# FOREST ROAD SECURITIES BD LLC X-17A-5 (2026-03-30) — Broker-dealer annual report - Company: FOREST ROAD SECURITIES BD LLC - Form: X-17A-5 - Filed: 2026-03-30 - Period: 2025-12-31 - Accession: 0001443256-26-000001 - CIK: 1443256 - File #: 8-67993 - Type: Broker-dealer - Material weakness: No - Auditor: YSL Associates LLC - Auditor location: New York, NY - Contact: Mark T Manzo - Phone: 2015191905 - Email: mmanzo@moppartners.com - Website: forestroadco.com - Signed by: Jeremy Tarica (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1443256/000144325626000001/2025annualrptpub.pdf --- {0}------------------------------------------------ **FOREST ROAD SECURITIES BD, LLC Statement of Financial Condition December 31, 2025** {1}------------------------------------------------ ## **TABLE OF CONTENTS** | | Page(s) | |----------------------------------------------------------|---------| | Facing page and Oath or Affirmation Page | 1-2 | | Report of Independent Registered Public Accounting Firm | 3 | | Statement of Financial Condition as of December 31, 2025 | 4 | | Notes to the Statement of Financial Condition | 5-10 | {2}------------------------------------------------ #### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** | 8-67993 | | |------------------------------------------------------------------------------|--| | SEC FILE NUMliER | | | Expires: Nov. 30, 2026
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hours per response: 12 | | OMBAPPROVAI OMii Number: 3235-0123 ## **ANNUAL REPORTS 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 /25 | | AND ENDING 12/31 /25 | | | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|----------------------|------------------------|--| | | MM/DD/YY | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME OF FIRM: FOREST ROAD SECURITES BO, LLC | | | | | TYPE OF REGISTRANT (check all applicable boxes):
□ Security-based swap dealer
□ Major security-based swap participant
� Broker-dealer
D Check here if responlient is also an OTC llerivatives dealer
ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box
no.) | | | | | | | 1925 CENTURY PARK EAST,SUITE 250 | | | | | | (No. anll Street) | | | | | LOS ANGELES | CA | | 90067 | | | (City) | {State) | | (ZipColie) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Mark T Manzo | (201) 519-1905 | | mmanzo@moppartners.com | | | (Name) | (Area Colle - Telephone Number) | {Email Adlllress) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | YSL & Associates | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | (Name - if inliividual, state last, first, anli mi■lllle name) | | | | | | 11 Broadway | New York | NY | 10004 | | | (Address) | (City) | {State) | (Zip Code) | | 06/06/2006 2699 (Date of ReR:istration with PCAOBllif appficablel (PCAOB Registration Number, if am>licablel FOR OFFICIAL USE ONLY • Claims for exemption from the re11uirement that the annual reports be covereli by the reports of an indepen■ent public accountant must be supporteli by a stat�ment of facts anli circumstances relieli on as the basis of the exemption. See 17 CFR 240.l 7a-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 0MB control number. {3}------------------------------------------------ #### **OATH OR AFFIRMATION** | Jeremy Terica
, | swear (or affirm) that, to the best of my knowledge and belief, the | | |---------------------------------------------------------------------------|---------------------------------------------------------------------|-------| | financial report pertaining to the firm of FOREST ROAD SECURITIES BD, LLC | | as of | December **2� 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:** *fF* **Title: CEO** #### **This flllng•• contains (check all applicable boxes):** - **(a) Statement of financial condition.** - **(b) Notes to consolidated statement of financial wndition.** - **0 (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.** - **0 (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.** - **0 (f} Statement of changes in liabilities subordinated to claims of creditors.** - **□ (g) Notes to consolidated financial statements.** - **D (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.** - **D 0) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.** - **D (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.** - **D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.** - **D (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.lSa-4, as applicable.** - □ **(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.lBa-1, or 17 CFR 240.lBa-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.lBa-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.** - **l!iii (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.lBa-7, as applicable.** - **0 (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.** - **0 (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 report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.** - **0 (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.** - **D (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 240.15c3-1e or 17 CFR 240.17a-12, as applicable.** - **D (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).** - **D (z ) other: \_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_** *\*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e){3) or 17 CFR 24O.1Ba-7{d}{2), as applicable.* {4}------------------------------------------------ # **Form X-17A-5 Part Ill Public revised 2026\_0324** Final Audit Report 2026-03-27 | Created: | 2026-03-27 | |-----------------|---------------------------------------------| | By: | Laura Cutter (laura.cutter@acfib.com) | | Status: | Signed | | Transaction ID: | CBJCHBCAABAAa6pdAq-yPjr9qmfrgNXTpYhPsa3xraF | | | | ## **"Form X-17 A-5 Part Ill Public revised 2026\_0324" History** - fl Document created by Laura Cutter (laura.cutter@acfib.com) **2026-03-27 - 5:05:52 PM GMT** - C"" Document emailed to Jeremy Tarica (ieremy@forestroadco.com} for signature **2026-03-27 - 5:05:57 PM GMT** - fl Email viewed by Jeremy Tarica (ieremy@forestroadco.com) **2026-03-27- 5:06:18 PM GMT** - Document e-signed by Jeremy Tarica (ieremy@forestroadco.com) **Signature Date: 2026-03-27 - 5:06:35 PM GMT - Time Source: server** Agreement completed. **2026-03-27 - 5:06:35 PM GMT** **fJ Adobe Acrobat Sign** {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) 11 Broadway, Suite 700, New York, NY 10004 Tel: (212) 232-0122 Fax: (646) 218-4682 #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member of Forest Road Securities BD, LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Forest Road Securities BD, 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 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 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 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. We have served as Forest Road Securities BD, LLC's auditor since 2013. New York, NY March 2 7, 2026 {6}------------------------------------------------ #### **ASSETS** | Cash | \$
