# DINOSAUR FINANCIAL GROUP, L.L.C X-17A-5 (2026-03-31) — Broker-dealer annual report - Company: DINOSAUR FINANCIAL GROUP, L.L.C - Form: X-17A-5 - Filed: 2026-03-31 - Period: 2025-12-31 - Accession: 0001125062-26-000003 - CIK: 1125062 - File #: 8-52908 - Type: Broker-dealer - Material weakness: No - Auditor: CITRIN COOPERMAN & COMPANY, LLP - Auditor location: New York, NY - Contact: Zakhar Suleymanov - Phone: 2123866219 - Email: zsuleymanov@dinogroup.com - Website: dinogroup.com - Signed by: Zakhar Suleymanov (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/1125062/000112506226000003/public5.pdf --- {0}------------------------------------------------ (A majority-owned subsidiary of Dinosaur Group Holdings, LLC) ### FINANCIAL STATEMENT December 31, 2025 WITH REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM This report is deemed PUBLIC 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 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER 8-52908 # FORM X-17A-5 PART III FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 AND ENDING 12/31/2025 FILING FOR THE PERIOD BEGINNING 01/01/2025 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION ## NAME OF FIRM: DINOSAUR FINANCIAL GROUP, LLC TYPE OF REGISTRANT (check all applicable boxes): | Broker-dealer □ Check here if respondent is also an OTC derivatives dealer (Email Address) ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # 33 WHITEHALL STREET, STE 1102 | (No. and Street) | | | | | | |----------------------------------------------|---------|---------------------------|--|--|--| | NEW YORK | | 10004 | | | | | (City) | (State) | (Zip Code) | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | ZAKHAR SULEYMANOV 212-386-6219 | | zsuleymanov@dinogroup.com | | | | (Name) (Area Code - Telephone Number) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* ### CITRIN COOPERMAN & COMPANY . LLP (Name - if individual, state last, first, and middle name) | 50 ROCKEFELLER PLAZA | NEW YORK | | 10020 | |--------------------------------------------------|-----------------------|---------|--------------------------------------------| | (Address) | (City) | (State) | (Zip Code) | | 11/02/2005 | | 2468 | | | (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 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. {2}------------------------------------------------ ### OATH OR AFFIRMATION I. Glenn Grossman , swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Dinosaur Financial Group, LLC as a manager and some and 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. Signatur Title: Managing Member ### This filing \*\* contains (check all applicable boxes): - = (a) Statement of financial condition. - = (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 capible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, 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-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 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 240.17a-12, as applicable. - [ (y) Report describing any material inadequacies 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: - \*\* 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. {3}------------------------------------------------ (A majority-owned subsidiary of Dinosaur Group Holdings, LLC) ### December 31, 2025 ### TABLE OF CONTENTS | | Page | |----------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm | | | Financial Statement:
Statement of Financial Condition | ന | | Notes to the Financial Statement | 4-11 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Members and Management of Dinosaur Financial Group, LLC ### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Dinosaur Financial Group, LLC 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 Dinosaur Financial Group, 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 Dinosaur Financial Group, LLC's management. Our responsibility is to express an opinion on Dinosaur Financial Group, 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 are required to be independent with respect to Dinosaur Financial Group, 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 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 provides a reasonable basis for our opinion. We have served as Dinosaur Financial Group, LLC's auditor since 2024. New York, New York March 31, 2026 {5}------------------------------------------------ ### (A majority-owned subsidiary of Dinosaur Group Holdings, LLC) STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 ### ASSETS | Cash
Receivables from clearing firms
Securities owned, at fair value
Receivables from affiliates
Accounts Receivable, net allowances of \$4,255
Other assets
Right of use asset | S | 1,726,845
1,035,779
1,016,512
4,852,620
157.195
143,662
