# FORGE SECURITIES LLC X-17A-5 (2026-02-17) — Broker-dealer annual report

- Company: FORGE SECURITIES LLC
- Form: X-17A-5
- Filed: 2026-02-17
- Period: 2025-12-31
- Accession: 0001319312-26-000002
- CIK: 1319312
- File #: 8-66846
- Type: Broker-dealer
- Material weakness: No
- Auditor: KPMG LLP
- Auditor location: San Francisco, CA
- Contact: Sandra Flaviani
- Phone: 6502652562
- Email: sandra.flamni@forgeglobal.com
- Website: forgeglobal.com
- Signed by: Charlie Grimes (President)

Original filing: https://www.sec.gov/Archives/edgar/data/1319312/000131931226000002/Edgarpub.pdf

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### FORGE SECURITIES LLC

STATEMENT OF FINANCIAL CONDITION AS OF December 31, 2025

AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

### PUBLIC DOCUMENT

(Pursuant to Rule 17A-5(e)(3) under the Securities Exchange Act of 1934)

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

> **ANNUAL REPORTS FORM X-17A-S PART** Ill

OMJl APnDnVAI 0MB Number: 3235-0123 Expires: Nov. 30, 2026 fstlm&ted average bu,deo hours per response: 12

SEC FILE NUMBER

FACING PAGE Information Required Pursuant to Rules 17a-S, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING 0 1/01 /25 MM/DD/VY AND ENDING 12131125 MM/DD/VY **A. REGISTRANT IDENTIFICATION**  NAME OF FIRM: Forge Securities LLC TYPE OF REGISTRANT (check all applicable boxes): r. Broker-dealer ~ Security-based swap dealer r Major security-based swap participant C Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 4 Embarcadero Center, Suite 1500 (No. and s1ree1) San Francisco CA (d1y) (S!a!e) PERSON TO CONTACT WITH REGARD TO THIS FILING 94111 (Zip Code) Sandra Flaviani 650 265 2562 sandra.flamni@forgeglobal.com {Name) (Area Code - Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION**  INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* KPMG LLP (Name - it individual, state last, first. and middle name)

| 55 2nd Street                                    | San Francisco         | CA                                          | 94105      |  |  |
|--------------------------------------------------|-----------------------|---------------------------------------------|------------|--|--|
| (Address)                                        | (City)                | (State)                                     | (Zip Code) |  |  |
| June 14, 2004                                    |                       | 185                                         |            |  |  |
| (Date of Re<istration with PCAOB)fif applicable) |                       | (PCA06 Recristration Number, if applicable) |            |  |  |
|                                                  | FOR OFFICIAL USE ONLY |                                             |            |  |  |
|                                                  |                       |                                             |            |  |  |

• Claims for exemption from the reciu1rement that *t he* annual reports be cove-red by the reports of an independent pubhc accounraot rnust be supported by a statemem of facts and circu,nstances relied Or\ as the basis of the exe,nption. See 17 CFR 240.17a-S(el(ll(ii), if applicable.

PersOf'l;S who ere to respond to the collection of Information contained in this form are not required to res.pond unless the form display\$ a currently valid OMS ,ontrol number.

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### OATH OR AFFIRMATION

1, \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Forge Securities LLC as of

De ember 31 2~ is true and correct. I further swear (or affirm) that neither the company nor arr,

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:/ U ·** C..>'

Trtle: President

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

- **ii** (a) Statement of financial condition.
- **ii** (b} Notes to consolidated statement of financial condition.
- ii (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).
- **ii** (d} Statement of cash flows.
- **ii** (e} Statement of changes in stockholders' or partners' or sole propriE:tor's equity.
- D (f} Statement of changes in liabilities subordinated to claims of creditors.
- **ii** (g) Notes to consolidated financial statements.
- **ii** (h} Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- D (i} Computation of tangible net worth under 17 CFR 240.18a-2.
- ii 0) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- D **{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.
- D {I} Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- **ii** (m} Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- D (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.
- **ii** (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 240.1Sc3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- D (p) summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- **ii** (q) Oath oraffirmation 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.
- **ii** (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- D (t) Independent public accountant's report based on an examination of the statement of financial condition.
- D .(u) Independent public accountant's report based on an examination of the financial report or financial statement und r 7 CFR .240,17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- 0 {v} Ind pend nt public accountant's report based on an examination of certain statements in the complianc ( port un<te 7 240.17a-5 or 17 R 240.18a-7, as applicable.
- (w) Jnd pend n puJ>lic accountant's report based on a review of the exemption report und r 17 FR 240,17 24().Ula-7, pplj bl .
- D ~) Supp meot Jr f)Q on pplying agreed-upon pro edures, In ac ordan with 17 R 40.~~--~-.,~ U , a applJ ble.
- 0 (y) Report d rlblng ny *m* terl I in d qu, I four1d to In th a state nt th t no m <sup>t</sup>rt. I ina/1 1qu, cl r l D (z)Oth , : \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_
- 

.. To reque:;t con[l<J<:ntlol tteotment of ortaln portion nf ti)! /1/lno, applicable.

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KPMG LLP Suite 1400 55 Second Street San Francisco, CA 94105

### Report of Independent Registered Public Accounting Firm

To the Manager and Member of Forge Securities LLC Forge Securities LLC:

Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Forge Securities LLC (the Company) as of December 31, 2025, and the related notes (collectively, 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 U.S. generally accepted accounting principles.

### 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 enor 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.

We have served as the Company's auditor since 2025.

San Francisco, California February 13, 2026

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# Forge Securities LLC

Notes to Financial Statement December 31, 2025

## 1. ORGANIZATION AND NATURE OF OPERATIONS

Forge Securities LLC (the "Company") is a wholly-owned subsidiary of Forge Financial Holdings, Inc., (the "Parent") which is a wholly-owned subsidiary of Forge Global Inc. ("Forge"). The Company is registered with the Securities and Exchange Commission ("SEC") as a securities broker-dealer and an alternative trading system ("ATS") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

On November 5, 2025, Forge Global Holdings, Inc. (NYSE:FRGE) ("FRGE"), the Company's ultimate parent, entered into a definitive merger agreement with The Charles Schwab Corporation ("Schwab") under which Schwab will acquire 100% of FRGE outstanding equity for \$45.00 per share in cash, subject to customary closing conditions and regulatory approvals. The transaction is currently expected to close in the first half of 2026.

## 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

### Basis of Presentation

This financial statement is presented in conformity with accounting principles generally accepted in the United States of America ("GAAP").

### Segment Information

The Company is engaged in a single line of business as a securities broker-dealer and ATS, offering clients services related to private securities transactions. The Company's chief operating decision maker, ("CODM") is its President and Executive Vice President, Head of Global Capital Markets, who uses net income for purposes of making operating decisions, allocating resources and evaluating the financial performance of the business, predominantly as part of the forecasting process. Additionally, the CODM uses excess net capital, which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or make dividends. See Note 6, Regulatory Requirements, for additional information. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described below. Segment assets provided to the CODM are consistent with those presented in the statement of financial condition.

### Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Such management estimates include, but are not limited to, the collectability of commissions receivable. These estimates are inherently subjective in nature and, therefore, actual results may differ from the Company's estimates and assumptions.

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