# WATERVIEW SECURITIES, INC. X-17A-5 (2026-02-20) — Broker-dealer annual report
- Company: WATERVIEW SECURITIES, INC.
- Form: X-17A-5
- Filed: 2026-02-20
- Period: 2025-12-31
- Accession: 0001434778-26-000002
- CIK: 1434778
- File #: 8-67895
- Type: Broker-dealer
- Material weakness: No
- Auditor: Sanville & Company
- Auditor location: Dallas, TX
- Contact: Larry S. Starks
- Phone: 469-916-3935
- Signed by: Larry S. Starks (President)
Original filing: https://www.sec.gov/Archives/edgar/data/1434778/000143477826000002/SECWaterviewSecurities.pdf
---
{0}------------------------------------------------
Financial Statements with Supplemental Information Pursuant to Rule 17a-5(d)
**Year Ended December 31, 2025**
{1}------------------------------------------------
#### **Table of Contents**
| | Page |
|-----------------------------------------------------------------------------------------------------------------------------------------|----------|
| Financial Statements: | |
| Report of Independent
Registered Public Accounting Firm | iii |
| Statement of Financial Condition | 1 |
| Statement of Operations | 2 |
| Statement of Changes in Stockholder's
Equity | 3 |
| Statement of Cash Flows | 4 |
| Notes to Financial Statements | 5 -
7 |
| Supplemental Information: | |
| Schedule I -
Computation of Net Capital Under Rule 15c3-1 of the
Securities and Exchange Commission | 8 |
| Schedule II & III –
Computation
For
Determination of Reserve
Requirements and Information Relating to Possession or Control | |
| Requirements Under Rule 15c3-3 of the Securities and Exchange
Commission | 9 |
{2}------------------------------------------------
#### **Report of Independent Registered Public Accounting Firm**
To the Stockholder and Those Charged With Governance Waterview Securities, Inc.
#### **Opinion on the Financial Statements**
We have audited the accompanying statement of financial condition of Waterview Securities, Inc. (the Company) as of December 31, 2025, the related statements of operations, changes in stockholder's equity, and cash flows for the year then ended, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company 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 the Company's management. Our responsibility is to express an opinion on the Company'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 the Company in accordance with 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
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.
#### **Supplemental Information**
The supplementary information contained in Schedule I, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for Determination of Reserve Requirements Under SEC Rule 15c3-3, and Schedule III, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the
> 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998
{3}------------------------------------------------
responsibility of the Company's management. Our 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 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 information contained in Schedule I, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for Determination of Reserve Requirements Under SEC Rule 15c3-3, and Schedule III, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 is fairly stated, in all material respects, in relation to the financial statements as a whole.
We have served as the Company's auditor since 2019.
Sanville & Company, LLC Dallas, Texas January 26, 2026
{4}------------------------------------------------
## **Statement of Financial Condition**
December 31, 2025
#### **ASSETS**
| Cash | \$
74,150 |
|-----------------------------------------------------------------------------------------------------------|--------------|
| Prepaid expenses | 1,196 |
| Total current assets | \$
75,346 |
| | |
| LIABILITIES AND STOCKHOLDER'S EQUITY | |
| Accounts Payable | \$
0 |
| Total liabilities | 0 |
| | |
| Stockholder's
equity: | |
| Common stock -
\$0.01 par value, 100,000 shares
authorized; 25,001
shares issued and outstanding | 250 |
| Additional paid-in capital | 24,750 |
| Retained earnings | 50,346 |
| Total stockholder's
equity | 75,346 |
| | |
The accompanying notes are an integral part of these financial statements.
Total liabilities and stockholder's equity \$ 75,346
{5}------------------------------------------------
#### **Statement of Operations**
For the Year Ended December 31, 2025
| Revenues: | |
|------------------------------------|----------------|
| Fee and service revenue | \$
0 |
| Operating expenses: | |
| Compensation | 0 |
| Referral fees | 0 |
| Regulatory
fees | 963 |
| Professional fees | 8,640 |
| Expense sharing | 5,400 |
| Total operating expenses | 15,003 |
| Operating loss | (15,003) |
| Other income (expense): | |
| State margin tax expense | -- |
| Total other
income
(expense) | -- |
| Net loss | \$
(15,003) |
The accompanying notes are an integral part of these financial statements.
{6}------------------------------------------------
#### **Statement of Changes in Stockholder's Equity**
For the Year Ended December 31, 2025
| | Common Stock | | Additional | | |
|--------------------------------|--------------|-----------|--------------------|----------------------|------------|
| | Shares | Amount | Paid-in
Capital | Retained
Earnings | Total |
| Balances at, December 31, 2024 | 25,001 | \$
250 | \$
24,750 | \$ 265,357 | \$ 290,357 |
| Distributions | -- | -- | -- | (200,008) | (200,008) |
| Net loss | -- | -- | -- | (15,003) | (15,003) |
| Balances at, December 31, 2025 | 25,001 | \$
250 | \$
24,750 | \$ 50,346 | \$ 75,346 |
The accompanying notes are an integral part of these financial statements.
