# BIGELOW CAPITAL SECURITIES LLC X-17A-5 (2026-02-09) — Broker-dealer annual report - Company: BIGELOW CAPITAL SECURITIES LLC - Form: X-17A-5 - Filed: 2026-02-09 - Period: 2025-12-31 - Accession: 0001367301-26-000003 - CIK: 1367301 - File #: 8-67367 - Type: Broker-dealer - Material weakness: No - Auditor: Davila Advisory, LLC - Auditor location: St Louis, MO - Contact: Kelly McCarthy - Phone: 6033122702 - Email: kmccarthy@bigelowllc.com - Website: bigelowllc.com - Signed by: Kelly McCarthy (CFO & CCO) Original filing: https://www.sec.gov/Archives/edgar/data/1367301/000136730126000003/Public.pdf --- {0}------------------------------------------------ ### BIGELOW CAPITAL SECURITIES LLC ### STATEMENT OF FINANCIAL CONDITION AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM DECEMBER 31, 2025 {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 > ANNUAL REPORTS FORM X-17A-5 PART III OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING 01/01/2025 MM/DD/YY MM/DD/YY 12/31/2025 A. REGISTRANT IDENTIFICATION # NAME OF FIRM: Bigelow Capital Securities LLC TYPE OF REGISTRANT (check all applicable boxes): Broker-dealer □ Check here if respondent is also an OTC derivatives dealer □ Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) ### One Harbour Place, Suite 215 | | | (No. and Street) | | | | | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--------------------------------|--------------------------------------------|--------------------------|--|--|--| | Portsmouth | | NH | | 03801 | | | | | (City) | | (State) | | (Zip Code) | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | Kelly McCarthy | | 603-312-2702 | | kmccarthy@bigelowllc.com | | | | | (Name) | | (Area Code - Telephone Number) | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Davila Advisory, LLC
(Name - if individual, state last, first, and middle name) | | | | | | | | | 10135 Manchester Rd, Suite 206 St Louis | | | MO | 63122 | | | | | (Address) | | (City) | (State) | (Zip Code) | | | | | 11/21/2019 | | | 6667 | | | | | | (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. {2}------------------------------------------------ #### OATH OR AFFIRMATION | swear (or affirm) that, to the best of my knowledge and belief, the
Kelly T. McCarthy
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as of as of
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12/31 | | | | | | partner, office(sudletter), equivalent person, as the case may be, has any proprietary interest in any account classified solely
as that of a
MY-
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COMMISSION
EXPIRES
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CFO & Chief Compliance 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). | | | | | | _ (d) Statement of cash flows. | | | | | | [] (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. | | | | | | L (f) Statement of changes in liabilities subordinated to claims of creditors. | | | | | | L (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. | | | | | | □ (i) 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. | | | | | | L (I) 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. EXEMPTION REPORT | | | | | | | | | | | | 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. | | | | | | | | | | | | [ {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 240.17a-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). | | | | | | (z) Other: | | | | | \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Members and Board of Directors of Bigelow Capital Securities LLC ### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Bigelow Capital Securities LLC (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of Bigelow Capital 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 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 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 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 Bigelow Capital Securities LLC's auditor since 2020. Javila Advisor, LLC Saint Louis, Missouri February 6, 2026 {4}------------------------------------------------ ## BIGELOW CAPITAL SECURITIES LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 ### ASSETS | ASSETS: | | |---------------------------------------|---------------| | Cash | \$
140,279 | | Prepaid expenses | 1,439 | | TOTAL ASSETS | \$
141,718 | | LIABILITIES AND MEMBERS' EQUITY | | | LIABILITIES: | | | Accrued expenses | \$
55,025 | | Due to related party | - | | TOTAL LIABILITIES | 55,025 | | MEMBERS' EQUITY | 86,693 | | TOTAL LIABILITIES AND MEMBERS' EQUITY | \$
