cash and cash equivalents
Receivable from affiliates
Fees and commissions receivable
Receivable from clearing organization
Other | 6,449,688
\$
767,798,946
5,879,714
300,669
520,750 | |----------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------| | TOTAL ASSETS | \$ 780,949,767 | | LIABILITIES AND MEMBER'S EQUITY | | | LIABILITIES:
Payable to affiliates
Accrued expenses and other liabilities | 1,286,166
\$
196,493 | | Total liabilities | 1,482,659 | | MEMBER'S EQUITY: | 779,467,108 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$ 780,949,767 | See notes to financial statement. {5}------------------------------------------------ # MMC SECURITIES LLC (an Indirect Wholly-Owned Subsidiary of Marsh & McLennan Companies, Inc.) # NOTES TO STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 # 1. NATURE OF BUSINESS MMC Securities LLC (the "Company") is an indirect wholly-owned subsidiary of Marsh & McLennan Companies, Inc. ("MMC"). The Company's sole member is Marsh Insurance and Investments LLC (the "Member"). The Company is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA") and the Securities Investor Protection Corporation ("SIPC"). The Company is also registered as an introducing broker with the National Futures Association ("NFA"). The Company provides the following services: - Underwriting and private placement of catastrophe bonds; - Investment banking advisory services on sales, acquisitions, capital raising and financial risk solutions through structured transactions; - Sale of variable products to institutional clients. The Company does not hold customer securities or customer funds and clears transactions through Pershing LLC on a fully disclosed basis. # 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation - The statement of financial condition is prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). The Company has performed its evaluation of the subsequent events through the issuance date of the statement of financial condition. Based upon such evaluation, no events were discovered that required disclosure or adjustment to the statement of financial condition. Use of Estimates - The preparation of the statement of financial condition in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the statement of financial condition. Actual results could differ from those estimates. Cash and Cash Equivalents - Cash equivalents consist of demand deposits with original maturities of three months or less. The estimated fair value of the Company's cash equivalents approximates their carrying value due to their short-term nature. All of the cash and cash equivalents are held in one major financial institution. Allowance for Credit Losses on Accounts Receivable - The Company's policy for providing an allowance for credit losses ("CECL") on its accounts receivable is based on management's best estimate of amounts that will be uncollectible primarily based on the Company's historical experience of collections in its various businesses or other events that may affect the net realizable value of the receivables. There was no allowance for credit losses for the year ended December 31, 2025. {6}------------------------------------------------ Income Tax - The Company is treated as a disregarded entity for federal and state income tax purposes: therefore, the taxable income or loss from the Company's operations is allocated to the Member. Accordingly, no provision for federal and state income taxes has been made in the accompanying financial statement. The Company is not subject to federal or state tax audits as an entity separate from the Member. Fair Value of Financial Assets and Liabilities - Substantially all of the Company's financial assets are carried at fair value or contracted amounts which approximate fair value. The Company's financial liabilities, such as payables, are recorded at amounts approximating fair value. # 3. SEGMENT INORMATION The Company is engaged in a single line of business as a securities broker-dealer to support the Company's investment banking business. The Company has identified its Chief Executive Officer as the chief operating decision maker ("CODM"), who reviews net income against current and past performance monthly when making decisions about allocating resources impacting the Company, inclusive of decisions regarding new hires and expansion into new services. The Company has identified four operating segments of which three are aggregated and reported as one reportable segment called Investment Banking. The fourth operating segment does not meet the quantitative thresholds under US GAAP for disclosure and the Company has concluded that it is managed on a consolidated basis as one reportable segment. # 4. CONTRACT BALANCES FROM CONTRACTS WITH CUSTOMERS The timing of the Company's revenue recognition may differ from the timing of payment by its customers. The Company