# BOUSTEAD SECURITIES, LLC X-17A-5 (2026-03-13) — Broker-dealer annual report - Company: BOUSTEAD SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-03-13 - Period: 2025-12-31 - Accession: 0001369813-26-000003 - CIK: 1369813 - File #: 8-67384 - Type: Broker-dealer - Material weakness: No - Auditor: Brian W Anson - Auditor location: Tarzana, CA - Contact: Tad Bull - Phone: 917.912.9649 - Email: tad@boustead1828.com - Website: boustead1828.com - Signed by: Robert Bull (Financial Principal) Original filing: https://www.sec.gov/Archives/edgar/data/1369813/000136981326000003/25prbsl.pdf --- {0}------------------------------------------------ # BOUSTEAD SECURITIES, LLC FINANCIAL STATEMENTS AND ACCOMPANYING SUPPLEMENTARY INFORMATION REPORT PURSUANT TO SEC RULE 17a-5(d) FOR THE YEAR ENDED DECEMBER 31, 2025 # PUBLIC {1}------------------------------------------------ OMB APPROVAL UNITED STATES OMB Number: 3235-0123 SECURITIES AND EXCHANGE COMMISSION Expires: Nov. 30, 2026 Estimated average burden Washington, D.C. 20549 hours per response: 12 ANNUAL REPORTS SEC FILE NUMBER FORM X-17A-5 8-67 334 PART III 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 12/31/2025 AND ENDING MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: Boustead Securities, LLC TYPE OF REGISTRANT (check all applicable boxes): @ Broker-dealer | | Security-based swap dealer | | Major security-based swap participant Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 6 VENTURE SUITE 395 (No. and Street) 92618 CA IRVINE (Zip Code) (City) (State) PERSON TO CONTACT WITH REGARD TO THIS FILING tad@boustead1828.com 917-912-9649 TAD BULL (Email Address) (Area Code - Telephone Number) (Name) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Brian W. Anson (Name - if individual, state last, first, and middle name) CA 91356 Tarzana 18401 Burbank Blvd, #120 (State) (Zip Code) (Address) (City) 2370 09/15/2005 (PCAOB Registration Number, if applicable) (Date of Registration with PCAOB)(if applicable) FOR OFFICIAL USE ONLY \* Claims for exemption from the requirement 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 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 Robert Bull swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Boustead Securities, LLC as of 2 026 , is true and correct. I further swear (or affirm) that neither the company nor any February 28 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: Financial Principal #### 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. - [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. - [] 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. - O (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. - [0] 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. - O (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 240.17a-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). - [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. {3}------------------------------------------------ Boustead Securities, LLC Report Pursuant to Rule 17a-5 (d) Financial Statements For the Year Ended December 31, 2025 {4}------------------------------------------------ #### Contents #### PART I | Report of Independent Registered Public Accounting Firm | | |---------------------------------------------------------|--| | Statement of Financial Condition | | | Notes to Financial Statements | | {5}------------------------------------------------ #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member's and Board of Members of Boustead Securities, LLC #### Opinion on the Financial Statements I have audited the accompanying statement of financial condition of Boustead Securities, LLC as of December 31, 2025, the related statements of income (loss), changes in members' equity, and cash flows for the year then ended, and the related notes (collectively referred to as the financial statements). In my opinion, the financial statements present fairly, in all material respects, the financial position of Boustead Securities, LLC as of December 31, 2025, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion These financial statements are the responsibility of Boustead Securities, LLC's management. My responsibility is to express an opinion on Boustead Securities, LLC's financial statements based on my audit. I am a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and am required to be independent with respect to Boustead 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. I conducted my audit in accordance with the standards of the PCAOB. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. My audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. My audit also included evaluating the accounting principles used and significant estimates made by management, as evaluating the overall presentation of the financial statements. I believe that my audit provides a reasonable basis for my opinion. #### Auditor's Report on Supplemental Information The information contained in Schedule I, II, and III ("Supplemental Information") has been subjected to audit procedures performed in conjunction with the audit of the Boustead Securities, LLC's financial statements. The Supplemental Information is the responsibility of the Boustead Securities, LLC's management. My audit procedures included determining whether the Supplemental Information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the Supplemental Information. In forming my opinion on the Supplemental Information, I evaluated whether the Supplemental Information, including its form and content is presented in conformity with 17 C.F.R. § 240.17a-5. In my opinion, Schedules I, II, and III are fairly