# PALAFOX TRADING LLC X-17A-5 (2026-02-27) — Broker-dealer annual report

- Company: PALAFOX TRADING LLC
- Form: X-17A-5
- Filed: 2026-02-27
- Period: 2025-12-31
- Accession: 0001284170-26-000003
- CIK: 1284170
- File #: 8-66420
- Type: Broker-dealer
- Material weakness: No
- Auditor: PricewaterhouseCoopers LLP
- Auditor location: New York, NY
- Contact: Michael Henry
- Phone: 2126517726
- Email: michael.henry@citadel.com
- Website: citadel.com
- Signed by: Michael Henry (Chief Accounting Officer)

Original filing: https://www.sec.gov/Archives/edgar/data/1284170/000128417026000003/PALA_BS_Only_FS_2025_Upload.pdf

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# Palafox Trading LLC

2025 Financial Statement

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# Palafox Trading LLC

(A Delaware Limited Liability Company) (SEC File Number 8-66420)

Statement of Financial Condition as of December 31, 2025, and Report of Independent Registered Public Accounting Firm

Filed pursuant to rule 17a-5(e)(3) under the Securities Exchange Act of 1934 as a Public Document.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12

SEC FILE NUMBER

8-66420

### ANNUAL REPORTS FORM X-17A-5 PART III

|                                                                                                                                                                                                          | FACING PAGE                    | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------------------------------------------------------------------------------------|--|--|
| 12/31/25<br>Filing for the period beginning 01/01/25<br>AND ENDING                                                                                                                                       |                                |                                                                                                           |  |  |
|                                                                                                                                                                                                          | MM/DD/YY                       | MM/DD/YY                                                                                                  |  |  |
|                                                                                                                                                                                                          | A. REGISTRANT IDENTIFICATION   |                                                                                                           |  |  |
| NAME OF FIRM: Palafox Trading LLC                                                                                                                                                                        |                                |                                                                                                           |  |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>  Broker-dealer   Security-based swap dealer     Major security-based swap participant<br>Check here if respondent is also an OTC derivatives dealer |                                |                                                                                                           |  |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                                                                                      |                                |                                                                                                           |  |  |
| 830 Brickell Plaza, Floor 15                                                                                                                                                                             |                                |                                                                                                           |  |  |
| (No. and Street)                                                                                                                                                                                         |                                |                                                                                                           |  |  |
| Miami                                                                                                                                                                                                    | Florida                        | 33131                                                                                                     |  |  |
| (City)                                                                                                                                                                                                   | (State)                        | (Zip Code)                                                                                                |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                                                             |                                |                                                                                                           |  |  |
| Michael Henry                                                                                                                                                                                            | (212) 651-7726                 | Michael.Henry@citadel.com                                                                                 |  |  |
| (Name)                                                                                                                                                                                                   | (Area Code - Telephone Number) | (Email Address)                                                                                           |  |  |
|                                                                                                                                                                                                          | B. Accountant IDENTIFICATION   |                                                                                                           |  |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                                                                                                                                |                                |                                                                                                           |  |  |
|                                                                                                                                                                                                          |                                |                                                                                                           |  |  |
| PricewaterhouseCoopers LLP<br>(Name - if individual, state last, first, and middle name)                                                                                                                 |                                |                                                                                                           |  |  |
| 300 Madison Avenue                                                                                                                                                                                       | New York                       | New York 10017                                                                                            |  |  |
| (Address)                                                                                                                                                                                                | (City)                         | (State)<br>(Zip Code)                                                                                     |  |  |
| 10/20/2003                                                                                                                                                                                               |                                | 238                                                                                                       |  |  |
| (Date of Registration with PCAOB)(if applicable)                                                                                                                                                         |                                | (PCAOB Registration Number, 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.

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 OMB control number.

