# LINK SECURITIES LLC X-17A-5 (2026-02-25) — Broker-dealer annual report - Company: LINK SECURITIES LLC - Form: X-17A-5 - Filed: 2026-02-25 - Period: 2025-12-31 - Accession: 0001399754-26-000001 - CIK: 1399754 - File #: 8-67641 - Type: Broker-dealer - Material weakness: No - Auditor: Mercurious & Associates LLP - Auditor location: New Delhi, K7 - Contact: Elizabeth Collins - Phone: 415-246-9169 - Email: lena@linkbig.net - Website: linkbig.net - Signed by: Lena Dalbey (Managing Member) Original filing: https://www.sec.gov/Archives/edgar/data/1399754/000139975426000001/link2025public.pdf --- {0}------------------------------------------------ | | | | | 0MB APPROVAL | |----------------------------------------------------|--------------|-----------------------------------------------------------------------------------------------------------|---------|---------------------------------------------------| | | | UNITED STATES
SECURITIES AND EXCHANGE COMMISSION | | 0MB Number: 3235-0123 | | | | Washington, D.C. 20549 | | Expires: Nov.30, 2026
Estimated average burden | | | | | | hours per response: 12 | | | | ANNUAL REPORTS | | SEC FILE NUMBER | | | | FORM X-17A-5 | | | | | | PART Ill | | | | | | | | | | | | 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/VY | | MM/DD/VY | | | | A. REGISTRANT IDENTIFICATION | | | | | | | | | | NAME OF FIRM: LINK SECURITIES LLC | | | | | | | | | | | | | | TYPE OF REGISTRANT (check all applicable boxes): | | | | X 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.) | | | | | | | | | | | | | | | | 17767 NORTH SCOTTSDALE ROAD, SUITE 300 | | (No. and Street) | | | | | | | | | | | | | | | | | (City) | (State) | | (Zip Code) | | | | | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | 480.231.2232 | LENA@LINKBIG.NET | | | | | | (Area Code - Telephone Number) | | (Email Address) | | SCOTTSDALE, ARIZONA 85255
LENA DALBEY
(Name) | | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | | | | | | MERCURI US & ASSOCIATES LLP (formerly known as AJSH & Co LLP) | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | A-94/8, Wazirpur Industrial Area, Main Ring Road, New Delhi-110052, INDIA | | | | | | | | | | (Address) | | (City) | (State) | (Zip Code) | | 2009
lte | | 3223 | | | \* 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-S(e)(l)(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 0MB control number.** {1}------------------------------------------------ {2}------------------------------------------------ # **STATEMENT OF FINANCIAL CONDITION** **DECEMBER 31, 2025** The report is filed in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934 as a **PUBLIC DOCUMENT.** {3}------------------------------------------------ # **TABLE OF CONTENTS** Report of Independent Registered Accounting Firm Statement of Financial Condition Notes to Statement of Financial Condition Page(s) 4 3 5- 6 {4}------------------------------------------------ # **MERCURIUS** #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of the Link Securities, LLC (the "Company") as of December 31, 2025, and the related notes (coHectively referred to as the "financial statement"). ln our opinion, the financial statement presents fairly, in all material respect, 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** The 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 from 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 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 of the financial statement provides a reasonable basis for our opinion. #### **Mercurius** & **Associates LLP** We have served **as the** Company's Auditor since 2022. New Delhi, India February 23, 2026 > LLPIN: AAG-1471 A-94/8, Wazirpur Industrial Area New Delhi-110052, India {5}------------------------------------------------ ![](_page_5_Figure_0.jpeg) {6}------------------------------------------------ # **STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025** #### **ASSETS** | CASH | \$
58,053 | |-----------------------------------------------|--------------| | OTHER ASSETS | 17,948 | | | \$
76,001 | | LIABILITIES AND MEMBER'S EQUITY | | | LIABILITIES: | | | Accounts Payable | \$
202 | | Deferred Revenue | \$
7,500 | | | \$
7,702 | | COMMITMENTS AND CONTINGENCIES (Notes 2 and 4) | | | MEMBER'S EQUITY (Note 3) | \$
68,299 | | | \$
76,001 | The accompanying notes are an integral part of this statement. {7}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENTS** # *NOTE 1* - *ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES* # *Ocganization and Business* LINK Securities LLC (the "Company") is a Delaware limited liability company formed in 2006. The Company was approved to operate as a registered broker-dealer with the Securities and Exchange Commission ("SEC") on September 13, 2007 and became a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The sole member of the Company is LINK Capital LLC (the "Parent"). The Company provides investment banking services, primarily capital raising, merger & acquisition and financial advisory services. # *Rule* /5c3-3 *Exemption* The Company, under Rule 15c3-3 Paragraph 7 4, is