2,181,029 | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|-------------------------------------------------------------------------------------| | Total assets | S | 11,113,642 | | LIABILITIES AND MEMBERS' EQUITY | | | | Liabilities: | | | | Accounts payable and accrued expenses | ಲ್ಲಿ ಮಾ | 730,448 | | Due to clearing firms | | 51,532 | | Securities sold short, at fair value | | 2,597 | | Compensation payable | | 1,299,844 | | Operating lease liability | | 2,736,684 | | Total liabilities | | 4,821,105 | | Members' equity | | 6,292,537 | | Total liabilities and members' equity | S | 11,113,642 | See notes to the financial statement. {6}------------------------------------------------ (A majority-owned subsidiary of Dinosaur Group Holdings, LLC) NOTES TO THE FINANCIAL STATEMENT DECEMBER 31, 2025 #### 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Dinosaur Financial Group, LLC (the "Company") is a Delaware Limited Liability Company located in New York, New York, with a satellite office in Miami, Florida. The Company is an introducing broker-dealer registered with the U.S. Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"), Securities Investor Protection ("SIPC"), Municipal Securities Rulemaking Board ("MSRB") and the National Association of Securities Dealers Automated Quotations ("NASDAQ"). Operations consist primarily of the execution of securities trades for customers on an agency and riskless-principal basis and referral fees. The Company clears all customer transactions on a fully disclosed basis through three independent broker-dealer clearing firms. The Company claims exemption from the requirements of Rule 15c3-3 under Section (k)(2)(i) of the Rule and relies on Footnote 74 to SEC Release 34-70073, and consequently does not carry securities accounts for customers nor does it perform custodial functions related to their securities. Dinosaur Group Holdings, LLC ("DGH") is the parent entity and owns a 94.74% interest in the Company and 100% interest in the following related entities: DCM Advisors, LLC ("DCM"), Tactical Credit Fund, LLC ("DCMTCF"), Dinosaur Merchant Bank Limited ("DMBL"), which is a London-based securities broker registered with the Financial Services Authority, DinoTech Limited ("DL"), a Cyprus technical service company, and Atlantic International Resources, LLC ("AIR"). DGH also owns a 48% interest in Lisanti Capital Growth, LLC. During the year ended December 31, 2025, the Company received a \$1,000,000 equity investment from Quam Prestige Investments Limited ("Quam"), a Hong Kong-based entity, in exchange for 500,000 Preferred Units pursuant to a Preferred Units Purchase Agreement. As a result, Quam holds an approximate 5.26% ownership interest in the Company. The Company is a majority-owned subsidiary of Dinosaur Group Holdings, LLC. #### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Basis of presentation The Company maintains its accounting records and prepares its financial statements on an accrual basis, which is in accordance with accounting principles generally accepted in the United States of America. #### Property and equipment Depreciation of fixed assets is provided on a straight-line basis over the estimated useful lives of the respective assets. #### Use of estimates The preparation of the financial statement in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statement. Actual results could differ from those estimates. {7}------------------------------------------------ (A majority-owned subsidiary of Dinosaur Group Holdings, LLC) NOTES TO THE FINANCIAL STATEMENT DECEMBER 31, 2025 #### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) #### Income taxes As a limited liability company, the Company is not subject to federal or state income tax, and thus, no federal or state income tax expense has been recorded in the accompanying financial statements. The Company report the operations of the Company on their respective tax returns. The Company's taxable income or loss is allocated to the Members in accordance with the Company's operating agreement. The Company is subject to the New York City Unincorporated Business Tax ("UBT") on the Company's taxable income. To the extent any Member is a non-U.S. entity, the Company may be subject to withholding requirements on allocable taxable income in accordance with applicable U.S. tax regulations. The Company accounts for uncertainties in income taxes under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 740-10-05, Accounting for Uncertainty in Income Taxes. The ASC clarifies the accounting for uncertainty in income taxes recognized in the Company's financial statements. The ASC prescribes a recognition thresurement approach for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. At December 31, 2025, the Company had no material unrecognized tax benefits and no uncertain tax positions. The Company's policy is to recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense. The Company is no longer subject to federal or state and local income tax examinations by tax authorities for the years before 2023. #### Securities owned and securities sold short Proprietary securities transactions in regular-way trades are recorded on the trade date, as if they had and loss arising from all securities transactions entered into for the account and risk of the Company are recorded on a trade date basis. Securities are recorded at fair value. #### Concentration of credit risk and cash Cash and concentration of credit risk consit accounts at two banks. Bank deposits are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to \$250,000. The Company may be exposed to credit risk for the amounts of funds held in excess of insurance limits. In assessing this risk, the Company's policy is to maintain cash balances with reputable financial institutions. At December 31, 2025, the amount in excess of the insured limits was \$1,443,125. The net capital