# CENTERBOARD SECURITIES, LLC X-17A-5 (2026-02-06) — Broker-dealer annual report - Company: CENTERBOARD SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-02-06 - Period: 2025-12-31 - Accession: 0001491645-26-000001 - CIK: 1491645 - File #: 8-68593 - Type: Broker-dealer - Material weakness: No - Auditor: Brian W. Anson, CPA - Auditor location: Tarzana, CA - Contact: Lee Eichen - Phone: (646) 442-8700 - Email: lee.eichen@centerboardsecurities.com - Website: centerboardsecurities.com - Signed by: Lee Eichen (Managing Director) Original filing: https://www.sec.gov/Archives/edgar/data/1491645/000149164526000001/2025-12CertAuditCentrbrdfull.pdf --- {0}------------------------------------------------ #### CENTERBOARD SECURITIES, LLC #### FINANCIAL STATEMENTS #### AND #### ACCOMPANYING SUPPLEMENTARY INFORMATION #### REPORT PURSUANT TO SEC RULE 17a-5(d) FOR THE YEAR ENDED DECEMBER 31, 2025 {1}------------------------------------------------ #### Table of Contents | | | PAGE | |---------------------------------------------------------|-----------------------------------------------|------| | SEC Form X-17A-5 | | 3 | | Report of Independent Registered Public Accounting Firm | | 5 | | Statement of Financial Condition | | 6 | | Statement of Operations | | 7 | | Statement of Members' Equity | | 8 | | Statement of Cash Flows | | 9 | | Notes to Financial Statements | | 10 | | Supplementary Information | | | | Schedule I | Statement of Net Capital | 13 | | Schedule II | Determination of Reserve Requirements | 14 | | Schedule III | Information Relating to Possession or Control | 14 | | Assertions Regarding Exemption Provisions | | 15 | | Report of Independent Registered Public Accounting Firm | | 16 | {2}------------------------------------------------ ### SEC Form X-17A-5 December 31, 2025 |
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| | | | | | 9430 Research Blvd. #120

| | | | | | | | | | | | Austin
| TX
| 78759 | |----------------|--------------------|--------------------------------------| | | | | | | | | | Lee Eichen
| (646) 442-8700
| lee.eichen@centerboardsecurities.com | | | | | | | | | #### Brian W. Anson, CPA | 18455 Burbank Blvd. Suite 406
| Tarzana | CA | 91356 | | | | | | |-----------------------------------|---------|------|-------|--|--|--|--|--| | | | | | | | | | | | 09/15/2005
| | 2370 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | {3}------------------------------------------------ #### Lee Eichen Centerboard Securities, LLC 12/31 025 Managing Director #### - - - - - - - - - - - - - - - - - - - - - - - - - - {4}------------------------------------------------ ### Report of Independent Registered Public Accountant December 31, 2025 {5}------------------------------------------------ ## Centerboard Securities, LLC Statement of Financial Condition As of December 31, 2025 | | Dec 31, '25 | |---------------------------------|---------------| | ASSETS | | | Current Assets | | | Checking/Savings | | | Centerboard Securities-Checking | 310,688.80 | | Total Checking/Savings | 310,688.80 | | Total Current Assets | 310,688.80 | | Other Assets | | | Prepaid Expense | 1,091.00 | | Deposit-FINRA | 1,228.29 | | Total Other Assets | 2,319.29 | | TOTAL ASSETS | 313,008.09 | | LIABILITIES & EQUITY | | | Liabilities | | | Current Liabilities | | | Accounts Payable | | | Accounts Payable | 10,639.76 | | Total Accounts Payable | 10,639.76 | | Total Current Liabilities | 10,639.76 | | Total Liabilities | 10,639.76 | | Equity | | | Class A Equity | | | Member Draws-Partner1 | -1,199,000.00 | | Member Draws-Partner 2 | -1,199,000.00 | | Member Equity-Partner 1 | 45,000.00 | | Member Equity-Partner 2 | 45,000.00 | | Retained Earnings | 2,631,028.51 | | Total Class A Equity | 323,028.51 | | Net Income | -20,660.18 | | Total Equity | 302,368.33 | | TOTAL LIABILITIES & EQUITY | 313,008.09 | #### THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIALS STATEMENTS {6}------------------------------------------------ ## Centerboard Securities, LLC Statement of Operations For the year ended December 31, 2025 | | Jan - Dec '25 | |-----------------------------|---------------| | Ordinary Income/Expense | | | Income | | | Income | 133,449.88 | | Total Income | 133,449.88 | | Expense | | | Independent Contractor Fees | 21,842.96 | | Registered Rep Fees | 90,788.66 | | Office Expenses | | | Rent | 11,700.00 | | Telephone | 3,600.00 | | Office Supplies | 1,800.00 | | Cleaning | 600.00 | | Total Office Expenses | 17,700.00 | | Professional Fees | 19,500.00 | | Insurance Expense | 779.00 | | Email Archiving | 2,392.08 | | Bank Service Charges | -34.64 | | Regulatory Expense | 1,142.00 | | Total Expense | 154,110.06 | | Net Ordinary Income | -20,660.18 | | Net Income | -20,660.18 | #### THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIALS STATEMENTS {7}------------------------------------------------ # Centerboard Securities, LLC Statement of Changes in Members' Equity For the year ended December 31, 2025 | | | | | Total | |-----------------------------------|---------------|----------------|----|----------| | | Beginning | Additions/ | | Members' | | | Capital | (Subtractions) | | Equity | | Beginning balance January 1, 2025 | \$
323,028 | \$
- | \$ | 323,028 | | Net loss | (20,660) | | | (20,660) | | Ending balance December 31, 2025 | \$
