# SSG CAPITAL ADVISORS, LLC X-17A-5 (2026-03-02) — Broker-dealer annual report - Company: SSG CAPITAL ADVISORS, LLC - Form: X-17A-5 - Filed: 2026-03-02 - Period: 2025-12-31 - Accession: 0001466376-26-000003 - CIK: 1466376 - File #: 8-68292 - Type: Broker-dealer - Material weakness: No - Auditor: Nawrocki Smith - Auditor location: Hauppauge, NY - Contact: Matthew Karlson - Phone: 6109405804 - Email: mkarlson@ssgca.com - Website: ssgca.com - Signed by: Matthew Karlson (Managing Director) Original filing: https://www.sec.gov/Archives/edgar/data/1466376/000146637626000003/SSGCAAnnualAudit_2025.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # ANNUAL REPORTS FORM X-17A-5 PART III SEC FILE NUMBER 8-68292 | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|-----------------|--------------------------------|--| | | 01/01/25 | | 12/31/25 | | | FILING FOR THE PERIOD BEGINNING | AND ENDING
MM/DD/YY | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | | | SSG Capital Advisors, LLC
NAME OF FIRM: | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
[ Major security-based swap participant
_ Security-based swap dealer
Broker-dealer
Check here if respondent is also an OTC derivatives dealer | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | 300 Barr Harbor Drive, Suite 420 | | | | | | | (No. and Street) | | | | | West Conshohocken | Pennsylvania | | 19116 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Matthew Karlson | 610-940-5804 | | mkarlson@ssgca.com | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Nawrocki Smith | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | 100 Motor Pkwy, Suite 580 | Hauppauge | NY | 11788 | | | (Address) | (City) | (State) | (Zip Code) | | | March 4, 2009 | | 3370 | | | | (Date of Registration with PCAOB)(if applicable) | (PCAOB Registration Number, if applicable) | | | | | | FOR OFFICIAL USE ONLY | | sarte of an indonandont number | | Claims for exemption from the requirement that the annual 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-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 OMB control number. {1}------------------------------------------------ #### AFFIRMATION OATH OR A | I, Matthew Karlson | |--------------------| |--------------------| SSG Capital Advisors, LLC as of r (or affirm) that, to the best of my knowledge and belief, the swea ect. I further swear (or affirm) that neither the company nor any y be, has any proprietary interest in any account classified solely financial report pertaining to the firm of December 31 2025 is true and corr partner, officer, director, or equivalent person, as the case ma as that of a customer. COMMONWEALTH OF PENNSYLVANIA-NOTARY SEAL Lori Michele Wexler Notary Public Montgomery County My Commission Expires 6/1/2027 Camminnian #a252007 Signature: m. Managing Director Title: ### I his tiling™ contalns (check all appllcable boxes): T LoriWeyler - (a) Statement of financial condition. - (b) Notes to consolidated statement of financial condition. - nsive income in the period(s) presented, a statement of on S-X). (c) Statement of income (loss) or, if there is other comprehe comprehensive income (as defined in § 210.1-02 of Regulatic - (d) Statement of cash flows. - e proprietor's equity. (e) Statement of changes in stockholders' or partners' or sole - of creditors. (f) Statement of changes in liabilities subordinated to claims - (g) Notes to consolidated financial statements. - 7 CFR 240.18a-1, as applicable. (h) Computation of net capital under 17 CFR 240.15c3-1 or 1 - -2. (i) Computation of tangible net worth under 17 CFR 240.18a- - Trements pursuant to Exhibit A to 17 CFR 240.15c3-3. (j) Computation for determination of customer reserve requ - eserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. (k) Computation for determination of security-based swap re - der Exhibit A to § 240.15c3-3. (1) Computation for Determination of PAB Requirements une - nts for customers under 17 CFR 240.15c3-3. (m) Information relating to possession or control requireme - ts for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. (n) Information relating to possession or control requiremer - e FOCUS Report with computation of net capital or tangible net FR 240.18a-2, as applicable, and the reserve requirements under 17 al differences exist, or a statement that no material differences exist. (o) Reconciliations, including appropriate explanations, of th worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CF CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if materi - ed in the statement of financial condition. (n) Summary of financial data for subsidiaries not consolidate - 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. (q) Oath or affirmation in accordance with 17 CFR 240.17a-5 - or 17 CFR 240.18a-7, as applicable. (r) Compliance report in accordance with 17 CFR 240.17a-5 с - -17 CFR 240.18a-7, as applicable. (s) Exemption report in accordance with 17 CFR 240.17a-5 оп - nination of the statement