# CTL SECURITIES LLC X-17A-5 (2026-02-12) — Broker-dealer annual report - Company: CTL SECURITIES LLC - Form: X-17A-5 - Filed: 2026-02-12 - Period: 2025-12-31 - Accession: 0001435252-26-000001 - CIK: 1435252 - File #: 8-67900 - Type: Broker-dealer - Material weakness: No - Auditor: Goldman & Company, CPAs P.C. - Auditor location: Marietta, GA - Contact: Jeffrey Heller - Phone: 9736694744 - Signed by: Michael Kraus (President) Original filing: https://www.sec.gov/Archives/edgar/data/1435252/000143525226000001/ctlaudit32025.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington,** D.C. **20549** OMAP O l 0MB Numher. 3235-0113 Expires: Nov. 30, 2026 fstlmated average burden hours perr1!\$ponse: 12 ## **ANNUAL REPORTS FORM X-17A-5 PART Ill** | SECFIL£ NUMBER | |----------------| | 8-67900 | | Information Required Pursuant to Rules 17a-5, 17a-12, and l8a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|--------------|-------------------------------------------------------| | FILING FOR THE PERIOD BEGINNING _0_1_f_0_1 f_2_ | 5 ___
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MM/OO/YY | | | A. REGISTRANT lDENTIFICATION | | | | NAME OF FIRM: CTL Securities LLC | | | | | TYPE OF REGISTRANT (check all applicable boxes):
l!l Broker-dealer
□ Security-based swap dealer
□ Check here if respondent is also an OTC derivatives dealer | | | □ Major security-based swap participant | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | 521 Fifth Ave.l 17th Floor | | | | | | (No. and Street) | | | | New York | NY | | 10175-1799 | | fCitv) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | {Name) | (Area Code-Telephone Number) | | {Email Address) | | | B. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Goldman & Company, CPAs P .C. | | | | | | (Name - if individual, state last, first, and middle name) | | | | 3535 Roswell Rd., Ste 32 | Marietta | GA | 30062 | | (Address) | (City) | (State) | {Zip Code) | | (Oate of Registration with PCAOB){if applicable) | | | (PCAOB ReJ?istration Number if applicable) | | | FOR OFFIOAL USE ONLY | | | • Claims for exemption from the requirement that the annual reports be covered by the reports or an independent public accountant must be supported by a statement of facts and circumstances relie-d on as the basis of the exemption. See 17 CFR 240.17a-5(e)(l)(ii), if applicable. Persons who are to respond to the collectlon of Information contained In this form **are** not required to respond unless the form displays a currently valld 0MB control number. {1}------------------------------------------------ ### OATH OR AFFIRMATION | | swear (or affirm) that, to the best of my knowledge and belief, the
1, Michael Kraus | | | | |--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--| | | as of
financial report pertaining to the firm of cnsecuritiesuc | | | | | | 2~
12/31
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. | | | | | ~ | 4 | | | | | | ~P-~
Signature:
SlfBSCRIBED AND SWORN TO BEFORE ME:. A | | | | | | NOT.;~y flpBLIC, IN AND FOR COUNTY OF
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AND STATE OF CONNECTIC~H!:3 | | | | | | -
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This filing•• contains (check all applicable boxes):
ZHANGZHU HOWARD
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Notary Poole, 5'alt °' ConMdicul
• | | | | | iiii!l | ____ ~_Comcmsion __ ·_e_~_ ~_38_, 2036
(a) Statement of financial condition.
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!l | | | | | | D (b) Notes to consolidated statement of financial condition. | | | | | | iii (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). | | | | | iiii!l | {d) Statement of cash flows. | | | | | B | (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. | | | | | Iii | (h) computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. | | | | | 0 | (i) Computation oftangible net worth under 17 CFR 240.18a-2. | | | | | iiii!l | (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. | | | | | 0 | (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. | | | | | D | (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3.
ii (m) Information relating to possession or control requirements for customers under 17 | | | | | 0 | CFR 24
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. | | | | | 0 | (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 240.18.l-4, as .ipplic;ible, if rn:)teri:il differences exist, or a statement th:)t no material difference~ | | | | | | exist. | | | | | 0 | (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. | | | | | liiiii | (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. | | | | | liiiii | (s) Exemption report in accordance with 17 CFR 240.17a-S or 17 CFR 240.lBa-7, as applicable. | | | | | l!il | (t) Independent public accountant's report based on an examination of the statement of financial condition.
ii (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.lBa-7, or 17 CFR 240.17a-12, as applicable. | | | | | Iii | {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. | | | | | liiiii | (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, c1s applicable. | | | | | | D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-1e or 17 CFR 240.17a-12, | | | | | | as applicable. | | | | | | □ (y) Report describing any material inadequacies found Lo exist or found to have existed since the cJate of the previous audit, or | | | | | 0 | _____________________
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a statement that no material inadequacies exist, under 17 CFR l40.17a-12(k).
