# GROWTH ENERGY CAPITAL ADVISORS LLC X-17A-5 (2026-03-03) — Broker-dealer annual report - Company: GROWTH ENERGY CAPITAL ADVISORS LLC - Form: X-17A-5 - Filed: 2026-03-03 - Period: 2025-12-31 - Accession: 0001174840-26-000003 - CIK: 1174840 - File #: 8-65391 - Type: Broker-dealer - Material weakness: No - Auditor: McBee & Co. - Auditor location: Dallas, TX - Contact: Russell Weinberg - Phone: 2145729212 - Website: imcbeeco.com - Signed by: John Russell Weinberg (CCO) Original filing: https://www.sec.gov/Archives/edgar/data/1174840/000117484026000003/gecaannualreport.pdf --- {0}------------------------------------------------ | SE
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OR | Notary Public #### This filing\*\* contains (check all applicable boxes): - (a) Statement of financial condition. | - (b) Notes to consolidated statement of financial condition. OC - (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. CL] - (g) Notes to consolidated financial statements. mi - (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 CL) - (j) Computation for determination of customer reserve requirements pursuan^t to Exhibit ^A to ¹⁷ CFR 240.15c3-3. - (k) Computation for determination of security-based swap reserve requirements pursuan^t to Exhibit ^B to ¹⁷ CFR 240.15c3-3 or Exhibit Ato ¹⁷ CFR 240.18a-4, as applicable. O - (l) Computation for Determination of PAB Requirements under Exhibit ^A to § 240.15c3-3. CL) - (m) Information relating to possession or control requirements for customers under ¹⁷ CFR 240.15c3-3. a - (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. C - (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. | - (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-5, ¹⁷ CFR 240.17a-12, or ¹⁷ CFR 240.18a-7, as applicable. ®8@OMOMO - (r) Compliance repor^t in accordance with ¹⁷ CFR 240.17a-5 or ¹⁷ CFR 240.18a-7, as applicable. - (s) Exemption repor^t in accordance with ¹⁷ CFR 240.17a-5 or ¹⁷ CFR 240.18a-7, as applicable. - (t) independent public accountant's repor^t based on an examination of the statement of financial condition. - (u) Independent public accountant's repor^t based on an examination of the financial repor^t or 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 repor^t based on an examination of certain statements in the compliance repor^t under ¹⁷ CFR 240.17a-5 or ¹⁷ CFR 240.18a-7, as applicable. OU - (w) Independent public accountant's repor^t based on ^a review of the exemption repor^t under ¹⁷ CFR 240.17a-5 or ¹⁷ CFR 240.18a-7, as applicable. WW - (x) Supplemental reports on applying agreed-upon procedures, in accordance with ¹⁷ CFR 240.15c3-1e or ¹⁷ CFR 240.17a-12, as applicable. OF - (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). OF - (z) Other: O - \*\*To reques^t 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}------------------------------------------------ # Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solutions TABLE OF CONTENTS December 31, ²⁰²⁵ | R
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or | | {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) ^A Professional Corporation Certifted Public Accountants #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM #### To the Managing Director and Member of Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solutions #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solutions as of December 31, 2025, the related statements of operations, changes in member's equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements presen^t fairly, in all material respects, the financial position of Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solutions as of December 31, 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 Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solution's management. Our responsibility is to express an opinion on Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solution'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 respec^t to Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solutions 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. #### Auditor's Report on Supplemental Information The supplemental information contained in Schedule |, Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission ("Schedule |") and Schedule II, Statement Regarding Reserve Requirements and Possession or Control Requirements ("Schedule II") has been subjected to audit procedures performed in conjunction with the audit of Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solutions' financial statements. The supplemental information is the responsibility of Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solutions' 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. §240.17a-5. In our opinion, the supplemental information contained in Schedule ^| and Schedule II is fairly stated, in all material respects, in relation to the financial statements as ^a whole. McBee & Co., PC We have served as Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solutions' auditor since 2002. Dallas, Texas February 18, ²⁰²⁶ Dallas Office [| ⁷¹⁸ Paulus Avenue ¢ Dallas, Texas ⁷⁵²¹⁴ © 214.823.3500 www.imcbeeco.com {4}------------------------------------------------ ## d.b.a. Energy Capital Solutions ## Statement of Financial Condition ## as of December 31, ²⁰²⁵ #### ASSETS | C
