# CRUTCHFIELD SECURITIES, L.L.C. X-17A-5 (2026-01-27) — Broker-dealer annual report - Company: CRUTCHFIELD SECURITIES, L.L.C. - Form: X-17A-5 - Filed: 2026-01-27 - Period: 2025-12-31 - Accession: 0001377171-26-000001 - CIK: 1377171 - File #: 8-67433 - Type: Broker-dealer - Material weakness: No - Auditor: Jennifer Wray CPA PLLC - Auditor location: Sugar Land, TX - Contact: Thomas Powell - Phone: 7132492656 - Email: tfp@crutchfieldcapital.com - Website: crutchfieldcapital.com - Signed by: Thomas F. Powell (FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1377171/000137717126000001/2025_Crutchfield_Sec_X-17A-5.pdf --- {0}------------------------------------------------ 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 | | | nours per response: 12 | | SEC FILE NUMBER 8-67433 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 AND ENDING 12/31/2025 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: Crutchfield Securities, L.L.C. 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.) # 5599 San Felipe St., Suite 555 | | (No. and Street) | | | |----------------------------------------------|----------------------------------------------------------------------------|-----------------|----------------------------| | Houston | X | | / / 056 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Thomas Powell | 713-249-2656 | | tfp@crutchfieldcapital.com | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | Jennifer Wray CPA PLLC | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing * | | | | | (Name - if individual, state last, first, and middle name) | | | | 800 Bonaventure Way, Ste. 168 | Sugar Land | X | 77479 | | (Address) | (City) | (State) | | | | | | (Zip Code) | | 11/30/2016 | | 6328 | | FOR OFFICIAL USE ONLY " Claims for exemption from the reguirement 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. {1}------------------------------------------------ ### OATH OR AFFIRMATION I. Thomas F. Powell swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Crutchfield Securities, L.L.C. ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------December 31 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. ![](_page_1_Picture_4.jpeg) # Mary Jowell Signature. Title: Thomas F. Powell, FINOP 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 200.15c3-3. - [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 reguirements for customers under 17 CFR 240.15c3-3. - [r] 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. - @ (o) 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. - [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 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 240.170-5(e)/3) or 17 CFR 240.180-7(d)/2), as applicable. {2}------------------------------------------------ CRUTCHFIELD SECURITIES, L.L.C. (A TEXAS LIMITED LIABILITY COMPANY) FINANCIAL STATEMENTS and SUPPLEMENTAL INFORMATION DECEMBER 31, 2025 PURSUANT TO RULE 17A-5 UNDER THE SECURITIES EXCHANGE ACT OF 1934 CONFIDENTIAL TREATMENT REQUESTED {3}------------------------------------------------ ### INDEX | Page | | |-------------------------------------------------------------------------------------------------------|--| | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | | STATEMENT OF FINANCIAL CONDITION -
As of December 31, 2025 | | | STATEMENT OF OPERATIONS -
For the year ended December 31, 2025 | | | STATEMENT OF CHANGES IN MEMBERS' EQUITY -
For the year ended December 31, 2025 | | | STATEMENT OF CASH FLOWS -
For the year ended December 31, 2025 | | | NOTES TO FINANCIAL STATEMENTS | | | SUPPLEMENTAL INFORMATION | | | SCHEDULE I: Computation of Net Capital Under Rule 15c3-1 of
the Securities and Exchange Commission | | | SCHEDULE II: Computation for Determination of Reserve Requirements | | | SCHEDULE III: Information Relating to The Possession
Or Control Requirement | | | REPORT of Independent Registered Public Accounting Firm Regarding
the Exemption Report | | | EXEMPTION REPORT | | {4}------------------------------------------------ ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To member of Crutchfield Securities, LLC, ### Opinion on the Financial Statements We have audied the accompanying statement of the financial condition of Crutchfield Securities, LLC as of December 31, 2025, the related statements of operations, changes in member's equity, and cash flows for the year ended December 31, 2025, and the related notes and schecively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material position of Crucchiled Securities, LLC as of December 31, 2025, and the results of its operations and its cash flows for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. ### Basis for Opinion These financial statements are the responsibility of Crutchfield Securities, LLC's management. Our responsibility is to express an opinion on Crutchfield Securities, LLC's financial statements 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 Crutchfield 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 statements are 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 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. 