# EP SECURITIES, LLC X-17A-5 (2026-02-13) — Broker-dealer annual report - Company: EP SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-02-13 - Period: 2025-12-31 - Accession: 0001466582-26-000003 - CIK: 1466582 - File #: 8-68297 - Type: Broker-dealer - Material weakness: No - Auditor: Goldman & Company CPAs P.C. - Auditor location: Marietta, GA - Contact: Edward Soh - Phone: 9175493028 - Email: ed.soh@excelptrs.com - Website: excelptrs.com - Signed by: Edward Soh (President) Original filing: https://www.sec.gov/Archives/edgar/data/1466582/000146658226000003/epsfinalb.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # **ANNUAL REPORTS FORM X-17A-5 PART Ill** | SEC FILE NUMBER | | |-----------------|--| | 8-68297 | | **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 | 0
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_ | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|-----------------------------------------|-----------------|---------------------------------------------------| | | MM/DD/YY | | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | | NAME oF FIRM: EP
Securities | LLC
, | | | | | TYPE OF REGISTRANT (check all applicable boxes):
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□
Broker-dealer
D Check here if respondent is also an OTC derivatives dealer | Security-based swap dealer | D Major security-based swap participant | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | 275
Madison
Ave | Suite
1901
., | | | | | | (No. and Street) | | | | | New
York | NY | | | 10016 | | (City) | (State) | | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Soh
Edward | 212-297-1724 | | | ed.soh@excelptrs.com | | (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) | | | | | Roswell
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3535
., | Marietta
32 | | GA | 30062 | | (Address) | (City) | | (State) | (Zip Code) | | (Date of ReRistration with PCAOB)(if applicable) | | | | (PCAOB Registration Number, if applicable) | | | FOR OFFICIAL USE ONLY | | | | | • Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public
accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17
CFR 240.17a-S(e)(l)(ii), if applicable. | | | | | **Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid 0MB control number.** {1}------------------------------------------------ #### OATH OR AFFIRMATION | I, _E
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No. 01PH6088964 -------==--Ii.-�--------
--------- | #### **This filing\*\* contains (check all applicable boxes):** - ii (a) Statement of financial condition. - D (b) Notes to consolidated statement of financial condition. - ii (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). - ii (d) Statement of cash flows. - iii (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - iii (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. - D (i) Computation of tangible net worth under 17 CFR 240.18a-2. - iii (j) 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. - iii (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 240.18a-4, as applicable. - D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-l, 17 CFR 240.18a-l, or 17 CFR 240.lSa-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - iii (q) Oath or affirmation in accordance with 17 CFR 240.l?a-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. - iii (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - iii (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 240.18a-7, or 17 CFR 240.17a-12, as applicable. - D (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. - iii (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-le 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 240.17o-5{e)(3) or 17 CFR 240.18a-7{d)(2), as opplicable.* {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 1 | |---------------------------------------------------------------------------------------------------------------------| | Financial Statements | | Statement of Financial Condition 2 | | Statement of Operations 3 | | Statement of Changes in Members' Equity 4 | | Statement of Cash Flows 5 | | Notes to Financial Statements 6 | | Supplementary Schedule I - Computation of Net Capital. 11 | | Supplementary Schedules II & Ill. 12 | | Independent Accountants' Report on Exemption 13 | | Exemption Report 14 | | Independent Accountants' Report on Applying Agreed-Upon Procedures
Related to SIPC Assessment Reconciliation 15 | | SIPC General Assessment Reconciliation Form SIPC-7 16 | {4}------------------------------------------------ #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member and Management of EP Securities, LLC #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of EP Securities, LLC as of December 31, ...\_ 2025, the related statements of operations, changes in member's equity and cash flows for the year ended a.. 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 EP 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 #### **Basis for Opinion** These financial statements are the responsibility of EP Securities, LLC 's management. Our responsibility is to express an opinion on EP 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 I 5c3-I, Schedule II-Computation for Determination of Reserve Requirements Pursuant to SEC Rule 15c3-3 (exemption) and Schedule III-Information Relating to Possession or Control Requirements Pursuant to SEC Rule I 5c3-3 (exemption) have been subjected to audit procedures performed in conjunction with the audit of EP Securities, LLC's financial statements. The supplemental information is the responsibility of EP 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. I 7a-5. In our opinion, the schedule's I, II. and Ill 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 12, 2026 {5}------------------------------------------------ (A LIMITED LIABILITY COMPANY) #### **STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025** ### **ASSETS** | CURRENT ASSETS