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re | | | | | {8}------------------------------------------------ # GROWTH ENERGY CAPITAL ADVISORS, LLC, D.B.A. ENERGY CAPITAL SOLUTIONS ## Notes to Financial Statements December 31, ²⁰²⁵ ## ORGANIZATION AND NATURE OF BUSINESS Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solutions (the "Company") is ^a broker-dealer registered with the Securities and Exchange Commission ("SEC'') and is ^a member of Financial Industry Regulatory Authority, Inc. ("FINRA") and the Securities Information Protection Corporation, Inc. (""SPIC'). The Company is ^a Texas limited liability company that is ^a wholly-owned subsidiary of LW Energy Advisors, LLC, (the "Parent''). The Company is controlled by the Parent, ^a Texas limited Liability company. The entities share expenses and engage in intercompany transactions (See Note 6). As an introducing broker-dealer, the Company does not hold customer funds or securities. The company is an energy-focused investment bank providing capital raising and merger and acquisition ("M&A") advisory services to public and private energy companies. The Company is considered ^a Non-Covered Firm exemp^t from ¹⁷ C.F.R. §240.15c3-3 relying on Footnote ⁷⁴ of the SEC Release No. 34-70073 adopting amendments to ¹⁷ C.F.R. §240.17a-5. The Company limits its business activities exclusively to raising private capital and providing M&A advisory services to public and private energy companies. ## SIGNIFICANT ACCOUNTING POLICIES #### Basis of Presentation The Company is engaged in ^a single line of business as ^a securities broker-dealer, which comprises several classes of services, including investment banking, raising private capital and providing merger and acquisition advisory services to public and private energy companies. The financial statements have been prepare^d in conformity with accounting principles generally accepted in the United States of America (""GAAP''). #### Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires managemen^t to make estimates and assumptions that affect the reported amounts of the 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. {9}------------------------------------------------ GROWTH ENERGY CAPITAL ADVISORS, LLC D.B.A. ENERGY CAPITAL SOLUTIONS Notes to Financial Statements December 31, ²⁰²⁵ ## Revenue Recognition #### FinancialAdvisory Fees The Company provides advisory services for raising private capital and M&A to public and private energy companies. The Company is engaged by clients to provide advisory services and manage the related processes of these transactions. 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; whether revenue should be presented gross or net of certain costs and whether constraints on variable consideration should be applied due to uncertain future events. Revenue for advisory arrangements is generally recognized at the point in time that performance under the arrangemen^t is completed (the closing date of the transaction) or the contract is cancelled. However, for certain contracts, revenue is recognized over time for advisory arrangements in which the performance obligations are simultaneously provided by the Company and consumed by the customer. In some circumstances, significant judgment is needed to determine the timing and measure of progress appropriate for revenue recognition under ^a specific contract. Retainers and other fees received from customers prior to recognizing revenue are reflected as deferred revenue. #### Segment Reporting The Company is engaged in ^a single line of business as ^a securities broker-dealer, which is comprised of raising capital and M&A. The Company has identified its CEO as the chief operating decisions maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, CODM uses excess net capital, which is not ^a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or to pay distributions. The Company's operations constitute ^a single operating segmen^t 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 segmen^t are the same as those described in the summary of significant accounting policies. Segment financial information is identical to that presented in the accompanying financial statements. #### Fair Value of Financial Instruments Cash is short-term in nature and accordingly is reported in the statement of financial condition at fair value or carrying amounts that approximate fair value. #### Income Tax The Company is ^a single member limited liability company and is therefore treated as ^a disregarded entity for Federal income tax