# MARKS BAUGHAN SECURITIES LLC X-17A-5 (2026-02-26) — Broker-dealer annual report - Company: MARKS BAUGHAN SECURITIES LLC - Form: X-17A-5 - Filed: 2026-02-26 - Period: 2025-12-31 - Accession: 0001300497-26-000003 - CIK: 1300497 - File #: 8-66615 - Type: Broker-dealer - Material weakness: No - Auditor: Siana Carr O'Connor & Lynam, LLP - Auditor location: Paoli, PA - Contact: Steven Thornton - Phone: (626) 356-0200 - Email: steve@thomtonandassociate11.com - Website: thomtonandassociate11.com - Signed by: John Nicholas Baughan (Managing Member) Original filing: https://www.sec.gov/Archives/edgar/data/1300497/000130049726000003/2025MarksBPublicCertAudit.pdf --- {0}------------------------------------------------ | | UNITED STATES | | 0MB APPROVAi | |--------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------| | PUBLIC | SECURITIES AND EXCHANGE COMMISSION | | 0MB Number: 3235-0123
Expwes:Nov.30,2026 | | | Washington, D.C. 20549 | | Estimated average burden | | | | | hours per response: 12 | | | ANN UAL REPORTS | | SEC FILE NUM8i:R | | | FORM X-17A-5 | | 8-66615 | | | PART Ill | | | | | | | | | | FACING PAGE | | | | | fnformation Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | FILING FOR THE PERIOD BEGINNING Q 1/01/2025 | | AND ENDING | 1213112025 | | | MM/DD/V'f | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | | NAME oF FIRM: Marks Baughan Securities LLC | | | | | | | | | TYPE OF REGISTRANT (check all applicable boxes): | | | | | � Broker-dealer | LJ Security-based swap dealer | | D Major security-based swap participant | | | 0 Check here if respondent is also an OTC derivatives dealer | | | | | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: {Do not use a P.O. box no.) | | | | | 161 Washington Street, Suite 1390 | | | | | (No. and Street) | | | | Conshohocken | PA | | 19428 | | (City) | {State) | | (Zip Code} | | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Steve Thornton | (626) 356-0200 | | steve@thomtonandassociate11.com | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing• | | | | | Siana Carr O'Connor & Lynam, LLP | | | | | (Name - if individual, state last, first, and middle name) | | | | 1500 East Lancaster Avenue | Paoli | PA | 19301 | | (Addres.-;) | {City) | (State) | (Ziit CodP) | | 08/11/2009 | | 3705 | | | "
of Registration w'" PCAOBJI• applicable) | | | (PCAOB Resistratioo Numb«, if applkabk,) | | | FOR OFFICIAL USE ONL V | | | | T | | | | | | • Claims for exemption from the re11uirement that the annual reports be covered by the reports of an independent public | | | | | accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption See 17 | | | **Persons who are to respond to the collection of information contained in this form are not required to respond 1111less the form displays a currently valid 0MB control number.** **CFR 240.17a-S(el(l)(ii), if applicable.** {1}------------------------------------------------ #### **OATH OR AFFIRMATION** | I
, | John Nicholas Baughan | swear (or affirm) that, to the best of my knowledge and belief, the | | |--------|-----------------------|-------------------------------------------------------------------------|-------| | | | financial report pertaining to the firm of Marks Baughan Securities LLC | as of | | 1 2/31 | | | | . **2� is true and correct. I further swear ( or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer.** | Signature: | | |-----------------------|--| | Title:
Managing Me | | #### **This filing\*\* contains (check all applicable boxes):** - **� (a} Statement of financial condition.** - **ii (b) Notes to consolidated statement of financial condition.** - □ **(c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presente.i, a statement of comprehensive income {as defined in § 210. 1-02 of Regulation S-X).** - □ **{d) Statement of cash flows.** - □ **fe) Statement of changes in stockholders' or partners' or sole proprietor's equity.** - □ **(f) Statement of changes in liabilities subordinated to claims of creditors.** - **D (g) Notes to consolidated financial statements.** - □ **(h) Computation of net capital under 17 CFR 240. 15c3-1 or 17 CFR 240. 18a-1, as appl icable.** - □ **{i) Computation of tangible net worth under 17 CFR 240. 18a-2 .** - **0 {j) Computation for determination of customer reserve re11uirements pursuant to Exhibit A to 17 CFR 240.15c3-3.** - □ **{kl 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.** - □ **(f ) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.** - □ **(m} Information relating ta possession or control requirements for customers under 17 CFR 240.1Sc3-3.** - **D (n) Information relating to possession or control requirements for securit'y-based swap customers under 17 CFR 240.15c3-3{p)(2} or 17 CFR 240.18a-4, as applicable.** - □ **(o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material tlifferences exist.