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### OATH OR AFFIRMATION

| Michael Henry                                                                  | swear (or affirm) that, to the best of my knowledge and belief, the                                                     |       |
|--------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|-------|
| financial report pertaining to the firm of Palafox Trading LLC (the "Company") |                                                                                                                         | as of |
| December 31                                                                    | 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 proprietary interest in any account classified solely |       |
| as that of a customer.                                                         |                                                                                                                         |       |
|                                                                                | Signature:                                                                                                              |       |
|                                                                                |                                                                                                                         |       |

Title: Chief Accounting Officer

### 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).
- O (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.
- [1) 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 (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capible 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.
- (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.
- [ (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 240.15c3-1e or 17 CFR 240.17a-12, as applicable.
- [] {y) Report describing any material inadequacies 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).
- O (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.

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### Table of Contents

|                                                         | ાં વર્ષણ |
|---------------------------------------------------------|----------|
| Report of Independent Registered Public Accounting Firm | i        |
| Statement of Financial Condition                        | 1        |
| Notes to Statement of Financial Condition               | 2        |
| Note 1. Organization                                    | 2        |
| Note 2. Significant Accounting Policies                 | 2        |
| Note 3. Collateralized Transactions                     | ব        |
| Note 4. Fair Value Disclosures                          | 5        |
| Note 5. Transactions with Related Parties               | 5        |
| Note 6. Risk Management                                 | 6        |
| Note 7. Commitments and Contingencies                   |          |
| Note 8. Derivative Financial Instruments                | 7        |
| Note 9. Income Taxes                                    | 8        |
| Note 10. Regulatory Requirements.                       | 8        |
| Note 11. Subsequent Events                              | 8        |
|                                                         |          |

Doad

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### **Report of Independent Registered Public Accounting Firm**

To the Member of Palafox Trading LLC

### *Opinion on the Financial Statement – Statement of Financial Condition*

We have audited the accompanying statement of financial condition of Palafox Trading LLC (the "Company") as of December 31, 2025, including 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 Company as of December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

### *Basis for Opinion*

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's 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 of this financial statement 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 the accounting 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.

February 27, 2026

We have served as the Company's auditor since 2006.

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| /4",,*"#*,*4*&3                                                  |          |
| &-#&2;3\$"0*4",                                                  |          |
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### NOTE 1

### Organization

Palafox Trading LLC (the "Company"), a Delaware limited liability
company, is registered with the U.S. Securities and Exchange Commission ("SEC") as a broker and dealer, and is a member of the Financial Industry Regulatory Authority, Inc., a member of the Securities Investor Protection Corporation, and a clearing member of the Fixed Income Clearing Corporation ("FICC"), LCH RepoClear ("LCH"), Eurex Clearing ("EUREX"), and the Board of Trade of the City of Chicago, Inc. ("CBOT"). The Company is a netting member and sponsoring member of the Government Securities Division of FICC.

Palafox Holdco LLC ("PALAH") is the sole member of the Company. As of December 31, 2025, Citadel Global Fixed Income Master Fund Ltd. ("GFIL") and Citadel Global Fixed Income Master Fund II Ltd. ("GFL2") were the sole economic members of PALAH.

The Company acts as an intermediary for GFIL and GFL2 in certain resale and repurchase agreement transactions. Additionally, the Company clears futures contracts on behalf of GFIL.

Citadel Advisors LLC ("CALC"), an affiliate, is the manager of the Company.

Citadel Enterprise Americas LLC, Citadel Enterprise Americas Services LLC, Citadel ENTP Services Group LLC, Citadel Americas Services LLC, Citadel HFP Services Group LLC, and certain of their affiliates (collectively, the "Citadel Service Parties"), provide administrative and investment-related services to the Company.

Northern Trust Hedge Fund Services LLC ("NTHFS") is responsible for providing certain administrative services to the Company. The services contract between the Company and NTHFS is currently effective through June 30, 2027.

### NOTE 2

### Significant Accounting Policies

The accompanying financial statement has been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").

