# COBALT CAPITAL, INC. X-17A-5 (2026-03-31) — Broker-dealer annual report

- Company: COBALT CAPITAL, INC.
- Form: X-17A-5
- Filed: 2026-03-31
- Period: 2025-12-31
- Accession: 0001330760-26-000003
- CIK: 1330760
- File #: 8-66979
- Type: Broker-dealer
- Material weakness: No
- Auditor: RUBIO CPA, PC
- Auditor location: ATLANTA, GA
- Contact: BENJAMIN SCHICK
- Phone: 4076493150
- Email: ben@cobaltcapitalinc.net
- Website: cobaltcapitalinc.net
- Signed by: BENJAMIN SCHICK (PRESIDENT)

Original filing: https://www.sec.gov/Archives/edgar/data/1330760/000133076026000003/cobaltpublic.pdf

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

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

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| OMS Numbtr: 3235-0123     |
| E11plres: NOY. 30, 20Z6   |
| F~ttmated average burden  |
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SEC fllE NUMBER 8-66979

**MM/DO/VY** 

FACING PAGE

Information Required Pursuant to Rules 17a S, 17a-12, and 18a-7 under the Securities **Exchan1e Act** of 1934

FILING FOR THE PERIOD BEGINNING **O 1/01 /25** 

**AND ENDING 12/31 /25** 

MM/DO/VY

**A REGISTRANT IDENTIFICATION** 

NAME OF FIRM. COBALT CAPITAL, INC.

TYPE OF REGISTRANT (check all applicable bo1<es):

• Broker-dealer Security-based swap dealer Ma1or **security-based swap part1c1pant**  Check hete 11 re~p, ,11 lent 1 .1l\t1 .tn OTL der,v;itivPs dr,ale1

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)

# 801 INTERNATIONAL PARKWAY, SUITE 500 PMS #5242

|                                                                                            | ,rnd S tr,·• \)<br>N,                                    |                                             |                          |  |
|--------------------------------------------------------------------------------------------|----------------------------------------------------------|---------------------------------------------|--------------------------|--|
| LAKE MARY                                                                                  | FL                                                       |                                             | 32746                    |  |
| (( 11y1                                                                                    | !State)                                                  |                                             | (ZtpCodel                |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                               |                                                          |                                             |                          |  |
| BENJAMIN SCHICK                                                                            | 407-649-3150                                             |                                             | ben@cobaltcapitalinc.net |  |
| (N11n,,)                                                                                   | IA'c-J (ed.,<br>Tcll'phone Number)                       | (Emarl Address)                             |                          |  |
|                                                                                            | B ACCOUNTANT IDENTIFICATION                              |                                             |                          |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>RUBIO CPA, PA | (Naml' 1f md•v1dual, state la~t. fu st. and middle name) |                                             |                          |  |
| 3500 LENOX ROAD NE, SUITE 1500 ATLANTA                                                     |                                                          | GA                                          | 30326                    |  |
|                                                                                            | ((1ty)                                                   | (SUIP)                                      | (Zip Code)               |  |
| 05/05/09                                                                                   |                                                          | 3514                                        |                          |  |
| (Or1tP of Regi~lldtton wllh PLAOB)(1f .=i1,phr;:ibl  J                                     |                                                          | (PCAOB Re1tt\l1dt101 Number, ,t appltcablel |                          |  |
|                                                                                            | FOR OFFICIAL USE ONLY                                    |                                             |                          |  |

• Cl.1i111s for eK<'mptton from ti ret1utH me111 lli<1t tl1e dn11ual 1eporl\ he cuver,·d by tl,e rtport~ ol an independent public mrant ·,1<,at iJ,· , 1µp , • • , I f.-,\_1,, ,11\C rnculTl\ldn, e, rehed on as the basis ol the exemption See 17 fR 240 17a 'o(el(l)(ul 11 •flllH, I·

Persons **who are** to respond to the collectlon of information cont111ned tn this form are not **required** to **respond unless the form**  displays I currently valid 0MB control number

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#### OATH OR AFFIRMATION

I, BENJAMIN SCHICK swear (or affirm) that, to the best of my knowled1e and behef, th• financial report pertaining to the firm of COBALT CAPITAL INC as of