89,945 | |---------------------------------------|--------------| | Due from affiliate | 257 | | Other assets | 2,990 | | Total Assets | \$
93,192 | | | | | | | | Liabilities and Member's Equity | | | Liabilities | | | Accounts payable and accrued expenses | \$
14,198 | | Due to affiliate | 608 | | Total Liabilities | 14,806 | | | | | Member's Equity | | | Member's equity | 78,386 | | Total Member's Equity | 78,386 | | | | | Total Liabilities and Member's Equity | \$
93,192 | The accompanying notes are an integral part of this statement of financial condition {7}------------------------------------------------ ## **1. ORGANIZATION AND NATURE OF BUSINESS** Forest Road Securities BD, LLC (the "Company"), previously known as About Corporate Finance Corporation is a broker-dealer and as such is registered with Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"). The Company transacts business in private placements of securities and provides Mergers and Acquisitions advisory services. The Company does not claim an exemption under Paragraph (k) of SEC Rule 15c3-3. The Company is a Non-Covered firm that relies on Footnote 74 to SEC Release No. 34-70073. The Company does not hold or carry customer funds or securities. ## **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### **Use of Estimates** These financial statements were prepared in conformity with accounting principles generally accepted in the United States of America which require 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 amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. #### **Revenue Recognition** #### Advisory Fees: The Company recognizes revenue from private placement advisory fees upon completion of the private placement offering and M & A transactions over the life of the underlying agreement. The Company's advisory revenues include a retainer fee and success fee earned in connection with advising companies in mergers and acquisitions. Success fees for advisory arrangements are generally recognized at the point in time that performance under the arrangement is completed, such as the closing date of the transactions. The periodic retainer fee for advisory arrangement is recognized over the time in which the performance obligations are simultaneously provided by the Company and consumed by the customer. {8}------------------------------------------------ ## **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)** ## **Revenue Recognition (Continued)** During the year, all advisory income earned was related to retainer fees. In some circumstances, significant judgment is needed to determine the timing and measure of progress appropriate for revenue recognition under a specific contract. #### **Reimbursed expenses:** Revenue from reimbursed expenses is recognized when the related performance obligations are satisfied. The revenue recognition guidance 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. Contract assets arise when the revenue associated with the contract is recognized prior to the Company's unconditional right to receive payment under a contract with a customer and are derecognized when either it becomes a receivable or the cash is received. Contract liabilities arise when customers remit contractual cash payments in advance of the Company satisfying its performance obligation under the contract and are derecognized when the revenue associated with the contract is recognized when the performance obligation is satisfied. The Company has no contract assets or liabilities at January 1, 2025 and December 31, 2025. #### **Significant Judgements** Revenue from contracts with customers includes placement advisory fees from mergers and acquisitions. The recognition and measurement of revenue is based on the {9}------------------------------------------------ ## **FOREST ROAD SECURITIES BO, LLC Notes to Statement of Financial Condition December 31, 2025** #### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)** #### **Segment Reporting (Continued)** assessment of individual contract terms. Significant judgement is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; and whether constraints on variable considerations should be applied due to uncertain future events. #### **Cash and Cash Equivalents** For the purposes of ba la nee sheet classification and statement of cash flows presentation, the Company has defined cash equivalents as highly liquid investments, with original maturities of less than three months that are not held for sale in the ordinary course of business. The Company currently maintains a cash balance at a bank that is insured by the Federal Deposit Insurance Corporation. At times the cash balance may be in excess of the Federal Deposit Insurance Corporation (FDIC) insurance limit. The Company has not incurred such a loss in the past. ## **Accounting for Credit Losses** In June 2016, The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ('ASU") 2016-13, Financial Instruments Credit Losses (Topic326): Measurement of Credit Losses on Financial Instruments, which amends the FASB's guidance on impairment of financial instruments. The ASU adds to GAAP, an impairment model (known as the current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. Under the new guidance, the Company recognizes as an allowance, its estimate