# FIRST CRAFT SECURITIES, LLC X-17A-5 (2026-03-02) — Broker-dealer annual report - Company: FIRST CRAFT SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-03-02 - Period: 2025-12-31 - Accession: 0001534667-26-000001 - CIK: 1534667 - File #: 8-69006 - Type: Broker-dealer - Material weakness: No - Auditor: Mercurius & Associates - Auditor location: New Delhi, K7 - Contact: Daniel Conway - Phone: 310-919-8842 - Email: dconway@craftpartnersllc.com - Website: craftpartnersllc.com - Signed by: Daniel Conway (Member) Original filing: https://www.sec.gov/Archives/edgar/data/1534667/000153466726000001/finalauditscann.pdf --- {0}------------------------------------------------ ### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ## ANNUAL REPORTS FORM X-17A-5 PART III OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 > SEC FILE NUMBER 8-69006 FACING PAGE | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|------------|-----------------|--------------------------------------------| | | 01/01/25 | | 12/31/25 | | | FILING FOR THE PERIOD BEGINNING | | AND ENDING | | | | | MM/DD/YY | | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | | First Craft Securities, LLC
NAME OF FIRM: | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer ☐ Security-based swap dealer
Check here if respondent is also an OTC derivatives dealer | | | | Major security-based swap participant | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)
202 Mulberry Street | | | | | | | (No. and Street) | | | | | St Michaels | MD | | | 21663 | | (City) | (State) | | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Daniel Conway | 310-919-8842 | | | dconway@craftpartnersllc.com | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Mercurius & Associates (formerly known as AJSH & Co LLP) | | | | | | A-94/8, Wazirpur Industrial Area | (Name - if individual, state last, first, and middle name)
New Delhi | | India | | | (Address)
02/10/2009 | (City) | 3223 | (State) | (Zip Code) | | (Date of Registration with PCAOB)(if applicable) | | | | | | | FOR OFFICIAL USE ONLY | | | (PCAOB Registration Number, if applicable) | | * Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public
accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17
CFR 240.17a-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 | | I, Daniel Conway | | | |---|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|--| | | financial reportort pertaining to the firm of First Craft Securities, LLC
December 31 | swear (or affirm) that, to the best of my knowledge and
belief, the
_ as of | | | | | _2025 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 be, has any proprietary interest in any account classified solely
as that of a customer. | | | | | | | | | | PAULA R RAMIREZ | | | | | Notary Public - State of Maryland | | | | | Talbot County
My Commission Expires Jan 14, 2030 | | | | | | Title:
Member | | | | Rarkig
Cisfe | | | | | Notary Public | Subscribed and sworn before me, a
Notary Public in and for the State of | | | | | Maryland, Talbot County this S | | | | This filing** contains (check all applicable boxes): | februany
aoou | | | | (a) Statement of financial condition. | doy of | | | | (b) Notes to consolidated statement of financial condition. | My commission expires 030 | | | Π | (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). | | | | Π | (d) Statement of cash flows. | | | | Π | (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. | | | | Π | (I) 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. | | | | | (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. | | | 미 | (t) Independent public accountant's report based on an examination of the statement of financial condition. | | | | Π | (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 | | | | | CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. | | | | | (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. | | | | Π | (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. | | | | 미 | (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e | or 17 CFR 240.17a-12, | | | | as applicable. | | | - (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - (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}------------------------------------------------ ## First Craft Securities, LLC Annual Audit Report December 31, 2025 {3}------------------------------------------------ # First Craft Securities, LLC December 31, 2025 ## Table of Contents | Report of Independent Registered Public Accounting Firm | 1 | |--------------------------------------------------------------------------------------------------------------------------|-----| | Financial Statements: | | | Statement of Financial Condition | 2 | | Statement of Operations | 3 | | Statement of Changes in Member's Equity | 4 | | Statement of Cash Flows | 5 | | Notes to the Financial Statements | 6-9 | | Supplemental Information: | 10 | | Schedule I: | 11 | | Computation of Net Capital Under Rule 15c3-1
