# ASCENDIANT CAPITAL MARKETS, LLC X-17A-5 (2026-07-06) — Broker-dealer annual report - Company: ASCENDIANT CAPITAL MARKETS, LLC - Form: X-17A-5 - Filed: 2026-07-06 - Period: 2025-12-31 - Accession: 0001481875-26-000003 - CIK: 1481875 - File #: 8-68487 - Type: Broker-dealer - Material weakness: No - Auditor: David Lungren & Co. - Auditor location: Olathe, KS - Contact: Michael Brown - Phone: 678-894-1959 - Email: mobrown@bdsolutions.com - Website: bdsolutions.com - Signed by: Michael Brown (CFO & Financial Principal) Original filing: https://www.sec.gov/Archives/edgar/data/1481875/000148187526000003/acm2025publicaudit_1.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 SEC FILE NUMBER 8-68487 # ANNUAL REPORTS FORM X-17A-5 PART III FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 \_\_ AND ENDING 12/31/2025 filing for the period beginning 01/01/2025 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION #### Ascendiant Capital Markets, LLC NAME OF FIRM: \_ \_ \_ \_ \_ TYPE OF REGISTRANT (check all applicable boxes): @ 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.) #### 110 Front Street Suite 300 | | inu. Allu offeet | | | | | |--------------------------------------------------|-----------------------------------------------------------------------------------------------------------|--------------------------------------------|------------|--|--| | Jupiter | ட | | 33477 | | | | (City) | (State) | (Zip Code) | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Michael O. Brown | 678-894-1959 | mobrown@bdsolutions.com | | | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | | | | | | | | | B. ACCOUNTANT IDENTIFICATION
INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | David Lungren & Co. | | | | | | 505 N. Mur-len Road | (Name - if individual, state last, first, and middle name)
Olathe | KS | 66062 | | | | (Address) | (City) | (State) | (Zip Code) | | | | 1/5/2015 | | 6075 | | | | | (Date of Registration with PCAOB)(if applicable) | | (PCAOB Registration Number, if applicable) | | | | \* 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}------------------------------------------------ ### OATH OR AFFIRMATION Michael O. Brown , swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Ascendiant Capital Markets, LLC as of the same of the same as of December 31, 2025 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: Title: CFO and Financial Operations Principal ## This filing \*\* contains (check all applicable boxes): - = (a) Statement of financial condition. - = (b) Notes to consolidated statement of financial condition. - □ (c) Statement of income (loss) or, if there is other comprehensive in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - 0 (d) Statement of cash flows. - [ {e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [ (f) Statement of changes in liabilities subordinated to claims of creditors. - [ {g) Notes to consolidated financial statements. - [ [h] Computation of net capitai 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. - [] Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - | (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. - [1] Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - | (m) Information relating to possession or control requirements for customers under 17 CFR 240 15c3-3. - | |n} Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240 18a-4, as applicable. - □ {o} Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240 18a-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. - (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - [ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ {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 statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - | |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. - | (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. - | as applicable. - □ (y) Report describing any material inadequacies 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). - □ (z) Other: \_ - \*\* To request confidential treatment of chis fling, see 17 CFR 240.170-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable. {2}------------------------------------------------ REPORT PURSUANT TO RULE 17a-5(d) AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2025 The report is filed in accordance with Rule 17a-5(e) (3) under the Securities Exchange Act of 1934 as a PUBLIC document. {3}------------------------------------------------ # TABLE OF CONTENTS | | Page(s) | |---------------------------------------------------------|---------| | Report of Independent Registered Public Accounting Firm | | | FINANCIAL STATEMENT | | | Statement of Financial Condition | | | Notes to Financial Statement | 3 -7 | {4}------------------------------------------------ DAVID B. Lundgren, MBA, CPA TELEPHONE (913) 782-9530 Facsimile (913) 782-9564 #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Member of Ascendiant Capital Markets, LLC #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Ascendiant Capital Markets, LLC 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 Ascendiant Capital Markets, LLC 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 Ascendiant Capital Markets, LLC's management. Our responsibility is to express an opinion on Ascendiant Capital Markets, LLC'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 Ascendiant Capital Markets, LLC 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 Ascendiant Capital Markets, LLC's auditor since 2024. Olathe, Kansas April 13, 2026 {5}------------------------------------------------ # STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2025 ## ASSETS | ASSETS: | | |---------------------------------------------------|---------------| | Cash | S
