# INTREPID INVESTMENT BANKERS LLC X-17A-5 (2026-02-13) — Broker-dealer annual report - Company: INTREPID INVESTMENT BANKERS LLC - Form: X-17A-5 - Filed: 2026-02-13 - Period: 2025-12-31 - Accession: 0001498307-26-000003 - CIK: 1498307 - File #: 8-68674 - Type: Broker-dealer - Material weakness: No - Auditor: Deloitte & Touche LLP - Auditor location: New York, NY - Contact: Anita Ching Yan Woo - Phone: 5106122122 - Email: smorin@intrepidib.com - Website: intrepidib.com - Signed by: Stacey Morin (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/1498307/000149830726000003/fin2.pdf --- {0}------------------------------------------------ # Intrepid Investment Bankers LLC (SEC ID. NO. 8-68674) Financial Statements and Supplemental Schedules as of and for the Year Ended December 31, 2025 and Report of Independent Registered Public Accounting Firm #### PUBLIC DOCUMENT Filed pursuant to Rule 17a-5(e)(3) under the Securities Exchange Act of 1934 {1}------------------------------------------------ | UNITED STATES
OMB Number: 3235-0123
SECURITIES AND EXCHANGE COMMISSION
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ANNUAL REPORTS
FORM X-17A-5
8-68674
PART III
FACING PAGE
Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934
01/01/25
AND ENDING
MM/DD/YY
A. REGISTRANT IDENTIFICATION
Intrepid Investment Bankers LLC
Check here if respondent is also an OTC derivatives dealer
11755 Wilshire Boulevard, Suite 2200
(No. and Street)
CA
Los Angeles
(State)
(City)
Stacey Morin, Director, CFO 310-654-2164
smorin@intrepidib.com
(Email Address)
(Area Code - Telephone Number) | | | | | | | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|-----------------------|--|-----------------|--|--| | Broker-dealer Security-based swap dealer Major security-based swap participant | | | | 12 | | | | | | | | | | | | FILING FOR THE PERIOD BEGINNING
NAME OF FIRM:
TYPE OF REGISTRANT (check all applicable boxes):
ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | SEC FILE NUMBER | | | | | | | | | | | | | | | | | | | | | | | | 12/31/25 | | | | | | | | MM/DD/YY | | | | | | | | | | | | | | | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING
(Name) | | | | | | | | | | | | | | | | | | | | 90025 | | | | | | | | (Zip Code) | | | | | | | | | | | | | | | | | | | | | | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing *
Deloitte & Touche LLP | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | | | New York
30 Rockefeller Plaza
NY | | | | 10112 | | | | (Address)
(City)
(State) | | | | (Zip Code) | | | | 10/20/2003
34 | | | | | | | | (PCAOB Registration Number, if applicable) | (Date of Registration with PCAOB)(if applicable) | FOR OFFICIAL USE ONLY | | | | | 산리즈 T 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. {2}------------------------------------------------ #### AFFIRMATION I, Stacey Morin, affirm that, to the best of my knowledge and belief, the financial report pertaining to the firm of Intrepid Investment Bankers LLC as of December 31, 2025 is true and correct. If further the company nor any partner, officer, director, or equivalent person, as the case may proprietary interest in any account classified solely as that of a customer. | Signature: | N | 2/13/2026 | | |------------|---|-----------|--| | | | | | Title Director & CFO This filing\* contains (check all applicable boxes): - III (a) Statement of financial condition. - [ (b) Notes to consolidated statement of financial condition. - lil (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). - lil (d) Statement of cash flows. - III (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [1) Statement of changes in liabilities subordinated to claims of creditors. - lil (g) Notes to consolidated financial statements. - Ii (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. - III (i) 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 240.15c2-3 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. - III (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. - III (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. - Iil (q) Oath or affirmation in accordance with 17 CFR 240.17a-12, or 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. - iii (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. - III (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. - 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. - [ (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 240.18a-7(dJ(2), as applicable. {3}------------------------------------------------ Deloitte & Touche LLP 30 Rockefeller Plaza New York, NY 10112-0015 USA Tel: +1 212 492 4000 Fax: +1 212 489 1687 www.deloitte.com #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Senior Management and Member of Intrepid Investment Bankers LLC #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Intrepid Investment