### Use of Estimates

The preparation of the financial statement in accordance with GAAP requires CALC to make estimates and assumptions, the most important of which relate to fair value measurements, that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statement. Actual results could differ significantly from those estimates.

### Cash and Cash Equivalents

The Company defines cash and cash equivalents on the statement of financial condition as cash and funds held in liquid investments with original maturities of 90 days or less as well as investments in money market funds. Cash and cash equivalents are held at global financial institutions.

### Cash Segregated Under Federal Regulation

The Company is subject to the SEC Computation for Determination of Reserve Requirements ("Rule 15c3-3"), which requires cash and/or qualified securities to be segregated in a special reserve bank account for the exclusive benefit of customers.

### Trading Assets and Trading Liabilities

The Company's trading assets and trading liabilities represent derivatives contracts and are recorded at fair value. Transactions related to trading assets and trading liabilities are recorded on a trade date basis.

### Receivable from and Payable to Trading Counterparties, Clearing Orqanizations, and Custodians

Receivable from and payable to trading counterparties, clearing organizations, and custodians may include cash balances (including cash margin) to the extent not offset against derivative financial instruments and balances associated with unsettled trades and securities failed to deliver or receive.

### Offsetting Financial Assets and Liabilities

The Company has elected to offset financial assets and financial liabilities by counterparty when it has determined that there exists a legally enforceable right to offset the recognized amounts and when certain other criteria are met in accordance with applicable accounting guidance on offsetting. As a result, the net exposure to each counterparty is reported as either an asset or liability on the statement of financial condition, where applicable.

### Foreign Currency Translation

The functional currency of the Company is the U.S. dollar. The Company may hold assets and liabilities denominated in foreign currencies. The carrying value of assets and liabilities is remeasured into U.S. dollars using spot currency rates on the date of valuation.

### Segment Reporting

Operating segments represent components of a company that engage in business activities and for which discrete financial information is available and regularly reviewed by the chief operating decision maker ("CODM") in assessing performance and allocating resources. The CODM has been identified as the Chief Operating Officer functions for the Citadel Service Parties. The CODM reviews excess net capital as a key financial metric to guide operational decisions for the Company, including capital adequacy. The Company's business activities as described in Note 1 constitute a single operating segment and financial information is reviewed for the Company as a whole. Excess net capital (see Note 10) is measured in accordance with SEC Rule 15c3-1.

### Transfers of Financial Assets

Transfers of financial assets are accounted for as sales when the Company has relinquished control over the transferred assets. For transfers of financial assets that are not accounted for as sales, in which the transferor retains control of the financial assets, the financial assets remain on the statement of financial condition and the transfer is accounted for as a collateralized financing. Securities purchased under agreements to resell ("resale agreements") and securities sold under agreements to repurchase ("repurchase agreements") are treated as collateralized financings (see Note 3).

Resale agreements and repurchase agreements held as of the reporting date are recorded on the statement of financial condition at their fair value pursuant to the fair value option, plus accrued interest. The Company has elected to report resale agreements and repurchase agreements on a net basis when it has determined that there exists a legally enforceable right to offset the recognized amounts and when certain other criteria are met in accordance with applicable accounting guidance on offsetting.

### Valuation of Financial Instruments

The fair value of a Financial Instrument (as defined below) is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value is determined by CALC based on the valuation principles set forth in the Company's governing documents and represents CALC's best estimate of fair value. In all instances, any Financial Instrument may either be valued by CALC or CALC may determine (but is under no obligation to do so) to engage a third party it believes to be qualified to value any Financial Instrument. The Company measures and reports money market funds, derivative financial instruments, resale agreements and repurchase agreements ("Financial Instruments") at fair value.