stated, in all material respects, in relation to the financial statements taken as a whole. Brian W. Anson Certified Public Accountant I have served as Boustead Securities, LLC's auditor since 2017. Tarzana, California February 28, 2026 {6}------------------------------------------------ # Boustead Securities, LLC Statement of Financial Condition December 31, 2025 #### Assets | Cash | ಕಿ | 287,332 | |-------------------------------------|----|-----------| | Clearing Broker Deposit | | 190,315 | | Accounts receivable | | 134,595 | | Accounts receivable - Broker Dealer | | 116,413 | | Due from Related Parties | | 7,229,626 | | Advances | | 128.675 | | Securities | | 1,387,681 | | | | | | Total Assets | કિ | 9,474,637 | # Liabilities and Members' Equity | Liabilities | | | |---------------------------------------|--------|-----------| | Accounts Payable and Accrued Expenses | S | 717,329 | | Accrued Commission | | 47,836 | | Accrued Commission - Related Party | | 21,167 | | Total Liabilities | ಕ್ಕೆ ಕ | 786,333 | | | | | | Members' Equity | | 8,688,304 | | Total Liabilities and Members' Equity | S | 9,474,637 | See Accompanying Notes to Financial Statements {7}------------------------------------------------ ### Note 1 - Organization and Nature of Business Boustead Securities, LLC (the "Company"), formerly known as Monarch Bay Securities, LLC was incorporated in the State of California in 2006 and is registered with the Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Agency ("FINRA") as a broker-dealer. The Company specializes in enhancing the value of emerging growth companies through capital raising, capital structuring, mergers and acquisitions advisory services, and trading. The Company's primary objective is to achieve superior returns for stakeholders of client companies. As of December 31, 2025, the Company had clearing deposits totaling \$190,315. # Note 2 - Significant Accounting Policies Basis of Presentation - The Company conducts the following types of business as a securities broker-dealer, which comprises several classes of services, including: - · Broker or dealer retailing corporate equity securities over-the-counter; - · Broker or dealer retailing corporate debt securities; - · Underwriter or selling group participant on a best efforts or firm commitment basis as lead underwriter; - · Private placements of securities; - · Merger & acquisition business activities; - · Mutual fund retailer via wire order; - . U.S. government securities broker; - Put and call broker; . - · Distribute third party research; - · Create and distribute research; and - · Conduct securities business with retail customers, institutional customers and broker dealer entities. - . Proprietary trading - · Other advisory services Under its membership agreement with FINRA and pursuant to Rule 15c3-3 (k) (2) (ii), the Company conducts business on a fully disclosed basis and does not execute or clear securities transactions for customers. Accordingly, the Company is exempt from the requirement of Rule 15c3-3 under the Securities Exchange Act of 1934 pertaining to the possession or control of customer assets and reserve requirements. Use of Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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. {8}------------------------------------------------ ## Note 2 - Significant Accounting Policies, Continued Securities Owned - Profit and loss arising from all securities and commodities transactions entered into for the account and risk of the Company are recorded on a trade date basis. Investments in securities are valued at market value. ### ASC 606 Revenue Recognition Revenue is measured based on a consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfied a performance obligation by transferring control over a product or service to a customer. The following is a description of activities - separated by reportable segments, per FINRA Form "Supplemental Statement of Income (SSOI)"; from which the Company generates its revenue. For more detailed information about reportable segments, - · Capital Gains (Losses) on Firm Investments. - · Revenue from Underwriting and Selling Group participation: This includes revenue from underwritings and selling group participation in any capacity. - · Investment Banking Fees earned: This includes fees earned from affiliated entities; investment banking fees and M&A advisory fees. Segment Reporting - The Company is engaged in a single line of business as a securities broker dealer, which is comprised of one class of service. The Company has identified its Principal Operations Officer as the Financial Operations Principal as the chief operating decision maker (CODM), 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 dividends. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information from 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. {9}------------------------------------------------ #### Note 3 - Fair Value FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value 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. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by FASB ASC 820, are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: - · Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. - · Level 2 inputs are inputs (other than quoted prices included within level 1) that are observable for the asset or liability, either directly or indirectly. - · Level 3 inputs are unobservable inputs for the asset or liability and rely on management's own assumptions about the assumptions that market participants would use in pricing the asset or liability. (The unobservable inputs should be developed based on the best information available in the circumstances and may include the Company's own data.) The following table presents the Company's fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2025. #### Fair Value Measurements on a Recurring Basis | | Level 1 | Level 2 | Level 3 | |--------------------------------------------------------------|-------------|---------|---------| | Assets
Listed & Other Equity Securities \$1,387,681 | | | | | Total | \$1.387.681 | | | The listed and other equity securities are identified as Level 1 investments representing OTC traded securities held for resale as of December 31, 2025. The OTC traded securities are valued on listed prices of the underlying stocks. {10}------------------------------------------------ #### Note 4 - Concentration of Credit Risk The Company is engaged in various trading and brokerage activities in which counter-parties primarily include broker-dealers, banks, and other financial institutions. In the event counter-parties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counter-party or issuer of the instrument. It is the Company's policy to review, as necessary, the credit standing of each counter-party. The Company had two customers that accounted for 28% of its revenue. ### Note 5 - Net Capital Requirements The Company is subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Rule 15c3-1 also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. The Company's minimum net capital requirement is the greater of 1/15th of aggregated indebtedness or \$100.000. The Company's minimum net capital is calculated as \$100.000. At December 31, 2025, the Company had net capital of \$814,230 which was \$714,230 in excess of its required net capital of \$100,000. The Company's net capital ratio was 1.47 to 1. #### Note 6 - Income Taxes The Company is treated as a partnership for federal income tax purposes. Consequently, federal income taxes are not payable by or provided by the Company. Members are taxed individually on their shares of the Company's earnings. The Company's net income or loss is allocated among the members in accordance with the operating agreement of the Company. The State of California requires limited liability companies to pay a minimum \$800 tax plus a fee based on gross revenue. The accompanying financial statements include an \$800 minimum tax plus a \$6,000 limited liability company fee for total taxes of \$6,800. The accounting principles generally accepted in the United States of America provides accounting and disclosure guidance about positions taken by an organization in its tax returns that might be uncertain. Management has considered its tax positions and believes that all of the positions taken by the Company in its Federal and State organization tax returns are more likely than not to be sustained upon examination. The Company is subject to examinations by U.S. Federal and State tax authorities from 2022 to the present, generally for three years after they are filed. {11}------------------------------------------------ # Note 7 - Exemption from the SEC Rule 15c3-3 Boustead Securities, LLC is an introducing broker-dealer that clears all transactions with and for customers on a fully disclosed basis with an independent securities clearing company and promptly transmits all customer funds and securities to the clearing company, which carries all of the accounts of such customers and maintains and preserves such books and records pertaining thereto pursuant to the requirements of the SEC Rule 17a-4, as are customarily made and kept by a clearing broker or dealer. # Note 8 - Litigation From time to time, the Company is involved in routine litigation that arises in the ordinary course of business. The Company believes, to the extent not previously recorded, that there are no pending significant legal proceedings to which the Company is a party for which management believes the ultimate outcome would have a material adverse effect on the Company's financial position. # Note 9 - Related Parties From time to time during the year, the Company advanced monies to Boustead & Company Limited (BCL), it's parent corporation, and Sutter Securities, Inc. (SSI) an affiliated company, wholly owned by BCL. The advances were for various operating and administrative expenses of those respective affiliates and carry no interest and are repayable at any time. During the year, the Company repaid \$238,753 to BCL. As of December 31 2025, the balance of the advances were \$7,137,486 to BCL, \$27,270 to Boustead Apex and \$64,870 to Boustead Macrocapital. As of December 31, 2025, Commissions Payable to related parties totaled \$21,167. The company shares its rent payment with a related party. # Note 10 - Operating Lease Commitments The Company leases office space in Irvine, California under month-to-month operating leases at the rate of approximately \$4,775 per month. There are no future minimum lease payments under these lease agreements. The Company's office lease expense totaled \$54,030 for the year ended December 31,2025. # Note 11 - Subsequent Events Management has reviewed the results of operations for the period of time from its year end December 31, 2025, through February 28, 2026, the date the financial statements were available to be issued and have determined that no adjustments are necessary to the amounts reported in the accompanying financial statements nor have any subsequent events occurred, the nature of which would require disclosure. As of February 27, 2026, the balance of Securities the Company holds was \$1,475,211. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.