# CRESCENT SECURITIES GROUP, INC. X-17A-5 (2025-12-04) — Broker-dealer annual report - Company: CRESCENT SECURITIES GROUP, INC. - Form: X-17A-5 - Filed: 2025-12-04 - Period: 2025-09-30 - Accession: 0001146055-25-000003 - CIK: 1146055 - File #: 8-53457 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville & Company LLC - Auditor location: Dallas, TX - Contact: Russell Travis - Phone: 972-490-0150 - Email: nduren@crescentsecurities.com - Website: crescentsecurities.com - Signed by: Russell Travis (Senior Vice President) Original filing: https://www.sec.gov/Archives/edgar/data/1146055/000114605525000003/20251204122322.pdf --- {0}------------------------------------------------ UNITEDSTATES SECURITIES AND EXCHANGE COMMij;ION Washington, D.C. 20549 OMB APPROVAL OMB Number: 32:15-0123 Explres: Nov. 30, 2026 Estimated average burden hours per response: 12 # ANNUAL REPORTS FORM X-17 A-5 PART Iff | hours per response:
12 | | |---------------------------|--| | | | | SECFILENUMBER | | | 9-53457 | | FACING PAGE | Information
Required
Pursuant | to Rules 17a-5,
17a-12,
and 18a-7 | undsr
the
Securit(as | Exchange
Act
of 1934 | |------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|----------------------------|-------------------------------| | FILING
FOR THE
PERIOD
BEGINNING | IO/01
/2024 | AND
ENDING | 09/30/2025 | | | MM/DD/YY | | MM/DD/YY | | | A. REGISTRANT
IDENTtFlCATlON | | | | NAMEOFFIRM, | CrescentSecuritiesGroupInc | | | | TYPE OF REGISTRANT (check
all applicable
[]
Broker-dealer
€
Security-based
[:l
Check liere if'respondent
is also an OTC derivmives | boxes):
swap dealer
[J
dea)er | Major
security-based | swap
participant | | ADDRESS
OF PRINCIPAL
PLACE
OF BUSINESS: | a p,o.
(Do
not
use | box
no,) | | | Blva
4975
Preston
Park | Ste
820 | | | | | (No. and Street) | | | | Plano | TX | | 75093 | | (City) | (State) | | (Zip Code) | | PERSON
TO
CONT ACT
WITH
REGARD | TO THiS
FILING | | | | Nick
Duren | 972-490-O'l50 | | nduren@crescentsecurities.com | | (Name) | (AreaCode-TeleplioneNumber) | | (Email Address) | | B. ACCOUNTANT
IDENTIFICATION | | | | | INDEPENDENT
PUBLIC
ACCOUNTANT
Sanville
&
Company
LLC | whose
reports
are
contained | in this
filing* | | | (Name-ifindividual, | state last, first, | and middle
name) | | | 325
N
St
Paul
St
Ste | 3100
Dallas | | 75201
TX | | (Address) | (Cite) | | (Zip Code)
(state) | | 09/'f
8/2003 | | I
69 | | (Date of Registration with PCAOB)(if applicable) (PCAOB Registration Number,ifapp(icable) FOR OFFICIAL USE ONLY \* Claims for exemption from the requirementtliat the annual reports be covered by the reports of an independent public accountant must be supponed by a statement of facts and circumstances relied on as tlie basis of the exemption. See 17 CFR 240.l7a-5(e)(1)(ii), if applicable- Persons who are to respond to the collectlon of informat}on contained in thls form are not required to respond unless the form displays a currentty valid OMB control number. {1}------------------------------------------------ #### OATH OR AFFIRMATION 1, N'k Duren , swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Crescenf Securff!es GrOLIPInC , as of 09/3o , 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. ![](_page_1_Picture_5.jpeg) ## This filing\*\* contains (check all applicable boxes): - d (a) Statement of financial condition. - [J (b) Notes to consolidated stateinent of financial condition. - ji (c)Statement of income (loss) o5 iTthere is other comprehensive ii'icome in tlie period(s) presented, a statement of coinprehensive income (as defined in E3210.1-02 of Regulation S-X). ,c&.,,.tU4== - @ (d) Statement of cash flows. - (j (e) Statement of chan(,es in stockholders' or partners' or sole proprietor's equity. - € (f) Statement of changes in liabilities subordinated to daims oF creditors. - @ (g) Notes to consolidated financial statements. - @ (h) Computation of net capital under 17 CFR 240.l5c3-1 or 17 CFR 240.l8a-1, as applicable. - € (i)Computationoft,ingiblenetwortliunderl7CFR240.18a-2. - @ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.l5c3-3. - € (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.l5c3-3 or Exhibit A to 17 CFR 240.l8a-4, as applicable. - € (I) Computation for Determination of PAB Requirements under Exhibit A to E3240.l5c3-3. - [j (m) Information relatii'ig to possession or control requirements for customers under 17 CFR 240.l5c3-3. - [1] (n) Information relatii'ig to possession or control requireinents Tor security-based swap customers under 17 CFR 240.l5c3-3(p)(2) or 17 CFR 240.l8a-4, as applicable. - Ij (o) Reconciliations, including appropriate explanations, of the FOCUS Report with con-iputation of net capital or tangible net worth under 17 CFR 240.l5c34, 17 CFR 240.l8a-1, or 17 CFR 240.l8a-2, as applicable, and the reserve