# MAREX CAPITAL MARKETS INC. X-17A-5 (2026-03-02) — Broker-dealer annual report

- Company: MAREX CAPITAL MARKETS INC.
- Form: X-17A-5
- Filed: 2026-03-02
- Period: 2025-12-31
- Accession: 0001540527-26-000006
- CIK: 1540527
- File #: 8-69039
- Type: Broker-dealer
- Material weakness: Yes
- Auditor: Deloitte & Touche LLP
- Auditor location: New York, NY
- Contact: Chris Bates
- Phone: 212-844-3693
- Email: cbates@marex.com
- Website: marex.com
- Signed by: Ram Vittal (Chief Executive Officer)

Original filing: https://www.sec.gov/Archives/edgar/data/1540527/000154052726000006/MAREXPublic2025.pdf

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# Statement of Financial Condition

Marex Capital Markets Inc. December 31, 2025

 With Report of Independent Registered Public Accounting Firm

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Financial Statement December 31, 2025

#### Contents

| Oath or Affirmation                                     |  |
|---------------------------------------------------------|--|
| Report of Independent Registered Public Accounting Firm |  |
| Statement of Financial Condition                        |  |
| Notes to Financial Statement                            |  |

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|                                                                                                                                                                                                                         | UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549                                                                                                                                                                                                                                                                                                      |         |                  | 0MB APPROVAL<br>0MB Number: 3235-0123<br>Expires: Nov. 30, 2026<br>Estimated average burden<br>hours per response: 12 |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|------------------|-----------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|                                                                                                                                                                                                                         | SEC FILE NUMBER                                                                                                                                                                                                                                                                                                                                                                    |         |                  |                                                                                                                       |  |  |  |  |
|                                                                                                                                                                                                                         | FORM X-17A-5                                                                                                                                                                                                                                                                                                                                                                       |         | 8-69039          |                                                                                                                       |  |  |  |  |
|                                                                                                                                                                                                                         | PART Ill                                                                                                                                                                                                                                                                                                                                                                           |         |                  |                                                                                                                       |  |  |  |  |
| FACING PAGE<br>Information Required Pursuant to Rules 17a-5, 17a-12, and lSa-7 under the Securities Exchange Act of 1934<br>AND ENDING 12/31/2025<br>FILING FOR THE PERIOD BEGINNING 01/01/2025<br>MM/DD/YY<br>MM/DD/VY |                                                                                                                                                                                                                                                                                                                                                                                    |         |                  |                                                                                                                       |  |  |  |  |
|                                                                                                                                                                                                                         | A. REGISTRANT IDENTIFICATl:ON                                                                                                                                                                                                                                                                                                                                                      |         |                  |                                                                                                                       |  |  |  |  |
|                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                    |         |                  |                                                                                                                       |  |  |  |  |
| NAME oF FIRM: Marex Capital Markets Inc.                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                    |         |                  |                                                                                                                       |  |  |  |  |
| TYPE OF REGISTRANT {check all applicable boxes):<br>□ Major security-based swap participant<br>[!] Broker-dealer<br>□ Security-based swap dealer<br>D Check here if respondent is also an OTC derivatives dealer        |                                                                                                                                                                                                                                                                                                                                                                                    |         |                  |                                                                                                                       |  |  |  |  |
|                                                                                                                                                                                                                         | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                                                                                                                                                                                                                                                                |         |                  |                                                                                                                       |  |  |  |  |
| 140 East 45th Street, 10th Floor                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                    |         |                  |                                                                                                                       |  |  |  |  |
|                                                                                                                                                                                                                         | (No. and Street)                                                                                                                                                                                                                                                                                                                                                                   |         |                  |                                                                                                                       |  |  |  |  |
| New York                                                                                                                                                                                                                | New York                                                                                                                                                                                                                                                                                                                                                                           |         | 10017            |                                                                                                                       |  |  |  |  |
| (City)                                                                                                                                                                                                                  | (State)                                                                                                                                                                                                                                                                                                                                                                            |         |                  | (Zip Code)                                                                                                            |  |  |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                    |         |                  |                                                                                                                       |  |  |  |  |
| Christopher Bates                                                                                                                                                                                                       | 212-844-3693                                                                                                                                                                                                                                                                                                                                                                       |         | cbates@marex.com |                                                                                                                       |  |  |  |  |
| (Name)                                                                                                                                                                                                                  | (Area Code -Telephone Number)                                                                                                                                                                                                                                                                                                                                                      |         | (Email Address)  |                                                                                                                       |  |  |  |  |
|                                                                                                                                                                                                                         | B. ACCOUNTANT IDENTIFICATION                                                                                                                                                                                                                                                                                                                                                       |         |                  |                                                                                                                       |  |  |  |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>Deloitte & T ouche LLP                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                    |         |                  |                                                                                                                       |  |  |  |  |
|                                                                                                                                                                                                                         | (Name - if individual, state last, first, and middle name)                                                                                                                                                                                                                                                                                                                         |         |                  |                                                                                                                       |  |  |  |  |
| 30 Rockefeller Plaza                                                                                                                                                                                                    | New York                                                                                                                                                                                                                                                                                                                                                                           |         | NY               | 10112                                                                                                                 |  |  |  |  |
| (Address)                                                                                                                                                                                                               | (City)                                                                                                                                                                                                                                                                                                                                                                             | (State) |                  | (Zip Code)                                                                                                            |  |  |  |  |
| 10/20/2003                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                    | 34      |                  |                                                                                                                       |  |  |  |  |
|                                                                                                                                                                                                                         | FOR OFFICIAL USE ONLY                                                                                                                                                                                                                                                                                                                                                              |         |                  |                                                                                                                       |  |  |  |  |
| CFR 240.17a-S(e)(l)(ii), if applicable.<br>displays a currently valid 0MB control number.                                                                                                                               | • Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public<br>accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17<br>Persons who are to respond to the collection of information contained in this form are not required to respond unless the form |         |                  |                                                                                                                       |  |  |  |  |

