# SAGE PARTNERS SECURITIES, LLC X-17A-5 (2026-03-03) — Broker-dealer annual report - Company: SAGE PARTNERS SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-03-03 - Period: 2025-12-31 - Accession: 0001122461-26-000001 - CIK: 1122461 - File #: 8-52836 - Type: Broker-dealer - Material weakness: No - Auditor: Faber Hass Hurley LLP - Auditor location: Chatsworth, CA - Contact: Elizabeth Collins - Phone: 415-246-9169 - Email: mvidergauz@sagellc.com - Website: sagellc.com - Signed by: Mark Vidergauz (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1122461/000112246126000001/sage2025public.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** > **ANNUAL REPORTS FORM X-17A-5** | 0MB APPROVAL | | | |---------------------------|--|--| | 0MB Number: 3235-0123 | | | | Expires: Nov. 30, 2026 | | | | Estimated average burden | | | | 12
hours per response: | | | # **PART** Ill SEC FILE NUMBER 52836 **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 **0 1/01 /25** AND ENDING **12/31 /25** --------- MM/DD/VY MM/DD/ Y Y **A. REGISTRANT IDENTIFICATION** ## NAME oF FIRM : Sage Partners Securities, LLC TYPE OF REGISTRANT (check all applicable boxes): 0 Broker-dealer □ Security-based swap dealer D 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.) ## 11111 Santa Monica Boulevard, Suite 2200 | | (No. and Street) | | | | | |-----------------------------------------------------------------------------------------------------|--------------------------------|-----------------|------------------------|--|--| | Los Angeles | CA | | 90025 | | | | (City) | (State) | | (Zip Code} | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Mark Vidergauz | 310-478-7899 | | mvidergauz@sagellc.com | | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Farber Hass Hurley LLP | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | | 9301 Oakdale Avenue, Suite 230 | Chatworth | CA | 91311 | | | | (Address) | (City) | (State) | (Zip Code} | | | | l"
10/22/2003 | | 223 | | | | | of Regi~"tloo with PCAO B)Of applicable) | | | | | | | | FOR OFFICIAL USE ONLY | | | | | #### **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}(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.** {1}------------------------------------------------ #### **OATH OR AFFIRMATION** | I, Mark Vidergauz | swear {or affirm) that, to the best of my knowledge and belief, the | |--------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of Sage Partners Securities, LLC | as of | | _1_2_/_3_1 ___________ 2~, | 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 | | | | | Aernu~
as that of a cuAst: | ~ | *4* ~ Title: **S 66 l I lAilt ..!.I** Signature: ~ Chief Executive Officer ------------------- **Not ,{v Plic** #### **This filing\*\* contains (check all applicable boxes):** - **iii** (a) Statement of financial condition. - **iii** (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 (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. - □ (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. - □ (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 240.15c3-3. - 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§ 240.15c3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.1Sc3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.1Sc3-3(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-5 or 17 CFR 240.18a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.17a-5 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. - □ (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-5 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. - □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-1e or 17 CFR 240.17a-12, as applicable. - D (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: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ *\*\*To 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}------------------------------------------------ #### **CALIFORNIA JURAT GOVERNMENT CODE§ 8202** A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of **/...ff:) AN~** **la· .·.· :ur111: :Ml;SZ~ !u~:** ~\_ **Motary Public • Callfornl• z i Lo• Angeles County** ~ • **Commission# 2467347** - ., ... •' **11.v Comm. hpires Oct 20, 2027** Place Notary Seal and/or Stamp Above Subscribed and sworn to (or affirmed) before me on **this L ND day of MA-e...c¥l** , **20~ by** Do~ MonM Year (1) **\_.\_M: .c....,e\_\_: AD= 'i;:.\_\_\_. V'-'-106U-, "'--""-"'<:......L:..:: A=-u1.. ..a,::;\_\_ \_ \_ \_** (and (2) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ ), Name(s) of Signer(s) proved to me on the basis of satisfactory evidence to be the person(s) who appeared before me. | ---------------
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_ | ©2019 National Notary Association {3}------------------------------------------------ #### **SAGE PARTNERS SECURITIES, LLC (A Wholly Owned Subsidiary of The Sage Group, LLC)** FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM DECEMBER 31, 2025 (CONFIDENTIAL REPORT PURSUANT 17a-5(e)(3)) {4}------------------------------------------------ | Report of Independent Registered Public Accounting Firm | 1 | |---------------------------------------------------------|-----| | Financial Statements | | | Statement of Financial Condition | 2 | | Notes to Financial Statements | 3-6 | {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) ### **Report of Independent Registered Public Accounting Firm** To the Member of Sage Partners Securities, LLC Los Angeles, CA, United States of America **Report on the Audit of the Statement of Financial Condition** #### **Opinion** We have audited