# FPCG, LLC X-17A-5 (2026-04-14) — Broker-dealer annual report - Company: FPCG, LLC - Form: X-17A-5 - Filed: 2026-04-14 - Period: 2025-12-31 - Accession: 0001179239-26-000001 - CIK: 1179239 - File #: 8-65488 - Type: Broker-dealer - Material weakness: No - Auditor: Citrin Cooperman & Company, LLP - Auditor location: Florham Park, NJ - Contact: David Conrod - Phone: 2128871141 - Email: dconrod@focuspoint.com - Website: focuspoint.com - Signed by: David Conrod (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1179239/000117923926000001/fpcgpublic25.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** # **ANNUAL REPORTS FORM X-17A-5 PART** Ill 0MB APPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER 8-65488 | Information Required Pursuant to Rules 17a-5, 17a-12, and lSa-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | | | | |----------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|-----------------------------------------|-----------------|------------|--|--| | AND ENDING 12/31 /25
FILING FOR THE PERIOD BEGINNING 0 1/01 /25 | | | | | | | | MM/DD/YY | | MM/DD/YY | | | | | | A. REGISTRANT IDENTIFICATION | | | | | | | | NAME OF FIRM: FPCG, LLC d/b/a/ FOCUSPOINT PRIVATE CAPITAL GROUP | | | | | | | | TYPE OF REG ISTRANT (check all applicable boxes):
C!l Broker-dealer
□ Check here if respondent is also an OTC derivatives dealer | □ Security-based swap dealer | □ Major security-based swap participant | | | | | | ADDRESS Of PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | | | 712 FIFTH AVENUE, 8TH FLOOR, SUITE 008A | | | | | | | | | (No. and Street) | | | | | | | NEW YORK | | NY | | 10019 | | | | (City) | (State) | | | (Zip Code) | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | David Conrod | 212-887-1141 | dconrod@focuspoint.com | | | | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | | | 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) | | | | | | | 180 Park Avenue, Suite 200 Florham Park | | | NJ | 07932 | | | | (Address) | (City) | | (State) | (Zip Code) | | | | 11/02/2005 | 2468 | | | | | | | l"
(PCAOB Regimatioo N,mbe,, if applicable I I
of Regimafoo with PCAOB)lif applicable)
FOR OFFICIAL USE ONLY | | | | | | | \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.l?a-S(e)(l)(ii), if applicable. **Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid 0MB control number.** {1}------------------------------------------------ #### **OATH OR AFFIRMATION** | I, David Conrod | swear (or affirm) that, to the best of my knowledge and belief, the | |-------------------|-------------------------------------------------------------------------------------------------------| | | as of
financial report pertaining to the firm of FPCG, LLC d/b/a/ FOCUSPOINT PRIVATE CAPITAL GROUP | | December 31
2~ | is true and correct. I further swear (or affirm) that neither the company nor any | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. | Title: | | | |--------|--|--| | CEO | | | #### **This filing\*\* contains (check all applicable boxes):** - Iii (a) Statement offinancial condition. - Iii (b) Notes to consolidated statement of financial condition. - □ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation S-X). - □ (d) 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. - □ (I) 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 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. - □ (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. - Iii (t) Independent public accountant's report based on an examination of the statement of financial condition. - □ (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - □ (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 240.15c3-le or 17 CFR 240.17a-12, as applicable. - □ (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statementthat 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. {2}------------------------------------------------ # **FPCG, LLC (d/b/a FocusPoint Private Capital Group)** **Statement of Financial Condition December 31, 2025** {3}------------------------------------------------ # **FPCG, LLC (d/b/a FocusPoint Private Capital Group) Index December 31, 2025** #### **Page(s)** | Report of Independent Registered Public Accounting Firm 1 | | |------------------------------------------------------------|--| | Financial Statement | | | Statement of Financial Condition 2 | | | Notes to Financial Statement 3--7 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### - -- - - -- !! "#\$#%\$%\$&'(#\$)\$\*#)+ &)&(,(\$& -./.0121.334.562578.59925.532.:3512259 !!.89 ;3<= >?>@ .51:.158A3::32/:691.8B925.532.:8.5BCDE50 42525 925.532.:8.548589.2:6 25.::.2.:8438 925.532.:482259 !!.89;3<= >?>@ 2535926F2.3305257425324:875.::6.334125G521 H.89I23.D # )J#JK%L"#\$#%\$ 28925.532.:8.528845822:269 !!M8.5.75DN0845822:2628O488 .5425255 !!M8925.532.:8.5.8150.012D-..40:23.330525792 7281F20:234.56I3305257N/827P.1AG521H.8CABINPBC.51. Q0212514515F2843 !!25.331.53F2GDHD91.:830228:.F8 .51.44:23.:0:8.5170:.2589H30228.51RO3.5728825.51INPD -3510310.01225.331.53F28.51.189INPD88.51.18Q02.F 4:.5.5149.012.25.85.:.880.53.0F925.532.:8.52899 .2.:288.5 F109.01DN0.012253:0114925743108.8888 28S89.2.:288.59925.532.:8.5 F109.01 .51 4925743108.8451828S8DH0343108253:011O.25257 5.8.828 /21537.1257.058.511283:80825925.532.:8.5DN0.012.:8253:011 /.:0.257.3305257425324:8081.5182752923.582.8.16.5.75 .8F::.8 /.:0.257/.::485.259925.532.:8.5D-:2/.0.0124/218. .85.:.8289042525D -./8/1.8 !!T8.0128253>?=UD :..S VFW86 I42:=U >?>X {5}------------------------------------------------ # **FPCG, LLC (d/b/a FocusPoint Private Capital Group) Statement of Financial Condition December 31, 2025** ### **Assets** | Cash | \$
430,366 | |-----------------------------------------------------------------|-----------------| | Fees receivable, net of allowance for credit losses of \$25,151 | 1,833,220 | | Prepaid expense and other assets | 335,966 | | Due from parent | 305,356 | | Due from affiliates | 105,236 | | Total assets | \$
3,010,144 | | Liabilities and Member's Equity
Liabilities | | | Accounts payable and accrued expenses | \$