of financial condition. (t) Indenendent nublic accountant's renort based on an exan - mination of the financial report or financial statements under 17 pplicable. (u) Independent public accountant's report based on an exar CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as a - mination of certain statements in the compliance report under 17 (v) Independent public accountant's report based on an exar CER 240 17a-5 or 17 CER 240 18a-7 as anplicable - -w of the exemption report under 17 CFR 240.17a-5 or 17 (w) Independent public accountant's report based on a revie CFR 240.18a-7, as applicable. - es, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, (x) Supplemental reports on applying agreed-upon procedur as annlicable - st or found to have existed since the date of the previous audit, or -R 240.17a-12(k). (y) Report describing any material inadequacies found to exis a statement that no material inadequacies exist, under 17 CF - (z) Other: - filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as \*\*To request confidential treatment of certain portions of this applicable. {2}------------------------------------------------ 6T REGISTERED PUBLIC ACCOUNTING FIRM ENDED DECEMBER 31 2025 DVISORS, LLC SUPPLEMENTAL INFORMATION TOGETHER WITH REPORT OF INDEPENDENT F ASOE AND FOR THE VEAR SSG CAPITAL A FINANCIAL STATEMENTS AND 5 {3}------------------------------------------------ #### ENTS CONT | 1
Report of Independent Registered Public Acco
ounting Firm | | | |---------------------------------------------------------------------------------------------------------------------------------------------------|-----|--| | Financial Statements | | | | Statement of Financial Condition | 2 | | | Statement of Income | 3 | | | Statement of Member's Equity | 4 | | | Statement of Cash Flows | 5 | | | Notes to Financial Statements | 6-8 | | | Supplemental Information | | | | Rule 15c3-1
Schedule I - Computation of Net Capital under | | | | of the Securities and Exchange Commission | | | | Schedule II - Computation
f Reserve Requirements
for Determination o
under Rule 15c3-3 of the Securities and Excha
ange Commission | 10 | | | Schedule III - Information Relating to Possessi
on or Control Requirements
under Rule 15c3-3 of the Securities and Excha
ange Commission | 11 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### STERED PUBLIC ACCOUNTING FIRM REPORT OF INDEPENDENT REGIS SSG Capital Advisors, LLC: To the Member of #### Opinion on the Financial Statements ,the financial statements present fairly, in all Capital Advisors, LLC as of December 31, 2025, ows for the year then ended in conformity with nited States of America. to as the "financial statements"). In our opinior D material respects, the financial position of SSG and the results of its operations and its cash fle accounting principles generally accepted in the U the related statements of income, changes in nded, and the related notes (collectively referred of financial condition of SSG Capital Advisors, LLC (the "Company") as of December 31, 2025 member's equity, and cash flows for year then er We have audited the accompanying statement #### Basis for Opinion pe independent with respect to the Company in and the applicable rules and regulations of the C") and the PCAOB. ibility of the Company's management. Our mpany's financial statements based on our audit. ne Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to b accordance with the U.S. federal securities laws U.S. Securities and Exchange Commission ("SEC These financial statements are the respons responsibility is to express an opinion on the Con We are a public accounting firm registered with t st basis, evidence regarding the amounts and audit also included evaluating the accounting y management, as well as evaluating the overall -ve that our audit provides a reasonable basis for e standaras or btain reasonable assurance about whether the ement, whether due to error or fraud. Our audit risks of material misstatement of the financial erforming procedures that respond to those risks. otondordo of tho RCOR Thoco standards our opinion. a Such procedures included examining, on a tes disclosures in the financial statements. Our principles used and significant estimates made b] presentation of the financial statements. We belie vve conducted our auait in accordance wit require that we plan and perform the audit to a financial statements are free of material misstate included performing procedures to assess the statements. whether due to error or fraud. and pe uitb th #### Auditor's Report on Supplemental Informatior its torm and content, is presented in contormity supplemental information is fairly stated, in all ments as a whole. oplemental information reconciles to the financial other records, as applicable, and performing ccuracy of the information presented in the on the supplemental information, we evaluated edules I, II and III have been subjected to audit udit of the Company's financial