Cash and cash equivalents
Prepaid expenses
Total current assets | \$
I | 247,412
3,842
251,254 | |---------------------------------------------------------------------------------------------------------------------------|---------|------------------------------| | OTHER ASSETS
Fixed assets, net of accumulated depreciation of \$73,330
Operating right of use
Total other assets | I | 23,350
405,116
428,466 | | TOTAL ASSETS | \$
I | 679,720 | ## **LIABILITIES AND MEMBERS' EQUITY** | CURRENT LIABILITIES
Accrued expenses
Operating lease liability
Total current liabilities | \$
I | 24,731
95,021
119,752 | |---------------------------------------------------------------------------------------------------|---------|-----------------------------| | LONG TERM LIABILITIES
Operating lease liability
Total long term liabilities | I | 323,682
323,682 | | MEMBERS' EQUITY | I | 236,286 | | TOTAL LIABILITIES AND MEMBERS' EQUITY | I \$ | 679,720 | {6}------------------------------------------------ **(A LIMITED LIABILITY COMPANY)** #### **STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2025** | REVENUE | | |-------------------------------------|----------------------| | Advisory fees | \$
205,000 | | Success Fees | \$
3,774,073 | | Total revenue | I
3,979,073 | | OPERA TING EXPENSES | | | Payroll | 971,457 | | Rent | 121,679 | | Travel | 68,698 | | Legal and professional fees | 83,374 | | Computer and technology | 54,227 | | Business development | 16,154 | | Taxes, licenses and regulatory fees | 618,159 | | Insurance | 31,976 | | Meals and entertainment | 17,243 | | Telephone | 21,078 | | Occupancy | 4,460 | | Depreciation | 7,487 | | Office | 16,799 | | Bank service charges | 2,898 | | Utilities | 4,205 | | Total operating expenses | I
2,039,894 | | | | | Net operating income | I
1,939,179 | | OTHER EXPENSE | | | Rental income | 4,400 | | Interest income | 7,846 | | Total other expense | I
12,246 | | | | | NET INCOME | I
\$
1,951,425 | | | | {7}------------------------------------------------ (A LIMITED LIABILITY COMPANY) #### **STATEMENT OF CHANGES IN MEMBERS' EQUITY FOR THE YEAR ENDED DECEMBER 31, 2025** | MEMBERS' EQUITY, JANUARY 1 | \$
184,861 | |----------------------------------------|--------------------------| | Net income
Distributions to members | 1,951,425
(1,900,000) | | MEMBERS' EQUITY, DECEMBER 31 | 236,286 | | | | {8}------------------------------------------------ **(A LIMITED LIABILITY COMPANY)** #### **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2025** | OPERATING ACTIVITIES:
Net income | \$ | 1,951,425 | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------------------------------------------------| | Adjustments to reconcile net income to net cash
provided by operating activities
Right of Use-Asset
Right of Use-Liability
Depreciation expense
Increase in accrued expenses
Net cash provided by operating activities | I | 98,131
(95,022)
7,487
7,736
1,969,757 | | FINANCING ACTIVITIES:
Distributions to members
Net cash used in financing activities | I | (1,900,000)
(1,900,000) | | NET INCREASE IN CASH | I | 69,757 | | CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | | 177,655 | | CASH AND CASH EQUIVALENTS AT END OF YEAR | I
\$ | 247,412 | | Suplemental Information:
Cash paid for operating lease | \$ | 121,711 | {9}------------------------------------------------ ### **EP SECURITIES, LLC** NOTES TO FINANCIAL STATEMENTS December 31 , 2025 #### **1. ORGANIZATION AND NATURE OF BUSINESS** EP Securities, LLC ("we", "our", or the "Company") is registered as a broker-dealer with the Securities and Exchange Commission (the "SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Company received its approval for membership on March 16, 2010. The Company earns advisory fee income for merger and acquisitions and capital-raising consulting. Since the Company is a New York limited liability company ("LLC"), the Members are not liable for the debts, obligations or liabilities of the Company, whether arising in contract, tort or otherwise, unless the Members have signed a specific guarantee. #### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### Basis of Accounting 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, which is required by the SEC and FINRA. #### 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. #### Cash and Cash Equivalents The Company defines cash equivalents as highly liquid investments with original maturity dates of less than ninety days that are not held for sale in the ordinary course of business. The Company maintains its cash in a bank deposit account which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and management believes it is not subjected to any significant