of the Securities and Exchange Commission | | | Reconciliation with Company's Net Capital Computation | | | Schedule II: | | | Computation to Determination of Reserve Requirements
Under Rule 15c3-3 of the Securities and Exchange Commission | | | Schedule III: | | | Information Relating to Possession or Control Requirements
Under Rule 15c-3 of the Securities and Exchange Commission | | | Report of the Independent Registered Public Accounting Firm on
Exemption report | | | SEA 15c3-3 Exemption Report | 14 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) MERCURIUS & ASSOCIATES LLP - +91 11 4559 6689 11 - into@masllp.com \/ www.masllp.com |> Report of the Independent Registered Public Accounting Firm To the Members of First Craft Securities, LLC MERCURIUS ### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of First Craft Securities, LLC (the "Company") as of December 31, 2025, and the related statement 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. #### Auditor's Report on Supplemental Information The supplemental information contained in the Schedule | (Computation of Net Capital Under Rule 15c3-1) , Schedule II (Computation for determination of reserve requirement Under Rule 15c3-3 of the Securities and Exchange Commission) and Schedule III (Information Relating to Possession or Control Requirements Under Rule 15c-3 of the Securities and Exchange Commission) has been subjected to audit procedures performed in conjunction with the audit of Company's financial statements. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. ![](_page_4_Picture_14.jpeg) LLPIN: AAG-1471 A-94/8, Wazirpur Industrial Area New Delhi-110052, India {5}------------------------------------------------ In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Rule 17 C.F.R. § 240. 17a-5. In our opinion, the supplemental information contained in schedule I, Il and III is fairly stated, in all material respects, in relation to the financial statements as a whole. Mercuries 2 Arsonates CCP Mercurius & Associates LLP We have served as the Company's Auditor since 2018. New Delhi, India February 27, 2026 {6}------------------------------------------------ # First Craft Securities, LLC ## Statement of Financial Condition December 31, 2025 | Assets | | | |---------------------------------------|---------------|--| | Cash and cash equivalents | \$
173,233 | | | Prepaid expense | \$
1,677 | | | Total Assets | \$
174,910 | | | | | | | Liabilities and Member's Equity | | | | Liabilities | | | | Accounts payable | \$
650 | | | Total Liabilities | \$
650 | | | Member's Equity | \$
174,260 | | | Total Liabilities and Member's Equity | \$
174,910 | | {7}------------------------------------------------ # First Craft Securities, LLC ## Statement of Operations For the Year Ended December 31, 2025 | Revenue | | | |--------------------------|----------------|--| | Investment banking fees | \$
0 | | | Total Revenue | \$
0 | | | Expenses | | | | Accounting fees | \$
5,800 | | | Taxes and licenses | \$
739 | | | Regulatory fees | \$
973 | | | Other operating expenses | \$
3,778 | | | Total Expenses | \$
11,290 | | | Net Loss | \$
(11,290) | | {8}------------------------------------------------ # First Craft Securities, LLC Statement of Changes in Member's Equity For the Year Ended December 31, 2025 | Withdrawals
ഗ | | |------------------------|----------| | | (\$0) | | Net loss
ഗ | (11,290) | | December 31, 2024
S | 185,550 | {9}------------------------------------------------ # First Craft Securities, LLC Statement of Cash Flows For the Year Ended December 31, 2025 | Cash Flows from Operating Activities | | | | |------------------------------------------------------------------------|----|----------|--| | Net loss | \$ | (11,290) | | | Adjustments to reconcile net income