(z)Other:
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_ | | | | | | | | | | ⁰ To request confidential treatment of certafn portions of this J;ling, see 17 CFR 24Q.17a-5(e}(3) or 11 CFR Z40.1Ba-l(d)(2), as applicable. {2}------------------------------------------------ (A LIMITED LIABILITY COMPANY) FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2025 AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM {3}------------------------------------------------ (A LIMITED LIABILITY COMPANY) ### **Table of Contents** | Report of Independent Registered Public Accounting Firm . | | |----------------------------------------------------------------|----| | Financial Statements | | | Statement of Financial Condition | 2 | | Statement of Operations . | 3 | | Statement of Changes in Member's Equity . | 4 | | Statement of Cash Flows . | 5 | | Notes to Financial Statements . | 6 | | Supplementary Schedule I - Computation of Net Capital . | 9 | | Supplementary Schedules II and 111 . | 10 | | Independent Accountant's Report on Exemption | 11 | | Exemption Report | 12 | {4}------------------------------------------------ ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of CTL Securities, LLC ### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of CTL Securities, LLC as of December **.---1111** " 31, 2025, the related statements of operations, changes in member's equity and cash flows for the year ended 0... December 31, 2025 and the related notes (collectively referred to as the "financial statements"). In our **opinion,u** ~ the financial statements present fairly, in all material respects, the financial position of CTL Securities, LLC as O 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. • U ' **Emphasis of Matter** 0 CTL Securities, LLC adjusted is beginning balance on the Statement of Changes in Member's Equity by ,?j recording a prior period adjustment as discussed in Footnote 11. Our opinion is not modified with respect to *~o* this matter. #### **Basis for Opinion** These financial statements are the responsibility of CTL Securities, LLC 's management. Our responsibility is to express an opinion on CTL 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 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 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 Schedule's I- Computation of Net Capital Under SEC Rule 15c3-l, Schedule II-Computation for Determination of Reserve Requirements Pursuant to SEC Rule l 5c3-3 (exemption) and Schedule Ill Information Relating to Possession or Control Requirements Pursuant to SEC Rule 15c3-3 (exemption) have been subjected to audit procedures performed in conjunction with the audit of CTL Securities, LLC 's financial statements. The supplemental information is the responsibility of CTL Securities, LLC '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. l 7a-5. In our opinion, the schedule's I, II. and III are fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2015. Goldman & Company, CPA's, P.C. Marietta, Georgia February 9, 2026 {5}------------------------------------------------ #### (A LIMITED LIABILITY COMPANY) #### STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 #### **ASSETS** | ASSETS: | | |---------------------------|--------------| | Cash and cash equivalents | \$
29,125 | | Prepaid expenses | 15,315 | | Other receivable | 25,000 | | TOTAL ASSETS | 69,440 | | | | #### **LIABILITIES AND MEMBER'S EQUITY** | | 4,739 | |-----|-----------| | | 4,739 | | I | 64,701 | | I\$ | 69,440 | | | \$
I\$ | The accompanying notes are an integral part of these financial statements. 2 {6}------------------------------------------------ (A LIMITED LIABILITY COMPANY) #### STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2025 | REVENUE: | | |--------------------------|------------------| | Commissions-Underwriting | \$
100,000 | | Total revenue | 100,000
I | | OPERATING EXPENSES: | | | Commissions | 80,000 | | Consulting | 41,017 | | Regulatory | 18,338 | | Professional fees | 29,640 | | Office expenses | 30,000 | | Insurance | 1,927 | | Other expenses | 360 | | Total expenses | I
201,282 | | NET LOSS | I\$
(101,282) | | | | The accompanying notes are an integral part of these financial statements. 3 {7}------------------------------------------------ (A LIMITED LIABILITY COMPANY) | STATEMENT OF CHANGES IN MEMBER'S EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2025 | | |---------------------------------------------------------------------------------|---------------| | MEMBER'S EQUITY, JANUARY 1 | \$
158,483 | | Prior Period Adjustment-see Note 11 | 7,500 | | Net loss | (101,282) | | MEMBER'S EQUITY, DECEMBER 31 | 64,701 | | | | The accompanying notes are an integral part of these financial statements. 4 {8}------------------------------------------------ #### {A LIMITED LIABILITY COMPANY) #### STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2025 | OPERATING ACTIVITIES: | | | |------------------------------------------------|-----|-----------| | Net loss | \$ | (101,282) | | Adjustments to reconcile net loss to net cash | | | | used by operating activities: | | | | Increase in prepaid expense | | (25,079) | | Decrease in accounts receivable | | 57,500 | | Increase in accounts payable | | 89 | | Net cash used by operating activities | I | (68,772) | | NET DECREASE IN CASH AND CASH EQUIVALENTS | I | (68,772) | | CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | | 97,897 | | CASH AND CASH EQUIVALENTS AT END OF YEAR | I\$ | 29,125 | The accompanying notes are an integral part of these financial statements. {9}------------------------------------------------ {A LIMITED LIABILITY COMPANY) #### NOTES TO FINANCIAL ST A TEMENTS DECEMBER 31 , 2025 #### **1. SUMMARY** OF SIGNIFICANT ACCOUNTING POLICIES #### Organization and Nature of Business CTL Securities, LLC (the Company) is a