the accompanying statement of financial condition of Sage Partners Securities, LLC (the LLC), as of December 31, 2025, and the related and the related notes to the financial statements (collectively referred to as the financial statement). In our opinion, the accompanying statement of financial condition presents fairly, in all material respects, the financial position of the LLC as of December 31, 2025, in accordance with accounting principles generally accepted in the United States of America (US GAAP). #### **Basis for Opinion** This financial statement is the responsibility of the LLC's management. Our responsibility is to express an opinion on the LLC's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and we are required to be independent with respect to the LLC 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. Farber Hass Hurley LLP Chatsworth, California March 2, 2026 {6}------------------------------------------------ **(A Wholly Owned Subsidiary of The Sage Group, LLC)** **STATEMENT OF FINANCIAL CONDITION** | December 31, 2025 | | |-----------------------------------------------------------------------|------------------------------------| | | | | ASSETS | | | Cash | \$
1,714,472 | | Investment banking fee receivable
Less allowance for credit losses | 38,651
(38,651) | | | \$
1,714,472 | | LIABILITIES AND MEMBER'S EQUITY | | | Liabilities
Accounts payable
Due to parent
Deferred revenue | \$
12,000
423,213
380,000 | | Total liabilities | 815,213 | | Member's equity | 899,259 | | | \$
1,714,472 | {7}------------------------------------------------ **(A Wholly Owned Subsidiary of The Sage Group, LLC)** #### **NOTES TO FINANCIAL STATEMENTS** **December 31, 2025** #### **1. Nature of business and summary of significant accounting policies** #### Nature of Business Sage Partners Securities, LLC (the "Company"), a California Limited Liability Company, located in Los Angeles, California, was formed in June 2000 as a wholly owned subsidiary of The Sage Group, LLC (the "Parent" and, collectively with the Company, "Sage"). The Company is a registered broker-dealer with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"). The Company is an investment banking firm that provides a variety of corporate finance and financial advisory services to middle market and emerging growth clients throughout the United States. Such services include advisory on mergers, acquisitions, divestitures, management buyouts, and restructurings, as well as providing valuation services, fairness opinions and other related services in connection with client transactions. Sage may also participate in private equity placements, private debt, or mezzanine placements. The Company does not accept customer funds in the name of Sage Partners Securities, LLC. In addition, the Company does not currently engage in the purchase or sale of listed, over the counter equities, options or futures, and does not plan to be a securities market maker. #### Basis of Presentation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). #### Revenue Recognition The Company principally generates revenue from investment banking and advisory services. Investment banking fees are recognized as revenue upon closing of a client transaction. All associated revenue is due in full on the closing date. A transaction is deemed closed when the funds have been received in full from the client. The transaction price includes variable consideration as investment banking pricing is based on outcomes of the transaction. The amount of revenue recognized as investment banking fees is the total amount received upon closing of a client transaction. The Company believes that the point in time at which the Company performs its obligation is the transaction completion date, as the customer has control of the service and the Company's obligation to the customer has been completed. At that point, the Company has a present right to payment, the customer has accepted the service and the uncertainty of variable consideration is resolved. Advisory service revenues are non-refundable retainer fees collected in advance and are deferred and recognized as revenue upon the completion of certain performance obligations. The Company believes that advisory service revenues satisfy the criteria for being recognized at a point in time since advisory fees are non-refundable retainer fees collected in advance and are designed to address specific performance obligations such as the completion of prospectus / marketing materials. {8}------------------------------------------------ **(A Wholly Owned Subsidiary of The Sage Group, LLC)** **NOTES TO FINANCIAL STATEMENTS** **December 31, 2025** #### **1. Nature of business and summary of significant accounting policies (continued)** #### Revenue Recognition (continued) The Company had \$295,000 of deferred revenue at December 31, 2024, \$140,000 of which has been recognized as advisory services revenue in 2025. The balance of \$155,000 of deferred revenue will be recognized as advisory services revenue in 2026. The Company has \$380,000 of deferred revenue at December 31, 2025, all of which will be recognized as advisory services revenue in 2026. #### **Disaggregated Revenue from Contracts with Customers** The following table presents revenue by major source | Revenue from contracts with customers | | |---------------------------------------------|--------------| | Investment banking fees | \$7,615,956 | | Advisory services | 320,000 | | Total revenue from contracts with customers | \$ 7 935 956 | #### Receivables from Clients Receivables from clients include amounts due from retainers and investment banking fee transactions. The Company has established an allowance for credit losses that it believes is sufficient to cover expected credit losses. The Company reviews the allowance for credit losses on a monthly basis and adjusts as appropriate, taking into consideration its ability to collect from the client and its historical experience in collecting on such transactions. The following table reflects a roll-forward of the allowance for credit losses on receivables from clients: | Beginning balance - January 1, 2025 | \$