** - □ **(p) summary of financial data tor subsidiaries not consolitlated 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.** - **D (r } Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.** - **D (s) Exemption report in accordance with 17 CFR 240.17a-S ex- 17 CFR 240.1 8a-7, as applicable.** - **ii (t) Independent public accountant's report based** *on* **an examination of the statement of financial condition.** - □ **{u) Independent public aceountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.** - □ **M Independent public accountant's report based on an examination of certain statements in the complia11ce report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.** - □ **(w) Independent public accountant's report based oo a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.1.8a-7, as applicable.** - **0 (x ) Supplemental reports on applyina agreed-u pon procedures, in accordance with 17 CFR 240.l5c3-1e or 17 CFR 240. 17a-12, as applicable.** - □ **(y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240. 17a-12(k } .** - **0 lz) other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_** - **\*\*To** *request confidential treatment of certain portions of this filing, see 17 CFR 240.17o-S(e)(3) or 17 CFR l40.1.B•-7{d){2), as applicable.* {2}------------------------------------------------ *Financial Report* # *MARKS BAUGHAN SECURITIES LLC* *December 31, 2025* {3}------------------------------------------------ # **MARKS BAUGHAN SECURITIES LLC** # **Financial Statement For December 31, 2025** **and** # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** ### **INDEX** Page | | Number | |----------------------------------------------------------|--------| | Report of Independent Registrered Public Accounting Firm | 1 | | Statement of Financial Condition | 2 | | Notes to the Statement of Financial Condition | 3-5 | {4}------------------------------------------------ #### *SIANA CARR O JC0NN0R* & *L YNAM, LLP* *Certified Public Accountants* *1500 E. Lancaster Avenue Paoli, PA 1 9301* *Phone: 61 0-296-4200 \* Fax: 61 0-296-3659 www.scolcpa. com* ### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Managing Member of Marks Baughan Securities LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Marks Baughan Securities LLC as of December 31, 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 Marks Baughan Securities LLC as of December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** This financial statement is the responsibility of Marks Baughan Securities LLC's management. Our responsibility is to express an opinion on Marks Baughan Securities LLC' 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 Marks Baughan 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 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 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 . **..-c!..cA11tCL. CAM.�** c::'� **Y�4ftUICJ, J..J..i'** **SIANA CARR O'CONNOR & LYNAM, LLP** We have served as Marks Baughan Securities LLC's auditor since 2004. Paoli, PA February 25, 2026 {5}------------------------------------------------ # **MARKS BAUGHAN SECURITIES LLC Statement of Financial Condition December 31, 2025** | Assets | | |---------------------------------------|-----------------| | Cash | \$
1,183,522 | | Accounts receivable | 60,000 | | Prepaid expenses and other assets | 213,285 | | Property and equipment, net | 131,223 | | Operating lease right-of-use asset | 873,091 | | Total assets | \$ 2,461,121 | | Liabilities and member's equity | | | | | | Liabilities: | | | Accounts payable and accrued expenses | \$
370,733 | | Deferred revenue | 3 13,699 | | Operating lease obligations | 957,171 | | Total liabilities | 1,641,603 | | Member's equity | 819,518 | | Total liabilities and member's equity | \$ 2,461,121 | {6}------------------------------------------------ # **MARKS BAUGHAN SECURITIES LLC Notes to Statement of Financial Condition December 31, 2025** #### **(1) NATURE OF OPERATIONS** **Marks Baughan Securities LLC (the "Company") provides merger and acquisition and related advisory services, as well as private placement services, primarily to technology companies. The Company is a broker-dealer registered with the Securities and Exchange Commission ("SEC") pursuant to section 17 of the Securities Exchange Act of 1934 and a member of the Financial Industry Regulatory Authority.** ### **(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### *Estimates in the preparation of financial statements* **The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.** #### *Accounts receivable* **The Company carries accounts receivable net of allowance for credit losses. As of December 31, 2025, no allowance for credit losses has been recorded as management considers all accounts receivable to be fully collectible. Management regularly assesses the collectability of receivables principally based on historical experience and age of the accounts receivable.