records receivables when revenue is recognized prior to payment and it has an unconditional right to payment. The changes in the receivables during the year are related to services invoiced, payment of invoices and adjustments for impairment of the receivable. Alternatively, when payment precedes the provision of the related services, the Company records a contract liability until the performance obligations are satisfied. The following presents the Company's contract receivables related to revenue from customers that have been billed not yet collected and contract liability that has been billed but the performance obligation has not yet been satisfied as of December 31, 2025: ### Contract receivables (in 000's) | | Ending Balance
December 31, 2025 | | Opening Balance
January 1, 2025 | | |----------------------------|-------------------------------------|-------|------------------------------------|-----| | Underwriting fees | \$ | 1,489 | \$ | 375 | | Private Placement fees | | 350 | | | | Other Commissions | | 725 | | | | Total contract receivables | \$ | 2,564 | \$ | 375 | {7}------------------------------------------------ Contract Liabilities (in 000's) | | Ending Balance
December 31, 2025 | Opening Balance
January 1, 2025 | |----------------------------|-------------------------------------|------------------------------------| | Total contract liabilities | | | # 5. RELATED PARTY TRANSACTIONS As of December 31, 2025, the Company's receivable from affiliates balance of \$767,798,946 is mainly comprised of interest-bearing accounts. The Company transfers certain excess operating cash balances on its accounts with a third-party bank to an interest-bearing account with MMC for cash management purposes. The estimated fair value of the Company's receivable approximates it's carrying value. As of December 31, 2025, the Company's payables to affiliates balance of \$1,286,166 primarily represent liabilities for services purchased as well as accounts payable invoices offset by receivables for administration service fees. Payables to affiliates are settled on a monthly basis. # 6. CREDIT FACILITIES MMC and certain of its subsidiaries have a \$3.5 billion multi-currency five-year unsecured revolving credit facility (the "Credit Facility") to support their liquidity needs. The Company was designated as a permitted borrower under the Credit Facility as of January 31, 2024. Subsidiary borrowings under the Credit Facility are unconditionally guaranteed by MMC. The Credit Facility bears interest at a rate per annum of either (a) the SOFR benchmark rate for U.S. dollar borrowings, or (b) a currency specific benchmark rate, plus an applicable margin which varies with MMC's credit ratings. The Credit Facility includes provisions for determining a benchmark replacement rate in the event existing benchmark rates are no longer available, or in certain other circumstances, in which an alternative rate may be required. Citibank, N.A. is Administrative Agent and Bank of America, N.A., Deutsche Bank Securities Inc., HSBC Bank USA, National Association, JP Morgan Chase Bank, N.A., and Wells Fargo Bank are Syndication Agents for the Credit Facility. The Credit Facility requires MMC to maintain certain coverage and leverage ratios which are tested quarterly. MMC was in compliance with these financial covenants as of December 31, 2025. The Credit Facility will expire in October 2028. There were no drawings on the Credit Facility during the year and no facility fee or interest was paid during the year. The Company had no borrowings outstanding under the Credit Facility as of December 31, 2025. # 7. COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company may be named as a defendant in certain litigation, arbitrations and regulatory actions arising out of its activities as a broker-dealer. Management accrues for such amounts when deemed probable and estimable in accordance with FASB ASC 450, Contingencies. The Company has no commitments or contingencies as of December 31, 2025. 5 {8}------------------------------------------------ ## 8. NET CAPITAL REQUIREMENTS The Company is subject to the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. The Company computes its net capital requirement under the alternate method provided for in Rule 15c3-1, which requires the Company to maintain minimum net capital, as defined, of \$250,000 or 2% of aggregate debit items arising from customer transactions. At December 31, 2025, the Company had net capital of \$5,262,270, which was \$5,012,270 in excess of its required net capital of \$250,000. As an introducing broker registered with the NFA, the Company is required to and has complied with the Uniform Net Capital Rule (Rule 15c3-1), as discussed above, to meet the requirements of Regulation 1.17 of the Commodity Futures Trading Commission. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.