purposes. Accordingly, Federal income is taxed at the member level. As ^a result, the net taxable income of the Company and any related tax {10}------------------------------------------------ credits, for federal income tax purposes, are deemed to pass to the individual member and are included in the member's tax return even though such net taxable income or tax credits may not actually have been distributed. Accordingly, no tax provision has been made in the financial statements since the income tax is an obligation of the individual member. The Company recognizes and measures any unrecognized tax benefits in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 740, "Income Taxes". Under that guidance the Company assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of unrecognized tax benefits is adjusted when new information is available, or when an event occurs that requires ^a change. As of December 31, 2025, the Company believes there are no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. The Company is subject to state income tax. The Company files ^a combined state income tax return with the Parent. Any provision for state income tax represents the applicable share allocated to the Company. ## NET CAPITAL REQUIREMENTS The Company is subject to the SEC uniform net capital rule (Rule 15c3-1), which requires the maintenance of ^a minimum amount of net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed ¹⁵ to ¹ (and the rule of the "applicable" exchange also provides 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 had net capital of \$65,037, which was \$60,037 in excess of its required net capital of \$5,000, respectively. The Company's ratio of aggregate indebtedness to net capital was 0.0 tol. #### CONCENTRATIONS The Company's business is influenced by the U.S. and World Economy and it operates primarily within the energy industry which is dependent upon related commodity prices. The Company targets companies in the exploration and production, oil service, midstream, renewable fuels, and alternative energy sectors. This lack of diversification may cause the Company's financial results to be volatile. Further, in the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. The Company's financial instruments that are subject to concentrations of credit risk primarily consist of cash. The Company ^places its cash with ^a high credit quality institution. At times, such cash may be in excess of the FDIC insurance limits. {11}------------------------------------------------ GROWTH ENERGY CAPITAL ADVISORS, LLC D.B.A. ENERGY CAPITAL SOLUTIONS Notes to Financial Statements December 31, 2025 > As of December 31, 2025, the Company's uninsured cash balance totaled approximately \$0.00. During the year ending December 31, 2025, 100% of the Company's revenue is derived from four customers #### CONTINGENCIES There are currently no asserted claims or legal proceedings against the Company, however, the nature of the Company's business subjects it to various claims, regulatory examinations, and other proceedings in the ordinary course of business. The ultimate outcome of any such future action against the company could have an adverse impact on the financial conditions, results of operations, or cash flows of the Company. #### RELATED PARTY TRANSACTIONS The Company derives its revenue from its association with the Parent. During the year ending December 31, 2025, the Company earned all of its service revenue through referrals from its Parent. The Company and the Parent entered into ^a Services Agreement effective January 1, 2018, for ^a one-year term, automatically renewable unless canceled by either Party. The agreemen^t has automatically renewed through December 31, 2026. Per the Services Agreement, the Parent will provide certain managemen^t and back-office services to the Company indefinitely, unless there is dissolution of the Company or ^a breach of contract, in return for ^a discretionary monthly fee of \$11,437 ^plus an additional proportional allocation service fee. The Company's operating and genera^l and administrative expenses are paid by the Parent. For the year ending December 31, 2025, the Company paid managemen^t fees to the Parent of approximately \$557,240 which is reflected in compensation, operating and overhead expenses in the accompanying Statement of Operations. The existence of this association creates operating results and ^a financial position significantly different than if the companies were autonomous. #### RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Accounting standards that have been recently issued or proposed by the FASB or other standards-setting bodies are not expected to have ^a material impact on the Company's financial position, results of operations or cash flows. #### SUBSEQUENT EVENTS The Company has performed an evaluation of events that have occurred subsequent to December 31, 2025, and through February 18, 2026, the date ofthe filing ofthis report. There have been no material subsequent events that occurred during such period that would require disclosure in this repor^t or would be required to be recognized in the financial statements as of December 31, 2025. {12}------------------------------------------------ ## d.b.a. Energy Capital Solutions ## Schedule I # Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission as of December 31, ²⁰²⁵ ## COMPUTATION OF NET CAPITAL | al