0 | |-------------------------------------|--------------| | Allowance for credit losses | 38,651 | | Ending balance - December 31, 2025 | \$
38 651 | #### Costs to Obtain a Client The Company incurs minimal costs that are directly allocable to the revenue contracts. The majority of contracts include a provision for the reimbursement of reasonable, documented out-of-pocket expenses incurred in connection with the engagement such as travel and document production costs. The Company does not incur any incremental costs, such as commissions, for obtaining new clients, and therefore all expenses related to obtaining new clients are expensed when incurred. {9}------------------------------------------------ **(A Wholly Owned Subsidiary of The Sage Group, LLC)** **NOTES TO THE FINANCIAL STATEMENTS** **December 31, 2025** #### **1. Nature of business and summary of significant accounting policies (continued)** #### Income Taxes The Company is a limited liability company, and treated as a partnership for income tax reporting purposes. The Internal Revenue Code ("IRC") provides that any income or loss is passed through to the members for federal and state income tax purposes. Accordingly, the Company has not provided for federal or state income taxes. At December 31, 2025, management has determined that the Company had no uncertain tax positions that would require financial statement recognition. This determination will always be subject to ongoing reevaluation as facts and circumstances may require. The Company remains subject to U.S. federal and state income tax audits for all periods subsequent to 2022. #### Single Reportable Segment The Company is engaged in a single line of business as a securities broker-dealer which is comprised of investment banking services described in the Nature of Business section in Note 1. 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 forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 6), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to maintain profits or pay distributions. 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 of the segment are the same as those described in the policies listed in the notes. #### Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the amounts disclosed in the financial statements. Actual results could differ from those estimates. #### **2. Cash Concentration** The Company maintains its cash balances in a financial institution. These balances are insured by the Federal Deposit Insurance Corporation up to \$250,000 per institution. At times, the Company's cash balances may be in excess of the insured limits. The Company has not experienced any losses in such accounts to date and believes it is not exposed to any significant credit risk on cash. {10}------------------------------------------------ **(A Wholly Owned Subsidiary of The Sage Group, LLC)** #### **NOTES TO THE FINANCIAL STATEMENTS** **December 31, 2025** #### **3. Revenue Concentration** The Company had certain customers whose revenue individually represented 10% or more of the Company's total revenue as follows: For the year ended December 31, 2025, one customer accounted for 34%, a second customer accounted for 22%, a third customer accounted for 19% and a fourth customer accounted for 17% of revenue. #### **4. Transactions with Related Party** Pursuant to a management fee agreement, the Parent provides all managerial, administrative, and compliance services to the Company. In exchange for these services, the Parent charged the Company \$4,578,000 for the year ended December 31, 2025. The Company has a Due to Parent balance of \$423,213 as of December 31, 2025 in connection with the above services. #### **5. Litigation** The Company is subject to legal claims and lawsuits that arise in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the financial position, results of operations, and cash flows of the Company. #### **6. Net capital requirement** The Company, as a member of FINRA, is subject to the Securities and Exchange Commission Uniform Net Capital Rule 15c3-1. This Rule requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1 and that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. At December 31, 2025, the Company's net capital was \$899,259 which was \$844,911 in excess of its minimum requirement of \$54,348. #### **7. Exemption from Rule 15c3-3** The Company is exempt from the Securities and Exchange Commission Rule 15c3-3 and is relying on Footnote 7 4 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 providing merger and acquisition advisory services, private placement of securities, and other consulting services. #### **8. Subsequentevents** Management of the Company has evaluated all subsequent transactions through March 2, 2026, the date the financial statements were issued. It has been determined that there are no subsequent events that require disclosure. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.