# CROSSTREE CAPITAL SECURITIES, LLC X-17A-5 (2026-03-27) — Broker-dealer annual report - Company: CROSSTREE CAPITAL SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-03-27 - Period: 2025-12-31 - Accession: 0001497307-26-000001 - CIK: 1497307 - File #: 8-68662 - Type: Broker-dealer - Material weakness: No - Auditor: Cherry Bekaert - Auditor location: Denver, CO - Contact: Katherine Anderson - Phone: 404-303-8840 - Email: kanderson@bdsolutions.com - Website: bdsolutions.com - Signed by: Jeff Ellis (Managing Member) Original filing: https://www.sec.gov/Archives/edgar/data/1497307/000149730726000001/Crosstree2025AuditPUBLIC.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 hou # ANNUAL REPORTS FORM X-17A-5 PART III | urs per response. | | |-------------------|--| | | | | SEC FILE NUMBER | | | 8-68662 | | FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 AND ENDING 12/31/25 filing for the period beginning 01/01/25 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION # NAME OF FIRM: Crosstree Capital Securities, LLC TYPE OF REGISTRANT (check all applicable boxes): Public 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.) # 4830 W Kennedy Blvd, Suite 600 | (No. and Street) | | | | | |---------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------|--------------------------------------------|--| | Tampa | ﻠ | | 33609 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Katherine Anderson | 404-303-8840 | | kanderson@bdsolutions.com | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Cherry Bekaert | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | 4601 DTC Blvd., Suite 700 | Denver | CO | 80237 | | | (Address) | (City) | (State) | (Zip Code) | | | 10/20/2003 | | 677 | | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | \* 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 | Jeff Ellis | | swear (or affirm) that, to the best of my knowledge and belief, the | | |------------------------------------------------------------------------------|-------|-------------------------------------------------------------------------------------|-------| | financial report pertaining to the firm of Crosstree Capital Securities, LLC | | | as of | | December 31 | 7 025 | . is true and correct. I further swear (or affirm) that neither the company nor any | | partner, officer, director, or equivalent person, as the case may proprietary interest in any account classified soley as that of a customer. | IItle: | | |-----------------|--| | Managing Member | | #### 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 income 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 capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - □ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - □ (j) 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 capital or tangible 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. - | | 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. - | (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, 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 certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {2}------------------------------------------------ #### **STATEMENT OF FINANCIAL CONDITION** **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** | Report of Independent Registered Public Accounting Firm | 3 | |---------------------------------------------------------|-------| | Statement of Financial Condition | 4 | | Notes to Financial Statements | 5 – 7 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Members of Crosstree Capital Securities, LLC #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Crosstree Capital Securities, LLC (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** The financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company'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. We have served as Crosstree Capital Securities, LLC's auditor since 2025. Denver, Colorado February 26, 2026 {5}------------------------------------------------ # **STATEMENT OF FINANCIAL CONDITION** #### **DECEMBER 31, 2025** #### **ASSETS** | Total assets | \$1,877,164 | |-------------------------------------------|--------------------------| | Cash and cash equivalents
Other assets | \$
1,874,394
2,770 | #### **LIABILITIES AND MEMBERS' EQUITY** #### **LIABILITIES:** | Accounts payable | \$
13,333 | |-----------------------------------------------|--------------| | Due to affiliates (Note 4) | 877,500 | | Total liabilities | 890,833 | | COMMITMENTS AND CONTINGENCIES (NOTES 3 AND 5) | - | | MEMBERS' EQUITY (Note 2) | 986,331 | | Total liabilities and members' equity | \$ 1,877,164 | The accompanying notes are an integral part of this statement. {6}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENTS** #### **NOTE 1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### **Organization and Business** Crosstree Capital Securities, LLC (the "Company") is a Florida limited liability company formed on July 21, 2008. The Company is affiliated with Crosstree Capital Partners, Inc. ("CCP"), a management consulting firm to life sciences companies, through common ownership. The Company is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Company identified the provision