# P.A.N. SECURITIES, LP X-17A-5 (2026-03-27) — Broker-dealer annual report

- Company: P.A.N. SECURITIES, LP
- Form: X-17A-5
- Filed: 2026-03-27
- Period: 2025-12-31
- Accession: 0001126914-26-000001
- CIK: 1126914
- File #: 8-52964
- Type: Broker-dealer
- Material weakness: No
- Auditor: EisnerAmper LLP
- Auditor location: New York, NY
- Contact: Howard Spindel
- Phone: 561-420-0842
- Email: hspindel@integrated.solutions
- Website: integrated.solutions
- Signed by: Howard Spindel (Chief Financial Officer)

Original filing: https://www.sec.gov/Archives/edgar/data/1126914/000112691426000001/pan25s.pdf

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Statement of Financial Condition December 31, 2025

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| c/o<br>FactSet                          | Research<br>Systems<br>Inc.,                                                            | 45<br>Glover                  | Avenue  |  |  |  |  |  |
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|                                         | 1RDQG6WUHHW                                                                             |                               |         |  |  |  |  |  |
| Norwalk                                 | CT                                                                                      |                               | 06850   |  |  |  |  |  |
| &LW\                                    | 6WDWH                                                                                   |                               | =LS&RGH |  |  |  |  |  |
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| Howard<br>Spindel                       | (561)<br>420-0842                                                                       | hspindel@integrated.solutions |         |  |  |  |  |  |
| 1DPH                                    | \$UHD&RGH±7HOHSKRQH1XPEHU                                                               | (PDLO\$GGUHVV                 |         |  |  |  |  |  |
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|                                         | 1DPH±LILQGLYLGXDOVWDWHODVWILUVWDQGPLGGOHQDPH                                            |                               |         |  |  |  |  |  |
| 733<br>Third<br>Avenue                  | New<br>York                                                                             | NY                            | 10017   |  |  |  |  |  |
| \$GGUHVV                                | &LW\                                                                                    | 6WDWH                         | =LS&RGH |  |  |  |  |  |

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{2}------------------------------------------------

## AFFlRMATIO

I, Howard Spindel ear (or affirm) that to the b t of my Imo ledge and belief, the financial re11ort pertaining to PAN. Securrues, LP as of 12/31/25 , is

true and correct. I further ear (or affirm) that neither the compam-· nor any partner officer, director, or equivalent person, as the ca e may be ha any proprietary interes~ in any acco,.,..t classified solely as that of a customer. *!* / / /;

Signature Chief Financial Officer Title

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*ΎΎdŽƌĞƋƵĞƐƚĐŽŶĨŝĚĞŶƚŝĂůƚƌĞĂƚŵĞŶƚŽĨĐĞƌƚĂŝŶƉŽƌƚŝŽŶƐŽĨƚŚŝƐĨŝůŝŶŐ͕ƐĞĞϭϳ&ZϮϰϬ͘ϭϳĂͲϱ;ĞͿ;ϯͿŽƌϭϳ&ZϮϰϬ͘ϭϴĂͲ*

*ϳ;ĚͿ;ϮͿ͕ĂƐĂƉƉůŝĐĂďůĞ.*

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**EisnerAmper LLP** 11 Grand Central East 733 Third Avenue New York, NY 10017 **T** 212.949.8700 **F** 212.891.4100 www.eisneramper.com

## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Partners of P.A.N. Securities, LP

#### *Opinion on the Financial Statement*

We have audited the accompanying statement of financial condition of P.A.N. Securities, LP (the "Partnership") 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 Partnership 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 Partnership's management. Our responsibility is to express an opinion on the Partnership'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 the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. n based a h Accounting States) (" ependent respect the U.S. cable and of the and Commissio

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. audit accordance withthe of the Those standar he audit the financial s ment, or Our included performing pro al the due frau d t th i k S h d i ldd ii t

We have served as the Partnership's auditor since 2014.

EISNERAMPER LLP New York, New York March 26, 2026

"EisnerAmper" is the brand name under which EisnerAmper LLP and Eisner Advisory Group LLC and its subsidiary entities provide professional services. EisnerAmper LLP and Eisner Advisory Group LLC are independently owned firms that practice in an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. EisnerAmper LLP is a licensed CPA firm that provides attest services, and Eisner Advisory Group LLC and its subsidiary entities provide tax and business consulting services. Eisner Advisory Group LLC and its subsidiary entities are not licensed CPA firms.