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

### NOTE 3

### Collateralized Transactions

The Company attempts to manage credit exposure arising from resale agreements and repurchase agreements by either entering into master netting agreements and credit support agreements with counterparties, and/or by entering into transactions that are cleared through central clearinghouses. In the event of a counterparty default (such as bankruptcy or a counterparty's failure to pay or perform), these agreements may provide the Company the right to terminate such agreements, net the Company's rights and obligations under such agreements, buy-in undelivered securities and liquidate and offset collateral against any net obligation remaining from the counterparty. The credit risk of centrally cleared transactions is also reduced by the rules or regulatory requirements applicable to the clearinghouses. Additionally, the Company also seeks to manage credit risk by, among other factors, monitoring exposures to and reviewing creditworthiness of its counterparties. During the year ended December 31, 2025, the Company had resale and repurchase agreements with affiliates (Note 5) and non-affiliates.

The Company is a netting member of Eurex Clearing, LCH RepoClear, and the Government Securities Division of FICC, industry clearinghouses for resale and repurchase transactions. The respective clearinghouse interposes itself and serves as the legal counterparty to each side of the transaction for clearing and settlement purposes. To date, the Company has cleared substantially all of its resale and repurchase transactions with unaffiliated counterparties through these clearinghouses.

Resale agreements and repurchase agreements are collateralized primarily by receiving or pledging government debt securities and residential mortgage-backed securities. Typically, the Company has rights of rehypothecation with respect to the securities collateral received under resale agreements. Also, the counterparty generally has rights of rehypothecation with respect to the securities collateral received from the Company under repurchase agreements. As of December 31, 2025, substantially all securities collateral received under resale agreements had been delivered or repledged in connection with repurchase agreements.

The Company monitors the fair value of underlying securities in comparison to the related receivable or payable, including accrued interest, and as necessary, transfers or requests additional collateral as provided under the applicable agreement to ensure transactions are adequately collateralized.

The following table presents information about resale agreements and repurchase agreements.

### AS OF DECEMBER 31, 2025

| (\$ in millions)                             |     |         |
|----------------------------------------------|-----|---------|
| Fair value of securities collateral received |     |         |
| for resale agreements                        | ਦਿੱ | 138,363 |
| Fair value of securities collateral pledged  |     |         |
| for repurchase agreements                    |     | 137.934 |

In the table above, the fair value of securities collateral received and pledged includes accrued coupon interest.

### Offsetting of Certain Collateralized Transactions

The following tables present information about the offsetting of these instruments. Refer to Note 8 for information relating to offsetting of derivatives.

### ASSETS AS OF DECEMBER 31, 2025

| (\$ in millions)                                 | Resale<br>Agreements |          |  |
|--------------------------------------------------|----------------------|----------|--|
| Included in the statement of financial condition |                      |          |  |
| Gross amounts                                    | સ્ત્ર                | 138,584  |  |
| Amounts offset                                   |                      | (53.691) |  |
| Net amounts                                      |                      | 84,893   |  |
| Amounts not offset                               |                      |          |  |
| Counterparty netting                             |                      | (3,111)  |  |
| Financial instruments, at fair value             |                      | (81,742) |  |
| Total                                            | ಲ್ಲಿ                 | 40       |  |

### LIABILITIES AS OF DECEMBER 31, 2025

| (\$ in millions)                                 | Repurchase<br>Agreements |          |
|--------------------------------------------------|--------------------------|----------|
| Included in the statement of financial condition |                          |          |
| Gross amounts                                    | ക്ക                      | 138,278  |
| Amounts offset                                   |                          | (53.691) |
| Net amounts                                      |                          | 84,587   |
| Amounts not offset                               |                          |          |
| Counterparty netting                             |                          | (3,111)  |
| Financial instruments, at fair value             |                          | (81,476) |
| Total                                            | ಕ್ಕಾ                     |          |

In the tables above:

- Gross amounts include all instruments, irrespective of whether there is a legally enforceable master netting agreement or credit support agreement in place. These amounts also include financing interest receivables and payables related to these transactions.
- Amounts offset, counterparty netting, and financial instruments, at fair value, relate to legally enforceable master netting agreements or credit support agreements.
- Amounts are reported in the statement of financial condition on a net basis, as applicable, when the Company has determined that there exists a legally enforceable master netting agreement and/ or credit support agreement and when certain other criteria are met in accordance with applicable accounting guidance on offsetting.
- Financial instruments not offset in the statement of financial condition include the fair value and accrued coupon interest of securities purchased or sold under the agreements to resell or repurchase, respectively, and additional collateral, where applicable.