requirements under 17 CFR 240.l5c3-3 or 17 CFR 240.l8a-4, as applicable, if material differences exist, or a staten'ient that no material differences exist. - € (p) Sutnmary of Tinancial data for subsidiaries not coi'isolidated in the statement of financial condition. - \* (q) Oath or affirmation in accordai'ice with 17 CFR 240.l7a-5, 17 CFR 240.17,i-12, or 17 CFR 240.l8a-7, as applicable. - € (r) Compliance report iri accordance with 17 CFR 240.l7a-5 or 17 CFR 240.l8a-7, as applicable. - @ (s) Exemption report in accordance with 17 CFR 240.17,i-5 or 17 CFR 240.l8a-7, as applicable. - € (t) Independent public accountant's report based on an examination of tlie statement of financial condition. - t (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.l7a-5, 17 CFR 240.l8a-7, or 17 CFR 240.l7a-12, as applicable. - € (v) Independent public accountant's report based on an examination of certain statei'iients in the compliance report under 17 CFR 240.l7a-5 or 17 CFR 240.l8a-7, as applicable. - @ (w)Independentpublicaccountant'sreportbasedonareviewoftheexeinptionreportunderl7CFR240.17a-5orl7 CFR 240.l8a-7, as applicable. - € (x)Suppleinental reports on applying agreed-ulion procedures, in accordance with 17 CFR240.l5c3-le or17 CFR240.l7a-12, as applicable. - € (y) Report describing any material inadequacies round to exist or foui'id to liave existed since tlie date of tiie previous audit, or a statement tliat no material inadequacies exist, under 17 CFR 240.l7a-12(k). - [J (z) Other: - \*\*To request confidential treatrnent of certciin portions of tliis filirig, see 17 CFR240.l7a-5(e)(3) or 17 CFR240.l8a-7(d)(2), as cipplicable. {2}------------------------------------------------ ## CRESCENT SECURITIES GROUP NC REPORT PURSUANT TO RULE 17a-5(d) YEAR ENDED SEPTEMBER 30 2025 {3}------------------------------------------------ ### CRESCENT SECURITIES GROUP, INC. #### CONTENTS PAGE | REPORT OF INDEPENDENT | REGISTERED
PUBLIC ACCOUNTING
FIRM | 1 | |-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | STATEMENT | OF FINANCIAL
CONDITION | 2 | | STATEMENT | OF OPERATIONS | 3 | | STATEMENT | OF CHANGES
IN STOCKHOLDER'S
EQUITY | 4 | | STATEMENT | OF CASH FLOWS | 5 | | NOTES TO FINANCIAL | STATEMENTS | 6-10 | | SUPPLEMENTARY | INFORMATION | | | Schedulel: | ComputationofNetCapitalUnderRule15c3-1
Of the Securities
and Exchange
Commission | 11-13 | | Schedulell&lll: | ComputationforDeterminationofReserveRequirements
and Information Relating to Possession or Control Requirements
Under Rule 15c3-3 ofthe
Securities and Exchange Commission | 14 | | REPORT OF INDEPENDENT | REGISTERED
PUBLIC ACCOUNTING
FIRM
ON MANAGEMENT'S
EXEMPTION
REPORT | 15 | | | | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ## Report of Independent Registered Public Accounting Firm To the Board of Directors and those charged with governance Crescent Securities Group, Inc. ### Opinion on the Financial Statements We have audited the accompanying statement or financial condition of Crescent Securities Group, Inc. (the Company) as of September 30, 2025, the related statements of operations, changes in stockholder's equity, and cash flows for the year then ended, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. ### Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements 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 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. 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. ### Supplemental Information The supplementary information contained in Schedule 1, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for Determination of Reserve Requirements Under SEC Rule 15c3-3, and Schedule Ill, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the > 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {5}------------------------------------------------ responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. § 240.l7a-5. In our opinion, the supplementary imormation contained in Schedule 1, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for Determination of Reserve Requirements Under SEC Rule 15c3-3, and Schedule Ill, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2023. Sanville & Company, LLC Dallas. Texas November 21. 2025 {6}------------------------------------------------ #### CRESCENT SECURITIES GROUP, INC. Statement of Financial Condition September 30, 2025 #### ASSETS | Cash and cash equivalents
Receivable
from broker-dealers
and clearing organizations
Other receivables | 85,454
181 ,656
5,565 | |-------------------------------------------------------------------------------------------------------------------|-----------------------------| | Total Assets | 272,675 | ### LIABILITIES AND STOCKHOLDER'S EQUITY | Liabilities:
Commissions
payable and accounts