requirements are not impacted by amounts over the FDIC insurance limit. {8}------------------------------------------------ (A majority-owned subsidiary of Dinosaur Group Holdings, LLC) NOTES TO THE FINANCIAL STATEMENT DECEMBER 31, 2025 #### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) #### Fair value measurements The Company follows the guidance in ASC 820, "Fair Value Measurement." Using that guidance, fair value is the price it would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transactions to sell the asset or transfer the liability occur in the principal market for the asset or, in the absence of a principal market, the most advantageous market. Valuation techniques consistent with the market, income, or cost approach, as specified by FASB ASC 820, are used to measure fair value. Using the provisions within FASB ASC 820, the Company has characterized its investments in securities based on the order of liquidity of the inputs used to value the investments into a three-level fair value hierarchy. The fair value hierarchy gives the highest order of liquidity to quoted prices in active markets or liabilities [ level 1] and the lowest order of liquidity to unobservable inputs [level 3]. If the inputs used to measure the investments fall within different levels of the hierarchy, the categorization is based on the is significant to the fair value measurement of the investment. The Company's fair value measurements are classified into one of three categories as follows based on the measurement inputs: Level 1. These are investments where values are based on unadjusted quoted prices for identical assets in an active market the Company has ability to access. The investments are exchange-traded equity and over-the-counter securities. Level 2. These are investments where values are based on quoted prices in markets that are not active or model imputs that are observable either directly for substantially the full term of the investments. These investments would be comprised of less liquid restricted securities and warrants that trade less frequently. If the assectifed (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3. These are investments whose values are based on prices or valuation techniques that are both unobservable and significant to the overall fair value measurement's assumptions about the assumptions that market participants would use in pricing the investments. #### Leases The Company accounts for its operating leases under ASU 2016-02, "Leases (Topic 842)". This update includes a lease accounting model that recognizes two types of leases: finance and operating. The standard requires that a lessee recognize the present value of the assets and liabilities for the rights and obligations created by those leases of financial condition relating to leases with terms of more than twelve months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease will depend on its classification as a finance or operating lease. {9}------------------------------------------------ (A majority-owned subsidiary of Dinosaur Group Holdings, LLC) NOTES TO THE FINANCIAL STATEMENT DECEMBER 31, 2025 #### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) #### Leases (continued) Right of use assets ("ROU") represents the Company's right to use an underlying asset for the lease liabilities represent the Company's obligation to make lease. Operating lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease term. As the Company's leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available on commencement date in determining the present value of the lease payments. The Company uses an implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease payments is recognized on a straight-line basis over the lease term. See note 4. #### Credit losses The Company accounts for its expected credit losses under ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326"). ASC 326 impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the financial asset. The Company has determined that there are de-minimus expected credit losses in its accounts receivables from affiliates, as shown on the statement of financial condition. These determinations are based on financial assessments based on circumstances, including but not limited to, the credit worthiness of the customer and their payment history with the Company, other qualitative factors, and a reasonable and supportable forecast. #### New accounting pronouncements In December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency of income tax disclosures, including requirements for disaggregation of income taxes paid and enhanced rate reconciliation disclosures. The Company adopted ASU 2023-09 effective January 1, 2025. The Company is not subject to federal or state income taxes, but is subject to the New York City Unincorporated Business tax. The adoption of the standard did not have a material impact on the Company's financial statement. #### 3. RECEIVABLES FROM CLEARING FIRMS As of December 31, 2025, the balance due from clearing firms consisted of commissions receivable for \$33,351 and deposits of \$702,428. At December 31, 2025, the Company owed \$51,532 to one of its clearing firms. Any Company assets on hand at the clearing broker serve as collateral for potential defaults of the Company's customers. The Company is subject to