{11}------------------------------------------------

Collateralized Transactions–Maturities and Collateral Pledged The following table presents the gross carrying value of repurchase agreements by remaining contractual maturity as of December 31, 2025.

| (\$ in millions)           | Repurchase<br>Agreements |         |  |
|----------------------------|--------------------------|---------|--|
| Overnight                  | ಕಾ                       | 109,596 |  |
| 2-30 days                  |                          | 28,489  |  |
| Total                      |                          | 138.085 |  |
| Financing interest payable |                          | 193     |  |
| Gross amounts              | S                        | 138,278 |  |
|                            |                          |         |  |

The following table presents the gross carrying value of repurchase agreements by class of collateral pledged as of December 31, 2025.

| (\$ in millions)                       | Repurchase<br>Agreements |         |  |
|----------------------------------------|--------------------------|---------|--|
| U.S. government securities             | ಕ್ಕಾ                     | 110,528 |  |
| Residential mortgage-backed securities |                          | 20,165  |  |
| Non-U.S. government securities         |                          | 7,392   |  |
| Total                                  |                          | 138.085 |  |
| Financing interest payable             |                          | 193     |  |
| Gross amounts                          | ಿ                        | 138,278 |  |

### NOTE 4

### Fair Value Disclosures

The following fair value hierarchy tables present information about the Company's assets and liabilities measured at fair value on a recurring basis based upon the lowest level of significant input to the valuations (see Note 2 for the Company's policies regarding the hierarchy).

### ASSETS AT FAIR VALUE AS OF DECEMBER 31, 2025

| (\$ in millions)                       |    |       | Level 1 Level 2 |  | Level 3 |      | Total |
|----------------------------------------|----|-------|-----------------|--|---------|------|-------|
| Trading assets                         |    |       |                 |  |         |      |       |
| Equity securities                      | ಕಾ |       | ಕಾ              |  | ക<br>5  | ಕೆ   | 5     |
| Derivative assets (see table<br>below) |    |       |                 |  |         |      | 167   |
| Total trading assets                   |    |       |                 |  | 5       |      | 172   |
| Other assets at fair value             |    |       |                 |  |         |      |       |
| Money market funds                     |    | 1,282 |                 |  |         |      | 1,282 |
|                                        |    |       |                 |  |         |      |       |
| Derivative assets                      |    |       |                 |  |         |      |       |
| Interest rate contracts                | ಿ  | 174   | ಕ್ಕೆ            |  | ಳಿ      | ક્તિ | 174   |
| Gross derivative assets                |    | 174   |                 |  |         |      | 174   |
| Derivative netting                     |    |       |                 |  |         |      | (7)   |
| Total derivative assets                |    |       |                 |  |         | ಲ್ಲಿ | 167   |

### LIABILITIES AT FAIR VALUE AS OF DECEMBER 31, 2025

| (\$ in millions)                            |    |           | Level 1 Level 2 Level 3 |  |     |  | Total |     |
|---------------------------------------------|----|-----------|-------------------------|--|-----|--|-------|-----|
| Trading liabilities                         |    |           |                         |  |     |  |       |     |
| Derivative liabilities (see<br>table below) |    |           |                         |  |     |  | ಿತ    | 167 |
|                                             |    |           |                         |  |     |  |       |     |
| Derivative liabilities                      |    |           |                         |  |     |  |       |     |
| Interest rate contracts                     | မမ | 174 \$ \$ |                         |  | မှာ |  | မာ    | 174 |
| Gross derivative liabilities                |    | 174       |                         |  |     |  |       | 174 |
| Derivative netting                          |    |           |                         |  |     |  |       | (7) |
| Total derivative liabilities                |    |           |                         |  |     |  | સ્ત્ર | 167 |

In the tables above:

Derivative netting includes counterparty netting of positions and cash collateral (including initial margin) with the same counterparty. The amount of cash collateral received or pledged that exceeds the fair value exposure of derivative assets and liabilities at the individual counterparty level is excluded.