credit risk. #### 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 measured 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 Investment banking M&A advisory fees. These services include agreements to provide advisory services to customers for which they charge the customers fees. The Company provides advisory {10}------------------------------------------------ services/corporate finance activity including mergers and acquisitions, reorganizations, tender offers, leveraged buyouts, fundraising activity and the pricing of securities to be issued. The agreement contains nonrefundable retainer fees or success fees, which may be fixed or represent a percentage of value that the customer receives if and when the corporate finance activity is completed ("success fees"). In some cases, there is also an "announcement fee" that is calculated on the date that a transaction is announced based on the price included in the underlying sale agreement. The retainer fees, announcement fee, or other milestone fees reduce any success fee subsequently invoiced and received upon the completion of the corporate finance activity. The Company has evaluated its nonrefundable retainer payments, to ensure its fee relates to the transfer of a good or service, as a distinct performance obligation, in exchange for the retainer. If a promised good or service is not distinct, the Company combines that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. In some cases, that would result in the broker-dealer accounting for all services promised in a contract as a single performance obligation and the retainer revenue is classified as deferred revenue on the Statement of Financial Condition. The Company had no deferred revenue at December 31, 2025. #### Accounts receivable Accounts receivable are uncollateralized customer obligations due under normal trade terms generally requiring payment within 30 days from the invoice date. Accounts receivable are stated at the amount management expects to collect from outstanding balances. There was no accounts receivable at December 31, 2025 and December 31, 2024. #### Fixed Assets Fixed assets include furniture, fixtures and leasehold improvemerits and are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets (five to seven years). The Company follows the policy of capitalizing all major additions, renewals and betterments. Minor replacements, maintenance, and repairs are expensed as incurred. Depreciation expense for 2025 was \$7,487. #### Income Taxes The Company is a limited liability company taxed as a partnership 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 FASS 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. The Company has evaluated its tax positions and has determined that it has no uncertain tax positions for which a provision or liability for income taxes is necessary. #### Leases The Company recognizes and measures its leases in accordance with FASS ASC 842, Leases. The Company is a lessee in a noncancellable operating lease, for office space. The Company determines if an arrangement is a lease, or contains a lease, at inception of a contract and when {11}------------------------------------------------ the terms of an existing contract are changed. The Company recognizes a lease liability and a right of use (ROU) asset at the commencement date of the lease. The lease liability is initially and subsequently recognized based on the present value of its future lease payments. Variable payments are included in the future lease payments when those variable payments depend on an index or a rate. The discount rate is the implicit rate if it is readily determinable or otherwise the Company uses its incremental borrowing rate. The implicit rates of our leases are not readily determinable and accordingly, we use our incremental borrowing rate based on the information available at the commencement date for all leases. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The ROU asset is subsequently measured throughout the lease term at the amount of the remeasured lease liability (i.e., present value of the remaining lease payments), plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received, and any impairment recognized. Lease cost for lease payments is recognized on a straight-line basis over the lease term. #### **3. LEASE COMMITMENTS** On March 22, 2023, the Company early terminated its original lease for a new six year, 3 month lease agreement for its main office that commenced in July 2023 on the 19th floor (Suite 1 901) of 275 Madison Avenue and goes through June 30, 2029. During 2023, the Company paid \$347,980 in rent expense. The terms of the new lease are (i) base rent of \$9,850 per month for the period commencing on the Commencement Date through June 30, 2024, and (ii) an annual increase of 2.5% through the expiration of the lease agreement in June of the year 2029. The Company estimates future rent expense using the straight-line method and estimates the below expense per year through the lease term. The Company has obligations as a lessee for office space with initial noncancellable terms in excess of one year. The Company classified these leases as operating leases. These leases generally contain a renewal options for 1 O years. The Company's leases do not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease contracts include fixed payments. The Company's office space leases require it to make variable payments for the Company's proportionate share of the building's property taxes, insurance, and common area maintenance. These variable lease payments are not included in lease payments used to determine lease liability and are recognized as variable costs when incurred. Amounts reported in the Statement of Financial Condition as of December 31 , 2025 were as follows: Operating leases: | Operating
