# KBD SECURITIES, LLC X-17A-5 (2026-03-02) — Broker-dealer annual report - Company: KBD SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-03-02 - Period: 2025-12-31 - Accession: 0001114932-26-000004 - CIK: 1114932 - File #: 8-52591 - Type: Broker-dealer - Material weakness: No - Auditor: Alperin, Nebbia & Associates, CPA, PA - Auditor location: Fairfield, NJ - Contact: Jonathan Kohen - Phone: 646-291-2297 - Email: jkohen@horizonkinetics.com - Website: horizonkinetics.com - Signed by: Christopher Bell (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1114932/000111493226000004/kbd2025finstmtspublic.pdf --- {0}------------------------------------------------ # **KBD SECURITIES, LLC (S.E.C. NO. 8-52591)** # **Statement of Financial Condition December 31, 2025 and Independent Auditor's Report** This report is filed as a PUBLIC document in accordance with rule 17a-5(e)(3) under the Securities Exchange Act of 1934. {1}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** # **ANNUAL REPORTS FORM X-17A-5 PART Ill** 0MB APPROVAL 0MB Number: 3235--0U3 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 8-52591 SEC FILE NUMBER **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** | | AND ENDING 12/31/25
FILING FOR THE PERIOD BEGINNING 01/01/25 | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|------|-------------------------------------------|--|--| | ----------
MM/DD/YY | | | -----------
MM/DD/YY | | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME OF FIRM: KBD Securities LLC | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
0 Major security-based swap participant
O Security-based swap dealer
[!] Broker-dealer
0 Check here if respondent is also an OTC derivatives dealer | | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | | 470 Park Avenue South, 3rd Floor | | | | | | | | (No. and Street) | | | | | | New York | NY | | 10016 | | | | {City) | {State) | | (Zip Code) | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Jonathan Kohen | 646-291-2297 | | jkohen@horizonkinetics.com | | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | | 8. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Alperin, Nebbia & Associates, CPA, PA | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | 375 Passaic Avenue | Fairfield | NJ | 07004 | | | | (Address) | (City) | | (Zip Code)
(State) | | | | 02/24/2009 | | 3397 | | | | | rte
of Registration w•h PCAOB)lif appli17 CFR 240.17a-S{e)(l)(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 0MB control number.** {2}------------------------------------------------ #### OATH **OR AFFIRMATION** | | swear (or affirm) that, to the best of my knowledge and belief, the | | | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|--|--| | | as of | | | | 2~
financial re.flort pertaining to the firm of KBD Securities, LLC
is true and correct. I further swear (or affirm) that neither the company nor any
s the case may be, has any proprietary interest in any account classified solely | | | | | | | | | | | | | | | Signature: | | | | | Title:
CEO | | | | | | | | | **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 period(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 240.18a-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 CFR 240.18a-4, as applicable. - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.1Sc3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - 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 240.18a-4, as applicable. - D (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. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - Iii (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. - D (r) Compliance report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - Iii (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 financial 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-S or 17 CFR 240.18a-7, as applicable. - D (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. - D (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 240.17a-12(k). D(z) other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - - 0 ro 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. {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) 375 Passaic Avenue Suite 200 Fairfield, NJ 07004 973-808-8801 Fax 973-808-8804 #### **Report of Independent Registered Public Accounting Firm** To the Member of KBD Securities, LLC #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of KBD Securities, LLC (the "Company") as of December 31, 2025, the related notes and schedules (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 This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this 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 also included assessing 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. We have served as the Company's auditor since 2003. Alperin, Nebbia & Associates, CPA, PA Fairfield, New Jersey February 25, 2026 {4}------------------------------------------------ # **KBD Securities LLC Statement of Financial Condition December 31, 2025** | Assets | | |---------------------------------------|-----------------| | Cash and cash equivalents | \$
211,229 | | Prepaid expenses | 10,824 | | Due from affiliate | 2,180,688 | | Total assets | \$
2,402,741 | | Liabilities and Member's Equity | | | Liabilities | | | Accrued expenses | \$
104,393 | | Total liabilities | 104,393 | | Commitments and contingencies | | | Member's equity | 2,298,348 | | Total liabilities and member's equity | \$
2,402,741 | {5}------------------------------------------------ #### **KBD SECURITIES, LLC NOTES TO STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025** # **Note A – Organization and Significant Accounting Policies** #### Nature of Business KBD Securities, LLC (the "Company"), a limited liability company organized under the laws of the State of New York, is a registered broker-dealer under the Securities Exchange Act of 1934 and a member of the Financial Industry Regulatory Authority ("FINRA"). #### Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingencies in the financial statements. Actual results could differ from the estimates included in the financial statements. #### Cash and Cash Equivalents Cash and cash equivalents include investments with three months or less to maturity at the date of purchase. #### Income Taxes In May 2011, the Company became a wholly-owned subsidiary of Horizon Kinetics LLC. Any change as the result of an examination by the IRS or the State of New York after 2011 would not have an impact at the entity level. As defined by Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 740, Income Taxes, no provision or liability for materially uncertain tax positions was deemed necessary by management. Therefore, no provision or liability for uncertain tax positions has been included in these financial statements. # Fair Value of Financial Instruments The carrying value of cash, due to/from affiliates, prepaid expenses and accrued expenses approximates fair value due to the short maturity of these instruments. None of the financial instruments are held for trading purposes. #### Subsequent Events Subsequent events were evaluated through February 25, 2026 which is the date of the financial statements were available to be issued. {6}------------------------------------------------ # **KBD SECURITIES, LLC NOTES TO STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025** #### **Note B – Net Capital Requirements** The Company is subject to the Securities and Exchange Commission's Uniform Net Capital Rule (Rule 15c3-1), that requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31, 2025 the Company had net capital of \$106,836, which was \$99,877 in excess of its required net capital of \$6,960. The Company's net capital ratio was 0.977 to 1. #### **Note C - Related Party Transactions** Substantially all of the Company's revenues are generated through transactions with its affiliate, Horizon Kinetics LLC ("HK"). The Company sublet office space from HK on a month-to-month sublease agreement in the amount of \$500 per month. Rent expense for the year ended December 31, 2025 was \$6,000. Due to affiliate is a non-interest bearing account balance. #### **Note D – Commitments** During the course of business, the Company may maintain cash balances in excess of amounts insured by the Federal Deposit Insurance Corporation. Cash balances at risk as of December 31, 2025 were \$0. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.