- For further information on derivative financial instruments and hedging activities, see Note 8.
- Resale agreements and repurchase agreements, not reflected in the table above, are reflected at fair value on the statement of financial condition and include financing interest receivables and payables, as well as the effects of netting. As described in Note 2, resale agreements and repurchase agreements are classified within level 2 of the fair value hierarchy.

### NOTE 5

### Transactions with Related Parties

### Expenses

The Company reimburses the Citadel Service Parties for direct and reimbursable administrative, general and operating expenses paid by these entities, on behalf of the Company. As of December 31, 2025, the Company had a payable to the Citadel Service Parties, which is included in other liabilities on the statement of financial condition.

### Resale and Repurchase Agreements

During 2025, the Company entered into resale and repurchase agreements with GFIL and GFL2. The following table presents information about resale and repurchase agreements with GFIL and GFL2 as of December 31, 2025.

| (\$ in millions)                                          | Resale<br>Agreements |            | Repurchase<br>Agreements |          |
|-----------------------------------------------------------|----------------------|------------|--------------------------|----------|
| Gross contract value                                      | ಲ್ಲಾ                 | 130,294    | ക                        | 48,577   |
| Financing interest receivable/payable                     |                      | 70         |                          | g        |
| Amounts offset in the statement of<br>financial condition |                      | (45,475)   |                          | (45,475) |
| Net amounts                                               | S                    | 84.889 \$  |                          | 3,111    |
| Fair value of securities collateral<br>received/pledged   | ക                    | 130,152 \$ |                          | 48.551   |

In the table above, the fair value of the collateral received and pledged includes accrued coupon interest.

As of December 31, 2025, the Company received cash collateral from GFIL of \$137 million related to resale and repurchase agreements. The amount is included in payable to trading counterparties, clearing organizations, and custodians on the statement of financial condition.

{12}------------------------------------------------

Additionally, in relation to resale and repurchase transactions with GFIL as of December 31, 2025, the Company had fails-to-receive of \$57 million which are included in pavable to trading counterparties. clearing organizations, and custodians on the statement of financial condition.

### Loan Payable to Affiliates

The table below discloses the significant terms and financial information associated with the Company's senior unsecured facility agreements with affiliates.

### AS OF DECEMBER 31, 2025

| Borrowing Agreement (\$ in millions) |                            |                  |                                                           |                   |
|--------------------------------------|----------------------------|------------------|-----------------------------------------------------------|-------------------|
| Lender                               | Total<br>Facility<br>Limit | Interest<br>Rate | Outstanding Principal Termination<br>and Accrued Interest | Maturity/<br>Date |
| PALAH                                | 500                        | Mid-Term<br>AFR  |                                                           | 12/31/2026        |

In the table above:

- The senior unsecured facility with PALAH was committed and payable on demand.
- AFR is defined as Applicable Federal Rate published by Internal Revenue Service.

### Proprietary Trading and Clearing Activities

The Company enters into proprietary trading and futures clearing activities with GFIL. As of December 31, 2025, the Company had the following balances to GFIL related to proprietary trading and clearing activities.

| (\$ in millions)                            |     |     |
|---------------------------------------------|-----|-----|
| Trading liabilities, at fair value          | ਦਰੇ | 167 |
| Payable to trading counterparties, clearing |     |     |
| organizations, and custodians               |     | 236 |

### NOTE 6

### Risk Management

The Company is subject to various risks, including, but not limited to, market risk, credit risk, liquidity risk, and operational risk. CALC seeks to monitor and manage these risks on an ongoing basis.