Bankers LLC (the "Company") as of December 31, 2025, and the related statements of operations, changes in member's equity, and cash flows for the year then ended, 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, 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. #### Basis for Opinion These 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. #### Report on Supplemental Schedules The accompanying supplemental schedules of Computation of Net Capital For Brokers And Dealers Pursuant to Rule 15c3-1 Under the Securities Exchange Act of 1934 For The Year Ended December 31, 2025, Computation for Determination of Reserve Requirement For Brokers and Dealers Pursuant to Rule 15c3-3 Under the Securities Exchange Act of 1934 For The Year Ended December 31, 2025, and Information Relating to Possession or Control Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 Under the Securities Exchange Act of 1934 For The Year Ended December 31, 2025, (collectively "the supplemental schedules") have been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental schedules are the responsibility of the Company's management. Our audit procedures included determining whether the supplemental schedules reconcile 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 schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in compliance with Rule 17a-5 under the Securities Exchange Act of 1934. In our opinion, such schedules are fairly stated, in all material respects, in relation to the financial statements as a whole. February 13, 2026 We have served as the Company's auditor since 2019. {4}------------------------------------------------ # STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2025 # ASSETS | INTREPID INVESTMENT BANKERS LLC | | |-------------------------------------------------------------|------------------| | STATEMENT OF FINANCIAL CONDITION
AS OF DECEMBER 31, 2025 | | | ASSETS | | | Cash and cash equivalents | \$
77,450,573 | | Accounts receivable | 2,195,701 | | Premises and equipment - Net | 106,748 | | Other assets | 843,802 | | TOTAL ASSETS | \$
80,596,824 | | | | | Accounts payable, accrued expense and other liabilities | \$
2,950,840 | | Due to affiliate - Net | 5,991,081 | | Deferred revenue | 1,051,066 | | ASSETS | | |---------------------------------------------------------|------------------| | | | | | | | | | | | | | | | | | | | | | | Accounts payable, accrued expense and other liabilities | \$
2,950,840 | | Due to affiliate - Net | 5,991,081 | | Deferred revenue | 1,051,066 | | Finance lease liability | 108,011 | | TOTAL LIABILITIES | 10,100,998 | | Member's equity | 70,495,826 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$
80,596,824 | | See accompanying notes to financial statements. | | | | | {5}------------------------------------------------ #### STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2025 | REVENUES: | | | |---------------------------------|-------|------------| | Advisory fees | સ્ત્ર | 59,584,643 | | Interest and dividends | | 3,022,185 | | Total revenues | | 62,606,828 | | EXPENSES: | | | | Compensation expenses | ಕಾ | 47,918,443 | | Occupancy and equipment | | 3,734,786 | | Management fees | | 2,953,243 | | Outside services | | 2,012,691 | | Travel and business development | | 1,253,119 | | Advertising | | 1,182,009 | | Other expenses | | 1,175,042 | | Market and data | | 651,694 | | Regulatory fees | | 301,900 | | Total expenses | | 61,182,927 | | NET INCOME | ക്ഷ | 1,423,901 | {6}------------------------------------------------ ## STATEMENT OF CHANGES IN MEMBER'S EQUITY FOR THE YEAR ENDED DECEMBER 31, 2025 | | | Member's
Equity | |---------------------------------------|---|--------------------| | BALANCE - January 1, 2025 | ಕ | 69,212,205 | | Compensation - Restricted Stock units | | 90,255 | | Restricted stock units vested | | (230,535) | | Net Income | | 1,423,901 | | BALANCE — December 31, 2025 | S | 70,495,826 | {7}------------------------------------------------ #### STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2025 | INTREPID INVESTMENT BANKERS LLC | | |-----------------------------------------------------------------------------------|------------------------| | | | | STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2025 | | | | | | CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income | \$
1,423,901 | | | | | Adjustment to reconcile net income to net cash provided by operating activities: | | | Depreciation and amortization
Compensation - Restricted Stock units expense | 12,149
90,255 | | Change in operating assets: | | | Accounts receivable | (397,219) | | Other assets
Due from parent - net | (303,513)
1,190 | | Change in operating liabilities: | | | Due to affiliate - net
Accounts payable, accrued expense and other liabilities | 1,429,157