statements. The of the Company's management. Our audit whether the supplemental information, including with 17 C.F.R. §240.17a-5. In our opinion, the material respects, in relation to the financial state procedures included determining whether the sup statements or the underlying accounting and procedures to test the completeness and ac supplemental information. In forming our opinion The supplemental information contained in Sche procedures performed in conjunction with the au supplemental information is the responsibility auditor since 2022. We have served as SSG Capital Advisors, LLC's Hauppauge, New York February 10, 2026 Nawrocki Smith LLP {5}------------------------------------------------ #### ANCIAL CONDITION STATEMENT OF FINA #### R 31, 2025 DECEMBE #### Assets | Cash and cash equivalents
Prepaid Expenses | \$ 254,886
9,789 | |------------------------------------------------------|---------------------| | Total Current Assets | \$ 264,675 | | Liabilities and Member's Equity | | | Liabilities
Accounts pavable and accrued exnenses | \$ 12.925 | | Total Liabilities | 12,925 | | Member's Equity | 251,750 | | Total Liabilities and Member's Equity | \$ 264,675 | ral part of these financial statements. The accompanying notes are an integ {6}------------------------------------------------ #### OF INCOME STATEMENT #### O DECEMBER 31, 2025 FOR THE YEAR ENDEI | Revenue
Fee income | \$ 686,874 | |-------------------------------------------------------------------------------------|-------------------| | Operating Expenses
Service fees - SSG Advisors, LLC
Regulatory and other fees | 186,000
30,944 | | Total Onerating Fxnenses | 216.944 | | Interest Income | 4,253 | | Net Income | \$ 474,183 | The accompanying notes are an integral part of these financial statements. {7}------------------------------------------------ #### EMBER'S EQUITY STATEMENT OF M #### D DECEMBER 31, 2025 FOR THE YEAR ENDEI | Balance - Beginning of year | \$ 182,567 | |-----------------------------|------------| | Net Income | 474,183 | | Distributions | (405,000) | | Balance - End of vear | \$ 251,750 | The accompanying notes are an integiral part of these financial statements. {8}------------------------------------------------ #### CASH FLOWS STATEMENT OE #### D DECEMBER 31, 2025 FOR THE YEAR ENDEI | Cash Flows From Operating Activities | | |----------------------------------------------------------|------------| | Net Income | \$474,183 | | Adjustments to reconcile net income to net | | | cash provided by operating activities: | | | Changes in assets and liabilities: | | | Prepaid Expenses and other assets | (3,636) | | Accounts payable and accrued expenses | (1,050) | | Net Cash Provided by Operating Activities | 469,497 | | Cash Flows Used in Financing Activities
Distributions | (405,000) | | Net Increase in Cash and Cash Equivalents | 64,497 | | Cash and Cash Equivalents - Beginning of yea
r | 190,389 | | Cash and Cash Equivalents
– End of year | \$ 254,886 | The accompanying notes are an integral part of these financial statements. {9}------------------------------------------------ #### IAL STATEMENTS NOTES TO FINANC #### C DECEMBER 31, 2025 FOR THE YEAR ENDEI #### NOTE 1 - NATURE OF BUSINESS te capital resources for ongoing operations. Parent and affiliate companies have adequa \$686,874 of revenue and a profit of \$474,183 in which are service fees paid to the affiliate. The on analysis. The Company was approved to be acial Industry Regulatory Authority ("FINRA"), les capital contributions for the operation of the ny"), which is wholly-owned by SSG Holdings, ing firm specializing in advising middle market nd acauisitions private placements of debt and Company as necessary. The Company had fiscal year 2025 a sionificant portion ofw eis a equity, financial restructurings and valuatic registered as a broker-dealer with the Finar effective April 7, 2010. The Parent provid SSG Capital Advisors, LLC (the "Compar LLC (the "Parent"), is an investment bank bucineccer in сpeciol cituntione mergers at o wholly owned by SSG Holdings, 1 ing business is transacted in SSG Advisors, LLC 1 11 1 1... NNld II (the "Afliliate"). SSG Advisors, LLC 1s als The Parent's non-securities investment bank TT 1 #### NG POLICIES NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTI #### BASIS OF PREVENTATION pared on the accrual basis of accounting in generally accented in the United States of America. The financial statements have been pre accordance with accountine principles ### REVENUE RECOGNITION accordance with The Financial Accounting Standards Codification ("ASC") Topic 606, The Company accounts for revenue in Standards Board ("FASB") Accounting Revenue from Contracts with Customers. -es performed. ofthe contract are inputs to the combined output esult in a Transaction. The Company recognizes od for those contracts that provide evidence that n is completed, such as when its clients receive able consideration relating to success fees is