### Market Risk

Market risk is the potential for changes in the value of Financial Instruments and the securities collateral received and/or pledged under resale and repurchase agreements. Categories of market risk include, but are not limited to, exposures to interest rates, credit prices, and currency prices.

Market risk is directly impacted by the volatility and liquidity of the markets in which the financial instruments are traded. CALC seeks to manage market risk in various ways, including through diversifying exposures, guidelines on position sizes and hedging in related securities or derivative financial instruments. The ability to manage market risk may be constrained by changes in liguidity conditions and fast changes in the relative prices and volatilities.

The Company may have exposure to non-U.S. currencies directly or indirectly through its financial instruments, and as such is subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates may fluctuate significantly over short periods of time for several reasons, including, but not limited to, changes in interest rates; intervention (or the failure to intervene) by government entities, central banks, or supranational entities: the imposition of currency controls; and other geopolitical developments.

### Credit Risk

Credit risk is the risk of loss due to the failure of a counterparty to perform according to the terms of a contract. The Company is exposed to credit risk in its role as an intermediary for GFIL and GFL2 involving clearing and financing transactions, and as a member of clearing organizations. The Company seeks to reduce its exposure to credit risk associated with counterparty nonperformance in its clearing and financing activities by entering into master netting agreements and credit support agreements with counterparties. These master netting agreements and credit support agreements provide the Company with the right to demand collateral, as well as the right, in the event of counterparty default, to liquidate collateral and offset receivables and payables covered under the same master netting agreement. CALC monitors collateral fair value on a daily basis relative to the Company's counterparties' exposure and, when necessary, attempts to recall any material excess collateral balances. Additionally, the Company seeks to mitigate credit risk by, among other factors, monitoring exposures to and reviewing creditworthiness of its counterparties, rebalancing financing sources, and attempting to match collateral types in a balanced book as deemed appropriate.

Cash account balances typically exceed government-sponsored insurance coverage and may subject the Company to a concentration of credit risk. Where possible, CALC seeks to mitigate the credit risk that exists with these account balances by reducing the amount of cash the Company has on deposit with banks and other financial institutions.

### Liquidity Risk

With respect to asset and liability management, the Company diversifies financing across counterparties, focusing on a variety of financing arrangements with strong contractual terms, active balance sheet and capital planning, and developing scalable infrastructure including direct funding capabilities, where applicable.

CALC typically maintains a pool of excess liquidity at the Company for various planned and contingent needs including, among others, markto-market losses on trading assets and trading liabilities and increases in initial and variation margin requirements by derivative counterparties, and clearinghouses.

### Operational Risks

Operational risk is defined as the risk of financial loss or reputational damage resulting from inadequate or failed internal processes, people, systems, or from external events. CALC seeks to identify, measure, monitor, and manage material operational risks by continuing to develop and implement enhanced methodologies in the processes that support the Company's key activities.

### Other Risks

The Company is subject to risks associated with unforeseen or catastrophic events, including, but not limited to, geopolitical events, terrorist attacks, natural disasters, cyberattacks, outages, and the emergence of a pandemic, which could create economic, financial, and business disruptions. In addition, there are inherent risks in the utilization of certain technologies, including artificial intelligence technologies, whereby the outputs produced could contain errors, which may be difficult to detect. All these risks could lead to operational difficulties that could impair CALC's ability to manage the Company's activities. Where applicable, CALC seeks to manage such risks through continuity and resiliency planning.

In the future, litigation could arise, or legal, tax, and regulatory changes could occur, which could have a material adverse effect on the Company.

{13}------------------------------------------------

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| &2*6"4*6& |  | &2*6"4*6&<br>*"#*,*4*&3 |                                                                                             |
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|           |  |                         | H                                                                                           |
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