# CHICKASAW SECURITIES, LLC X-17A-5 (2026-03-03) — Broker-dealer annual report - Company: CHICKASAW SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-03-03 - Period: 2025-12-31 - Accession: 0001264642-26-000005 - CIK: 1264642 - File #: 8-66173 - Type: Broker-dealer - Material weakness: No - Auditor: LBMC, PC - Auditor location: Brentwood, TN - Contact: Will Threadgill - Phone: 901-537-1866 - Email: gmavar@chickasawcap.com - Website: chickasawcap.com - Signed by: Geoffrey P. Mavar (Principal) Original filing: https://www.sec.gov/Archives/edgar/data/1264642/000126464226000005/2025CSFS.pdf --- {0}------------------------------------------------ | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------------------------------|--------------------------------------------| | | | | | | ______________________________________________________________________________________________________________________________________________________________________________
filing for the period beginning 01/01/25
MM/DD/YY | | | MM/DO/YY | | | A. REGISTRANT IDENTIFICATION | | | | NAME OF FIRM: Chickasaw Securities, LLC | | | | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
_ Security-based swap dealer
Broker-dealer
□ Check here if respondent is also an OTC derivatives dealer | | [ Major security-based swap participant | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | 6075 Poplar Ave; Suite 720 | | | | | | (No. and Street) | | | | Memphis | TN | | 38119 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Geoffrey Mavar | 901-537-1866 | | gmavar@chickasawcap.com | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
LBMC, PC | | | | | | (Name - if individual, state last, first, and middle name) | | | | 201 Franklin Road | Brentwood | I N | 37027 | | (Address)
10/20/2003 | (City) | (State)
450 | (Zip Code) | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, it applicable) | | * 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 | FOR OFFICIAL USE ONLY | | | {1}------------------------------------------------ | Geoffrey P. Mavar | _ swear (or affirm) that, to the best of my knowledge and belief, the | |----------------------------------------------------------------------|-----------------------------------------------------------------------| | financial report pertaining to the firm of Chickasaw Securities, LLC | | | | 11/26/2017 11:48:48 11/2/2017 11:48:47 11/2/2017 11:42:47 11/2/2017 11:42:47 11/2/2017 11:42:47 11/2/2017 11:00:50 11/2/2017 11:00:00 11/2/2017 11:00:00 11/2/2017 11:00:00 11
A A A A B A A A A B 1 A M A 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
GAMAL
STATE | |------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 08
ENNESSEE
NOTARY | | Notary
rugile | " "LEY COU
a. Junium
11110 | - - - - - - - - - - - - - - - - - - - - - - - - - {2}------------------------------------------------ ## CHICKASAW SECURITIES, LLC (A Wholly-Owned Subsidiary of Chickasaw Capital Management, LLC) Financial Statements and Schedules December 31, 2025 {3}------------------------------------------------ | | Page | |------------------------------------------------------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm 1 | | | Statement of Financial Condition 3 | | | Statement of Operations 4 | | | Statement of Changes in Member's Equity 5 | | | Statement of Cash Flows 6 | | | Notes to the Financial Statements 7 | | | Supplemental Information: | | | Computation of Net Capital Under Rule 15(c)3-1(a)(1)
Under the Securities Exchange Act of 1934 12 | | | Reconciliation of Net Capital Computation 13 | | | Computation for Determination of Reserve Requirements
Under Rule 15c3-3 (exemption) 14 | | | Information for Possession or Control Requirements
Under Rule 15c3-3 (exemption) 15 | | | Exemption Review Report of Independent Registered Public Accounting Firm 16 | | | Chickasaw Securities, LLC's Exemption Report17 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of Chickasaw Securities, LLC ### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Chickasaw Securities, LLC 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 and schedules (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position Chickasaw Securities, LLC 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 Chickasaw Securities, LLC's management. Our responsibility is to express an opinion on Chickasaw Securities, LLC'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 Chickasaw Securities, LLC 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. {5}------------------------------------------------ #### Auditor's Report on Supplemental Information The supplemental information on pages 12 through 15 has been subjected to audit procedures performed in conjunction with the audit of Chickasaw Securities, LLC's financial statements. The supplemental information is the responsibility of Chickasaw Securities, LLC'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. §240.17a-5. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as Chickasaw Securities, LLC's auditor since 2004. Brentwood, Tennessee February 27, 2026 {6}------------------------------------------------ | Statement of Financial Condition | December 31, 2025 | |--------------------------------------------------------------------|------------------------| | ASSETS | | | Cash and cash equivalents