payable | 57,734 | |----------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------| | Total Liabilities | 57,734 | | Stockholder's
equity:
Common
stock, 100,000 shares authorized
with no par value,
1,000 shares issued and outstanding
Retained earnings | 55,000
249,349 | | Total stockholder's
equity | 214,941 | | Total Liabilities and Stockholder's
Equity | 272,675 | {7}------------------------------------------------ #### CRESCENT SECURITIES GROUP, INC. Statement of Operations For the Year Ended September 30, 2025 | Revenues: | | |------------------------------------------------------------------|-----------| | Securities
commissions | 85,268 | | Private placements | 893,868 | | Riskless principal | 626,936 | | Consulting
fees | 225,000 | | Interest income | 40,456 | | Sale ofinvestment
company
shares | 263,412 | | Other income | 82,151 | | Total Revenues | 2,217,091 | | | | | Expenses: | | | Employee
compensation
and benefits | 365,328 | | Commissions
and clearance
paid to all other broker dealers | 1,524,117 | | Communication | 24,156 | | Insurance
expense | 40,594 | | Occupancy
and equipment
costs | 37,297 | | Regulatory
fees and expenses | 49,274 | | Other expenses | 15,314 | | Professional
fees | 250,419 | | Total Expenses | 2,306,499 | | Net loss before income taxes | (89,408) | | Income tax provision | -O- | | Net loss | (89,408) | {8}------------------------------------------------ #### CRESCENT SECURITIES GROUP, INC. Statement of Chanqes in Stockholder's Equity For the Year Ended September 30, 2025 | Common
Stock | | | Retained
Earninqs | | Total | | |-----------------------------------|------|--------|----------------------|---------|-------|---------| | Balances at
September 30, 2024 | \$ | 55,000 | \$ | 249,349 | \$ | 304,349 | | Net loss | | | | | | | | Balances at
September 30, 2025 | \$JO | | \$ | | \$ | 214941 | {9}------------------------------------------------ #### CRESCENT SECURITIES GROUP, INC. Statement of Cash Flows For the Year Ended September 30, 2025 | Cash flows
from
operating
activities:
Net loss | (89,408) | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------| | Change in assets and liabilities:
Increase
in receivable
from broker-dealers
and clearing organizations
Decrease
in other receivables
Increase
in commissions
payable and accounts
payable
Decrease
in loans to officers | (53,296)
6,826
33,074
21 ,763 | | Net cash used by operating
activities | (81,041) | | Cash flows
from
investing
activities: | | | Net cash provided
by investing activities | | | Cash flows
from
financing
activities: | | | Net cash provided
by financing
activities | | | Net decrease
in cash and cash equivalents | (81,041) | | Cash and cash equivalents
at beginning
of year | 166,495 | | Cash and cash equivalents
at end of year | 85,454 | | Supplemental
Disclosures
Cash paid during the year for:
Interest | | | Income Taxes | | {10}------------------------------------------------ #### Note 1- Nature of Operations and Summary of Siqnificant Accountinq Policies #### Nature of Operations Crescent Securities Group, Inc. (the "Company") is a broker dealer in securities registered with the Securities and Exchange Commission ("SEC") and is a member ofthe Financial Industry Regulatory Authority ("FINRA"). The Company operates under SEC Rule 15c3-3 (k)(2)(ii). In the normal course of business, the Company's customer activities involve the introduction or transmittal of customers' applications and funds to product sponsors for execution and settlement. The Company does not hold or maintain funds or securities, nor provide clearing services for customers or other brokerdealer(s). The Company is a wholly owned subsidiary of D2 Equity Holdings, Inc. (the "Parenf'). The majority of the Company's customers are located in Texas. The Company earns a significant amount of commissions from the sale of government-backed Collateralized Mortgage Obligations and revenue from underwriting Private Placements. #### Securities Securities are carried at fair value based upon quoted prices in active markets, or observable inputs other than quoted prices. Securities not readily marketable are carried at fair value as determined by management of the Company. The increase or decrease in net unrealized appreciation or depreciation of securities is credited or charged to operations. #### Receivables Receivables from broker-dealers and Clearing Organizations. The Company's receivables from broker-dealers and clearing organizations include amounts receivable from unsettled trades, including amounts related to futures and options on futures contracts executed on behalf of customers, amounts receivable for securities failed to deliver, accrued interest receivables and cash deposits. A portion of the Company's trades and contracts