# VIEW PARTNERS CAPITAL LLC X-17A-5 (2026-02-26) — Broker-dealer annual report - Company: VIEW PARTNERS CAPITAL LLC - Form: X-17A-5 - Filed: 2026-02-26 - Period: 2025-12-31 - Accession: 0001426856-26-000001 - CIK: 1426856 - File #: 8-67828 - Type: Broker-dealer - Material weakness: No - Auditor: WithumSmith Brown PC - Auditor location: Whippany, NJ - Contact: Howard Spindel - Phone: 212-897-1688 - Email: hspindel@integrated.solutions - Website: integrated.solutions - Signed by: Ruslan Chilov (Managing Director) Original filing: https://www.sec.gov/Archives/edgar/data/1426856/000142685626000001/vp25s.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** > **ANNUAL REPORTS FORM X-17A-5** | 0MB APPROVAL | | |--------------------------|----| | 0MB Number: 3235--0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: | 12 | SEC FILE NUMBER # 01/01/25 12/31/25 View Partners Capital LLC **PART Ill FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and lSa-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING \_\_\_\_\_\_\_\_ AND ENDING \_\_\_\_\_\_\_ \_ ## NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ | | FORM X-17A-5 | | 8-67828 | |---------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|-------------------------------------------| | | PART Ill | | | | | FACING PAGE
Information Required Pursuant to Rules 17a-5, 17a-12, and lSa-7 under the Securities Exchange Act of 1934 | | | | FILING FOR THE PERIOD BEGINNING | ________
01/01/25 | 12/31/25
AND ENDING | _______
_ | | | MM/DD/YY | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | NAME OF FIRM: | ___________________________ | | _ | | TYPE OF REGISTRANT (check all applicable boxes):
C!l Broker-dealer
D Check here if respondent is also an OTC derivatives dealer | □ Security-based swap dealer | □ Major security-based swap participant | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | 1345
Avenue
of
the | Americas,
2nd
Floor | | | | | (No. and Street) | | | | New York | NY | | 10105 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Howard
Spindel | (212)
897-1688 | | hspindel@integrated.solutions | | (Name) | (Area Code-Telephone Number) | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | WithumSmith+Brown
PC | | | | | (Name - if individual, state last, first, and middle name) | | | | 200
Jefferson
Park, | Whippany
Suite
400 | NJ | 07981 | | (Address)
10/08/2003 | (Cit y) | (State)
100 | (Zip Code) | | | | | | | | FOR OFFICIAL USE ONLY | | (PCAOB R,g;straUo, N"mbe,, ;1 apphcable)I | | | | | | | | | | | + 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}------------------------------------------------ #### OATH **OR AFFIRMATION** | I, Ruslan Chilov | swear (or affirm) that, to the best of my knowledge and ~elief, the | |----------------------------------------------------------------------|-----------------------------------------------------------------------------------| | financial report pertaining to the firm of View Partners Capital LLC | as of | | • 20~
December 31 | is 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. **Signature: Title:** Managing Director #### **This filing\*\* contains (check all applicable boxes):** - I!! (a) Statement of financial condition. - I!! (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. - D (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 240.1Sc3-1 or 17 CFR 240.18a-1, as applicable. - □ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - □ (j) 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. - □ (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. - D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible 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. - I!! (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. - D (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. - I!! (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 report or 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. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 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 240.18a-7(d){2), as applicable. {2}------------------------------------------------ Statement of Financial Condition December 31, 2025 {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member of View Partners Capital LLC: #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of View Partners Capital LLC (the "Company") as of December 31, 2025 and the related notes (collectively referred to as the "financial statement"). In our opinion, the 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 this 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 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 2015. Whippany, New Jersey February 25, 2026 {4}------------------------------------------------ #### Statement of Financial Condition December 31, 2025 #### Assets | Statement of Financial Condition
December 31, 2025 | | |-------------------------------------------------------|-------------------------| | Assets | | | Cash | \$
553,315 | | Other assets
Total assets | 14,119
\$
567,434 | | Liabilities and Member's Equity | | | Contract liabilities | \$
12,500 | | Accrued liabilities
Total liabilities | 8,038
20,538 | | Member's equity | 546,896 | | Total liabilities and member's equity | \$
567,434 | The accompanying notes are an integral part of this financial statement. {5}------------------------------------------------ #### Notes to Financial Statement December 31, 2025 #### 1. Nature of Operations View Partners Capital LLC (the Company) is a broker-dealer registered with the Securities and Exchange Commission (the SEC) and a member of the Financial Industry Regulatory Authority (FINRA). The Company engages in investment banking services, such as private placement of securities and mergers and acquisitions advisory services for corporate customers. The Companys sole member is View Partners LLC. #### 2. Summary of Significant Accounting Policies #### Basis of Presentation This financial statement was prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) which 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 statement. Actual results could differ from these estimates. #### Revenue Recognition The revenue recognition guidance of Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance requires an entity to follow 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 a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The Company engages in the private placement of securities and mergers and acquisitions advisory services. Revenue from advisory arrangements is generally recognized at the point in time that performance under the arrangement is completed (the closing date