of Footnote 74 under which the Company is not required to claim an exemption from 17 C.F.R. 240.15c3-3. The Company provides investment banking, corporate finance advisory, consulting services regarding mergers and acquisitions and growth capital financing. The Company specializes in the life sciences and healthcare industries, with a focus on pharmaceutical outsourcing, diagnostic products, and services and life science tools. #### **Revenue Recognition** Revenue is recognized in accordance with Financial Accounting Standards Board ("FASB") Accounting Standard Update, ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). The core principle of ASU 2014-09 is that an entity shall recognize revenue when the transfer of goods or services to the customer has been satisfied. To determine this, the following five steps are utilized: (i) identify the contract(s) with the customer; (ii) identify the various performance obligation(s) in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the various performance obligation(s) in the contract and (v) recognize revenue as the performance obligation(s) are satisfied. Advisory revenue from mergers and acquisitions are recognized at the point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific trade. #### **Cash and Cash Equivalents** For purposes of the statement of cash flows, the Company considers money market funds with an original maturity of three months or less to be cash equivalents. # **Income Taxes** The Company is not a taxable entity and thus the financial statements do not include a provision for income taxes. The Company's members are taxed on his respective share of the Company's earnings. 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, on-going analyses of and changes to tax laws, regulations, and interpretations thereof. The Company recognizes interest accrued related to unrecognized tax benefits and penalties related unrecognized tax benefits in income taxes payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2025. {7}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENTS** (*continued*) #### **NOTE 1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued)** #### **Single Reportable Segment** The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of mergers and acquisitions. The company has identified its Chief Executive Officer 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** 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 \$983,561 and \$59,389, respectively. The Company's net capital ratio (aggregate indebtedness to net capital) was .91 to 1. According to Rule 15c3-1, the Company's net capital ratio shall not exceed 15 to 1. #### **NOTE 3 – OPERATING LEASE** The Company has a non-cancelable operating lease for sublease office space with CCP which expired December 31, 2025. The Company has renewed the lease for January 1, 2026 through December 31, 2026. Rental expense was \$10,562 for the year ended December 31, 2025. #### **NOTE 4 – RELATED PARTY TRANSACTIONS** The Company has an expense sharing agreement with CCP. Under the agreement, the Company pays 75% of CCP's operating expenses including, but not limited to legal, marketing, payroll and salaries, utilities, and insurance expenses. The Company has entered into a separate agreement to sublease office space from CCP through December 31, 2025 (see Note 3). The Company has renewed the lease for January 1, 2026 through December 31, 2026. The Company had a convertible promissory note payable due to a related party, Shane Senior. The \$35,000 note was converted into 50% of the fully diluted interest of the Company in August 2025. At December 31, 2025 there were related party commissions payables of \$877,500 due to an affiliate. {8}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENTS** (*concluded*) #### **NOTE 5 – FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISK AND CONTINGENCIES** The Company's financial instruments, including cash and cash equivalent, other assets, and accounts payable are carried at amounts that approximate fair value due to the short –term nature of those instruments. The Company is engaged in various corporate advisory activities with counterparties with which the Company has an investment banking assignment. In the event that counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty. It is the Company's policy to review as necessary, the credit standing of each counterparty with which it conducts business. # **NOTE 6 – CONCENTRATION OF CREDIT RISK** Cash held in banks sometimes exceeds the Federal Deposit Insurance Corporation's (FDIC) insurance coverage of \$250,000, and as a result there may be a concentration of credit risk related to the amount in excess of FDIC insurance coverage. As of December 31, 2025, the Company held cash and cash equivalents of \$1,624,394 in excess of the Federal Deposit Insurance Corporations insurance coverage of \$250,000. #### **NOTE 7 – SUBSEQUENT EVENTS** The Company has performed an evaluation of subsequent events through the date the financial statements were issued. The evaluation did not result in any subsequent events that required disclosures and/or adjustments. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.