{7}------------------------------------------------
## **Statement of Cash Flows**
For the Year Ended December 31, 2025
| Cash flows from operating activities | | | |
|---------------------------------------------------------|---|-----------|---|
| Net loss | ( | \$ 15,003 | ) |
| Adjustment to reconcile net income to net cash provided | | | |
| by operating activities: | | | |
| Changes in operating assets and liabilities: | | | |
| Prepaid expenses | ( | 867 | ) |
| Accounts payable | ( | 690 | ) |
| Net cash used in operating activities | ( | 16,560 | ) |
| Cash flows from financing activities | | | |
| Distributions | ( | 200,008 | ) |
| Total cash flows from financing activities | ( | 200,008 | ) |
| Decrease
in cash and cash equivalents | ( | 216,568 | ) |
| Cash
at
beginning of year | | 290,718 | |
| Cash at end of year | | \$ 74,150 | |
| Supplemental Disclosure of Cash Flow Information | | | |
| Interest | | -- | |
| Income taxes | | -- | |
The accompanying notes are an integral part of these financial statements.
{8}------------------------------------------------
# **Notes to Financial Statements**
December 31, 2025
# **Note 1 - Nature of Business and Summary of Significant Accounting Policies**
Waterview Securities, Inc., a Texas Subchapter S Corporation, (the Company) is a securities broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). The Company provides merger and acquisition advisory services and investment banking services that may include the private placement and transfer of securities. The Company does not hold or receive customer funds or securities.
Substantially all of the Company's business is conducted with customers located in the United States.
A summary of the significant accounting policies consistently applied in the preparation of the accompanying financial statements follows.
## *Fee and service revenue*
Fee and service revenue result primarily from raising capital and financial advisory services surrounding mergers and acquisitions for privately owned companies and divisions of public companies. Such fees are recognized as projects are completed or as revenue is earned.
# *Accounts receivable*
Accounts receivable are individually reviewed for collectability each month and are written off once they are determined to be uncollectible by management.
#### *Income taxes*
The Company has elected to be treated as a Subchapter S corporation under the Internal Revenue Code. In lieu of corporate income taxes, the shareholders are taxed on their proportionate share of the Company's taxable income. Therefore, no provision or liability for federal income taxes has been included in these financial statements. Although the Company is generally subject to the Texas franchise tax, based on the Company's total revenues being less than the minimum threshold no franchise tax is considered due for the year ended December 31, 2025. As of December 31, 2025, no interest or penalties related to uncertain tax positions have been accrued.
{9}------------------------------------------------
# **Notes to Financial Statements**
December 31, 2025
# **Note 1 - Nature of Business and Summary of Significant Accounting Policies**
# *Concentration of credit risk*
Financial instruments that potentially subject the Company to concentration of credit risk consist principally of temporary cash investments. The Company minimizes its credit risk associated with cash by utilizing high credit quality financial institutions. Cash balances are insured by the Federal Deposit Insurance Corporation (FDIC) up to \$250,000. The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in these accounts and believes it is not exposed to any significant risk on cash.
## *Use of estimates*
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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.
# **Note 2 - 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 amount of net capital, as defined under such provisions. Net capital and the related net capital ratio may fluctuate on a daily basis. At December 31, 2025, the Company had net capital of \$74,150 and a net capital requirement of \$5,000. The Company's ratio of aggregate indebtedness to net capital was 0.0000 to 1 at December 31, 2025. The Securities and Exchange Commission permits a ratio of no greater than 15 to 1.
# **Note 3 – Stockholder's Equity**
The Company is authorized to issue 100,000 shares of common stock, with a par value of \$0.01 per share. It is classified as a "small business corporation" and its stock is classified
{10}------------------------------------------------
# **Notes to Financial Statements**
December 31, 2025
# **Note 3 – Stockholder's Equity, continued**
as §1244 stock as defined by the Internal Revenue Code (IRC). The maximum amount to be received by the Company in consideration of its stock to be issued pursuant to this IRC section shall not exceed \$1,000,000. There are 25,001 shares issued and outstanding as of December 31, 2025.
# **Note 4 - Related Party Transactions**
On February 1, 2021 the Company entered into an expense-sharing agreement with Waterview Investment Banking, Inc. ("WIB") whereby it provides office space and incurs certain general and administrative expenses for the benefit of the Company. The Company reports these expenses as expense sharing and professional fees in the statement of operations. The fees paid to WIB amounted to \$5,400 for the year ended December 31, 2025.