to net cash used in activities: | | | | | (Increase) decrease in: | | | | | Prepaid expense | \$ | (436) | | | Increase (decrease) in: | | | | | Accounts payable | \$ | 650 | | | Net Cash from Operating Activities | \$ | (11,076) | | | | | | | | Cash Flows from Financing Activities | | | | | Withdrawals | \$ | (0) | | | Net Cash from Financing Activities | \$ | (0) | | | Net Increase in Cash and Cash Equivalents | \$ | (11,076) | | | Cash and cash equivalents at beginning of year | \$ | 184,309 | | | Cash and Cash Equivalents at End of Year | \$ | 173,233 | | {10}------------------------------------------------ ## First Craft Securities, LLC Notes to the Financial Statements December 31, 2025 ### 1. Organization First Craft Securities, LLC (the "Company") was organized as a Delaware limited liability company on May 13, 2011, and was registered with the Securities and Exchange Commission as a securities broker dealer on February 21, 2013. The Company provides financial advisory and related services. ### 2. Significant Accounting Policies #### Basis of presentation The summary of significant accounting policies presented below is designed to assist in understanding the Company's financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America. ("GAAP") in all material respects, and have been consistently applied in preparing the accompanying financial statements. ### Cash and Cash Equivalents The Company considers all demand deposits held in banks and certain highly liquid investments with original maturities of three months or less, other than those held for sale in the ordinary course of business, to be cash equivalents. #### Revenue The revenue recognition guidance of ASC Topic 606, Revenue from Contracts with Customers, requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance requires an entity to follow a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at a point in time or {11}------------------------------------------------ over time. Investment banking fees are earned from providing financial advisory services to clients. Revenue is recognized when earned either by fee contract or the success of a predetermined specified event and collection is reasonably determinable. ### Use of Estimates The preparation of financial statements in accordance 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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and may have an impact on future periods. ### Fair Value of Financial Instruments Unless otherwise indicated, the fair values of all reported assets and liabilities that represent financial instruments (none of which are held for trading purposes) approximate the carrying values of such amounts. ### Income Taxes The Company is a single member limited liability company and is treated as a disregarded entity for tax purposes. In lieu of income taxes, the Company passes 100% of its taxable income and expenses to its sole member. Therefore, no provision or liability for federal or state income taxes is included in these financial statements. The Company is however, subject to annual Maryland and Delaware LLC taxes. #### Segment Reporting The Company is engaged in a single line of business as a broker-dealer, which is comprised of several classes of services, including mergers and acquisitions, advisory services and private placement of securities as an agent. The Company has identified its Managing Partner as the chief operating decision maker ("CODM") who uses net income to evaluate the results of the business and to manage the Company. Additionally, the CODM uses excess net capital (Note 4), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or distribute its profits. 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 {12}------------------------------------------------ whole. The accounting policies used to measure the profit and loss segment are the same as those described in the summary of significant accounting policies (NOTE 2). The significant expenses of the segment are reported on the accompanying income statement of this report. ## 3. Recently Issued Accounting Pronouncements ### FASB ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The FASB issued ASU 2023-07 on November 27, 2023, which is intended to improve reportable segment disclosure requirements. Under previous guidance, while entities were required to disclose segment revenue and measure of profit or loss, there has been limited disclosure around the reporting of segment expenses. In addition to enhanced disclosures about significant segment expenses, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity's overall performance and assess potential future cash flows. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company has adopted the requirements of the expanded segment disclosures as of December 31, 2025. ### 4. Net Capital Requirements The Company is subject to the Securities and Exchange Commission's uniform net capital Rule 15c3-1 of Securities and Exchange Act, which requires the Company to maintain, at all times, a minimum net capital equal to or greater than \$5,000 and a ratio of aggregate indebtedness to net capital not exceeding 15 to 1, both as defined. At December 31, 2025, the Company's net capital was \$172,593 which exceeded the requirement by \$167,593. Aggregate indebtedness at December 31, 2025 totaled \$650. The Company's percentage of aggregate indebtedness to net capital was .38%. #### 5. Risk Concentration The Company's cash consists of cash held at one financial institution. The balance at the financial institution may exceed government insurance limits during the year. {13}------------------------------------------------ ## 6. Related Party Transactions Pursuant to an expense sharing agreement, effective January 1, 2025, between Craft Partners, LLC and the Company, Craft Partners, LLC pays certain overhead expenses of the Company including office equipment and supplies, insurance, and other administrative and overhead expenses. The Company reimburses Craft Partners, LLC for such expenses, determined to be \$750 per quarter in 2025. In addition, the Company reimbursed Craft Partners, LLC for audit fees of \$5,150. Craft Partners, LLC and First Craft Securities, LLC are both owned by the Member. ### 7. Subsequent Events There were no subsequent events through February 27, 2026, the date which the financial statements were issued. {14}------------------------------------------------ ## SUPPLEMENTAL INFORMATION {15}------------------------------------------------ ## First Craft Securities, LLC Schedule I ## Computation of Net Capital Under Rule 15c3-1 As of December 31, 2025 | Net Capital | | | | | | |------------------------------------------------------------------------------------------------------------------|----|---------|--|--|--| | Total member's equity | \$ | 174,260 | | | | | Less: Non-allowable assets: | | | | | | | Prepaid expenses | | (1,667) | | | | | Net Capital | \$ | 172,593 | | | | | Net minimum capital requirement of 6 2/3% of aggregate
indebtedness of \$650 or \$5,000, whichever is greater | | 5,000 | | | | | Excess Net Capital | \$ | 167,593 | | | | | Percentage of Aggregate Net Indebtedness to Excess Net Capital | | .39% | | | | ## Reconciliation with Company's Net Capital Computation (Included in Part II of Form X-17A-5 as of December 31, 2025) There were no material differences noted in the Company's net capital computation at December 31, 2025. {16}------------------------------------------------ ## First Craft Securities, LLC Schedule II # Computation for Determination of Reserve Requirements Under Rule 15c3-3 of the Securities and Exchange Commission ## For the Year Ended December 31, 2025 For the year ended December 31, 2025, the Company is exempt from the provision of Rule 15c3-3 as supported by footnote 74 to SEC Release 34-70073, and as discussed in Q & A 8 of the related FAQ issued by SEC staff. The Company does not affect transactions for anyone defined as a customer inders Rule 15c3-3. Accordingly, there are no items to report under the requirements of this Rule. ## Schedule III ## Information Relating to Possession or Control Requirements Under Rule 15c3-3 of the Securities and Exchange Commission ## For the Year Ended December 31, 2025 For the year ended December 31, 2025, the Company is exempt from the provision of Rule 15c3-3 as supported by footnote 74 to SEC Release 34-70073, and as discussed in Q & A 8 of the related FAQ issued by SEC staff. The Company does not affect transactions for anyone defined as a customer under Rule 15c3-3. Accordingly, there are no items to report under the requirements of this Rule. {17}------------------------------------------------ ![](_page_17_Picture_0.jpeg) MERCURIUS & ASSOCIATES LLP +91 11 4559 6689 11 164 info@masllp.com www.masllp.com ### Report of Independent Registered Public Accounting Firm To the Members of First Craft Securities, LLC We have reviewed management's statement, included in the accompanying First Craft Securities, LLC's Exemption Report, in which: (1) First Craft Securities, LLC (the "Company") does not claim an exemption under paragraph (k) of 17 C.F.R. §240.15c3-3, and (2) The Company stated that it is filing the Exemption Report 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 (i) effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company, and (ii) receiving transaction based compensation for identifying potential merger and acquisition opportunities for clients, or referring securities transactions to other broker-dealers, 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 ended December 31, 2025, without exception. The Company's management is responsible for the statements and for compliance with the provisions of Footnote 74 of the SEC Release No.34-70073 adopting amendments to 17 C.F.R. §240.17a-5 throughout the year ended December 31, 2025. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R.§240.17a-5. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in SEC Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. Mercurius & Associates LLP New Delhi, India February 27, 2026 ![](_page_17_Picture_16.jpeg) LLPIN: AAG-1471 A-94/8, Wazirpur Industrial Area New Delhi-110052, India {18}------------------------------------------------ FIRST CRAFT SECURITIES, LLC PO Box 901 Saint Michaels, MD 21663 www.craftpartnersllc.com ![](_page_18_Picture_1.jpeg) ### SEA 15c3-3 Exemption Report First Craft Securities, LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.172-5. "Reports to be mace 62.10.17. 56.04) 11.15 11.11.15 Exemption Report was prepared as required by 17 F.F.R. §240.17a-5(d)(l) and (4). To the best of its knowledge and belief, the Company states the following: - 1. 15c3-3. - 2. The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to private placements of securities as an agent and mergers & acquisitions advisory services. - 3. The Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers. - 4. The Company did not carry accounts of or for customers throughout the most recent fiscal year without exception. - 5. The Company did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. First Craft Securities, LLC. I Daniel Conway affirm that, to the best of my knowledge and belief, the Exemption Report is true and correct. Respectfully submitted, Daniel Conway Member February 27, 2026 {19}------------------------------------------------ ![](_page_19_Picture_0.jpeg) MERCURIUS & ASSOCIATES LLP - +91 11 4559 6689 - info@masllp.com - www.masllo.com Report of Independent Registered Public Accounting Firm To the Members of First Craft Securities, LLC ## Opinion on the Financial Statement We have audited the accompanying statement of financial condition of the First Craft Securities, LLC (the "Company") 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 the company as of December 31, 2025 in conformity with accounting principles generally accepted in the United States of Smarica. ### Basis for Opinion The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the company's financial statement based non 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 whother the financial statement is free from material misstatement, whether due to error or fraule. 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 statement. 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 statement. We believe that our audit of the financial statement provides a reasonable basis for our opinion. Mercurius & Associates UP We have served as the Company's Auditor since 2018. New Delhi, India February 27, 2026 ![](_page_19_Picture_16.jpeg) LLPIN: AAG-1471 A-94/8, Wazirpur Industrial Area New Delhi-110052, India {20}------------------------------------------------ ## SECURITIES INVESTOR PROTECTION CORPORATION SIPC-7 37 REV 0722 ## GENERAL ASSESSMENT FORM For the fiscal year ended \_12/31/2025 | | Determination of "SIPC NET Operating Revenues" and General Assessment for: | | |---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------| | | MEMBER NAME
SEC No. | | | | FIRST CRAFT SECURITIES LLC
8-69006 | | | | For the fiscal period beginning ______________________________________________________________________________________________________________________________________________
1/1/2025
and ending 12/31/2025 | | | 1 | Total Revenue (FOCUS Report - Statement of Income (Loss) - Code 4030) | \$ 0.00 | | 2 | Additions: | | | | a Total revenues from the securities business of subsidiaries (except foreign
subsidiaries) and predecessors not included above. | | | | b Net loss from principal transactions in securities in trading accounts. | | | | c Net loss from principal transactions in commodities in trading accounts. | | | | d Interest and dividend expense deducted in determining item 1. | | | | e Net loss from management of or participation in the underwriting or
distribution of securities. | | | | f Expenses other than advertising, printing, registration fees and legal fees
deducted in determining net profit management of or participation in