DECEMBER 31 2~ 1s 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.** 

**Title** 

PRESIDENT

**This filing•• contains (check all applicable boxes,:** 

- ii (a) Statement of fmanc,al cond1llon.
- Iii (b) Notes to consolidated statement of financial condition.
- D (c) Statement of income (loss) or. 11 there Is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined 111 § 210 1-02 of Regulation S-XI.
- D (d) Statement of ca~h flows
- D (e) Statement of changes 111 stockholden' or partners' or sole proprietor's equity.
- D (f} Statement of change~ in liabilities subordinated to claims of creditor:-.
- D (g) Notes to consolidated ftnanc.ial st.itements.
- D (h) Computation of net capital under 17 CFR 240.1Sc3 1 or 17 CFR 240.18a 1, as applicable.
- 0 (ii Computation of tangible net worth under 17 CFR 240. t8a 2.
- □ (j) computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR Z40.1Sc3-3.
- 0 (kl Computation for determination of security-based swap reserve requirements pursuant to Exhibit 8 to 17 CfR 240.lScl 3 or Exhibit A to 17 CFR 240 18a-4, as applicable.
- D (I) Computation for Oetermmation of PAB Requirements under Exhibit A to § 240.1Sc3-3.
- D (m) Information rE'latins to possession or control requirements for customers under 17 CFR 240.1Sc3-3.
- D (n) Information relating ro possession or control requirements for security based swap customers under 17 CFR 240 15c3•3(pl(2) or t 7 0-H 240. 18.J 4, as applicable.
- D (o) Reconc1liatiom. mcludmg appropriate explanations, of the FOCUS Report with computation of net capital or tansible 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. lScJ 3 or 17 CFR 240 18a 4, a!> apphcable, if material differences exist, or a statement that no material differences exist
- D (pl Summary of fin,1nc1al data for subs1dIane!> not consolidated in the statement of fin.ind.ii condition.
- ii (q) Oath or affIrmat1on m accordance with 17 CFR 240.17a S, 17 CFR 240.17a 12, or 17 CFR 240.18a 7, as applicable.
- D (r) Compliance report in .:iccordance with 17 CFR 240.17a 5 or 17 CrR 240. t8a-7, .is applicable.
- D (s) [xemptIon report in accordance with 17 UR 240.17a 5 or 17 CfR 240. lBa-7, a5, applicable.
- Iii (t) Independent public aLcountant's report based on an exammc1tIon of the statement of financial condition.
- 0 (u) Independent public arrountant'-. report based on an examination of the financial report or financial statements under 17 CFR 240.17a-S, 17 Cf-R 240 ll!a 7, or 17 CFK 240 17a 12, as applicable
- D M 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.
- D {w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18.l-7, as applicable
- D (x) Supplemental reports on applying agreed upon procedures, in accordance with 17 CFR 240.15c3-1e o, 17 CFR 240.17a-12, as apphcable
- 0 (vi Report desci,bma any m.itl'rial madequ,mes found to exist or found to have existed since the date of the **p,evlous audit,** o, a statement that no material madequat1es exist, under 17 CFR 240 17a-12(k). 0 (1) Other ----------------------------------------
- 
- <sup>0</sup> 70 request confidential treatment of certain portions of this filing, see 17 CfR }40.170 5(e}{3} or 17 CfR }40 JBa l(d}{2} as opµJicable.

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#### **CORAL T CAPITAL, INC.**

#### **FINANCIAL STATEMENTS WITH REPORT**

#### **OF INDEPENDENT REGISTERED PUBLIC**

#### **ACCOUNTING FIRM**

#### **FOR THE YEAR ENDED DECEMBER 31 <sup>2</sup>2025**

The report is deemed **CONFIDENTIAL** in accordance with Rule I 7a-S(e)(3) under the Securities Exchange Act of 1934. A statement of financial condition has been filed with the Securities and Exchange Commission simultaneously herewith as a **PUBLIC DOCUMENT.** 

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# RUBIO CPA, PC CERTIFIED PUBLIC ACCOUNTANTS

3 500 Lenox Road NE Suite 1500 Atlanta, GA 30326 770-690-8995

## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING **FIRM**

To the Shareholder of Cobalt Capital, Inc.

Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Cobalt Capital, Inc. (the ''Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the aforementioned 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

This 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 finn 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 perfonn the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perfonn, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included perfonning procedures to assess the risks of material misstatement to 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.

We have served as the Company's auditor since 2023.

March 30, 2026 Atlanta, Georgia

![](_page_3_Picture_12.jpeg)

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#### **COBALT CAPITAL, INC.**

#### **STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025**

#### **ASSETS**

| Cash                                                    | \$<br>247,403  |
|---------------------------------------------------------|----------------|
| Accounts receivable                                     | 2,854          |
| Prepaid expenses and deposits                           | 27,184         |
| Total assets                                            | \$<br>277,441  |
| LIABILITIES AND SHAREHOLDER'S EQUITY                    |                |
| LIABILITIES:                                            |                |
| Accounts payable and accrued expenses                   | \$<br>I 56,072 |
| Deferred revenue                                        | 24,544         |
| Total liabilities                                       | 180,616        |
| SHAREHOLDER'S EQUITY                                    |                |
| Common stock, \$ I par value; I 0,000 share suthorized, |                |
| 200 shares issued and outstanding                       | 200            |
| Additional paid-in-capital                              | 380,802        |
| Retained earnings (deficit)                             | (284,177)      |
| Total shareholder's equity                              | 96,825         |
| Total liabilities and shareholder's equity              | \$<br>277,441  |

The accompanying notes are an integral part of th is statement.

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## **COLBAL T CAP IT AL, INC.**

## **NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025**

# **NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

## **Organization and Business**

Cobalt Capital, Inc. (the .. Company") is a Florida corporation incorporated on March 18, 2005. The Company operates as a limited broker-dealer managing the distribution and marketing of real estate units of direct participation programs. The Company also operates as the managing broker-dealer which functions as the '"distributor" or "wholesaler" broker-dealer and engages other broker-dealers to make its programs available for retail distribution. The Company is registered with the Securities and Exchange Commission (''SEC") and is a member of the Financial Industry Regulatory Authority ("'FINRA").

#### **Revenue Recognition**

Revenue from contracts with customers includes commissions from private placements and service fees. 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 appropriate measure of the Company's progress under the contract; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration should be applied due to uncertain future events.

The Company recognizes commissions from private placements upon the sale of each interest in an offering as this satisfies the only performance obligation identified by the Company.

The Company at times provides services to certain issuers during the course of private placement offerings pursuant to services agreements for which the Company receives fees. These services can include back-office support, customer due diligence and other compliance related services. The Company generally recognizes such service fees over time as the related performance obligations are simultaneously provided to and consumed by the customer.

#### **Accounts Receivable**

Accounts receivable are non-interest bearing uncollateralized obligations receivable in accordance with the tenns agreed upon with each customer. The Company regularly reviews its accounts receivable for any uncollectible amounts. The review for uncollectible amounts is based on an analysis of the Company's collection experience, customer's credit worthiness, and current economic trends. Based on managemenf s review of accounts receivable. no allowance for credit losses is considered necessary.

The Company maintains its bank accounts in high credit quality financial institutions. At times, balances may exceed federally insured limits.

#### **Estimates**

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 disclosure 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.

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## **COLBAL T CAPITAL, INC.**

#### **NOTES TO FINANCIAL ST A TEMENTS DECEMBER 31, 2025**

## **NOTE** I: **ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)**

#### **Advertising and Promotion**

Advertising and promotion costs are expensed as incurred. The Company did not incur any advertising or promotion expenses for the year ended December 31, 2025.

#### **Income taxes**

The Company files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. The Company is recognized as an S-Corporation by the Internal Revenue Service. The Company's shareholder is liable for any federal and state income taxes on the Company's taxable income.

The Company is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes. based on the technical merits of the position. The Company has evaluated each of its tax positions and has determined that no provision or liability for uncertain tax positions is necessary.

The Company is not subject to income tax return examinations by major taxing authorities for years before 2022.

