# GALLATIN CAPITAL LLC X-17A-5 (2025-09-30) — Broker-dealer annual report

- Company: GALLATIN CAPITAL LLC
- Form: X-17A-5
- Filed: 2025-09-30
- Period: 2025-06-30
- Accession: 0001211326-25-000002
- CIK: 1211326
- File #: 8-65718
- Type: Broker-dealer
- Material weakness: No
- Auditor: Withum Smith & Brown, P.C.
- Auditor location: Princeton, NJ
- Contact: Dana Aden
- Phone: 212-891-7980
- Email: daden@gallatincapital.com
- Website: gallatincapital.com
- Signed by: John Youngblood (Principal)

Original filing: https://www.sec.gov/Archives/edgar/data/1211326/000121132625000002/gallatinfinalaudit.pdf

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OMB APPROVAL UNITED STATES OMB Number: 3235-0123 SECURITIES AND EXCHANGE COMMISSION Expires: Nov. 30, 2026 Washington, D.C. 20549 Estimated average burden hours per response: 12 ANNUAL REPORTS SEC FILE NUMBER FORM X-17A-5 8-65718 PART III FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING 07/01/2024 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM. GALLATIN CAPITAL, LLC TYPE OF REGISTRANT (check all applicable boxes): Broker-dealer □ Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 444 MADISON AVE (No. and Street) 10022 NY NEW YORK (Zip Code) (State) (City) PERSON TO CONTACT WITH REGARD TO THIS FILING DANA ADEN daden@gallatincapital.com (212) 891-7980 (Area Code – Telephone Number) (Email Address) (Name) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* WITHUM SMITH & BROWN, PC (Name – if individual, state last, first, and middle name) 08540 NJ 506 CARNEGIE CTR., SUITE 400 PRINCETON (Zip Code) (State) (City) (Address) 100 10/08/2003 (PCAOB Registration Number, if applicable) (Date of Registration with PCAOB)(if applicable) FOR OFFICIAL USE ONLY

\* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

 displays a currently valid OMB control number.

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### OATH OR AFFIRMATION

| JOHN YOUNGBLOOD                                                  | swear (or affirm) that, to the best of my knowledge and belief, the                  |       |
|------------------------------------------------------------------|--------------------------------------------------------------------------------------|-------|
| tinancial report pertaining to the firm of GALLATIN CAPITAL, LLC |                                                                                      | as of |
| 6/30<br>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.

Signature: Title: PRINCIPA

Notary Public

### This filing \*\* contains (check all applicable boxes):

- (a) Statement of financial condition.
- = (b) Notes to consolidated statement of financial condition.
- □ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).
- □ (d) Statement of cash flows.
- [ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- □ (f) Statement of changes in liabilities subordinated to claims of creditors.
- □ (g) Notes to consolidated financial statements.
- □ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- □ (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- □ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- □ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
- [ (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-2, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- (q) Oath or affirmation in accordance with 17 CFR 240.17a-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.
- (t) Independent public accountant's report based on an examination of the statement of financial condition.
- □ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- 口 (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 240.17-5 or 17 CFR 240.18a-7, as applicable.
- | 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 statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- [z) Other:
- \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable.

Melissa Lugo Notary Public, State of New York
No. 01LU6256071 Qualified in Queens County Commission Expires February 21, 2028

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# GALLATIN CAPITAL LLC

Financial Statement

With

Report of Independent Registered Public Accounting Firm

As of June 30, 2025

This report is deemed PUBLIC in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934.

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# GALLATIN CAPITAL LLC (A LIMITED LIABILITY COMPANY) AS OF JUNE 30, 2025

### Table of Contents

Page

| Report of Independent Registered Public Accounting Firm  |      |
|----------------------------------------------------------|------|
| Financial Statement:<br>Statement of Financial Condition | 2    |
| Notes to Financial Statement                             | 3 -7 |

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![](_page_4_Picture_0.jpeg)

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Members and Those Charged with Governance of Gallatin Capital LLC:

### Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Gallatin Capital LLC (the "Company"), as of June 30, 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 30, 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 Company's management. Our responsibility is to express an opinion on this 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 Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Company's auditor since 2016.

New York, New York September 29, 2025

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# GALLATIN CAPITAL LLC (A LIMITED LIABILITY COMPANY) STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2025

# ASSETS

| ASSETS:            |                 |
|--------------------|-----------------|
| Cash, unrestricted | 2,641,212<br>ಳು |
| Fees receivable    | 4,808,238       |
| Right of use asset | 949,101         |
| Cash, restricted   | 14              |
| Other assets       | 107,445         |
| TOTAL ASSETS       | క<br>8,506,010  |

### LIABILITIES AND MEMBERS' EQUITY

| LIABILITIES:                          |   |           |
|---------------------------------------|---|-----------|
| Commissions payable                   | S | 4,373,469 |
| Lease liability                       |   | 940,503   |
| Accounts payable and accrued expenses |   | 283,499   |
| Deferred income tax liability         |   | 191,042   |
| UBT tax payable                       |   | 72,560    |
| TOTAL LIABILITIES                     |   | 5,861,073 |
| MEMBERS' EQUITY                       |   | 2,644,937 |
| TOTAL LIABILITIES AND MEMBERS' EQUITY |   | 8,506,010 |

See Accompanying Notes to Financial Statement.