lease
ROU
assets | \$405,116 | |-------------------------------------|-----------| | | | | Operating
lease
liabilities | \$418,703 | |-----------------------------------|-----------| |-----------------------------------|-----------| Other information related to leases as of December 31, 2025 was as follows: Supplemental cash flow information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases \$95,022 {12}------------------------------------------------ ROU assets obtained in exchange for lease obligations: Operating leases \$649,495 5% Reductions to ROU assets resulting from reductions to lease obligations: Operating leases \$103,366 Weighted average remaining lease term: | Operating leases | 3.6 years | |------------------|-----------| |------------------|-----------| Weighted average discount rate: Operating leases Amounts disclosed for ROU assets obtained in exchange for lease obligations and reductions to ROU assets resulting from reductions to lease obligations include amounts added to or reduced from the carrying amount of ROU assets resulting from new leases, lease modifications or reassessments. | Year Ending December 31 | | | | |-----------------------------------|----------------|--|--| | 2026 | \$ 121 ,529 | | | | 2027 | \$ 1
24,563 | | | | 2028 | \$ 1
27,672 | | | | 2029 (partial) | \$ 85,985 | | | | Total Undiscounted Lease Payments | \$459,749 | | | | Less Effect of Discounts | (\$ 41,046) | | | | Lease Liability | \$418,703 | | | #### **4. NET CAPITAL REQUIREMENTS** The Company is subject to the SEC 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 \$209,094 which was \$204,094 in excess of its required net capital of \$5,000. The Company's percentage of aggregate indebtedness to net capital was 18.32%. #### **5. MANAGEMENT'S REVIEW** Subsequent events were evaluated through February 12, 2026, the date the financial statements were issued. The Company did not identify any material subsequent events requiring disclosure in its financial statements. {13}------------------------------------------------ ### **6. CONCENTRATION RISKS** Commission revenues earned from the three largest customers of the Company's accounted for 61 .9% of commission revenue in 2025. #### **7. RENTAL INCOME** During 2025, the Company generated \$4,400 in rental income. ### **8. OTHER NOTES** 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 private placement businesses. 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 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. The company derived 61.9 percent of its total revenues from three external customers in 2025. {14}------------------------------------------------ **(A LIMITED LIABILITY COMPANY)** #### **COMPUTATION OF NET CAPITAL UNDER RULE 1 5c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION AS OF DECEMBER 31 , 2025** | | I
SCHEDULE I | |---------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------| | TOTAL MEMBERS' EQUITY QUALIFIED FOR NET
CAPITAL | I
\$
236,286 | | ALLOWABLE CREDITS: | | | DEDUCTIONS AND/OR CHARGES:
Non-allowable assets:
Prepaid expenses
Fixed assets, net
NET CAPITAL | (3,842)
(23,350)
I
209,094
\$ | | AGGREGATE INDEBTEDNESS -
Lease liability to extent of Right of Use asset
Accrued expenses and security deposits payable
Total aggregate indebtedness | 13,587
24,731
I
\$
38,318 | | COMPUTATION OF BASIC NET CAPITAL REQUIREMENT -
Minimum net capital required | I
\$
5,000 | | Excess net capital | I
204,094 | | Minimum capital requirement per Rule 15c3-1 is the greater
of 6 2/3% of aggregate indebtedness or \$5,000 | I
203,093 | | Percentage of aggregate indebtedness to net capital | I
18.32% | **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.** {15}------------------------------------------------ # **EP SECURITIES, LLC (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 funds or securities for or to customers, (2) does not carry accounts of or for customers, and (3) does not carry PAS 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 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 funds or securities for or to customers, (2) does not carry accounts of or for customers, and (3) does not carry PAS accounts** {16}------------------------------------------------ #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member and Management of **E** EP Securities, LLC >- We have reviewed management's statements for the year ended December 31, 2025, included in the Z accompanying Rule I 5c3-3 Exemption Report pursuant to SEC Rule I 7a-5, in which (I) EP &lt; Securities, LLC (the Company) did not claim an exemption under paragraph (k) of 17 C.F.R. 0.. §240. I 5c3-3, and (2) the Company is filing this Exemption Report relying on Footnote 74 of theu � SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240. l 