(461,509) | | Deferred revenue | 358,339 | | Net cash provided by operating activities | 2,152,750 | | | | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | Restricted stock units vested | (230,535) | | Lease copier principal payments | (10,598) | | Net cash used in financing activities | (241,133) | | NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,911,617 | | | | | | 75,538,956 | | | \$ 77,450,573 | | SUPPLEMENTAL DISCLOSURES | | | | | | CASH PAYMENT DURING THE YEAR FOR:
Lease copier interest expense | \$
2,746 | | | | | SUPPLEMENTAL DISCLOSURE OF NON CASH ACTIVITIES | | | Non-cash operating activity - Contributions related to stock- plan expense | 90,255 | | Non-cash financing activity - Right of Use Asset | 118,609 | | Non-cash financing activity - Lease Liabilities | 118,609 | | See accompanying notes to financial statements. | | {8}------------------------------------------------ #### NOTES TO FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2025 #### 1. ORGANIZATION AND NATURE OF BUSINESS Intrepid Investment Bankers LLC (the Company is a U.S. broker-dealer registered with the U.S. Securities and Exchange Commission ( SEC ). The Company arranges mergers and acquisitions, raises private institutional capital and provides other financial advisory services. The Company is a licensed broker-dealer registered with the Financial Industry Regulatory Authority under the Securities Exchange Act of 1934. The Company is a limited liability company that is a wholly-owned subsidiary of MUFG Americas Holdings Corporation ( ). MUAH is owned by MUFG Bank, Ltd. (the wholly-owned subsidiary of MUFG. #### 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (US GAAP). The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although such estimates contemplate current conditions and management s expectations of how they may change in the future, it is reasonably possible that actual results could differ significantly from those estimates. Significant estimates and assumptions generally include compensation and litigation. Cash and Cash Equivalents The Company defines cash equivalents as short-term, highly-liquid investments with original maturities of three months or less at the time of purchase, including money market mutual funds. At December 31, 2025, Cash and cash equivalents consisted of cash and money market funds. There are no restricted cash balances recorded as of December 31, 2025. Fair Value Financial instruments are recorded at fair value in accordance with Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value. The Company has an established and documented process for determining fair value for financial assets and liabilities that are measured at fair value on either a recurring or a nonrecurring basis. In determining fair value, the Company maximizes the use of observable market inputs and minimizes the use of unobservable inputs. Observable inputs reflect market derived or market based information obtained from independent observability of the significant inputs used, the Company classifies its fair value measurements in mutual funds are classified as Level I in the fair value hierarchy due to the fact that they are short-term and highly liquid. The Company does not have any Level II or Level III financial instruments. As of December 31, 2025, the money market funds balance is \$76.9 million. {9}------------------------------------------------ Accounts Receivable Accounts Receivable of \$2.2 million are client obligations due under normal transaction. The Company reviews accounts receivable on a monthly basis to determine if any receivable will potentially be uncollectible. The Company evaluates the collectability of its accounts receivable and adequacy of the allowance for doubtful accounts based upon historical experience and any specific customer financial difficulties of which the Company becomes aware. In cases where management is t its financial obligations, management records a specific allowance against amounts due and reduces the receivable to the amount the Company believes will be collected. For all other customers, the Company maintains an allowance that considers total receivables outstanding, historical collection rates, and economic trends. As of December 31, 2025, one client accounted for \$0.6 million (28%), one client accounted for \$0.5 million (24%), and one client accounted for \$0.3 million (14%) of total accounts receivable. Accounts are written off when all efforts to collect have been exhausted. There was no such allowance required and no amount written off as of December 31, 2025. | Beginning Balance 1/1/2025 | Ge | 1,798,482 | |----------------------------|----|--------------| | Receivables booked | | 10,887,572 | | Amounts collected | | (10,490,353) | | Ending Balance 12/31/2025 | | \$ 