of the transaction) or when the contract is cancelled. However, for certain contracts, revenue is recognized over time for advisory arrangements in which the performance obligations are simultaneously provided by the Company and consumed by the customer. In some circumstances, significant judgment is needed to determine the timing and measure of progress appropriate for revenue recognition under a specific contract. Additionally, revenue is recognized once the fee is determinable and collection of the related receivable is reasonably assured. Expenses directly associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. For the year ended December 31, 2025, advisory fees recognized over time were \$50,000. {6}------------------------------------------------ #### Notes to Financial Statement December 31, 2025 #### 2. Summary of Significant Accounting Policies (continued) #### Revenue Recognition (continued) | View Partners Capital LLC | | | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|--------------------|-------------------------| | Notes to Financial Statement
December 31, 2025 | | | | | Summary of Significant Accounting Policies (continued) | | | | | Revenue Recognition (continued)
The Company may receive non-refundable advisory fees from customers that exceed revenue
earned, resulting in contract liabilities. The beginning and ending balances of accounts receivable,
contract assets and contract liabilities are presented below: | | | | | | Accounts
Receivable | Contract
Assets | Contract
Liabilities | | Balance, January 1, 2025 | \$
- | \$
- | \$
12,500 | | Balance, December 31, 2025 | \$
- | \$
- | \$
12,500 | #### Credit Losses ASC 326 impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. The allowance for credit losses is based on the Company's expectation of the collectability of financial instruments, including fees and other receivables utilizing the CECL framework. The Company considers factors such as historical experience, credit quality, age of balances, and current and future economic conditions that may affect the Companys expectation of the collectability in determining the allowance for credit losses. The Companys expectation is that the credit risk associated with fees and other receivables is not significant until they are 90 days past due based on the contractual arrangement and expectation of collection in accordance with industry standards. There are no receivables at December 31, 2025 and therefore, no allowance for credit losses was deemed necessary. #### Income Taxes In December 2023, the FASB issued ASU 2023-09 which amends the disclosure requirements for income taxes. The amendments require SEC-Registered entities such as the Company to disclose specific categories in the income tax rate reconciliation, presented both as percentages and reporting currency amounts. The amended guidance is effective for the Company on January 1, 2025. The Company, a limited liability company treated as a pass-through entity for tax purposes, has evaluated the pronouncement and determined it is not applicable and has no impact on its financial statements and related disclosures because the Company has no income tax provision. {7}------------------------------------------------ #### Notes to Financial Statement December 31, 2025 #### 2. Summary of Significant Accounting Policies (continued) #### Income Taxes (continued) The Company is a single-member limited liability company and treated as a disregarded entity for income tax reporting purposes. As such, income or loss of the Company, in general, is allocated to the member for inclusion in its income tax return. Accordingly, the Company has not provided for federal, state, or local income taxes. As of December 31, 2025, management has determined that the Company had no uncertain tax positions that would require financial statement recognition. This determination will always be subject to ongoing reevaluation as facts and circumstances may require. #### 3. Regulatory Requirements The Company is subject to Securities and Exchange Commission Uniform Net Capital Rule 15c3-1 under the Securities Exchange Act of 1934, 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. At December 31, 2025, the Company had net capital of \$532,777 which exceeded the required net capital by \$527,777. The Company does not handle cash or securities of customers. Accordingly, it does not have any reserve requirements nor any obligation relating to possession or control requirements with respect to SEC Rule 15c3-3. #### 4. Commitments The Company has a month-to-month lease with its landlord and occupies office space pursuant to a cancelable lease agreement. The lease may be cancelled if either party gives three months written notice of its intent to terminate. #### 5. Segment Reporting The Company follows ASC 280, Segment Reporting (including adoption of ASU 2023-07), which requires companies to disclose segment data on how management makes decisions about allocating resources to segments and evaluating performance. The Company conducts its business activities and reports financial results as a single reportable segment, consisting of merger and acquisition advisory fees (M & A advisory). Using the management approach, qualitative and quantitative criteria established by ASC 280, these fees are considered to be a single reportable segment. The Chief Operating Decision Maker (CODM) uses net income to evaluate the results of the business to manage the Company. Additionally, the CODM uses excess net capital (see Note 3), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy. The nature of business and accounting policies of the M & A advisory segment are the same as described in the summary of significant accounting policies. The CODM is comprised of the Companys managing directors. {8}------------------------------------------------ #### Notes to Financial Statement December 31, 2025 #### 6. Off-Balance Sheet Risk and Concentration of Credit Risk The Company maintains its cash balances at one financial institution, and at times these balances may exceed the Federal Deposit Insurance Corporation coverage limit of \$250,000. Any loss incurred or lack of access to such funds could have a significant adverse impact on the Companys financial condition, results from operations, and cash flows. #### 7. Subsequent Events The Company has evaluated events that have occurred after December 31, 2025 through the date the financial statements were issued and has determined that there were no material subsequent events requiring adjustment or disclosure. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.