hat a significant revenue reversal will not occur. renresent a single performance obligation as all and monthly fees are nonrefundable. This centage of the total value of the Transaction, ee. At times, the Company is paid certain success racts with clients calling for periodic retainer ngement and a success fee to be paid out once ,or financing (the "Transaction") is completed. = contract can generally be terminated by either the customer is receiving benefits for servic activities to be performed within the context of performing advisory services that may re revenue over time on a time elapsed methe fees, subsequent to the date the Transactio contingent earn-out payments. The vari recognized as revenue when it is probable t The Company's services within its contract party without penalty and all retainers Transaction fee is typically based on a per although in certain cases it may be a flat fe The Company typically enters into contr fees to be paid during the term of the arra the merger, acquisition, sale, restructuring. Following the snecified monthly term. the {10}------------------------------------------------ ## NOTES TO FINANCIAL STATEMENTS ## FOR THE YEAR ENDED DECEMBER 31, 2025 #### NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) ### REVENUE RECOGNITION (CONTINUED) The Company recognizes a contract asset for costs to fulfill a contract when commissions are paid to representatives based on the receipt of contract retainer payments. These amounts will be expensed when the related performance obligation is satisfied. There were no contract assets or liabilities as of December 31, 2025. #### CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of cash and a money market account. ### INCOME TAXES The Company follows the guidance of FASB ASC Topic 740, income taxes. The Company is not subject to income taxes at the federal and state levels. The Member is responsible for the tax liability, if any, related to its proportionate share of the Company's taxable income. Accordingly, no provision for income taxes is reflected in the accompanying financial statements. The Company is a pass-through entity and the Member has concluded there are no uncertain tax positions that would require recognition in the financial statements. If the Company were to incur an income tax liability in the future, interest on any income tax liability would be reported as interest expense and penalties on any income tax liability would be reported as income taxes. The Member's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analyses of tax laws, regulations and interpretations thereof as well as other factors. Generally, tax authorities may examine the Company's tax returns for three years from the date of filing and the current and prior three years remain subject to examination as of December 31, 2025. ### USE OF ESTIMATES The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. {11}------------------------------------------------ ## NOTES TO FINANCIAL STATEMENTS ## FOR THE YEAR ENDED DECEMBER 31, 2025 #### NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) ### CONCENTRATIONS OF CREDIT RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Accounts are insured by the Federal Deposit Insurance Corporation ("FDIC") up to certain limits. The Company maintains cash and cash equivalents with a bank that at times exceeds applicable insurance limits. The Company reduces its exposure to credit risk by maintaining such deposits with high-quality financial institutions. The Company has not experienced losses in such accounts. As of December 31, 2025, cash in excess of federally insured limits was \$4,850. ### SUBSEQUENT EVENTS Management evaluated subsequent events occurring through February 10, 2026 the date these financial statements were available to be issued and determined that there were no other events or transactions occurring that require recognition or disclosure in the financial statements. ### NOTE 3-RELATED PARTY TRANSACTIONS The Company has an expense sharing agreement with its affiliate, SSG Advisors, LLC. The Company pays a monthly service fee to the affiliate for its portion of estimated and allocable indirect operating expenses (including payroll, rent, office supplies, computer and other operating expenses). During the year ended December 31, 2025, the Company incurred service fees of \$186,000. ### NOTE 4 - NET CAPITAL REQUIREMENTS The Company is required to compute net capital in accordance with Securities and Exchange Commission ("SEC") Rule 15c3-1, which requires the maintenance of minimum net capital the greater of \$5,000 or 6 2/3% of aggregate indebtedness. As of December 31, 2025, the Company had net capital of \$241,961 which was \$236,961 in excess of the required net capital of \$5,000. The ratio of aggregate indebtedness to net capital was 5.34% as of December 31, 2025. ### NOTE 5-MAJOR CLIENTS The Company had one client, which accounted for 91% of the Company's revenue for the year ended December 31, 2025. {12}------------------------------------------------ ### NOTE 6-COMMITMENT AND CONTINGENCIES The Company had no Commitments and Contingencies. #### NOTE 7-BROKER DEALER - SINGLE REPORTABLE SEGMENT The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of a single class of service, which is an investment banking business. 