# **Note 5 – Commitments and Contingencies**
The Company does not have any commitments, guarantees or contingencies. The Company is not aware of any threats or other circumstances that may lead to the assertion of a claim at a future date.
# **Note 6 – Segment Reporting**
The Accounting Standards Update (ASU) 2023-07 issued by the Financial Accounting Standards Board (FASB) introduced enhancements to segment reporting requirements for public entities, including broker-dealers. The update aimed to improve the transparency and usefulness of financial disclosures for investors and other stakeholders. ASU 2023-07 disclosure requirements are effective for fiscal years starting after December 15, 2024. The chief operating decision maker is the President, CCO & GSP of the Company and determined that no additional disclosures are required as the Company has only one reportable segment.
{11}------------------------------------------------
# **Schedule I Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission**
As of December 31, 2025
#### **Waterview Securities, Inc.**
#### **Net capital**
| Total stockholder's equity
Less nonallowable assets: | \$
75,346
1,196 |
|------------------------------------------------------------------------------------------------------------------------|-----------------------|
| Net capital | \$
74,150 |
| Aggregate indebtedness | |
| Aggregate indebtedness liabilities | \$
0 |
| Computations of basic net capital requirement | |
| Minimum net capital required
(6-2/3% of total aggregate indebtedness) | \$
0 |
| Minimum dollar net capital requirement
of reporting broker or dealer | \$
5,000 |
| Net capital requirement
(greater of above two minimum requirement amounts) | \$
5,000 |
| Net capital in excess of required minimum | \$
69,150 |
| Net capital less greater of 10% of total aggregate indebtedness or
120% of minimum dollar net capital requirement | \$
68,150 |
| Percentage of aggregate indebtedness to net capital | 0.00% |
| There were no material differences in the computation of net
capital under Rule 15c3-1 from the Company's unaudited | |
FOCUS II-A Report.
{12}------------------------------------------------
# **Schedule II & III Computation For Determination Of Reserve Requirements And Information Relating To Possession Or Control Requirements Under Rule 15c3-3 of the Securities and Exchange Commission December 31, 2025**
The Company is considered a "Non-Covered Firm" exempt from 15c3-3 by relying on footnote 74 to SEC Release 34-70073 and therefore, is not required to maintain a "Special reserve bank account for the Exclusive benefit of customers."
{13}------------------------------------------------
#### **Report of Independent Registered Public Accounting Firm**
To the Stockholder and Those Charged With Governance Waterview Securities, Inc.
We have reviewed the accompanying Exemption Report of Waterview Securities, Inc. (the Company) as of and for the fiscal year ended December 31, 2025, in which management asserts that:
1. The Company did not claim an exemption under any paragraph of 17 C.F.R. § 240.15c3-3(k);
2. The Company is filing this Exemption Report in reliance on Footnote 74 of SEC Release No. 34-70073 because it limited its securities business activities to (1) advising clients in connection with securities transactions made with relation to mergers and acquisitions and private placements throughout the fiscal year ended December 31, 2025 exclusively to the activities described in that footnote; and
3. Throughout the fiscal year ended December 31, 2025, the Company: (i) did not receive, hold, or owe funds or securities for or to customers (except amounts received and promptly transmitted in accordance with 17 C.F.R. § 240.15c2-4(a) or (b)(2)); (ii) did not carry accounts of or for customers; and (iii) did not carry proprietary accounts of other broker-dealers.
Management of the Company is responsible for the assertions in the Exemption Report and for compliance with the applicable requirements.
We conducted our review in accordance with attestation standards established by the Public Company Accounting Oversight Board (United States). A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion.
Based on our review, nothing came to our attention that caused us to believe that management's assertions referred to above are not fairly stated, in all material respects, based on the requirements set forth in Footnote 74 of SEC Release No. 34-70073 and related provisions of Rule 17a-5.
Sanville & Company, LLC Dallas, Texas January 26, 2026
325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998
{14}------------------------------------------------
M&A ADVISORY VALUATION CAPITAL SOURCING
#### **Rule 15c3-3 Exemption Report**
#### **For The Year Ended 12/31/2025**
#### **Waterview Securities, Inc., SEC Registration Number 8-67895**
Waterview Securities, Inc. (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 is considered "Non-Covered Firm" exempt from 17 C.F.R. §240.15c3-3 and is filing an Exemption Report relying on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by the SEC staff. The Company limits its business activities exclusively to: (1) advising clients in connection with securities transactions made with relation to mergers and acquisitions and private placements.
- (2) 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; (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.
I, Larry Starks, swear (or affirm) that, to my best knowledge and belief, this exemption report is true and correct.
Regards,
Larry S. Starks President, CCO & GSP
Date of Report: January 24, 2026
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.