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| Q1;2=?1;392M/=<?1;3-                                        | ƒR8R654V |
| z//=G33O1=:>32?                                             | 44657B   |
| E.>:1?3;-./?J9;3                                            | B64"5    |
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{9}------------------------------------------------

### GALLATIN CAPITAL LLC (A LIMITED LIABILITY COMPANY) NOTES TO FINANCIAL STATEMENT AS OF JUNE 30, 2025

### NOTE 6 - COMMITMENTS (CONTINUED:

### Operating Lease (Continued)

Variable payments are included in the future lease payments depend on an index or a rate. The discount rate is the implicit rate if it is readily determinable or otherwise the incremental borrowing rate. The implicit rate of the lease is not readily determinable and accordingly, the Company uses the incremental borrowing rate based on the information available at the commencement date of the lease. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar economic environment. The ROU asset is subsequently measured throughout the lease term at the remeasured lease liability (i.e., present value of the remaining lease payments), plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received, and any impairment recognized. Lease cost for lease payments is recognized on a straight-line base term.

The standard also provides practical expedients for an enting. This means that no ROU asses and lease liabilities are recognized for leases that qualify as short-term. The Company also expedient to not separate lease and non-lease components for all of its leases.

The Company has a lease for office space in New York City which expired on June 30, 2025, and extended further to January 31, 2030. The lease is secured by the landlord, which is included in the other assets on the statement of financial condition.

It is accounted for as an operaing lease labilities under noncancellable operating leases as of June 30, 2025 are as follows:

| 2026                              | S | 211,068   |
|-----------------------------------|---|-----------|
| 2027                              |   | 216.345   |
| 2028                              |   | 266.104   |
| 2029                              |   | 272,757   |
| 2030                              |   | 163,085   |
| Total undiscounted lease payments |   | 1.129.359 |
| Less: Imputed interest            |   | (188,856) |
| Total lease liability             | S | 940,503   |
|                                   |   |           |

The weighted average remaining lease term is 5 years, and the weighted average the incremental borrowing rate, as of July 1, 2025, of 7.5% according to the fourth anend of the lease. As of June 30, 2025, the statement of financial condition includes a right-ofuse operating lease asset of \$949,101 and a related operating lease liability of \$940,503 related to this matter.

The components of lease expense were as follows:

| Lease cost:                                                                                 |       |           |
|---------------------------------------------------------------------------------------------|-------|-----------|
| Amortization of right-of-use-assets                                                         | ਦਿੱਤੇ | 1,386,238 |
| Interest on leases                                                                          |       | (305,077  |
| Total lease cost                                                                            |       | 1,081,161 |
| Supplemental statement of financial condition information related to leases was as follows: |       |           |
| Operating Leases                                                                            |       |           |
| Operating lease right-of-use assets                                                         | S     | 949,101   |
| Operating lease liabilities                                                                 | ಕ್ಕಿ  | 940,503   |
| Other information related to leases as of June 30, 2025 was as follows:                     |       |           |
| Supplemental cash flow information                                                          |       |           |
| Cash paid for amounts included in the measurement of lease liabilities:                     |       |           |
| Operating cash flows from operating leases                                                  | ਦਿੱਤੇ | 185.186   |

{10}------------------------------------------------

## GALLATIN CAPITAL LLC (A LIMITED LIABILITY COMPANY) NOTES TO FINANCIAL STATEMENT AS OF JUNE 30, 2025

### NOTE 7 - MEMBERS' EQUITY:

Members' equity consists of 1,000 authorized Class A Units and 1,000 authorized Class B Units.

In accordance with the Company's operating agreement, each Class B unit shall have the same rights, privities and preferences; except that each issued and outstanding Class A Unit entitles the holder to full voting power, the right to participate of members, or to have notice of such meetings. As of June 30, 2025, there were 300 Class B Units, issued and outstanding,

### NOTE 8 - 401K RETIREMENT PLAN

The Company maintains a contributory 401(k) Plan''). The 40(k) Plan is for the benefit of all eligible employees who may make voluntary contributions to the 401(k) Plan which cannot exceed annual limits set by the Internal Revenue Service. The employer makes contributions equal to 3% of all eligible employees' total compensation. Contributions are subject to certain limitations.

### NOTE 9 - FINRA INQUIRY

The Company operates in a highly regulated industry and from time, in the ordinary course of business, the Company receives various regulatory inquiries. Management is not any unasseted claims that it believes will have a material adverse effect on its business, results of operations, or financial position.

### NOTE 10 - SEGMENT REPORTING:

The Company is engaged in a single line of business as a securities broker, which is comprised of several classes of services, including principal transactions, agency transactions, investment advisory, and venture capital businesses. The Company has identified its Chief Executive Officer as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasing process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 3), which is not a messure of profit and loss, to make operational decisions while maintaining capital as whether to reinvest profits or pay dividends. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activites using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. The Company derived 43 percent of its total revenues from a single external customer during the year ended June 30, 2025.

### NOTE 11 - SUBSEQUENT EVENTS

The Company has evaluated events and transactions that occurred through statement was available to be issued, for possible disclosure and recognition in the financial statement. The Company has determined that there were no events which took place that would have a material impact on its financial statement.


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.