2,195,701 | Due to Affiliate Net Primarily consists of salary expense, commission, rent allocation, management fees, and operating expenses payable to the Affiliate. The Company settles with the Affiliate on a monthly basis. Income Taxes The Company is a single-member limited liability company that is treated as a disregarded entity for U.S. tax purposes and is ultimately wholly owned by the Parent. The income or is reported in the income tax return of the Parent and no provision for income taxes has been recorded in the accompanying financial statements. The Company, as a single-member LLC, is not allocated income taxes from the Parent because it does not have a taxsharing agreement. Revenues from contracts with customers The Company provides advisory services on mergers and acquisitions (M&A), restructurings, and capital raising. Revenue is recognized from contracts with customers according to a five-step revenue recognition model: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize customers generally contain a single performance obligation or separately identified performance obligations, each with a stated transaction price, and generally do not involve a significant timing difference between satisfaction of the performance obligation and customer payment. Revenues are recognized over time as the performance obligations are satisfied or the contract is terminated. Contingent Fees The Company recognized contingent fees of \$54.3 million for the year ended December 31, 2025, of which \$28.5 million related to performance obligations that were partially satisfied in prior periods. Revenue is recognized over time for advisory arrangements in which the performance obligations are simultaneously provided by the Company and consumed by the customer. This requires management to make judgments that affect the timing of revenue recognition. However, the recognition of contingent fees is constrained until substantially all services have been provided, specified conditions have been met and it is probable that a revenue reversal will not occur in a future period. {10}------------------------------------------------ Retainer Fees The Company recognized retainer fees of \$4.8 million for the year ended December 31, 2025. The non-refundable retainer fees are due as specified in the Engagement Agreement. Retainer fees are recognized on a systematic basis over the estimated period when the related services are performed. Retainer fees received from clients prior to recognizing revenue are reflected as deferred revenue in the accompanying Statement of Financial Condition. As of December 31, 2025, \$1.1 million of deferred retainer fees is expected to be recognized as revenue during 2026. During the year ended December 31, 2025, one client accounted for advisory fee of \$7.6 million and one client accounted for advisory fee of \$6.5 million, each representing more than 10% of total revenue. | Contingent fees | S | 54.253.164 | |-----------------------|---|------------| | Retainer fees | | 4,827,476 | | Reimbursable expenses | | 504.003 | | | ಕ | 59,584,643 | Management Fees Management fees are paid to the Affiliate under the terms of a master service agreement for the use of certain shared resources such as administrative, legal, and human resource services and are based on the total costs of services plus an agreed-upon markup. Premises and equipment Net are carried at cost, less accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the furniture, fixtures and equipment. Fixed assets acquired after 2020 are recorded by MUFG Bank, and the Company is charged through a monthly allocation. ROU Lease assets On July 1, 2025, the Company entered into a finance lease agreement for the copiers. The lease term is 5 years with renewal options. Consistent with ASC 842 and the requirements of the recent lease-related Accounting Standards Update, the Company evaluated renewal options and excluded them from the measurement of the right-ofas it is not reasonably certain that such options will be exercised. The finance lease liability was measured using a discount rate of 4.9% incremental borrowing rate. As of December 31, 2025, the Company recognized ROU assets of \$0.1 million within Premises and Equipment - Net, and a finance lease liability of \$0.1 million within its Statement of Financial Condition. | | | Cost | | Accumulated
depreciation | | Net cost | | Depreciation
expense | Useful life | |--------------------------------|---|---------------------------|---|-----------------------------|---|-------------------------|---|------------------------------|-------------------| | Furniture, fixtures, equipment | S | 643.628 | S | 643.628 | S | 0 | S | 288 | 3 to 5 yrs | | Others | S | 91,222 | S | 91,222 | S | 0 | S | 0 | 3 to 5 yrs | | Right of use asset (copiers) | | ROLL lease asset | | ROU lease