underwriting or distribution of securities. | | | | g Net loss from securities in investment accounts. | | | | h Add lines 2a through 2g. This is your total additions. | \$ 0.00 | | 3 | Add lines 1 and 2h | \$ 0.00 | | 4 | Deductions: | | | | a Revenues from the distribution of shares of a registered open end investment
company or unit investment trust, from the sale of variable annuities, from the
business of insurance, from investment advisory services rendered to
registered investment companies or insurance company separate accounts
and from transactions in security futures products. | | | | b Revenues from commodity transactions. | | | | c Commissions, floor brokerage and clearance paid to other SIPC members
in connection with securities transactions. | | | | d Reimbursements for postage in connection with proxy solicitations. | | | | e Net gain from securities in investment accounts. | | | | f 100% commissions and markups earned from transactions in (I) certificates
of deposit and (ii) Treasury bills, bankers acceptances or commercial paper
that mature nine months or less from issuance date. | | | | g Direct expenses of printing, advertising, and legal fees incurred in connection
with other revenue related to the securities business (revenue defined by
Section 16(9)(L) of the Act). | | | | h Other revenue not related either directly or indirectly to the securities business. __
Deductions in excess of \$100,000 require documentation | | | | 5 a Total interest and dividend expense (FOCUS Report - Statement
of Income (Loss) - Code 4075 plus line 2d above) but | | | | not in excess of total interest and dividend income | | | | b 40% of margin interest earned on customers securities accounts
(40% of FOCUS Report - Statement of Income (Loss) -
Code 3960) | | | | c Enter the greater of line 5a or 5b
\$ 0.00 | | | 6 | Add lines 4a through 4h and 5c. This is vour total deductions | 0000 | {21}------------------------------------------------ | SIPC-7
37 REV 0722 | | | SECURITIES INVESTOR PROTECTION CORPORATION
GENERAL ASSESSMENT FORM | | SIPC-7
37 REV 0722 | |-----------------------|-----------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|-------------------------------|-----------------------| | | | | For the fiscal year ended 12/31/2025 | | | | 1 | | Subtract line 6 from line 3. This is your SIPC Net Operating Revenues. | | | \$ 0.00 | | 99 | Multiply line 7 by . 0015. This is your General Assessment. | | | | \$ 0.00 | | କ | | Current overpayment/credit balance, if any | | | \$ 0.00 | | 10 | | General assessment from last filed 2025 SIPC-6 or 6A | | \$ 0.00 | | | | d Add lines 11a through 11c | 11 a Overpayment(s) applied on all 2025 SIPC-6 and 6A(s)
b Any other overpayments applied
c All payments applied for 2025 SIPC-6 and 6A(s) | \$ 0.00
\$ 0.00
\$ 0.00 | \$ 0.00 | | | 12 | LESSER of line 10 or 11d. | | | | \$ 0.00 | | 13 | a Amount from line 8
b Amount from line 9
c Amount from line 12 | d Subtract lines 13b and 13c from 13a. This is your assessment balance due. | | \$ 0.00
\$ 0.00
\$ 0.00 | \$ 0.00 | | | | 14 Interest (see instructions) for ___________________________________________________________________________________________________________________________________________ | | | \$ 0.00 | | 15 | | Amount you owe SIPC. Add lines 13d and 14. | | | | | 15 | | Overpayment/credit carried forward (if applicable) | | | \$ 0.00
\$ 0.00 | | SEC No.
8-69006 | MEMBER NAME
MAILING ADDRESS | Designated Examining Authority
DEA: FINRA
FIRST CRAFT SECURITIES LLC
P.O. BOX 901
ST MICHAELS, MD 21663 | FYE
2025 | Month
Dec | | Subsidiaries (S) and predecessors (P) included in the form (give name and SEC number) form: this box, you certify that you have the authority of the SIPC member to sign this Ey of our and information in this form is true and complete; and that on behalf of the SIPC member, you are authorized, and do hereby consent, to the storage and handling by SIPC of the data in accordance with SIPC's Privacy Policy | FIRST CRAFT SECURITIES LLC | DANIEL S CONWAY | | | |--------------------------------------------------------------------------|------------------------------|--|--| | (Name of SIPC Member) | (Authorized Signatory) | | | | 1/5/2026 | dconway@craftpartnersllc.com | | | | (Date) | (e-mail address) | | | | Completion of the "Authorized Sianatory" line will be deemed a signature | | | | tory" line will be deemed a signature. This form and the assessment payment are due 60 days after the end of the fiscal year. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.