are cleared through a clearing organization and settled daily between the clearing organization and the Company. Because of this daily settlement, the amount of unsettled credit exposures is limited to the amount owed the Company for a very short period of time. The Company continually reviews the credit quality of its counterparties. Receivables from broker-dealers and clearing organizations are generally collected in full in the month following the accrual. As such, management has not recorded an allowance for credit losses on these receivables. Management records an allowance for bad debts based on a collectability review of specific accounts. Any receivables deemed uncollectible are written off against the allowance. The Company had receivables from contracts with customers of \$58,063.05as of September30, 2025, all of which were collected. The Company accounts for estimated credit losses on financial assets measured at an amortized cost basis and certain off-balance sheet credit exposures in accordance with FASB ASC 326-20, Financial Instruments - Credit Losses. FASB ASC 326-20 requires the Company to estimate expected credit losses over the life of its financial assets and certain offbalance sheet exposures as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. The Company records the estimate of expected credit losses as an allowance for credit losses. For financial assets measured at an amortized cost basis the allowance for credit losses is reported as a valuation account on the balance sheet that is deducted from the asset's amortized cost basis. Changes in the allowance for credit losses are reported in Credit Loss expense. {11}------------------------------------------------ ## Note 1- Nature of Operations and Summary of Siqnificant Accountinq Policies, continued ### Revenue Recognition Security transactions are recorded on a trade date basis. Commission income and expenses are recorded on a settlement date basis, generally the second business day following the transaction. If materially different, commission income and expenses are recorded on a trade date basis. Commissions from underwriting/private placements are earned on a "best efforts" basis and securities for which the Company cannot obtain a purchase commitment will not be underwritten by the Company. Commissions are initially recognized when escrow is broken and subsequently when Subscription Agreements are completed. Various economic factors that could affect the nature, amount, timing, and uncertainty of revenue and cash flows are general conditions in the United States economy and capital markets, specifically, the market for collateralized mortgage obligations and other investments. Revenue from contracts with customers includes commission income from sales of securities. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. The Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange forthose goods or services. The Company follows a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, the Company may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. ### Securities Commissions The Company earns commissions acting as agent in securities transactions (equities, options, mutual funds, fixed income, etc.) executed on behalf of customers. Commissions, together with related clearing charges, are recognized on the trade date, which is when the Company's performance obligation is satisfied. Control of the underlying security transfers to/from the customer, trade terms are fixed, and the Company has no further obligations under the transaction. ### Private Placement Revenue The Company acts as a placement agent or selling group member in offerings of private securities (limited partnerships, private equity, real estate funds, Reg D offerings, etc.). Revenue consists primarily of placement fees, selling concessions, and (when the Company acts as managing dealer or co-manager) underwriting fees or profit participations. Revenue is recognized when the Company's performance obligations are satisfied, which is generally at the initial closing date ofthe offering when (i) investor funds are transferred to the issuer, (ii) interests are issued, and (iii) the Company's selling or arranging efforts are complete and it is entitled to its fee under the placement agreement or selling group agreement. {12}------------------------------------------------ ## Note1 - NatureofOperationsandSummaHof SiqnificantAccountinqPolicies,continued #### Riskless Principal The Company acts primarily as an agent or riskless principal in arranging the purchase and sale oTfixed income securities (corporate bonds, municipal bonds, government securities, agency MBS, etc.) on behalf of its institutional and retail customers. In the substantial majority of these