#### **NOTE 2: NET CAPITAL REQUIREMENTS**

Pursuant to the net capital provisions of Rule 15c3-I of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined under such provisions. At December 3 I, 2025, the Company had net capital of\$66,787 which was \$54,746 in excess of its required net capital of\$5,000. The Company's net capital ratio (aggregate indebtedness to net capital) was 2. 70 to 1.00. According to Rule I 5c3-1, the Company's net capital ratio shall not exceed 15 to I.

#### **NOTE** 3: **CONTINGENCIES**

The Company is a respondent in a FINRA arbitration matter relating to investments sold in iCap Pacific Income Fund *5,* LLC. The issuer filed for bankruptcy in September 2023, and in 2024 the bankruptcy court detennined that the issuer had operated a Ponzi scheme beginning no later than October 2018. Claimants allege damages related to approximately \$210,000 of investments made through the Company and seek recovery of losses associated with these investments. In addition, in August 2025, the bankruptcy trustee for iCap Pacific Income Fund *5,* LLC issued a demand to the Company alleging that certain amounts previously paid to the Company are subject to clawback.

The Company establishes accruals for legal actions when potential losses associated with the actions become probable and the costs can be reasonably estimated. For such accruals, the Company records the amount considered to be the best estimate within a range of potential losses that are both probable and estimable; however, if the Company cannot determine a best estimate, then the low end of the range of those potential losses is recorded. The actual costs of resolving legal actions may be substantially higher than the amounts accrued for those actions.

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## **COLBAL T CAPITAL, INC.**

## **NOTES TO FINANCIAL ST A TEMENTS DECEMBER 31, 2025**

## **NOTE 3: CONTINGENCIES (Continued)**

The Company has accrued \$130,000 for the expected costs of settling these claims that has been included in accounts payable and accrued expenses with the accompanying statement of financial condition.

#### **NOTE 4: SUBSEQUENT EVENTS**

The Company has performed an evaluation of subsequent events through the date the financial statements were issued.

#### **NOTE 5: RETIREMENT PLAN**

The Company has adopted a 40 I K plan. The employer contribution expense related to the 40 I K plan for 2025 was \$5,661 which has been included in commissions, compensation, and benefits in the accompanying statement of operations.

#### **NOTE 6: CUSTOMER CONCENTRATIONS**

During 2025, the Company had two customers that accounted for approximately 99% of commissions from private placements revenues.

#### **NOTE** 7: **NET LOSS**

The Company incurred a loss for 2025. The Company's shareholder has represented that he intends to continue to make capital contributions as needed to ensure the Company's survival through at least one year from the date of the report of the independent registered public accounting firm.

Management expects the Company to continue as a going concern and the accompanying financial statements have been prepared on a going-concern basis without adjustments for realization in the event that the Company ceases to continue as a going concern.

## **NOTE 8: RELATED PARTY TRASACTIONS**

The Company operates from space provided by its President at no cost to the Company.

The Company's shareholder at times pays for operating expenses on behalf of the Company for which it subsequently seeks reimbursement or forgives the amount to which it is entitled to be reimbursed. There was no balance due to the shareholder as of December 31, 2025, as a result of the shareholder's payment of such expenses.

Financial position and results of operations could differ from the amounts in the accompanying financial statements if these related party transactions did not exist.

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## **COL BAL T CAPITAL, INC.**

### **NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025**

#### **NOTE 9: SEGMENT REPORTING**

The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including managing the distribution and marketing of real estate units of direct participation programs and operating as the managing broker-dealer which functions as the distributor or wholesaler brokerdealer that engages other broker-dealers to make its programs available for retail distribution. The Company has identified its President a~ the chief operating decision maker ("CODM"), who uses net income or loss to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (sec Note 2), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay distributions. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using infonnation of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies.

#### **NOTE 10: EMPLOYEE RETENTION CREDITS**

Under the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the '"CARES Act"') signed into law on March 27, 2020, and subsequent amendment of the CARES Act, the Company was eligible for refundable employee retention credits subject to certain criteria. The Company recognized \$21,572 in employee retention credits revenues from refunds received during the year ended December 3 I, 2025.


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