{5}------------------------------------------------

# Statement of Financial Condition December 31, 2025

| Assets                                               |                 |
|------------------------------------------------------|-----------------|
| Cash                                                 | \$ 3,319,910    |
| Accounts receivable                                  | 4,699,528       |
| Due from related parties, net                        | 5,871           |
| Other assets                                         | 46,273          |
| Total assets                                         | \$ 8,071,582    |
| Liabilities and Partners' Equity<br>Accrued expenses | \$<br>129,063   |
| Partners' equity                                     | 7,942,519       |
| Total liabilities and partners' equity               | \$<br>8,071,582 |

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## Notes to Financial Statement December 31, 2025

#### 1. Nature of Operations

P.A.N. Securities, LP (the "Partnership"), an indirectly wholly-owned subsidiary of Portware, LLC (the "Parent" or "Portware"), is a limited partnership whose operations consist of providing access to trade routing software to broker-dealers and their customers. The Partnership's customers consist primarily of registered broker-dealers. FactSet Research Systems Inc., a leading provider of integrated financial information and analytical applications to the global investment community, owns all membership interests of the Parent.

The Partnership is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA").

#### 2. Summary of Significant Accounting Policies

#### Basis of Presentation

This financial statement was prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") which 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 date of the financial statement. Actual results could differ from these estimates.

#### Accounts Receivable

The Partnership had accounts receivable of \$4,063,422 at January 1, 2025 and \$4,699,528 at December 31, 2025.

#### Fair Value of Financial Instruments

At December 31, 2025, the carrying value of the Partnership's financial instruments, such as accounts receivable approximate fair value due to their nature or their short-term maturities.

#### Income Taxes

The Partnership is a disregarded entity for tax purposes and is not subject to federal, state and local income taxes. The Partnership's income is included in the taxable income of the taxable entity that beneficially owns the Partnership. The entity which beneficially owns the Partnership is responsible for taxes on its share of the Partnership's taxable income.

At December 31, 2025 management has determined that the Partnership 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.

#### 2. Summary of Significant Accounting Policies (continued)

#### Credit Losses

The guidance under ASC Topic 326, Financial Instruments – Credit Losses ("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 entire life of the financial asset. Under the accounting update, the Partnership 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

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allowance for credit losses is based on the Partnership's expectation of the collectability of financial instruments, including fees and other receivables utilizing the CECL framework.

The Partnership considers factors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Partnership's expectation of the collectability in determining the allowance for credit losses. The Partnership's expectation is that the credit risk associated with fees and other receivables is not significant until they are 90 days past due based on the contractual arrangement and expectation of collection in accordance with industry standards.

The Partnership has not provided an allowance for credit losses at December 31, 2025.

#### 3. Transactions with Related Parties

The Partnership's Parent provides administrative services under an expense sharing agreement, which expired on December 31, 2025. The agreement renews yearly and is reviewed periodically. The terms of the arrangement may not be the same as those that would otherwise exist or result from agreements and transactions among unrelated parties. The balance of \$5,871 in due from related parties on the statement of financial condition represents the net amount due for amounts paid or received on behalf of affiliates.

During 2025, the Partnership distributed \$46,749,999 to its Parent, consisting of profits earned in 2025 in the ordinary course of business.

#### 4. Regulatory Requirements

The Partnership, as a member of FINRA, is subject to the SEC 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 Partnership's net capital was approximately \$3,191,000, which exceeded the required net capital by approximately \$3,182,000.

The Partnership does not handle cash or securities on behalf of customers. Accordingly, it is not affected by SEC Rule 15c3-3.

#### 5. Concentrations

For the year ended December 31, 2025, approximately \$2,465,000 of the Partnership's accounts receivable were from ten customers.

The Partnership maintains its cash balances at one financial institution but does not consider itself at risk in this regard. The Partnership is subject to credit risk to the extent any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. Management monitors the financial condition of this financial institution and does not anticipate any losses on these balances.

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# Notes to Financial Statement December 31, 2025

#### 6. Segment Reporting

The Partnership follows ASC 280, Segment Reporting (including adoption of ASU 2023-07), which requires companies to disclose segment data based on how management makes decisions about allocating resources to segments and evaluating performance.

The Partnership conducts its business activities and reports financial results as a single operating segment consisting of trade routing access ("the Segment"). The Partnership has identified its chief executive officer as the Chief Operating Decision Maker ("CODM") who uses net income to evaluate the results of the business to manage the Partnership. Additionally, the CODM uses excess net capital (see Note 4), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy. The Partnership's operations constitute a single reportable segment because the CODM manages the business activities using information of the Partnerrship as a whole. The accounting policies used to measure profit and loss of the Segment is the same as described in the summary of significant accounting policies. All operations are domestic.

#### 7. Subsequent Events

Subsequent events have been evaluated through the date the financial statement was issued.


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