302,368 | \$
- | \$ | 302,368 | # THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIALS STATEMENTS {8}------------------------------------------------ # Centerboard Securities, LLC Statement of Cash Flows For the year ended December 31, 2025 | CASH FLOWS FROM OPERATING ACTIVITIES: | | |--------------------------------------------------|----------------| | Net loss | \$
(20,660) | | Adjustments to reconcile net income to net cash | | | used in operating activities: | | | (Increase) decrease in: | | | Prepaid expenses | (1,091) | | Other assets | (115) | | Increase (decrease) in: | | | Accounts payable | (6,154) | | Other Liabilities | (17,700) | | Total adjustments | (25,060) | | Net cash used in operating activities | (45,720) | | | | | Increase/(Decrease) in cash | (45,720) | | Cash-beginning of period | 356,409 | | Cash-end of period | \$
310,689 | | Supplemental disclosure of cash flow information | | | Cash paid during the year for: | | | Interest | \$
- | | Income taxes | \$
- | # THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIALS STATEMENTS {9}------------------------------------------------ # Centerboard Securities, LLC Notes to Financial Statements # Note 1: GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ## *General* Centerboard Securities, LLC, (the "Company"), was formed in March, 2010, in the State of Delaware as a limited liability company. The Company is registered as a broker-dealer with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA") and Securities Investor Protection Corporation ("SIPC"). The Company was approved as a broker-dealer on October 25, 2011. The Company is authorized to engage in private placements of securities, mergers and acquisitions advisory, and acting in an advisory capacity for the structuring, organization and pricing of best efforts underwritings. The Company does not hold customer funds or safeguard customer securities. # *Summary of Significant Accounting Policies* The presentation 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company, with the consent of its Members, has elected to be a Limited Liability Company. For tax purposes, the Company is treated like a partnership, therefore in lieu of business income taxes, the Members are taxed on the Company's taxable income. Accordingly, no provision or liability for Federal Income Taxes is included in these financial statements. The Company is engaged in various trading and brokerage activities in whose counterparties primarily include broker/dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends upon the creditworthiness of the counterparty or issuer of the instrument. To mitigate the risk of loss, the Company maintains its accounts with credit worthy customers and counterparties. One Customer Accounted for 100% of the Company's revenue for year ended December 31, 2025. Management has reviewed the results of operations for the period of time from its year end December 31, 2025 through January 21, 2026 the date the financials statements were available to be issued, and have determined that no adjustments are necessary to the amounts reported in the accompanying financial statements nor have any subsequent events occurred, the nature of which would require disclosure. The Company is subject to audit by the taxing agencies for years ending December 31, 2022, 2023 and 2024. {10}------------------------------------------------ FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritized the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or liability or, in the absence of a principal market takes place in the most advantageous market for the asset or liability. Valuation techniques that are consistent with the market, income or cost approach, as specified by FASB ASC 820 are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Level 2 inputs are inputs (other than quoted prices included within Level 1) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability and rely on management's own assumptions about the assumptions that market participants would use in pricing the asset or liability. (The unobservable inputs should be developed based on the best information available in the circumstances and may include the Company's own data.) The Company does not have any investments during the current reporting period ending December 31, 2025. # *Segment Reporting* The Company is engaged in a single line of business as a securities broker dealer, which is comprised of one class of service. The Company has identified its Chief Compliance Officer 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 from 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: ASC 606 REVENUE RECOGNITION Revenue is measured based on a consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfied a performance obligation by transferring control over a product or service to a customer. {11}------------------------------------------------ Taxes and regulatory fees assessed by a government authority or agency that are both imposed on and concurrent with a specified revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. # B. Nature of services The following is a description of activities – separated by reportable segments, per FINRA Form "Supplemental Statement of Income (SSOI)"; from which the Company