Receivable from clearing organization | \$
175,434
1,400 | | Total assets | \$
176,834 | | LIABILITIES AND MEMBER'S EQUITY | | | Liabilities
Accounts payable | \$
116
116 | | Member's equity | 176,718 | | Total liabilities and member's equity | \$
176,834 | |---------------------------------------|---------------| | | | {7}------------------------------------------------ | | Statement of Operations | |--|-------------------------| |--|-------------------------| Statement of Operations For the Year Ended December 31, 2025 | Commission revenues | | |----------------------------------------------------|----------------| | Brokerage commissions | \$
81,702 | | Distribution fees | 26,041 | | Other
revenues | 16,833 | | | | | | 124,576 | | | | | Expenses | | | Brokerage and clearing costs | 83,796 | | Professional fees | 21,750 | | Service fee | 50,542 | | Other selling, general and administrative expenses | 56,260 | | | 212,348 | | Net loss | \$
(87,772) | {8}------------------------------------------------ | Statement of Changes in Member's Equity | For the Year Ended December 31, 2025 | | |-----------------------------------------|--------------------------------------|--| | Member's equity at December 31, 2024 | \$
236,705 | | | Net loss | (87,772) | | | Capital Contribution | 27,785 | | | Member's equity at December 31, 2025 | \$
176,718 | | {9}------------------------------------------------ | Statement of Cash Flows | For the Year Ended December 31, 2025 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------| | Cash flows from operating activities
Net loss
Adjustments to reconcile net loss to net cash
used in operations
Changes in operating assets and liabilities
Receivable from clearing organization | \$
(87,772)
1,904 | | Nonallowable receivable from affiliate
Accounts payable | 57,343 | | Net cash used in operating activities | (28,436) | | Cash flows from financing activities
Capital Contribution | 27,785 | | Net cash provided by financing activities | 27,785 | | Net Decrease in Cash | (651) | | Cash and cash equivalents at beginning of year | 176,085 | | Cash and cash equivalents at end of year | \$
175,434 | | Supplemental Cash Flow Information | | | Cash paid for interest | \$ | ## Supplemental Cash Flow Information | Cash naid for interest | | |------------------------|--| | | | {10}------------------------------------------------ #### Note 1 – Organization and Nature of Business Chickasaw Securities, LLC (the "Company") is a limited liability company formed on October 1, 2003 under Delaware law. The Company is a fully disclosed broker-dealer of investment securities with operations beginning on March 1, 2004. Primarily, the Company is a retail broker, and serves individual and institutional clients in a multi-state area. Since the Company is a fully disclosed broker-dealer, all of its transactions are cleared through a clearing firm. The Company is a wholly owned subsidiary of Chickasaw Capital Management, LLC. ### Note 2 – Summary of Significant Accounting Policies ### Net Capital Requirements Pursuant to the net capital requirements of the Securities and Exchange Commission, the Company is required to maintain a minimum net capital of \$50,000 as defined in the rules and regulations. The rule prohibits a broker-dealer from allowing its aggregate indebtedness to exceed fifteen times its net capital. In addition, the Company may not allow withdrawal of equity capital if its aggregate indebtedness exceeds ten times its net capital as defined under the rule. At December 31, 2025, the Company had net capital of \$176,718 after all required deductions and a ratio of aggregate indebtedness to net capital of 0.0007 to 1 at December 31, 2025. #### Clearing Arrangement All customer accounts, other than certain mutual funds, are carried with National Financial Services, LLC (NFS), a member of the New York Stock Exchange. The Company's commissions are collected by NFS, as the Company's clearing firm. The clearing firm remits the commissions, net of clearing charges, to the Company on a monthly basis, in the month following the date of the transactions. Pursuant to the clearing agreement with NFS, the Company is required to maintain a minimum net capital of \$150,000. ### Customer Transactions The Company does not hold any securities in safekeeping for its clients. #### Cash Equivalents Cash equivalents include short term, highly