exempt from the reserve and possession or control requirements of Rule 15c3-3 of the Securities and Exchange Commission. The Company does not carry or clear customer accounts. # *Bereoue Reco.gnition* Consulting and investment banking revenues include fees arising from strategic advisory and other engagements in which the Company acts as an agent. Advisory fees are recognized when received and success fees are recorded on the completion date of the merger & acquisition transaction. Any fees received before they are earned are recorded as deferred revenue and recognized upon the completion of the services. # *Income Taxes* The Company is a single-member limited liability company and is considered a disregarded entity for federal and state income tax purposes. All items of revenue, expense, gain and loss is included on the Parent's return. Accordingly, the financial statements do not include a provision for income taxes. 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 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 not subject to income tax return examinations by major taxing authorities for years before 2018. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Company recording a tax liability that reduces net assets. However, the Company's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof. The Company recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income taxes payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2025. # *Fair Value ofFinancial Instruments* The carrying amounts reflected in the financial statements for cash, other assets, accounts payable and deferred revenue, approximate their respective fair values due to the short maturities of these instruments. # *Cash EQ.uivaleots* For purposes of the statement of cash flows, the Company has defined cash equivalents as highly liquid investments with original maturities of less than ninety days that are not held for sale in the ordinary course of business. {8}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENTS** *(concluded)* #### *NOTE 1* - *ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)* # **l/se ofEstimates** In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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. # *S,:g,mcnt Reporting* The Company follows ASC 280, Segment Reporting (including adoption of ASU 2023-07), which requires companies to disclose segment data based on how management makes decisions about allocating resources to segments and evaluating performance. The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of multiple classes of services including capital raising, merger & acquisition and financial advisory services. The Company has identified its CEO as the Chief Operating Decision Maker ("CODM") who manages business activities using information of the Company as a whole. The CODM also uses net income, excess net capital and cash to evaluate the operations, maintain capital adequacy and make decisions whether to reinvest profits or pay distributions to the Parent. The accounting policies used to measure the profit and loss segment are the same as those described in the summary of significant accounting policies (Note 1). # *NOTE2- RELATEDPARTIES* The Company has an expense sharing agreement with its Parent whereby, it pays \$1,000 per month to its Parent for rent and other general overhead expenses. In 2025, the Company paid \$12,000 under the arrangement. The Company distributes excess cash to the Parent in the ordinary course. Distributions in 2025 totaled \$1,125,000. The Company also provides advisory services to a client in which the principal of the Company owns a minority stake. In 2025, approximately \$164,400 was earned from this related party. #### *NOTE 3* - *NET CAPITAL REQUIREMENTS* Pursuant to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined under such provisions. At December 31 , 2025, the Company had net capital and a net capital requirement of \$50,351 and \$5,000, respectively. The Company's net capital ratio (aggregate indebtedness to net capital) was 0.15 to 1. According to Rule 15c3-1 , the Company's net capital ratio shall not exceed 15 to 1. #### *NOTE 4* - *CONTINGENCIES AND OFF-BALANCE SHEET RISK* The Company engages in various corporate financing activities with counterparties that primarily include issuers with which the Company has an investment banking assignment. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Company's policy to review, as necessary, the credit standing of each counterparty with which it conducts business. #### *NOTES- SUBSEQUENT EVENTS* The Company has performed an evaluation of subsequent events through the date the financial statements were issued. The evaluation did not result in any subsequent events that required disclosures and/or adjustments. #### *NOTE6- RECENT ACCOUNTING PRONOUNCEMENTS* There were no new accounting pronouncements relevant for the year ended December 31 , 2025 that we believe would have a material impact on our financial position or results of operations. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.