broker-dealer registered with the Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority, Inc. (FINRA). The Company is a Delaware single member limited liability company (LLC), with one class of membership.The Company is a wholly owned subsidiary of CTL Capital, LLC(the "Parent" and sole member). The Company operates from New York. The Company places credit tenant loans, which are originated by CTL Capital, LLC, in private placement transactions to institutional investors. Since the Company is a limited liability company, the member is not liable for the debts, obligations, or liabilities of the Company, whether arising in contract, tort or otherwise, unless the member has signed a specific guarantee. #### Basis of Presentation The Company maintains its books and records on the accrual basis of accounting for financial reporting purposes, which is in accordance with U.S. generally accepted accounting principles and is required by the SEC and FINRA. #### Income Taxes The Company is a limited liability company for income tax reporting purposes, and as such, is not subject to income tax. Accordingly, no provision for income taxes is provided in the financial statements. The Company has adopted the provisions of FASB Accounting Standards Codification 740-10, Accounting for Uncertainty in Income Taxes. Under FASS ASC 740-10, the Company is required to evaluate each of its tax positions to determine if they are more likely than not to be sustained if the taxing authority examines the respective position. A tax position includes an entity's status and the decision not to file a return. The Company has evaluated each of its tax positions and has determined that it has no uncertain tax positions for which a provision or liability for income taxes is necessary. #### Estimates The presentation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and 6 {10}------------------------------------------------ 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. #### Revenue Recognition On January 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers, and all subsequent amendments to the ASU (collectively, "ASC 606"). which creates a single framework for recognizing revenue from contracts with customers that fall within its scope. Revenue is recognized based on a consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over goods or service to a customer. Services within the scope of ASC 606 include private placement of securities, revenue are commissions derived by our representatives on selling certificates of participation in lease backed trusts to institutional investors. Revenues from these commissions in privated placements of securities in which the Company acts an agent are recorded pursuant to the terms of the Company's agreements with the respective offering parties. Typically, commissions are a percentage of the amount invested and are recorded based upon the capital commitments obtained as of the closing of a respective placement when all performance obligations to the client have been completed. #### Concentrations 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 such accounts and believes it is not exposed to any significant credit risk for cash. The Company had two customers that represented approximately 100% of revenue. #### **2. RELATED PARTY TRANSACTION AND CONCENTRATIONS** For the year ended December 31, 2025, 100% of the Company's revenue was referred from its member, CTL Capital, LLC. The Company shares certain administrative expenses and the cost of an annual industry conference with its member, CTL Capital, LLC. A portion of these costs is allocated to the Company. Allocated expenses during the year ended December 31, 2025 were \$30,000 and are reflected as office expenses on the accompanying Statement of Operations for the year ended December 31, 2025. The expense sharing agreement was last revised effective January 1, 2025; its term is month to month. #### **3. COMMITMENTS AND CONTINGENCIES** The Company has evaluated commitments and contingencies in accordance with Accounting Standards Codification 450, Contingencies (ASC 450) and Accounting Standards Codification 440, Commitments (ASC 440). Management has determined that no significant commitments and contingencies exist as of December 31, 2025. #### 4. NET CAPITAL REQUIREMENTS The Company is subject to the Securities and Exchange Commission 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. At December 31, 2025, the Company had net capital of \$24,386 which was \$19,386 in excess of its required net capital of \$5,000. The Company's percentage of aggregate indebtedness to net capital was 19.43%. {11}------------------------------------------------ #### **5. SUBSEQUENT EVENTS** The Company evaluated subsequent events through February 9, 2026, the date its financial statements were available to be issued. The Company did not identify any material subsequent events requiring adjustment to or disclosure in its financial statements. #### **6. REVENUES FROM CONTRACTS WITH CUSTOMERS** Commissions are determined on a case by case basis according to the terms negotiated by management and are recognized at the time the placement is completed and sold to investors, and the income is reasonably determinable, and the performance obligations are satisfied under the contracts with its customers. There was \$57,500 in accounts receivable as of January 1, 2025. There is \$\$25,000 in other receivables which is an overpayment of a commission and was paid back to the Company in January 2026. #### **7. CASH** & **CASH EQUIVALENTS** Cash and cash equivalents includes cash and highly liquid instruments with original maturities of less than 90 days. #### **8. NEW ACCOUNTING STANDARDS** The Company is evaluating new accounting standards and will implement as required. #### **9. SINGLE REPORTABLE