risk if the clearing brokers are unable to repay balances due or deliver securities in their custody. {10}------------------------------------------------ (A majority-owned subsidiary of Dinosaur Group Holdings, LLC) NOTES TO THE FINANCIAL STATEMENT DECEMBER 31, 2025 ### 4. RIGHT OF USE ASSET AND LEASE LIABILITY The Company uses an incremental borrowing rate of 6.5% based on what it would approximately have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar economic environment. The ROU asset is subsequently measured throughout the lease term at the remeasured lease liability (present value of the remaining lease payments). The Company leases office space under a non-cancelable operating lease. Future minimum lease payments, and a reconciliation of undiscounted lease liability recognized in the Statement of Financial Condition as of December 31, 2025, is shown below: | Year Ending
December 31 | Lease Payments | Less:
Discount
Amount | Total Lease
Liability | | | |----------------------------|----------------|-----------------------------|--------------------------|--|--| | 2026 | \$455.364 | \$169.465 | \$285.899 | | | | 2027 | 452.099 | 150.319 | 301.780 | | | | 2028 | 430,944 | 131.177 | 299.767 | | | | 2029 | 460.464 | 109.878 | 350,586 | | | | 2030 | 460.464 | 86.399 | 374.065 | | | | 2031 | 460.464 | 61.347 | 399.117 | | | | 2032 | 460.464 | 34.618 | 425.846 | | | | 2033 | 306,976 | 7,352 | 299.624 | | | | Total | \$3,487,239 | \$750,555 | \$2,736,684 | | | The weighted average remaining lease term is 8 years, and the weighted average discount rate used was 6.5%. The Company's office space lease requires it to make variable payments for the Company's proportionate share of operating expenses (i.e., building's property taxes, insurance, and common area maintenance). These variable lease payments are not included in lease payments used to determine lease liability and are thus recognized as variable costs when incurred. Included in the statement of financial condition is approximately \$5,134 pledged as security deposits for office leases. {11}------------------------------------------------ (A majority-owned subsidiary of Dinosaur Group Holdings, LLC) NOTES TO THE FINANCIAL STATEMENT #### DECEMBER 31, 2025 #### 5. FAIR VALUE MEASUREMENT Assets and liabilities measured at fair value are based on one or more of three valuation techniques. The valuation techniques are as follows: The following table summarizes the Company's assets and liabilities required to be measured at fair value on a recurring basis at December 31, 2025: | Assets | | Level 1 | | Level 2 | | Level 3 | | Total | |----------------------------------|---|---------|---|---------|-----|---------|-------|-----------| | Securities owned | | | | | | | | | | U.S. Government Treasuries | S | 991,368 | S | | S | | સ્ત્ર | 991,368 | | Government Sponsored Enterprises | | 996 | | | | | | 996 | | Oddlots | | | | 23,216 | | | | 23,216 | | Equities | | 932 | | | | | | 932 | | Total Investments | | 993,296 | A | 23,216 | છે. | I | છે. | 1,016,512 | | Securities Sold Short | | | | | | | | | | U.S. Government Treasuries | | 1,787 | | | | | | 1,787 | | Corporate Bonds | | | | 810 | | | | 810 | | Total Investments | | 1,787 | ક | 810 | ક | | લે | 2,597 | Valuation techniques #### Corporate bonds The fair value of corporate bonds is estimated using recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer or credit default swap spreads. The spread data used is for the same maturity as the bond. If the spread data does not reference the issuer, then data that references comparable issuers is used. At December 31, 2025, corporate bonds held or sold by the Company are considered Level 2. #### U.S. Government Treasuries The fair value of U.S. Treasury bonds and sovereign bond securities are estimated based on quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities and are determined by factors such as interest rate and date to maturity. U.S. Treasury bond securities are considered Level 1 securities. #### Government Sponsored Enterprises Government-sponsored securities are valued by independent pricing models based on inputs that include issuer type, coupon, cash flows, mortgage prepayment projection tables, and adjustable rate mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the extent that these inputs are observable, the values of government-sponsored enterprises are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3. In the absence of an independent pricing service, consensus pricing is obtained and is presented as Level 2. At December 31, 2025, Government Sponsored Securities held or sold by the Company are considered Level 1. {12}------------------------------------------------ (A majority-owned subsidiary of Dinosaur Group Holdings, LLC) NOTES TO THE FINANCIAL STATEMENT DECEMBER 31, 2025 #### 5. FAIR VALUE MEASUREMENT (continued) #### Oddlots Oddlots are valued based on quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets and are determined by factors such as interest rate, date to maturity, and the rating of the bank offering the security. Oddlots are considered level 2 securities. #### Options Options are based on quoted in actively traded national markets and valued at the period-end last sales prices. Options are considered level 1 securities. #### Equities Equities are based on quoted prices