** **Deferred revenue at the beginning of the year was \$1 80,817.** **Accounts receivable at the beginning of the year was \$8,590.** ### *Income taxes* **The Company is a single-member LLC. As a single-member LLC, the Company will be a disregarded entity for tax purposes whereby its income or loss will be reflected on the single member's personal tax return.** #### **(3) PROPERTY AND EQUIPMENT** **Property and equipment consist of the following at December 31, 2025:** | Computer equipment | \$ 101,646 | |--------------------------------|-------------| | Furniture and fixtures | 48,000 | | Website | 212,644 | | | 362,290 | | Less: accumulated depreciation | 231,067 | | | | | | \$ 13 1,223 | {7}------------------------------------------------ # **MARKS BAUGHAN SECURITIES LLC Notes to Statement of Financial Condition December 31, 2025** #### **(4) OPERATING LEASE** **On March 4, 2025, the Company signed a second lease amendment to extend the lease term by 66 months from February 1, 2025, to July 31, 2030. Rent for the first six months of lease payments was abated. The ROU asset and lease obligation were updated to reflect the present value of lease payments starting in February 2025 over the remaining lease life per ASC 842 (Leases).** **On September 1, 2025, the Company leased additional space creating a new lease for the original leased space and the expansion space for 66 months from September 1, 2025 to February 28, 2031. Rent for the first six months of lease payments on the expansion space was abated.** **These new leases were considered new operating leases per ASC 842-10 and are recorded as a combined right-of-use ("ROU") asset. The ROU asset represents the Company's right to use the underlying asset for the lease term and a corresponding lease liability which is the Company's obligation to make lease payments arising from the lease. The Company recorded an operating ROU asset and lease obligation measured at the present value of lease payments over the lease term. To determine the present value, the Company used an estimated bank borrowing rate to discount lease payments over the lease term. Operating lease expense is recognized on a straight-line basis over the lease term.** **As of December 31, 2025, the future minimum lease payments under the operating lease are as follows:** | 2026 | 1 88,532 | |-------------------------------------------|---------------| | 2027 | 204,527 | | 2028 | 210,146 | | 2029 | 215,910 | | 2030 | 221,864 | | 2031 | 37,060 | | Total lease payments | 1,078,039 | | Present value adjustments | (120,868) | | Present value of operating lease liabilty | \$
957,171 | {8}------------------------------------------------ # **(5) LIMITED LIABILITY COMPANY** **Since the Company is a limited liability company, the member shall not be liable for the debts, liabilities, contracts, or other obligations of the Company except to the extent of any unpaid capital contributions such member has agreed to make to the Company. In addition, no manager shall be liable for the debts, liabilities, contracts, or other obligations of the Company. Neither any manager nor any officer, member, employee, agent, representative, or affiliate of a manager shall have any liability to the Company or any member of any loss, cost or expense suffered or incurred by the Company or any member that arises out of or relates to any action or inaction of any such person if such action or omission to act was undertaken in good faith upon a determination that such course of conduct did not constitute gross negligence or willful misconduct on the part of the person.** **The duration of the Company is perpetual.** # **(6) NET CAPITAL REQUIREMENTS** **The Company is subject to the SEC Uniform Net Capital Rule (Rule 1 5c3-l ), which requires the maintenance of minimum net capital and a ratio of aggregate indebtedness to net capital not exceeding 15 to 1. As of December 3 1, 2025, the Company had net capital, as defined, of \$4 1 5,010, which was \$363,776 in excess of its minimum required net capital of \$51,234. The Company's ratio of aggregate indebtedness to net capital was 1 .85 to 1 as of December 3 1, 2025.** # **(7) CONCENTRATIONS** **The Company maintains cash at one financial institution which is insured by the Federal Deposit Insurance Corporation up to \$250,000. As of December 3 1, 2025, the uninsured balance was \$972,474. The Company believes it mitigates the risk of holding uninsured deposits by depositing funds with a major financial institution. The Company has not experienced any losses in its accounts and believes it is not exposed to any significant financial risk.** # **(8) SUBSEQUENT EVENTS** **Management has evaluated subsequent events through the issuance of the financial statements.** Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.