liquid investments having original maturities of three months or less that are both readily convertible to known amounts of cash or are so near to maturity that they present insignificant risk of changes in value because of changes in interest rates. {11}------------------------------------------------ #### Note 2 – Summary of Significant Accounting Policies (continued) #### Deposits with Clearing Organization Included in cash and cash equivalents is a special deposit account that NFS requires the Company to maintain on deposit with a minimum of \$100,000 in cash or equivalent. This deposit is maintained in a separate account. At December 31, 2025, the balance in this special deposit account amounted to \$114,208. #### Income Taxes The Company is included in the consolidated federal partnership return of income of Chickasaw Capital Management, LLC, and is not subject, as an entity, to the payment of federal income taxes. The Company does file a separate Tennessee Franchise and Excise Tax Return and is subject to Tennessee franchise and excise taxes. The Company recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Company's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022 – 2024), or expected to be taken in the Company's 2025 tax returns. The Company identifies its major tax jurisdictions as U.S. Federal and Tennessee State; however the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. #### Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were used. #### Segment Reporting The Accounting Standard 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 Company is engaged in a single line of business as a securities broker dealer, which is comprised of one class of service. The Company has identified its chief executive officer as the chief operating decision maker (CODM), who primarily uses excess net capital, 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 from the Company as {12}------------------------------------------------ #### Note 2 – Summary of Significant Accounting Policies (continued) 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. There were no changes in segment determinations, measures reviewed by the CODM, or significant expense categories compared with prior periods. #### Note 3 – Revenue from Contracts with Customers #### Significant Judgments Revenue from contracts with customers consists entirely of commission income. 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. #### Brokerage Commissions The Company buys and sells securities on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Company charges a commission. Commissions and related clearing expenses are recorded on the trade date (the date that the Company fills the trade order by finding and contracting with a counterparty and confirms the trade with the customer). The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. #### Distribution fees The Company enters into arrangements with managed accounts or other pooled investment vehicles (funds) to distribute shares to investors. The Company may receive distribution fees paid by the fund up front, over time, upon the investor's exit from the fund (that is, a contingent deferred sales charge), or as a combination thereof. The Company believes that its performance obligation is the sale of securities to investors and as such this is fulfilled on the trade date. Any fixed amounts are recognized on the trade date and variable amounts are recognized to the extent it is probable that a significant revenue reversal will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty is dependent on the value of the shares at future points in time as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside the Company's influence, the Company does not believe that it can overcome this constraint until the market value of the fund and the investor activities are known, which are usually monthly or {13}------------------------------------------------ #### Note 3 – Revenue from Contracts with Customers (continued) quarterly. Distribution fees recognized in the current period are primarily related to performance obligations that have been satisfied in prior periods on Fidelity money market funds. #### Note 4 – Related Party Transactions The Company has a service agreement with its parent, Chickasaw Capital Management, LLC (CCM), whereby CCM provides administrative, office and management services for the Company. In exchange for these services, the Company pays a monthly service fee of \$1,000 to CCM plus 90% of the monthly net operating income of the Company as defined by the agreement. Service fee expense/(income) for the year ended December 31, 2025 amounted to \$50,542. #### Note 5 – Receivables, Contract Assets, and Contract Liabilities The opening and closing balances of receivables consisted of the following: | | January 1,
2025 | | December 31,