transactions, the Company operates on a riskless principal basis. Upon receiving a customer order, the Company simultaneously or near-simultaneously executes an offsetting transaction with a third-party counterparty at a price that allows the Company to earn a negotiated spread (markup on purchases or markdown on sales). The Company does not take the securities into inventory and bears no market or inventory risk on these matched trades. Revenue from these riskless principal transactions, which represents the net spread earned, is recognized on the trade date- thedateonwhichtheCompanyhasidentifiedthecounterpart,agreedonpricingforbothlegsofthetransaction, confirmed the trade with the customer, and satisfied its single performance obligation of executing the customer's order (ASC 606). Clearing, execution, and other direct expenses associated with these transactions are recorded on the same trade date. Because the Company does not control the security before it is transferred to the customer and acts solely as an intermediary earning a fixed or determinable spread, the Company presents this revenue on a net basis in the consolidated statements of income. A small portion of transactions may be executed on an agency basis (explicit commission or fee). Those are also presented net and recognized on trade date using the same performance-obligation logic. As of September 30, 2025 (and in all prior periods presented), the Company held no inventory of fixed income securities for its own trading account, and unsettled riskless principal transactions resulted in no material differences between tradedate and settlement-date revenue. ### Cash and Cash Equivalents The Company defines cash and cash equivalents as highly liquid investments with original maturities of three months or less at the time of purchase, other than those held for sale in the ordinary course of business. #### Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") 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 statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. #### Basis of Accounting The accounts of the Company are maintained on the accrual basis of accounting. {13}------------------------------------------------ #### Note 2 - Net Capital Requirements Pursuant to the net capital provisions of Rule 15c3-1 ofthe Securities and Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined under such provisions. Net capital and the related net capital ratio may fluctuateon a daily basis. As of September30, 2025, the Company had net capitalof approximately\$184,893and net capital requirementsof \$5,000. The Company's ratio of aggregate indebtednessto net capital was O.3 to 1. The Securities and Exchange Commission permits a ratio of no greater than 15 to 1. The Company claims exemption from the provisions of Rule 15c3-3 pursuant to paragraph k(2)(ii) under the Securities Exchange Act of 1934 as a broker or dealer who carries no customer accounts, promptly transmits all customer funds and delivers all securities received in connection with its activities as a broker or dealer, and does not otherwise hold funds or securities for, or owe money or securities to, customers. Operating under such exemption, the Company has not prepared a Determination of Reserve Requirements for Brokers or Dealers. #### Note 3 - Possession or Control Requirements The Company does not have any possession or control of customer funds or securities. The Company adheres to the exemptive provisions of (SEC) Rule 15c3-3(k)(2)(ii) by promptly transmitting all customer funds and securities to the clearing broker who carries the customer accounts. #### Note 4 - Income Taxes The Company is a member of a group that files a consolidated federal income tax return with the Parent. Income taxes are recorded using the separate company method to comply with FASB ASC 740. Any resulting provision or benefit for income taxes is recorded as receivable from or payable to the Parent. Any potential interest and penalty associated with a tax contingency, should one arise, would be included as a component of income tax expense in the period in which the assessment arises. The Company's federal and state income tax returns are subject to examination over various statutes of limitation generally ranging from three to five years. Management evaluates income tax positions based on whether it is more likely than not the positions taken will be sustained on examination. Uncertain tax positions are reduced by a liability for a contingent loss that is recorded either when the more likely than not threshold is no longer met or when it becomes probable that a payment will be made to the taxing authority. Any potential interest and penalty associated with a tax contingency, should one arise, would