amortization | | Net cost | | Depr expense | ROU lease
term | | | S | 118.609 | S | 11,861 | S | 106,748 | S | 11,861 | 60 mths | | Lease Liability (copiers) | | ROU lease liab
beg bal | | ROU lease
payments | | ROU interest
expense | | ROU lease liab
ending bal | ROU lease
term | | | | 118,609 | | 13,344 | | 2,746 | | 108,011 | 60 mths | {11}------------------------------------------------ #### 3. RECENT ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024- 03 on November 4, 2024, which requires disaggregated disclosure of income statement expenses for public business entities (PBEs). The ASU requires disaggregation of certain expense captions into specific categories in disclosures within the footnotes to the financial statements. Disaggregation disclosure provides detailed information about expenses to help understanding and with that of other entities. In January 2025, the FASB issued ASU 2025-01, which clarified the effective date of ASU 2024-03. As clarified, ASU 2024-03 is effective for public business entities for fiscal years beginning after December 15, 2026. The ASU permits early adoption. The Company has not completed the process of evaluating the impact that will result from adopting the ASU. #### 4. RELATED-PARTY TRANSACTIONS At December 31, 2025, the Company had cash of \$0.3 million deposited in non-interest-bearing checking account with the Affiliate. Based on a reimbursement agreement, the Company reimburses the Affiliate for various business services paid for by the Affiliate, which includes all direct expenses related to the operation of the Company. Such expenses for the year ended December 31, 2025, were \$47.9 million for Salaries, incentives and employee benefits, \$3.7 million for occupancy and equipment, \$2 million for outside services, \$1.3 million for travel and business development, \$1.2 million for other expenses, \$0.8 million for advertising expenses, and \$0.6 million for market and data expenses. Other expenses include communications, dues and membership, and other operating expenses. At December 31, 2025, the Company had \$6 million Due to the Affiliate for such expenses paid for by the Affiliate. Management fees are paid to the Affiliate for the use of certain shared resources such as administrative, legal, and human resources services. In consideration for the services provided, the Company pays the Affiliate based on the master service agreement. For the year ended December 31, 2025, total management fees incurred from the Affiliate were \$3 million. representing shares of common stock of the Company's ultimate parent company, MUFG. The MUFG ADRs are purchased in the open market upon vesting of the RSUs, through a revocable trust. There is no amount authorized to be issued under the MUAH Plan since all shares are purchased in the open market. Awards generally vest pro-rata on each anniversary of the grant date and become fully vested 35 months from the grant date, provided the employee has completed the specified continuous service requirement. The Company recognizes compensation expense on RSU grants ratably over the vesting period for nonretirement eligible employees based on the grant-date fair value of MUFG ADRs, with a corresponding r RSU grants included in compensation expenses during the year ended December 31, 2025 was \$0.1 million. The Company provides eligible employees with retirement benefits under a defined benefit plan sponsored by the Affiliate. Plan assets and obligations are recognized by the Affiliate. The Company {12}------------------------------------------------ included in compensation expenses in the Statement of Operations. The Affiliate also maintains a defined contribution plan authorized under Section 401(k) of the Internal Revenue Code. All benefits eligible employees are eligible to participate in the plan. The employer matching contribution is 100% on the first 3% of eligible compensation an employee contributes and 50% on the next 2% of eligible compensation. #### 5. NET CAPITAL REQUIREMENT As a registered broker-dealer, the Company is subject to the SEC s Uniform Net Capital Rule Rule (15c3-1) pursuant to the Securities Exchange Act of 1934. The Company has elected to use the alternative method which requires the Company to maintain minimum net capital equal to the greater of \$0.25 million or 2% of aggregate debit balances. At December 31, 2025, the Company had net capital of \$65.5 million which was \$65.2 million in excess of the required \$0.25 million. #### 6. REPORTABLE SEGMENT DISCLOSURES The Company is engaged in a single line of business as a U.S broker-dealer, providing advisory services on mergers and acquisitions, restructurings, and capital raising. The Company has identified the senior