141,718 | {5}------------------------------------------------ ## BIGELOW CAPITAL SECURITIES LLC NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2025 ### Note 1 – Nature of Operations and Summary of Significant Accounting Policies Nature of Operations: Bigelow Capital Securities LLC ("the Company") was organized in the state of New Hampshire on May 9, 2006 as a limited liability company. The Company is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority, Inc. (FINRA). The Company provides merger and acquisition advisory services for clients. Basis of Presentation: The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). Estimates: The preparation of financial statements in conformity with U.S. 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 statements and reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Concentration of Credit Risk: The Company's cash is on deposit at one financial institution and the balance at times may exceed the federally insured limit. Due to the strong credit rating of this financial institution, the Company believes it is not exposed to any significant credit risk to cash. Revenue Recognition: The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"). The Company follows a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies the performance obligation. The Company typically enters into contracts with clients calling for a success fee to be paid out once the transaction is successfully completed as defined in the customer agreement. The success fee is typically based on a percentage of the total consideration of the transaction, although in certain cases it may be a flat fee. Accordingly, the Company recognizes success fees once each transaction is finalized. All revenue for the year ended December 31, 2025, is related to success fee income. Income Taxes: The Company does not pay federal taxes on its taxable income. Instead, the members are liable for individual income taxes on the Company's taxable income. The Company may be liable for state and local income taxes. In determining the recognition of uncertain tax positions, the Company applies a more-likely-than-not recognition threshold and determines the measurement of uncertain tax positions considering the amounts and probabilities of the outcomes that could be realized upon ultimate settlement with taxing authorities. The Company is no longer subject to examination by tax authorities for federal, state or local income taxes for periods before 2022. As of December 31, 2025, the Company has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. {6}------------------------------------------------ ### Note 2 - Net Capital Requirement As a broker-dealer, the Company is subject to the net capital provisions of Rule 15c3-1 of the Securities and Exchange Commission (the Uniform Net Capital Rule). The Company computes its net capital under the aggregate indebtedness method which requires the Company to maintain minimum net capital, as defined, equal to the greater of 6-2/3% of aggregate indebtedness, as defined, or \$5,000. At December 31, 2025, the Company had net capital of \$85,254 which was in excess of its requirement of \$5,000 by \$80,254. ### Note 3 - Related Party Transactions The Company utilizes office space, shares telephone service, and receives administrative and other services by virtue of an expense sharing agreement from a related company under common ownership, Bigelow LLC. The related party charged \$13,667,326 for compensation and benefits and \$31,525 for occupancy and related expenses for the year ended December 31, 2025. At December 31, 2025, the Company has an outstanding accounts payable to the related company of \$0. Since the Company and the related company are owned by the same members, operating results could vary significantly from those that would be obtained if the entities were autonomous. ### Note 4 – Major Customers For the year ended December 31, 2025, four customers represented 100% of total revenue. ### Note 5 – Income Taxes For the year ended December 31, 2025, the Company incurred current state income tax expenses of \$117,404 for ongoing activities. There were no deferred tax items nor any significant reconciling items that would result in a difference between recorded income tax expense and the tax expense that would result from applying statutory rates to pretax income. ### Note 6 – Commitments / Contingencies As of the issue date of the financial statements the Company did not have any commitments, contingencies, or guarantees that might result in a loss or a future obligation. ### Note 7 – Subsequent Events The Company has evaluated the subsequent events for potential recognition and/or disclosure through the date the financial statements were issued, noting none. ### Note 8 – Segment Reporting The Company operates as a single line of business as a merger & acquisition advisory. The Company has identified its Chief Compliance Officer as the Chief Operating Decision Maker ("CODM") as specified in ASU 2023-07, who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. 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 pay distributions. The Company's operations constitute a single operating segment and therefore, a single reporting 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 in the summary of significant accounting policies. Company management reviewed the ASU 2023-07 disclosure requirements and determined that no additional disclosures are required as the Company has only a single reportable segment. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.