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, 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 as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. {13}------------------------------------------------ ## SCHEDULE I - COMPUTATION OF NET CAPITAL UNDER RULE 15c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION | DECEMPER FREE OF THE | | |----------------------------------------------------------------------------------------------------------------|-------------------------| | SCHEDULE I
NET CAPITAL | | | Total member's equity
Less:
Non-allowable assets | 8
251,750
(9,789) | | Net capital | 241,961
S | | AGGREGATE INDEBTEDNESS | | | Items included in statement of financial condition:
Accrued expenses and other liabilities | S
12.925 | | Total aggregate indebtedness | S
12.925 | | COMPUTATION OF BASIC NET CAPITAL REQUIREMENT | | | Minimum net capital required | S
5.000 | | Excess net capital | S
236,961 | | Net capital less greater of 10% of aggregate indebtedness or 120%
of minimum dollar net capital requirement | S
235,961 | | Percentage of Aggregate indebtedness to net capital | 5.34% | | RECONCILIATION WITH COMPANY'S COMPUTATION | | DECEMBER 31, 2025 There are no material differences between the preceding computation and the Company's corresponding unaudited Pat II of Form X-17A-5 as of December 31, 2025. {14}------------------------------------------------ ## SCHEDULE II - COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS UNDER RULE 15c3-3 OF THE SECURITIES AND EXCHANGE COMMISSION #### DECEMBER 31, 2025 #### SCHEDULE II This is not applicable as the Company does not hold customer funds and securities. The Firm will not claim an exemption from SEA Rule 15c3-3, in reliance on footnote 74 to SEC Release 34-70073. See report of independent registered public accounting firm. {15}------------------------------------------------ ## SCHEDULE III - INFORMATION RELATING TO POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15c3-3 OF THE SECURITIES AND EXCHANGE COMMISSION #### DECEMBER 31, 2025 #### SCHEDULE III This is not applicable as the Company does not hold customer funds and securities. The Firm will not claim an exemption from SEA Rule 15c3-3, in reliance on footnote 74 to SEC Release 34-70073. See report of independent registered public accounting firm. {16}------------------------------------------------ SSG CAPITAL ADVISORS, LLC BROKER DEALERS ANNUAL EXEMPTION REPORT FOR THE YEAR ENDED DECEMBER 31, 2025 {17}------------------------------------------------ ### CONTENTS | Report of Independent Registered Public Accounting Firm | | |---------------------------------------------------------|--| | Broker Dealers Annual Exemption Report | | {18}------------------------------------------------ ![](_page_18_Picture_0.jpeg) ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of SSG Capital Advisors, LLC: We have reviewed management's statements, included in the accompanying Rule 15c3-3 Exemption Report pursuant to SEC Rule 17a-5, in which (1) SSG Capital Advisors, 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 this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to transaction based compensation for identifying potential merger and acquisition opportunities for clients. In addition, the Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, did not carry accounts of or for customers and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. The Company's management is responsible for compliance with the provisions contemplated by Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 and related SEC Staff Frequently Asked Questions 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 the Company'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. Hauppauge, New York February 10, 2026 Nawrocki Smith LLK {19}------------------------------------------------ #### BROKER DEALERS ANNUAL EXEMPTION REPORT #### YEAR ENDED DECEMBER 31, 2025 SSG Capital Advisors, LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-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 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. §240.17a-5 because the Company limits its business activities exclusively to receiving transaction based compensation for identifying potential merger and acquisition opportunities for clients; and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (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. SSG Capital Advisors, LLC I, Matthew Karlson, affirm that, to my best knowledge and belief, this Exemption Report is true and correct. Title: Managing Director Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.