in actively traded national markets and valued at the price. Equities are considered a level 1 security. #### 6. FINANCIAL INSTRUMENTS WITH OFF- BALANCE SHEET RISK The Company executes, as principal and agent, securities transactions on behalf of its customers. If either or a counterparty fails to perform, the Company may be required to discharge the obligations of the nonperforming party. In such circumstances, the Company may sustain a loss if the market value of the security is different from the contract value of the transaction. The Company is engaged in trading and brokerage activities with customers, broker-dealers and other counterparties. In the event counterparties do not fill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty. It is the Company's policy to review, as necessary, the credit standing of each counterparty. At December 31, 2025, two counterparties accounted for 100% of the Company's receivable from clearing firms balance. The Company may sell a security it does not own in anticipation of a decline in the fair value of that security. When the Company sells the security short, it must borrow the security sold short and deliver it to the broker through which it made the short sale. A gain, limited to the price at which the Company sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. The Company is also subject to the risk that it may be unable to reacquire security to terminate a short position except at a price substantially in excess of the last quoted price. The Company does not anticipate any nonperformance from customers or counterparties in the situations described above. Its policy is to monitor market exposure and counterparty risk, as well as to review the credit standing of each counterparty and customer with whom it does business, as needed. #### 7. RELATED - PARTY TRANSACTIONS On December 31, 2025, the Company was oved \$35,625 from DMBL, \$698,755 from AIR, \$3,422,290 from DCM and \$375,950 from DGH, pursuant to administrative services agreements. The receivables are noninterestbearing and due on demand. {13}------------------------------------------------ (A majority-owned subsidiary of Dinosaur Group Holdings, LLC) NOTES TO THE FINANCIAL STATEMENT DECEMBER 31, 2025 #### 8. NET CAPITAL REQUIREMENTS The Company is subject to the net capital requirements of Rule 15c3-1 of the Securities and Exchange Act, as amended, which requires the Company to maintain, at all times, sufficient liquid assets to cover the indebtedness. In accordance with the Rule, the Company is required to maintain defined minimum net capital of the greater of \$25% of aggregate indebtedness, as defined. At December 31, 2025, the Company had net capital, as defined, of \$1,130,191, which exceeded the required minimum net capital of \$250,000 by \$880,191. Aggregate indebtedness at December 31, 2025 totaled \$2,585,968. The Company's percentage of aggregate indebtedness to net capital was 229%. #### 9. SEGMENT REPORTING The Company follows ASC 280, Segment Reporting, which requires companies to disclose segment data based on how management makes decisions about allocating resources to segments and evaluating performance. The Company conducts its business activities and reports financial results as a single reportable segment, brokerage services segment. Using the management approach, qualitative criteria established by ASC 280, the Company is considered to be a single reportable segment. The Chief Operating Decision Maker ("CODM"), the CEO, makes decisions about allocating resources and assessing performance in a manner consistent with the way the Company operates its business and presents their financial results. The nature of business and accounting policies of the brokerage services segment are the same as described in the organization and nature of business and summary of significant accounting policies. The measurement of segment assets is reported on the statement of financial condition as total assets. #### 10. LEGAL AND OTHER CONTINGENCIES From time to time, the Company is named in legal actions and proceedings. These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. The Company is also subject to governmental or regulatory examinations or investigations. The examinations or investigations could result in adverse judgments, settlements, fines, injunctions or other relief. The Company cannot predict the ultimate outcome of such matters. The financial statements include the necessary provisions for losses, if any, that the Company believes are probable and estimable. Furthermore, the Company evaluates whether there exists losses which may be reasonably possible and, if material, makes the necessary disclosures. Such amounts, both those that are reasonably possible, are not considered material to the Company's financial condition, operations, or cash flows. #### 11. SUBSEQUENT EVENTS Management has evaluated, for potential financial statement recognition and/or disclosure, events subsequent to the date of the statement of financial condition through March 31, 2026, which is the financial statement was issued. There have been no material subsequent events that occurred that would require disclosure in this report or would be required to be recognized in the financial statements as of December 31, 2025. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.