2025 | | |--------------------------------------------------------------|--------------------|-------|----------------------|-------| | Accounts receivable
Receivable from Clearing Organization | | 3.304 | 3 | 1,400 | | Total accounts receivable | S | 3.304 | S | 1,400 | The receivable from clearing organization as of January 1, 2025 was collected in 2025. Management anticipates the receivable from clearing organization as of December 31, 2025 will be collected during 2026. #### Note 6 – Commitments and Contingencies The Company executes securities transactions on behalf of its customers. If a customer or counterparty fails to perform, the Company may be required to satisfy the obligation of the nonperforming party which may result in a loss. The Company does not expect nonperformance by customers or counterparties. Broker-dealers operate in a heavily regulated environment and are subject to regular reviews and inspections by regulatory authorities and self-regulatory organizations. The reviews can result in the imposition of sanctions for regulatory violations, ranging from non-monetary censures to fines and, in serious cases, temporary or permanent suspension from conducting business or certain business {14}------------------------------------------------ #### Note 6 – Commitments and Contingencies – (continued) activities. Regulatory agencies and self-regulatory organizations may also institute investigations into industry practices, which can result in the imposition of sanctions as well. The Company is not aware of any claims against it as of December 31, 2025, and through the date of this report, has not recognized any commitments, loss contingencies or guarantees as financial statement liabilities, reductions of net worth in its net capital computation, or as components of aggregate indebtedness as of December 31, 2025. #### Note 7 – Subsequent Events The Company has evaluated subsequent events through February 27, 2026, the date the financial statements were available to be issued. There were no subsequent events that need disclosure. {15}------------------------------------------------ | December 31, 2025 | |-------------------| | \$
176,718 | | | | | | - | | 176,718 | | - | | \$
176,718 | | | Aggregate indebtedness \$ 116 Net capital requirement \$ 50,000 Net capital in excess of minimum requirement \$ 126,718 Aggregate indebtedness to net capital 0.0007 to 1 {16}------------------------------------------------ | Reconciliation of Net Capital Computation | December 31, 2025 | |--------------------------------------------------------------|-------------------| | Net capital as reported on unaudited FOCUS | \$ | | report at December 31* | 176,718 | | Audit adjustments to increase (decrease) net capital
None | - | | Net capital - | \$ | | audited | 176,718 | \*There are no material differences between the preceding computation and the Company's corresponding unaudited Part IIA of Form X-17A-5 as of December 31, 2025. {17}------------------------------------------------ | Computation for Determination of Reserve Requirements | | | |-------------------------------------------------------|-------------------|--| | Under Rule 15c3-3 (exemption) | December 31, 2025 | | Chickasaw Securities, LLC is exempt from the Reserve Requirements of computation according to the provision of Rule 15c3-3(k)(2)(ii). {18}------------------------------------------------ ## Information for Possession or Control Requirements Under Rule 15c3-3 (exemption) December 31, 2025 Chickasaw Securities, LLC is exempt from Rule 15c3-3 as it relates to Possession and Control requirements according to the provision of Rule 15c3-3(k)(2)(ii). {19}------------------------------------------------ ![](_page_19_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of Chickasaw Securities, LLC We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) Chickasaw Securities, LLC identified the following provision of 17 C.F.R. §15c3-3(k) under which Chickasaw Securities, LLC claimed an exemption from 17 C.F.R. §240.15c3-3: (2)(ii) (exemption provision) and (2) Chickasaw Securities, LLC stated that Chickasaw Securities, LLC met the identified exemption provision throughout the most recent fiscal year without exception. Chickasaw Securities, LLC's management is responsible for compliance with the exemption provision and its statements. 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 the Chickasaw Securities, LLC's compliance with the exemption provision. 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 on the provision set forth in paragraph (k)(2)(ii) of Rule 15c3-3 under the Securities Exchange Act of 1934. Brentwood, Tennessee February 27, 2026 {20}------------------------------------------------ ![](_page_20_Picture_0.jpeg) ![](_page_20_Picture_1.jpeg) Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.