generates its revenue. For more detailed information about reportable segments, see below Fees earned: This includes investment banking fees, M&A advisory fees, and private placement fees. # Note 3: NET CAPITAL The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC rule 15c3-1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Net capital and aggregate indebtedness change day to day, but on December 31, 2025 the Company had net capital of \$285,049 which was \$280,049 in excess of its required net capital of \$5,000; and the Company's ratio of aggregate indebtedness \$10,640 to net capital was 0.04 to 1, which is less than the 15 to 1 maximum ratio allowed for a broker dea1er. # Note 4: RELATED PARTY The Company has an expense sharing agreement with its affiliate to share monthly overhead costs beginning in April, 2011 including rent, telephone, and office supplies. The total amount accrued in expense sharing for the year ended December 31, 2025 was \$17,700. ### Note 5: LEASE ACCOUNTING STANDARDS In February 2016 the FASB issued ASU 2016-02 on Leases. Under the new guidance lessees are required to recognize a lease liability and a right-to-use asset for all leases at the commencement date, with the exception of short-term leases. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018 and early adoption is permitted. The Company is not subject to this requirement inasmuch as it has an expense sharing agreement with its related party. ### Note 6: COMMITMENTS AND CONTINGENCIES The Company did not have any litigation or other legal action that would require disclosure during year ended December 31, 2025. {12}------------------------------------------------ # Centerboard Securities, LLC Statement of Net Capital For the year ended December 31, 2025 # Schedule I | | Focus 12/31/25 | | Audit 12/31/25 | | Change | | | |---------------------------------------------------------|----------------|----------------------|----------------|----------------------|--------|--|--------| | Members' equity, December 31, 2025 | \$ | 302,368 | \$ | 302,368 | \$ | | - | | Subtract - Non allowable assets: | | | | | | | | | Accounts receivable
Other assets
Other deductions | | -
2,319
15,000 | | -
2,319
15,000 | | | -
- | | Tentative net capital | | 285,049 | | 285,049 | | | - | | Haircuts | | 0 | | 0 | | | - | | NET CAPITAL | | 285,049 | | 285,049 | | | - | | Minimum net capital | | 5,000 | | 5,000 | | | - | | Excess net capital | \$ | 280,049 | \$ | 280,049 | | | - | | Aggregate indebtedness | | 10,640 | | 10,640 | | | - | | Ratio of aggregate indebtedness to net capital | | 0.04 | | 0.04 | | | | There were no reported differences between the audit and Focus at December 31, 2025. {13}------------------------------------------------ #### **Schedule II** #### **COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS UNDER RULE 15c3-3 ( e ) DECEMBER 31, 2025** The Company has no reserve deposit obligations under SEC 15c3-3 ( e ) because it is a "noncovered" firm pursuant to footnote 74 to SEC Release 34-70073 and therefore is not subject to the rule for the year ended December 31, 2025. #### **Schedule III** #### **INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15c3-3(b) DECEMBER 31, 2025** The Company has not possession or control obligations under SEC 15c3-3(b) because it is a "non-covered" firm pursuant to footnote 74 to SEC Release 34-70073 and therefore is not subject to the Rule for the year ended December 31, 2025. {14}------------------------------------------------ ### Assertions Regarding Exemption Provisions We, as members of management of Centerboard Securities, LLC, ("the Company"), are responsible for compliance with the annual reporting requirements under Rule 17a-5 of the Securities Exchange Act of 1934. Those requirements compel a broker or dealer to file annual reports with the Securities Exchange Commission (SEC) and the broker or dealer's designated examining authority (DEA). One of the reports to be included in the annual filing is an exemption report prepared by an independent public accountant based upon a review of assertions provided by the broker or dealer. Pursuant to that requirement, the management of the Company hereby makes the following assertions: The Company is exempt from SEA Rule 15c3-3 as a non-covered firm because its business activities are limited to providing mergers and acquisitions advisory services, private placement of securities and acting in an advisory capacity for the structuring, organization and pricing of best efforts underwritings. As a result, 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; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3). Due to the Company's business activities, the Company is not subject to the custody and reserve provisions of Rule 15c3-3. The Company did not identify any exceptions to the above throughout the year ending December 31, 2025. CENTERBOARD SECURITIES, LLC By: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Lee Eichen, Managing Director \_\_\_\_\_\_\_\_\_\_\_\_January 21, 2026\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ {15}------------------------------------------------ ## Report of Independent Registered Public Accountant Required by SEC Rule 15c3-3 December 31, 2025 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.