executive committee that includes the Chief Executive Officer and Chief Financial Officer as the Chief uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company, and the CODM is regularly The Co 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. #### 7. RISK Operational The Company is exposed to various risks in its business as a financial advisory firm and registered broker-dealer. Operating risks include the risk of loss resulting from inadequate or failed internal processes, systems, personnel, or external events. The Company maintains internal controls, supervisory procedures, and compliance processes designed to manage operating risk and support compliance with applicable SEC and FINRA regulations. These controls address, among other matters, transaction processing, supervision, regulatory compliance, information security, and business continuity planning. Despite these controls, operating risks cannot be eliminated, and adverse events could As of December 31, 2025, management is not aware of any unmitigated risk or uncontrolled risk that are course. Credit - The Company performs continuous and senior management reviews accounts receivable on a monthly basis to determine if any receivable will potentially be uncollectible. The Company includes any accounts receivable balances that are determined to be uncollectible in the allowance for doubtful accounts and reduces the receivables to the amount the Company believes will be collected. As of and for the year ended December 31, 2025, there were no customers in default. {13}------------------------------------------------ Litigation The Company may be involved from time to time in legal proceedings arising in the ordinary course of business. It is the opinion of management that, as of December 31, 2025, there are no matters pending against the Company that could have a material advers Statement of Financial Condition. In accordance with ASC 450, Contingencies, management has evaluated such matters and determined that no loss contingencies are both probable and reasonably estimable; accordingly, no accrual has been recorded as of December 31, 2025. #### 8. SUBSEQUENT EVENTS The Company has evaluated the need for disclosure and/or adjustment resulting from subsequent events through the date the financial statements are issued. Management found no subsequent events to be disclosed or adjusted. \* \* \* \* \* \* {14}------------------------------------------------ #### COMPUTATION OF NET CAPITAL FOR BROKERS AND DEALERS PURSUANT TO RULE 15c3-1 UNDER THE SECURITIES EXCHANGE ACT OF 1934 FOR THE YEAR ENDED DECEMBER 31, 2025 | Total member's equity from statement of financial condition | સ્ત્ર | 70,495,826 | |----------------------------------------------------------------------------------------|-------|------------| | NONALLOWABLE ASSETS | | | | Cash held with Affiliate | | 335,693 | | Premises and equipment - Net | | 106,748 | | Accounts receivable | | 2,195,701 | | Other assets | | 843,802 | | Total | | 3,481,944 | | NET CAPITAL BEFORE HAIRCUTS ON SECURITIES POSITIONS | | 67,013,882 | | HAIRCUTS ON SECURITIES | | 1,537,330 | | NET CAPITAL | | 65,476,552 | | MINIMUM NET CAPITAL REQUIRED (2% of aggregate debit items or
\$250,000, if greater) | | 250,000 | | NET CAPITAL IN EXCESS OF MINIMUM REQUIREMENT | S | 65,226,552 | There were no material differences between the above computation and the Company's corresponding unaudited December 31, 2025 Form X-17A-5, Part IIA FOCUS report filed on January 20, 2026. {15}------------------------------------------------ # INTREPID INVESTMENT BANKERS LLC Schedule J ### COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENT FOR BROKERS AND DEALERS PURSUANT TO RULE 15c3-3 UNDER THE SECURITIES EXCHANGE ACT OF 1934 FOR THE YEAR ENDED DECEMBER 31, 2025 The Company has no possession or control obligations under SEA Rule 15c3-3(b) or reserve deposit obligations under SEA Rule 15c3-3(e). The Company has filed an exemption relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. There were no unaudited December 31, 2025 Form X-17A-5, Part IIA FOCUS report filed on January 20, 2026. {16}------------------------------------------------ # INTREPID INVESTMENT BANKERS LLC Schedule M ### INFORMATION RELATING TO POSSESSION OR CONTROL REQUIREMENTS FOR BROKERS AND DEALERS PURSUANT TO RULE 15c3-3 UNDER THE SECURITIES EXCHANGE ACT OF 1934 FOR THE YEAR ENDED DECEMBER 31, 2025 The Company has no possession or control obligations under SEA Rule 15c3-3(b) or reserve deposit obligations under SEA Rule 15c3-3(e). The Company has filed an exemption relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. There were no unaudited December 31, 2025 Form X-17A-5, Part IIA FOCUS report filed on January 20, 2026. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.