7a-5 because the Company 0 limits its business activities exclusively to include receiving transaction-based compensation for U identifying potential merger and acquisition opportunities for clients and advising on private, • placement transactions. **0** In addition, the Company did not directly or indirectly receive, hold, or otherwise owe funds or eel 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 1 5c2-4 and/or funds received and ufJ 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 for customers; and did not carry PAB accounts (as defined in Rule 1 5c3-3) throughout the most recent fiscal year without exception. EP 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 EP 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. l 7a-5, and related SEC Staff Frequently Asked Questions. Goldman & Company, CPA's, P.C. Marietta, Georgia February 12, 2026 {17}------------------------------------------------ ![](_page_17_Picture_0.jpeg) 275 Madison Avenue Suite 1 901 New York, NY 1 0016 www.excelptrs.com ## **EP SECURITIES, LLC** EXEMPTION REPORT YEAR ENDED DECEMBER 31, 2025 EP Securities LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (1 7 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. §240.1 7a-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. § 240.1 7a-5 because the Company limits its business activities exclusively to receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients and advising on private placement transactions, and 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 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 1 5c3-3) throughout the most recent fiscal year without exception. #### EP SECURITIES LLC I, Edward Soh, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. By: **>(** J\Q\_ l \ *)* Title: President Date: February 2, 2026 {18}------------------------------------------------ ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON **APPL YING AGREED-UPON PROCEDURES** � To the Member and Management of EP Securities, LLC \.. **V** We have performed the procedures included in Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 **E** > and in the Securities Investor Protection Corporation (SIPC) Series 600 Rules, which are enumerated below z on the accompanying General Assessment Reconciliation (Form SIPC-7) for the year ended December 31, 2025. Management of EP Securities, LLC (the Company) is responsible for its Form SIPC-7 and for its &lt; compliance with the applicable instructions on Form SIPC-7. CL Management of the Company has agreed to and acknowledged that the procedures performed are appropriate u � to meet the intended purpose of assisting you and SIPC in evaluating the Company's compliance with the 0 applicable instructions on Form SIPC-7 for the year ended December 31, 2025. Additionally, SIPC has U agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. Thi· ; report may not be suitable for any other purpose. The procedures performed may not address all the items of 0 interest to a user of this report and may not meet the needs of all users of this report and, as such, users are *,:,;j* responsible for determining whether the procedures performed are appropriate for their purposes. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either DfJ for the purpose for which this report has been requested or for any other purpose. The procedures we performed and our associated findings are as follows: - I) Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records entries, noting no differences; - 2) Compared the Total Revenue amounts reported on the Annual Audited Report Form X-17 A-5 Part III for the year ended December 31, 2025 with the Total Revenue amount reported in Form SIPC-7 for the year ended December 3 I, 2025, noting no differences; - 3) Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers, noting no differences; - 4) Recalculated the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related schedules and working papers supporting the adjustments, noting a trivial difference; and - 5) Compared the amount of any overpayment applied to the current assessment with the Form SIPC-7 on which it was originally computed, noting no differences. We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the AICPA and in accordance with the standards of the Public Company Accounting Oversight Board (United States). We were not engaged to and did not conduct an examination or a review engagement, the objective of which would be the expression ofan opinion or conclusion, respectively, on the Company's Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2025. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. This report is intended solely for the information and use of EP Securities, LLC and the SIPC and is not intended to be and should not be used by anyone other than these specified parties. *JI Ll,-Jr-fo"7J C//1* J *f4(\_* Goldman & Company, CPA's, P.C. Marietta, Georgia February 1 2, 2026 3535 Roswell Road • Suite 32 • Marietta. G/\ 30062 • 770.499.8558 • Fax 770.4-25.3683 {19}------------------------------------------------ **SIPC-7 37 REV 0722** #### **GENERALASSESSMENT FORM** **For the fiscal year ended 12/31/2025** | | | Determination of "SIPC NET Operating Revenues" and General Assessment for:
MEMBER NAME
SECURITIES
EP
LLC | SEC No.