be included as a component of income tax expense in the period in which the assessment arises. The Company does not have any entity level uncertain tax positions in connection with these financial statements. #### Note 5 - Related Party Consultinq Aqreements The Company and various entities are under common control and the existence of that control creates operating results and financial position significantly different than if the companies were autonomous. The Parent has agreed to furnish management services, office space, and various general and administrative expenses to the Company. Amounts incurred under this agreementfor the year ended September30, 2025, totaled \$407,425 and are reflected in communication, occupancy and equipment costs and employee compensation. {14}------------------------------------------------ #### Note 5 - Related Party Consultinq Aqreements, continued The Parent provides management services to the Company and charges monthly management fees based on the profitabilityof the Company. Amounts incurred for the year ended September30, 2025, totaled\$15,574and is reflected in professional fees. #### Note 6 - Commitments and Continqencies Included in the Company's clearing agreement with its clearing broker dealer, is an indemnification clause. This clause relates to instances where the Company's customers fail to settle security transactions. In the event this occurs, the Company will indemnify the clearing broker dealer to the extent of the net loss on the unsettled trade. Management of the Company had not been notified by the clearing broker-dealer, nor were they otherwise aware of any potential losses relating to this indemnification. #### Note 7 - Concentration Risk During the year, the Company had cash balances in excess of federally insured limits. #### Note 8 - Clearinq Deposit As of September30, 2025, approximately\$105,710of clearing deposit funds were held by the clearing broker-dealer which is included in Receivable from broker-dealers and clearing organizations on the accompanying statement of financial condition. #### Note 9 - Seqment Reportinq The Accounting Standards Update (ASU) 2023-07 issued by the Financial Accounting Standards Board (FASB) introduced enhancements to segment reporting requirements for public entities, including broker-dealers. The update aimed to improve the transparency and usefulness of financial disclosures For investors and other stakeholders. ASU 2023-07 disclosure requirements are effective for fiscal years starting affer December 15, 2024. The chief operating decision maker is the President of the Company and determined that no additional disclosures are required as the Company has only one reportable segment. {15}------------------------------------------------ Supplemental Information Pursuant to Rule 17a-5 of the Securities Exchange Act of 1934 For the Year Ended September 30, 2025 {16}------------------------------------------------ #### Schedule I ## CRESCENT SECURITIES GROUP, INC. Computation of Net Capital Under Rule 15c3-1 Of the Securities and Exchanqe Commission As of September 30, 2025 #### COMPUT ATION OF NET CAPIT AL | Total stockholder's
equity qualified for net capital | | 214,941 | |---------------------------------------------------------------------------------------------------------------------|-----------------|---------| | Add:
Other deductions
or allowable credits | | | | Total capital and allowable subordinated
liabilities | | 214,941 | | Deductions
and/or charges:
Non-allowable
assets:
Receivables
from broker-dealer
Other receivables | 24,483
5,565 | 30,048 | | Net capital before haircuts on securities
positions | | 184,893 | | Haircuts on securities
(computed,
where applicable,
Pursuant
to Rule l5c3-1
(c)(2): | | | | Net capital | | 184,893 | | AGGREGATE
INDEBTEDNESS | | | | Items included
in statement
or financial
condition
Commissions
payable and accrued liabilities | | 57,734 | | Total aggregate
indebtedness | | 57,734 | {17}------------------------------------------------ ### Schedule I (continued) ### CRESCENT SECURITIES GROUP, INC. Computation of Net Capital Under Rule 15c3-1 Of the Securities and Exchanqe Commission As of September 30, 2025 #### COMPUTATION OF BASIC NET CAPIT AL REQUIREMENT | Minimum net capital required (6 2/3% of total
Aggregate indebtedness) | 3,849 | |--------------------------------------------------------------------------------|-------------| | Minimum dollar net capital requirement of
Reporting broker or dealer | 5,000 | | Minimum net capital requirement (greater of two