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T | ## RECONCILIATION WITH COMPANY'S COMPUTATION The above computation does not differ from the computation of net capital under Rule 15c3-1 as of December 31, ²⁰²⁵ and the corresponding unaudited filing of par^t NA of the FOCUS Report/form X-17A-5 filed by Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solutions. Accordingly, no reconciliation is necessary. ## STATEMENT OF CHANGES IN LIABILITIES SUBORDINATED TO CLAIMS OF GENERAL CREDITORS No statement is required as no subordinated liabilites existed at any time during the year. {14}------------------------------------------------ ## d.b.a. Energy Capital Solutions ## Schedule II # Statement Regarding Reserve Requirements and Possession or Control Requirements ## As of December 31, ²⁰²⁵ #### EXEMPTIVE PROVISIONS The Company is considered ^a Non-Covered Firm exemp^t from ¹⁷ C.F.R § 240.15c3-3 relying on Footnote ⁷⁴ of the SEC Release No.34-70073 adopting amendments to ¹⁷ C.F.R § 240.17a-5. The Company limits its business activities exclusively to raising private capital and providing merger and acquisition advisory servies to public and private energy companies. The comany does not hold funds or securities. As ^a Non-Covered Firm, the Computation for Determination of Customer Reserve Requirements and Information Relating to Possession or Control Requirements for Customers are not required. {15}------------------------------------------------ ![](_page_15_Picture_0.jpeg) ^A Professional Corparatian Certified Public Accountants #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM #### To the Managing Director and Member of Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solutions We have reviewed management's statements, included in the accompanying Rule 15c3-3 Exemption Report pursuan^t to SEC Rule 17a-5, in which (1) Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solutions ("the Company") did not claim an exemption under paragrap^h (k) of ¹⁷ C.F.R. §240.15c3-3, and (2) the Company is filing this Exemption Report relying on Footnote ⁷⁴ 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 raising private capital and providing merger and acquisition advisory services to public and private energy companies. In addition, the Company 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 paragrap^h (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 the issuer or its agen^t and not to the Company; did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year, December 31, 2025, without exception. Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solution's managemen^t is responsible for compliance with the provisions contemplated by Footnote ⁷⁴ of SEC Release No. 34-70073 adopting amendments to ¹⁷ C.F.R. § 240.17a-5 and related SEC Staff Frequently Asked Questions and its statements throughout the most recent fiscal year, December 31, 2025. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about Growth Energy Capital Advisors, LLC, d.b.a. Energy Capital Solution's compliance with the exemption provisions. ^A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based upon the Company's business activities contemplated by Footnote ⁷⁴ of the SEC Release No. 34-70073 adopting amendments to ¹⁷ C.F.R. §240.17a-5, and related SEC Staff Frequently Asked Questions. Neale. McBee & Co., PC Dallas, Texas February 18, ²⁰²⁶ {16}------------------------------------------------ ## EXEMPTION REPORT Growth Energy Capital Advisors, LLC, d.b.a Energy Capital Solutions, (the "Company'"') is ^a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by ¹⁷ C.F.R. §240.17a-5(d)(1) and(4). To the best of its knowledge and belief, the Company states the following: - 1. The Company does not claim an exemption under paragraph (k) of ¹⁷ C.F.R. § 240. 15c3- 3, and - . The Company is filing this Exemption Report relying on Footnote ⁷⁴ ofthe SEC Release No. 34-70073 adopting amendments to ¹⁷ C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to raising private capital and providing merger and acquisition advisory services to public and private energy companies and the Company (1) 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 paragraph (a) or (b)(2) of Rule 15c2-4; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. I, J. Russell Weinberg, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. SS, J. Russell Weinberg Managing Director February 10, ²⁰²⁶ Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.