SEGMENT** The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including investment banking and investment advisory. The Company has identified its President 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 (see Note 4), 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 of the Company. The accounting policies used to measure the profit and loss of the are the same as those described in the summary of significant accounting policies. The Company derived 100% of its revenues from a single external customer in 2025. #### **10 GOING CONCERN** These financial statements have been prepared on a going concern basis, which assumes the Company will be able to meet its current obligations and net capital requirements. The Company had a net operating loss and negative cash flows from operations in 2025. Management believes the Company will be able to meet its current obligations and net capital requirements either through additional revenue or capital contributions from its member. #### 11 PRIOR PERIOD ADJUSTMENT The Company recorded a prior period adjustment to increase 2024 revenue by \$7,500 that was not previously recorded. This had the effect of increasing the ending balance in member's equity and the ending balance in accounts receivable at December 31, 2024. This increased the beginning balance in member's equity on January 1, 2025. {12}------------------------------------------------ (A LIMITED LIABILITY COMPANY) #### SCHEDULE I #### COMPUTATION OF NET CAPITAL UNDER RULE 15c3•1 OF THE SECURITIES AND EXCHANGE COMMISSION AS OF DECEMBER 31, 2025 | TOTAL MEMBER'S EQUITY QUALIFIED FOR NET
CAPITAL | I\$
64,701 | |--------------------------------------------------------------------------------------------------------------------|-------------------------| | DEDUCTIONS AND/OR CHARGES:
Non-allowable asset • prepaid expense
NET CAPITAL | (40,315)
I
24,386 | | AGGREGATE INDEBTEDNESS
Accounts payable | I
4,739 | | COMPUTATION OF BASIC NET CAPITAL REQUIREMENT -
Minimum net capital required | I
5,000 | | Excess net capital | I
19,386 | | Net Capital in excess of the greater of: 10% of aggregate
indebtedness or 120% of minimum capital requirements. | I\$
18,386 | | Percentage of aggregate indebtedness to net capital | 19.43%
I | There is no material difference in the above computation and the Company's net capital as reported in the Company's Part IIA (unaudited) FOCUS report as of December 31 , 2025. {13}------------------------------------------------ (A LIMITED LIABILITY COMPANY) #### DECEMBER 31, 2025 #### SCHEDULE II #### COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS UNDER RULE 15c3-3 OF THE SECURITIES AND EXCHANGE COMMISSION The Company does not claim an exemption from SEA Rule 15c3-3, in reliance on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by SEC staff. The Company does not (1) directly or indirectly receive, hold, or otherwise owe fudns or securities for or to customers, (2)does not carry accounts of or for customers and (3) does not carry PAB accounts. #### SCHEDULE Ill #### INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15c3-3 OF THE SECURITIES AND EXCHANGE COMMISSION The Company does not claim an exemption from SEA Rule 15c3-3, in reliance on footnote 7 4 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by SEC staff. The Company does not (1) directly or indirectly receive, hold, or otherwise owe fudns or securities for or to customers, (2)does not carry accounts of or for customers and (3) does not carry PAB accounts. {14}------------------------------------------------ ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of CTL Securities, LLC >- We have reviewed management's statements, included in the accompanying Rule 15c3-3 **,;,,,-111111** Z Exemption Report pursuant to SEC Rule 17a-5, in which (1) CTL Securities, LLC(the Company) did < not claim an exemption under paragraph (k) of 17 C.F.R. §240.15c3-3, and (2) the Company is filing **•-111111** o... this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 **adoptingu** .,,.. amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities e:::.. exclusively to include participating in investment banking activity including private placement of 0 leased backed trusts. u In addition, the Company 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 **0** transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 and/or funds received and ,oZ, 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; did not carry accounts of or ufJ for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. CTL Securities, LLC's management is responsible for compliance with the exemption provisions 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 CTL 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. Goldman & Company, CPA's, P.C. Marietta, Georgia February 9, 2026 {15}------------------------------------------------ # **CTL Securities LLC** CTL Securities LLC Exemption Report CTL Securities, LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.l 7a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. §240. l 7a-5(d)(l) and (4). To the best of its knowledge and belief. the Company states the following: (I) 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.l 7a-5 because the Company limits its business activities exclusively to: (1) Investment banking activity including private placement of certificates of participation in lease backed trusts; and the Company (1) did not directly or indirectly receive. hold. or othenvise 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 l 5c3-3) throughout the most recent fiscal year. CTL Securities LLC I, Michael Kraus, swear ( or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. Title: \_President Date:\_2/9/2026 521 Fifth Ave 17rJJ Floor New York. NY 10110 Tel: (212) 792-7884 Fax: {732) 224-1348 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.