Minimum requirement amounts | 5,000 | | Net capital in excess of minimum required | 179.893 | | Excess net capital at 1000% | 178.893 | | Ratio: Aggregate indebtedness to net capital | 0.3123 to 1 | There are no material differences between the computation above and the computation included in the Company's corresponding unaudited FOCUS Report, PartllA, Form X-17a-5 as of September 30, 2024. {18}------------------------------------------------ #### Schedule II & Ill ### CRESCENT SECURITIES GROUP, INC. Computation For Determination Of Reserve Requirements And Information Relatinq To Possession Or Control Requirements Under Rule 15c3-3 ofthe Securities and Exchanqe Commission September 30, 2025 The Company is exempt from Securities Exchange Commission ("SEC") Rule 15c3-3 pursuant to both the exemptive provision of sub-paragraph (k)(2)(ii) and is considered a "Non-Covered Firm" from 15c3-3 by relying on footnote 74 to SEC Release 34-70073 and therefore, is not required to maintain a "Special reserve bank account for the exclusive benefit of customers." {19}------------------------------------------------ Report of Independent Registered Public Accounting Firm On Managemenfs Exemption Report For the Year Ended September 30, 2025 {20}------------------------------------------------ ![](_page_20_Picture_0.jpeg) #### Report of Independent Registered Public Accounting Firm To the Board of Directors and those charged with governance Crescent Securities Group, Inc. We have reviewed the accompanying Exemption Report of Crescent Securities Group, Inc. (the Company) as of and for the fiscal year ended September 30, 2025, in which management asserts that: 1. Pursuant to paragraph (k)(2)(ii) of 17 C.F.R. § 240.l5c3-3, the Company claimed an exemption from 17 C.F.R. S 240.l5c3-3 throughout the fiscal year ended September 30, 2025; 2. The Company limited its securities business activities throughout the fiscal year ended September 30, 2025 to: (a) proprietary trading (b) effecting securities transactions via subscription way basis where the funds are payable to the issuer or its agent and not to the Company (c) participating in distributions of securities (other than firm commitment underwritings); and 3. Throughout the fiscal year ended September 30, 2025, the Company: (i) did not receive, hold, or owe funds or securities for or to customers (except amounts received and promptly transmitted in accordance with 17 C.F.R. fi 240.l5c2-4(a) or (b)(2)); (ii) did not carry accounts of or for customers; and (iii) did not carry proprietary accounts of other broker-dealers (as defined in 17 C.F.R. g 240.l5c3-3). Management of the Company is responsible for the assertions in the Exemption Report and for compliance with the applicable requirements. We conducted our review in accordance with attestation standards established by the Public Company Accounting Oversight Board (United States). A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion. Based on our review, nothing came to our attention that caused us to believe that management's assertions referred to above are not fairly stated, in all material respects, based on the criteria set forth in paragraph (k)(2)(ii) of Rule 15c3-3 under the Securities Exchange Act of 1934. Sanville & Company, LLC Dallas. Texas November 21. 2025 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {21}------------------------------------------------ ![](_page_21_Picture_0.jpeg) November 17, 2025 Crescent Securities Group, IIIC. (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.l7a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240.l7a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: - (l) The Company claimed an exemption from 17 C.F.R. E' 240.l5c3-3 under the following provisions of 17 C.F.R. §240.l5c3-3 (k)(2)(ii). - (2) The Company met tl'ie identified exemption provisions in 17 C.F.R. §240.l5c3-3 (k) throughout the most recent fiscal year without exception. - (3) The Company is also filing this Exen'iption Report because the Company's otlier business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to l7 C.F.R. :§ 240.l7a-5 are limited to: proprietaty trading; effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; participating in distributions of securities (other than firm commitment underwritings) in accordance with the requirements of paragraphs (a) or (b)(2) of Rule l 5c2-4; and did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (other than money or other consideration received and promptly transmitted in compliance with paragrapli (a) or (b%2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to tl'ie issuer or its agent and not to the Company); did not carg accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) througliout the most recent fiscal year without exception. I, Nick Duren, swear (or affirm) that, to my best knowledge and belief, this exemption report is true and correct. November 17, 2025 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.