8-68297 | | |---|----------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|------------------| | | | 1/1/2025
For the fiscal period beginning
and ending | 12/31/2025 | | | 1 | | Total Revenue (FOCUS Report - Statement of Income (Loss) - Code 4030) | | \$ 3,991,31 9.00 | | 2 | | Additions: | | | | | | a Total revenues from the securities business of subsidiaries (except foreign
subsidiaries) and predecessors not included above. | | | | | | b Net loss from principal transactions in securities in trading accounts. | | | | | c Net loss from principal transactions in commodities in trading accounts. | | | | | | | d Interest and dividend expense deducted in determining item 1. | | | | | | e Net loss from management of or participation in the underwriting or
distribution of securities. | | | | | | f Expenses other than advertising, printing, registration fees and legal fees
deducted in determining net profit management of or participation in
underwriting or distribution of securities. | | | | | | g Net loss from securities in investment accounts. | | | | | | h Add lines 2a through 2g. This is your total additions. | | \$ 0.00 | | 3 | | Add lines 1 and 2h | | \$ 3,991,319.00 | | 4 | | Deductions: | | | | | | a Revenues from the distribution of shares of a registered open end investment
company or unit investment trust, from the sale of variable annuities, from the
business of insurance, from investment advisory services rendered to
registered investment companies or insurance company separate accounts
and from transactions in security futures products. | | | | | | b Revenues from commodity transactions. | | | | | | c Commissions, floor brokerage and clearance paid to other SIPC members
in connection with securities transactions. | | | | | | d Reimbursements for postage in connection with proxy solicitations. | | | | | | e Net gain from securities in investment accounts. | | | | | | f 100% commissions and markups earned from transactions in (I) certificates
of deposit and (ii) Treasury bills, bankers acceptances or commercial paper
that mature nine months or less from issuance date. | | | | | | g Direct expenses of printing, advertising, and legal fees incurred in connection
with other revenue related to the securities business (revenue defined by
Section 16(9)(L) of the Act). | | | | | | h Other revenue not related either directly or indirectly to the securities business.
Deductions in excess of \$100,000 require documentation | \$ 1
2,246.00 | | | 5 | | a Total interest and dividend expense (FOCUS Report - Statement
of Income (Loss) - Code 4075 plus line 2d above) but
not in excess of total interest and dividend income | | | | | | b 40% of margin interest earned on customers securities accounts
(40% of FOCUS Report - Statement of Income (Loss) -
Code 3960) | | | | | | c Enter the greater of line 5a or 5b | \$ 0.00 | | | 6 | | Add lines 4a through 4h and 5c. This is your total deductions. | | \$ 1
2,246.00 | {20}------------------------------------------------ **SECURITIES INVESTOR PROTECTION CORPORATION** #### **GENERALASSESSMENT FORM** **For the fiscal year ended 12/31/2025** | 7 | | Subtract line 6 from line 3. This is your SIPC Net Operating Revenues. | | | \$ 3,979,073.00 | |----|-------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|----------------------------|-----------------| | 8 | | Multiply line 7 by .0015. This is your General Assessment. | | | \$ 5,968.00 | | 9 | | Current overpaymenUcredit balance, if any | | | \$ 0.00 | | 10 | b Any other overpayments applied
d Add lines 11 a through 11 c | General assessment from last filed 2025 SIPC-6
or 6A
11 a Overpayment(s) applied on all 2025 SIPC-6
and 6A(s)
c All payments applied for 2025 SIPC-6
and 6A(s) | \$ 0.00
\$ 0.00
\$ 2,31
6.00 | \$ 2,316.00
\$ 2,316.00 | | | 12 | LESSER of line 10 or 11d. | | | | \$ 2,316.00 | | | 13 a Amount from line 8 | | | \$ 5,968.00 | | | | b Amount from line 9 | | | \$ 0.00 | | | | c Amount from line 12 | | | \$ 2,316.00 | | | | d Subtract lines 1 3b | and 1 3c
from 13a. This is your assessment balance due. | | | \$ 3,652.00 | | 14 | Interest (see instructions) for | O
days late at 20% per annum | | | \$ 0.00 | | 15 | | Amount you owe SIPC. Add lines 1 3d
and 14. | | | \$ 3,652.00 | | 16 | | OverpaymenUcredit carried forward (if applicable) | | | \$ 0.00 | | | SEC No.
8-68297 | Designated Examining Authority
DEA: FINRA | FYE
2025 | Month
Dec | | | | MEMBER NAME
MAILING ADDRESS | EP SECURITIES LLC
275 MADISON AVE STE 1 901
NEW YORK, NY 10016
UNITED STATES | | | | **Subsidiaries (S) and predecessors (P) included in the form (give name and SEC number)** [Z] **By checking this box, you certify that you have the authority of the SIPC member to sign this form; that all information in this form is true and complete; and that on behalf of the SIPC member, you are authorized, and do hereby consent, to the storage and handling by SIPC of the data in accordance with SI PC's Privacy Policy** | EP
SECURITIES
LLC | Jeffrey
Philip
Heller | | | |-------------------------|-----------------------------|--|--| | (Name of SIPC Member) | (Authorized Signatory) | | | | 2/1
2/2026 | jeff.heller@excelptrs.com | | | | (Date) | (e-mail address) | | | **Completion of the "Authorized Signatory" line will be deemed a signature.** *This form and the assessment payment are due* **60** *days after the end of the fiscal year.* Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.