332,234 | | Due to affiliates | 25,194 | | Total liabilities | 357,428 | | Member's equity | 2,652,716 | | Total liabilities and member's equity | \$
3,010,144 | See accompanying notes to financial statement. {6}------------------------------------------------ ### **1. Organization** FPCG, LLC (d/b/a FocusPoint Private Capital Group) (the "Company") was formed for the purpose of providing services on behalf of clients for the purchase and/or sale of securities in private placements. The Company is a limited liability company established in the state of Washington on April 16, 2002. On November 8, 2002, the Financial Industry Regulatory Authority, Inc. ("FINRA") approved the registration of the Company. The Company is registered as a securities broker-dealer with the Securities and Exchange Commission ("SEC") and is a member of FINRA. The Company is a wholly-owned subsidiary of FPCG Holding SPV, LLC ("FPCG Holding" or the "Parent".) The Company does not carry securities accounts for customers or perform custodial services and, accordingly, claims exemption from Rule 17a-5(d)(4) of the Securities Exchange Act of 1934. #### **2. Summary of Significant Accounting Policies** #### **Cash** Cash represents funds on deposit which at times may exceed federally insured limits. The Company has not experienced any losses and does not believe it is exposed to any significant credit risk with respect to its financial institution. #### **Basis of Presentation** The Company's financial statement has been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). #### **Use of Estimates** The preparation of this financial statement in conformity with 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 statement. Actual results could differ from those estimates. #### **Fees Receivable** Fees receivable are stated at net of allowance for credit losses. The Company maintains an allowance for expected credit losses on fees receivable based on management's estimate of amounts that may be uncollectible. The allowance is determined using historical collection experience, current credit conditions, and reasonable and supportable forecasts of future economic conditions. The Company evaluates fees receivable on a periodic basis and records a provision for credit losses through earnings to adjust the allowance for expected credit losses to an appropriate level. Accounts are written off against the allowance when they are deemed uncollectible after reasonable collection efforts have been exhausted. As of December 31, 2025, fees receivable were \$1,858,371, with an allowance for expected credit losses of \$25, 151. {7}------------------------------------------------ #### **2. Summary of Significant Accounting Policies (Continued)** #### **Financial Instruments - Credit Losses** The Company measures expected credit losses in accordance with Financial Account Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 326, Financial Instruments - Credit Losses which requires a credit loss methodology, Current Expected Credit Losses ("CECL"), which dictates the recognition of credit losses, while also providing transparency about credit risk. The CECL methodology utilizes a lifetime "expected credit loss" measurement objective for the recognition of credit losses for loans, held to maturity securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. For financial assets measured at amortized cost (e.g., cash and fees receivable), the Company evaluates expected credit losses based on the nature and contractual or expected life of the assets, as well as historical and expected loss experience. Based on this assessment, the Company records an allowance for credit losses to reflect management's estimate of expected losses over the life of the assets. #### **Right of Use Assets and Lease Liabilities** The Company recognizes its leases in accordance with ASC Topic 842, Leases ("ASC 842"). The guidance increases transparency by requiring the recognition of Right of use (ROU) assets and lease liabilities on the statement of financial condition. In applying ASC 842, the Company made an accounting policy election not to recognize the ROU assets and lease liabilities relating to short-term leases that have a lease term of 12 months or less at the lease inception, and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. The Company recognizes lease costs associated with short-term leases on a straight-line basis over the lease term. ROU assets represent the Company's right of use of the underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. As the Company's lease does not provide an implicit rate and the implicit rate is not readily determinable, the Company uses the risk-free discount rate at the commencement date in determining the present value of lease payments. The present value of the lease payments was determined using a 5.00% incremental borrowing rate. ROU assets also exclude lease incentives. The Company's long-term office lease terminated in May 2025, at which time the related right-of use asset and lease liability were fully derecognized. Subsequent to the termination, the Company entered into a month-to-month lease. {8}------------------------------------------------ #### **2. Summary of Significant Accounting Policies (Continued)** #### **Income Taxes** The Company is a limited liability company and is treated as a partnership for income tax reporting purposes. The Internal Revenue Code ("IRC") and state tax laws provide that any income or loss is passed through to the Parent for federal and state income tax purposes. Accordingly, the Company has not provided for federal or state income taxes. The Company's assets, liabilities, and items of income, deduction and credit are combined with and included in the income tax returns of the Parent. The Parent is subject to the New York City unincorporated business tax. In accordance with the intercompany tax policy, the Company pays to or receives from the Parent amounts equivalent to the New York City tax charges based on separate company taxable income or loss. At December 31, 2025, management has determined that the Company had no uncertain tax positions that would require financial statement recognition. This determination will always be subject to ongoing reevaluation as facts and circumstances may require. As of December 31, 2025, the tax years that remain subject to examination by the federal, state, and local tax jurisdictions under statute of limitations are 2022 and after. #### **Recently Issued Accounting Pronouncement** In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information, disaggregated by federal, state, foreign, and individual jurisdictions equal to or greater than five percent. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of this standard did not have a material impact on the Company's financial statement. In July 2025, FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05). ASU 2025-05 introduces a practical expedient for measuring expected credit losses that permits entities to assume that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and current contract assets arising from revenue from contracts with customers. ASU 2025-05 is effective for the Company's fiscal year ending December 31, 2026. The guidance is to be applied on a prospective basis and early adoption is permitted. The Company does not expect the adoption of ASU 2025-05 to have a material impact on its financial statement. In November 2024, FASB issued ASU No. 2024-03 "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" (ASU 2024-03). ASU 2024-03 requires additional interim and annual disclosures that further disaggregate certain expense captions into specified categories in a separate note to the financial statement, as well as certain qualitative information describing amounts not separately disaggregated. ASU 2024-03 is effective for the Company in the annual period beginning on January 1, 2027 and interim periods beginning on January 1, 2028 and can be applied on either a prospective or retrospective basis, with early adoption permitted. The Company is evaluating the impact of ASU 2024-03 to its disclosures. {9}------------------------------------------------ ### **3. Segment Reporting** The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services outlined in Note 1. The Company has identified its Chief Executive Officer (CEO) as the chief operating decision maker ("CODM"), who uses excess net capital (see Note 7), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The measure of segment assets is reported on the statement of financial condition as total assets. ### **4. Concentrations** The Company maintains its cash accounts at two financial institutions. Amounts held in a single account may at times exceed the insurance limit established by the Federal Deposit Insurance Corporation ("FDIC") of \$250,000 per financial institution. The Company transacts business with a limited number of parties. Two customers accounted for approximately 66% and 19% of total accounts receivable as of December 31, 2025. #### **5. Commitments and Contingencies** #### **Leases** The Company has a non-cancelable lease for office space in New York through May 2025. The Company classified this lease as an operating lease. The Company's lease does not include termination options for either party to the lease or restrictive financial or other covenants. Subsequent to the expiration of the prior lease, the Company entered into a short-term lease with the landlord for the same office space, which expires on April 30, 2026. As the lease term is 12 months or less, the Company has elected the short-term lease recognition exemption and, accordingly, does not recognize a right-of-use asset or lease liability for this arrangement. Lease payments are recognized as expense on a straight-line basis over the lease term. #### **Letter of Credit** In connection with its former office lease, the Company maintained a one-year letter of credit with its sublandlord in the amount of \$135,460, which automatically renewed annually as required under the terms of the lease. The letter of credit was secured by a certificate of deposit in the same amount and was presented as restricted cash on the accompanying statement of financial condition. Upon expiration of the lease in May 2025, the letter of credit was terminated and the related certificate of deposit was released. As of December 31, 2025, the Company had no outstanding letter of credit and no restricted cash related to this arrangement. #### **Litigation Contingencies** From time to time, the Company and its affiliates may be named as a defendant in various lawsuits or proceedings. At the current time, the Company is unaware of any legal proceedings pending against the Company. The Company intends to contest all litigation and contingencies, as well as pursue all sources for contributions to settlements. {10}------------------------------------------------ #### **6. Related Parties** As of December 31, 2025, the Company had a receivable of \$305,356 due from parent. The Company had a receivable of \$105,236 due from affiliates and payable of \$25,194 due to affiliates, which are included in the accompanying statement of financial condition. #### **7. Net Capital Requirements** As a registered broker-dealer, the Company is subject to the SEC's Uniform Net Capital Rule ("Rule15c3-1 ") of the Securities Exchange Act of 1934, which requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to regulatory net capital, both as defined, shall not exceed 15 to 1. At December 31, 2025, the Company had net capital of \$72,938, which exceeded the required net capital minimum by \$49,109. At December 31, 2025, the Company's net capital ratio of aggregate indebtedness to net capital was 4.90 to 1. #### **8. Subsequent Events** The Company has performed an evaluation of events that have occurred subsequent to December 31, 2025 through April 14, 2026, the date of the filing of this report, and has determined that there have been no material subsequent events other than disclosed below that occurred during the period that would require recognition or disclosure in the financial statement. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.