of lifetime expected credit losses, which the FASB believes will result in more timely recognition of such losses, If any. The ASU is also intended to reduce the complexity of GAAP by decreasing the number of credit impairment models that entities use to account for debt instruments. Further, the ASU makes targeted changes to the impairment model for available-for-sale debt securities. The Company evaluates the collectability of accounts receivable by considering factors such as historical experience, credit quality, age of balances, and current and future economics conditions that may affect the Company's expectation of collectability in determining the allowance for credit losses. {10}------------------------------------------------ ## **FOREST ROAD SECURITIES BD, LLC Notes to Statement of Financial Condition December 31, 2025** #### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)** ## **Accounting for Credit Losses (Continued)** At December 3 1, 2025, the Company had no outsta nding accounts receiva ble; therefore, no allowa nce for credit losses was required u nder ASC 326. #### **Income Taxes** The Company is a si ngle-member limited liability com pany a nd is treated as a disrega rded entity for federal income tax reporting purposes. Accordi ngly, the Compa ny's income or loss is passed through to the ultimate beneficia l individual members for federa l, state a nd certa in loca l i ncome taxes. Accordingly, the Com pa ny has not provided for income taxes. At December 31, 2025, ma nagement has determined that the Company had no uncerta in tax positions that would require fi na ncia l statement recognition. This determination wi ll a lways be subject to ongoi ng reeva luation as facts a nd circumsta nces may require. ## **Segment Reporting** The Com pa ny is engaged in a single line of business as a securities broker-dea ler, which is comprised of private placement of securities a nd M&A advisory services. The Company has identified its CEO as the chief operating decision maker ("CODM"), who uses net income to eva luate the results of the business, predominantly in the forecasting process, to ma nage the Compa ny. Additional ly, the CODM uses excess net ca pita l (see Note 3), which is not a measure of profit a nd loss, to make operational decisions while mainta ining ca pita l adequacy, such as whether to rei nvest profits or pay dividends. The Com pa ny's operations constitute a single operating segment a nd therefore, a single reporta ble segment, beca use the CODM manages the busi ness activities, using i nformation of the Com pa ny as a whole. The accounting policies used to measure the profit a nd loss of the segment a re the same as those described in the summary of significa nt accounting pol icies. The Company derived 100% of its tota l reven ues from two externa l customers in 2025. ## **3. NET CAPITAL REQUIREMENTS** The Com pa ny is subject to the Securities and Excha nge Com mission U niform Net Ca pita l Rule (SEC Rule 15c3-1), which requires the mai ntena nce of minimum net ca pita l a nd req uires that the ratio of aggregate indebted ness to net ca pita l, both as defi ned, sha ll not {11}------------------------------------------------ ## **3. NET CAPITAL REQUIREMENTS (CONTINUED)** exceed 15 to 1 a nd equity ca pita l may not be withdrawn, or cash dividends paid if the resulti ng net ca pita l ratio would exceed 10 to 1. At December 3 1, 2025, the Com pa ny had net ca pita l of \$75, 139 which was \$70,139 in excess of its required net ca pita l of \$5,000. The Com pa ny's ratio of aggregate i ndebted ness to net ca pita l was .20 to 1. ## **4. RELATED PARTY TRANSACTIONS** The Company mainta ins a ma nagement and Expense Sharing Agreement with its affi liate, ACF USA, LLC. Based on the agreement, ACF USA, LLC directly pays for certa in operati ng expenses incu rred by the Com pa ny. These shared expenses i nclude rent, IT, and telephone expenses and other operati ng expenses. In the yea r 2025, the Com pa ny recorded approximately \$68,282 expenses paid by ACF USA, LLC. As of December 31, 2025, the Company had a paya ble of \$608 d ue to ACF USA, LLC for its share of the com mon expenses paid on the Compa ny's beha lf. The Com pa ny maintains an expense shari ng agreement with About Corporate Fina nce Ltd whereby a portion of accounting expense, is a l located to the Compa ny. Duri ng 2025, the Com pa ny recorded a pproximately \$16,892 expenses allocated pursuant to the expense shari ng agreement. At December 3 1, 2025, the Company had a receiva ble from About Corporate Fina nce Ltd of \$257. ## **5. CONCENTRATION** In the yea r 2025, one customer accounted for a pproximately 80% of the Compa ny's revenue for the yea r. The Com pa ny's cash is held at one financia l institution. #### **6. GOING CONCERN** Accounting Sta nda rds U pdate 2014-15 req uires that ma nagement eva l uate conditions or events that might ra ise substa ntial doubt about the Compa ny's a bi lity to continue as a going concern. Ma nagement has eva luated the Compa ny's conditions a nd has determi ned that unless the Company generates enough revenue or continues to be fu nded by its member, there is substa ntial doubt a bout the Com pa ny's a bility to contin ue {12}------------------------------------------------ ## **6. GOING CONCERN (CONTINUED)** as a goi ng concern. The Ma nagement has committed to contribute additional ca pita l as needed to support the Company's continuing operations. ## **7. COMMITMENTS AND CONTINGENCIES** At December 3 1, 2025, the Com pa ny did not have a ny commitments, conti ngencies or guara ntees that might result in a loss or future obligation that would have required the Com pa ny to i ncl ude such liability/obl igation in its 2025 Annual Report. #### **8. SUBSEQUENT EVENTS** The Company has eva luated events or tra nsactions occu rred between the end of the fisca l yea r, December 3 1, 2025, a nd through when the statement of financia l condition was issued. There are no su bseq uent events req uiring adjustments to or disclosure in the statement of fi nancial conditon. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.