97,804 | | Due from clearing broker | 1,646,161 | | Securities owned, at fair value | 215,434 | | Deposit with clearing brokers | 200,000 | | Accounts receivable | 50,500 | | Prepaid assets | 469 | | Total assets | \$ 2,210,368 | | LIABILITIES AND MEMBER'S EQUITY | | | LIABILITIES: | | | Due to clearing broker | \$
452,764 | | Commissions and salaries payable | 232,575 | | Accounts payable and accrued expenses | 78,067 | | Securities sold, not yet purchased, at fair value | 13,841 | | | | ## COMMITMENTS AND CONTINGENCIES (Notes 5 and 6) Total liabilities | MEMBER'S EQUITY (Note 3) | 1.433.121 | |---------------------------------------|--------------| | Total liabilities and member's equity | \$ 2.210.368 | 777,247 The accompanying notes are an integral part of these audited financial statements. {6}------------------------------------------------ # NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2025 # NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ## Organization and Business Ascendiant Capital Markets, LLC (the "Company") is a single member limited liability company and was organized in the State of Nevada on January 4, 2010. The Company was approved on February 28, 2011 to operate as a securities broker-dealer and is registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Company earns revenues from proprietary trading and the sale of securities on a fully disclosed basis. The Company is a wholly owned subsidiary of Ascendiant Capital Partners, LLC ("Parent"). ## Exemptive Provisions The Company, under Rules 15c3-3(k)(2)(ii), is exempt from both the customer reserve requirement and the possession and control requirements of Rule 15c3-3 of the Securities and Exchange Commission. The Company does not carry or clear customer accounts. Accordingly, all customer transactions are executed and cleared on behalf of the Company by its clearing broker on a fully disclosed basis. The Company's agreements with its clearing brokers provides that as clearing broker, that firm will make and keep such records of the transactions effected and cleared in the customer accounts as are customarily made and kept by a clearing broker pursuant to the requirements of Rules 17a-3 and 17a-4 of the Securities and Exchange Act of 1934, as amended (the "Act"). It also performs all services customarily incident thereon, including the preparation and distribution of customer's confirmation and maintenance margin requirements under the Act and the rules of the Self-Regulatory Organizations of which the Company is a member. ### Securities Valuation The Company values its securities in accordance with Accounting Standards Codification 820 - Fair Value Measurements ("ASC 820"). Under ASC 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset on liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company's assumption about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: {7}------------------------------------------------ # NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2025 #### NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) #### Securities Valuation (continued) Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and blockage discounts are not applied to Level 1 securities. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from security and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the extent that valuation is based on models or inputs that are less observable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for securities categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined by the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. The Company values investments in securities owned and securities sold, not yet purchased based on quoted prices in active markets. These are considered Level 1 securities for active markets and Level 2 securities for thinly traded markets. {8}------------------------------------------------ # NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2025 ### NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) #### Revenue Recognition The Company records the profit or loss on proprietary transactions, commission revenue and related expenses on a trade date basis. Investment banking fees earned from providing merger and acquisition and other advisory services to clients are recognized at the time of successful consummation of that transaction. Recurring investment banking retainer fees and due diligence fees are recognized over the period of the engagement at the time certain performance obligations are met. Interest and dividend income are recognized in the period earned. #### 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. #### Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. There were no cash equivalents as of December 31, 2025. #### Income Taxes All income and losses of the Company are passed through to the Parent's members report these on their individual income tax returns. There is no entity level tax for the Company for federal income tax purposes. The Company is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. The Company files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. The Company is not subject to income tax return examinations by major taxing authorities for years before 2022. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Company recording a tax liability that reduces net assets. However, the Company's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analyses of and changes to tax laws, regulations and interpretations thereof. {9}------------------------------------------------ # NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2025 ### Single Reportable Segment The Company is engaged in a single line of business as an investment banking broker-dealer, which is comprised of several classes of services, including providing merger and acquisition advisory services through hourly, retainer and success fees, proprietary trading in equity securities related marketing efforts. The company has identified a Managing Partner as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business, predominately in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 2), 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. # NOTE 2 - NET CAPITAL REQUIREMENTS AND REGULATORY MATTERS Pursuant to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined under such provisions. At December 31, 2025, the Company had net capital and net capital requirements of \$1,340,753 and \$100,000 respectively. The Company's net capital ratio (aggregate indebtedness to net capital) was .42 to 1. According to Rule 15c3-1, the Company's net capital ratio shall not exceed 15 to 1. #### FAIR VALUE MEASUREMENTS NOTE 3 - The Company's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with ASC 820. See Note 1 for a discussion of the Company's policies. The following table presents information about the Company's assets and liabilities measured at fair value as of December 31, 2025. | | Quoted Prices in
Active Markets for
Identical Assets
(Level I) | | Significant Other
Observable
Inputs
(Level 2) | Significant
Unobservable
Inputs
(Level 3) | | Balances
as of
December 31, 2025 | | |-------------------------------------|-------------------------------------------------------------------------|---------|--------------------------------------------------------|----------------------------------------------------|--|----------------------------------------|---------| | Securities owned: | | | | | | | | | Common stock, including | | | | | | | | | exchange traded funds | ഗ | 215,434 | ર્ | ഗ | | રે | 215,434 | | Securities sold, not yet purchased: | | | | | | | | | Common stock, including | | | | | | | | | exchange traded funds | ഗ | 13,841 | റ | ഗ | | S | 13,841 | The Company did not have significant transfers between Level 2 during the period ended December 31, 2025. {10}------------------------------------------------ # NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2025 # NOTE 4 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND UNCERTAINTIES In the normal course of business, the Company's activities through its clearing broker involve the execution, settlement and financing of various customer securities transactions. These activities may expose the Company to off-balance sheet risk. In the event a customer fails to satisfy its obligations, the Company may be required to purchase or sell financial instruments at prices in order to fulfill the customer's obligations. In the Company's trading activities, the Company has purchased and sold securities for its own account and may incur losses if the market value of the securities changes subsequent to December 31, 2025. In addition, the Company bears the risk of financial failure by its clearing broker. If the clearing broker should cease doing business, the Company's receivable and deposit from this clearing broker could be subject to forfeiture. The Company's financial instruments, including due from clearing broker, deposit with clearing broker, accounts receivables, accounts payable and accrued expenses, commissions and salaries payable and due to clearing broker are carried at amounts that approximate fair value, due to the short-term nature of the instruments. Securities owned and securities sold, but not yet purchased are valued as described in Note 1. The Company also maintains its cash balances in a financial institution, which at times may exceed federally insured limits. As of December 31, 2025, the Company had no deposits in excess of the federally insured limit. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. # NOTE 5 - COMMITMENTS AND RELATED PARTY TRANSACTIONS The Company may be obligated to pay management fees to ACG for general and administrative support provided to the Company. ACG determined that for the year ended December 31, 2025 no management fee would be due by the Company based on the activity in the Company. The Company is also an affiliate of Ascendiant Securities, LLC which is under common control as the Company. As of December 31, 2025 the Company had no amounts due to or from Ascendiant Securities. #### NOTE 6 -SUBSEQUENT EVENTS The Company has evaluated other subsequent events through the date the financial statements were issued. The Company is not aware of any additional events that occurred subsequent to the balance sheet date but prior to the filing of this report that would require other disclosures and/or adjustments. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.