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. ### Auditor's Report on Supplemental Information The supplementary information contained in Schedules , II & III has been subjected to audit procedures performed in conjunction with the audit of Crutchfield Securities, LLC's financial statements. The supplemental information is the responsibility of Crutchfield Securities, LLC's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In our opinion, the Supplementary schedule is fairly stated, in relation to the financial statements as a whole. Jennifer Wray CPA PLLC We have served as Crutchfield Securities, LLC's auditor since 2020. Sugar Land, Texas January 23, 2026 {5}------------------------------------------------ ### STATEMENT OF FINANCIAL CONDITION AT DECEMBER 31, 2025 ## ASSETS | TOTAL ASSETS | | |---------------------------------------|--| | | | | LIABILITIES AND MEMBERS' EQUITY | | | | | | | | | | | | | | | TOTAL LIABILITIES AND MEMBERS' EQUITY | | {6}------------------------------------------------ ### STATEMENT OF OPERATIONS ### FOR THE YEAR ENDED DECEMBER 31, 2025 | Fee revenue | \$4,287,500 | |--------------------------------------|-------------| | Operating expenses: | | | Rent and overhead | 3,600 | | Professional fees | 26,836 | | Consulting fees | 4,251,183 | | Other expenses | 0 | | Total operating expenses | 4,281,619 | | Income (loss) before interest income | 5,881 | | Interest Income | 0 | | Income (loss) before tax | 5,881 | | State tax | 14,192 | | Net Income (loss) | (\$8,311) | {7}------------------------------------------------ # STATEMENT OF CHANGES IN MEMBERS' EQUITY FOR THE YEAR ENDED DECEMBER 31, 2025 | Balance at January 1, 2025 | \$37.362 | |------------------------------|----------| | Net Income (loss) | (8.311) | | Balance at December 31, 2025 | \$29.051 | {8}------------------------------------------------ ### STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2025 | Net Income (loss)
Adjustments to reconcile net income to net cash
Used in operating activities:
Increase in operating assets | (\$8,311) | |---------------------------------------------------------------------------------------------------------------------------------------|-----------| | Prepaid expenses | (898) | | Increase in operating liabilities
Accrued expenses | 4.529 | | Net cash provided by operating activities | (4,680) | | Net increase in cash | (4,680) | | Cash at December 31, 2024 | 58.276 | | Cash at December 31, 2025 | \$53.596 | {9}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENTS December 31, 2025 # NOTE 1 – NATURE OF OPERATIONS # NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES – {10}------------------------------------------------ – ### NOTE 3 – RELATED PARTY TRANSACTIONS ### NOTE 4 – NET CAPITAL REQUIREMENTS ### NOTE 5 – COMMITMENTS AND CONTINGENCIES {11}------------------------------------------------ # NOTE 6 – MEMBERS' EQUITY # NOTE 7– CONCENTRATIONS – # NOTE 8 – SINGLE SEGMENT REPORTING # NOTE 9 – SUBSEQUENT EVENTS \* \* \* \* {12}------------------------------------------------ # SUPPLEMENTAL INFORMATION - SCHEDULE I - COMPUTATION OF NET CAPITAL UNDER RULE 15C3-1 of THE SECURITIES AND EXCHANGE COMMISSION DECEMBER 31, 2025 | | Net Capital
Computation | |------------------------------------------------------------------------------------------------------------|----------------------------| | Members' Equity | \$29,051 | | Deductions and/or charges Nonallowable assets
Prepaid expenses | | | | 1,273 | | Total deductions | 1,273 | | Net Capital
Minimum capital requirement (the greater of
\$5,000 or 6 2/3% of aggregate indebtedness) | 27,778
5,000 | | | | | Excess net capital | \$22,778 | | Aggregate Indebtedness | \$25,818 | | Percentage of aggregate indebtedness to net capital | 93% | {13}------------------------------------------------ ### CRUTCHFIELD SECURITIES, L.L.C. Schedule II – Computation for Determining of Reserve Requirements Pursuant to SEA Rule 15c3-3 As of December 31, 2025 {14}------------------------------------------------ ### CRUTCHFIELD SECURITIES, L.L.C. Schedule III – Information Relating to Possession or Control Requirements Pursuant to SEA Rule 15c3-3 As of December 31, 2025 {15}------------------------------------------------ ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of Crutchfield Securities, LLC We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) Crutchfield Securities, LLC states that (1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3, and (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to receiving transaction for identifying potential merger and acquisition opportunities for clients and the Company (a) did not directly receive, hold and or otherwise owe funds or securities for to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; (b)did not cary accounts of or for customers; and (c) did not cary PAB account (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. Crutchfield Securities, LLC's management is responsible for compliance with the provisions contemplated by Footnote 74 of SEC Release No. 34-70073, adopting amendments to 17 C.F.R. § 240.17a-5 and related SEC Staff Frequently Asked Questions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about Crutchfield Securities, LLC's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based upon the Company's business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5, and related SEC Staff Frequently Asked Questions. Jennifer Wray CPA PLLC Sugar Land, Texas. January 23, 2026 {16}------------------------------------------------ Member FINRA / SIPC # Crutchfield Securities Exemption Report Crutchfield Securities(the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. §240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: (1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3, and (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company); (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. Crutchfield Securities I, Thomas F. Powell, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. By: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Title: Director January 21, 2026 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.