Filed pursuant to Rule 17a5(e){3) under the Securities Exchange Act of 1934 as a PUBLIC DOCUMENT

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#### **OATH OR AFFIRMATION**

| I, Ram Vittal                                                         | swear (or affirm) that, to the best of my knowledge and belief, the                                                                                                                    |  |  |  |  |  |
|-----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|
| financial report pertaining to the firm of Marex Capital Markets Inc. | as of                                                                                                                                                                                  |  |  |  |  |  |
| 2~<br>12/31                                                           | is true and correct. I further swear (or affirm) that neither the company nor any                                                                                                      |  |  |  |  |  |
|                                                                       | partner, officer, director, er equivalent person, as the case may be, has any proprietary interest in any account classified solely                                                    |  |  |  |  |  |
| as that of a customer.<br>~J~LA.<br>I<br>y Public<br>t                | LC RETTA A WAGN'.:9<br>---<br>Notary Public, State of New York<br>No.01WA6039830<br>Signatu•<br>~~<br>Qualified In Richmond County t'J/.<br>Commission ExplrHApril 10, 20~ Title:<br>- |  |  |  |  |  |

## **This filing .. contains (check all applicable boxes):**

- ii (a) Statement of financial condition.
- ii (b) Notes to consolidat~d statement of financial condition.
- 0 {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).
- □ {d) Statement of cash f ows.
- 0 {e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- 0 {f) Statement of changes in liabilities subordinated to claims of creditors.
- □ (g) Notes to consolidated financial statements.
- 0 (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- D (I) Computation of tangible net wo, lh uml~r 17 CFR 240.18•-2.
- 0 (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- D (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.
- D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3.
- 0 (m) Information relating to possession or control requirements for customers Jnder 17 CFR 240.15c3-3.
- 0 (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17CFR 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.lSa-1, or 17 CFR 240.18a·2, as appl icable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a·4, as appl icable, if material differences exis:, or a statement that no material differences exist.
- 0 (p) Summary of financial data for subsidiaries not consolidated in the statemer,t of financial condition.
- ii (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.lSa-7, as applicable.
- 0 (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- 0 (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, as applicable.
- ~ (t) Independent public accountant's report based on an examination of the statement of financial condition.
- D (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-S, 17 CFR240.18a•7, or 17 CFR 240.17a-12, as applicable.
- D (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.
- D (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, as appl cable.
- D (x) Supplemental reports on applying agreed-upon procedures, In accordance with 17 CFR 240.1Sc3•1e or 17 CFR 240.17a-12, as applicable.
- D (y) Report describing a,y 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: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_
- 

<sup>..</sup> To reqvest confidential treocment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18o-7/d)(2), as applicable.

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# **Deloitte.**

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 Stockholder and the Board of Directors of Ma rex Capital Markets Inc.:

#### **Opinion on the Financial Statement**

We have audited the accompanying statement of financial condition of Marex Capital Markets Inc. (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 America.

#### **Basis for Opinion**

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to 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 statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial 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.

March 2, 2026

We have served as the Company's auditor since 2023.

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| .@5                                                                      | <br> |
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| (20B?6A62@/<??<D21                                                       | <br> |
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| &.F./92@A<.33696.A2@                                                     | <br> |
| .;89<.;                                                                  | <br> |
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| !16\$..,\$%,.,6,(5                                                       | <br> |
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| (5.?20.=6A.9                                                             | <br> |
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| '2A.6;212.?;6;4@                                                         | <br> |
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Notes to Statement of Financial Condition (In Thousands) December 31, 2025

#### 1. Organization and Nature of Business

Marex Capital Markets Inc. ("the Company") is incorporated under the laws of the State of New York and is a direct, wholly-owned subsidiary of Marex Services Inc. ("MSI" or "the Parent"), The Company is an indirect, wholly-owned subsidiary of Marex Group plc ("MG" or "the Ultimate Parent"), a public limited company incorporated in England.

The Company operates as a broker and a dealer in U.S. treasury, government agency and other fixed income securities. The Company also executes and clears commodity futures, fixed income, equity, and equity option transactions for the accounts of its customers and operates as a broker in listed and over-the-counter derivative contracts. The Company acts as a prime broker for financing transactions including securities sold under agreements to repurchase and securities loaned.

The Company is registered as a broker-dealer with the U.S. Securities and Exchange Commission ("SEC") and as a Futures Commission Merchant ("FCM") with the U.S. Commodity Futures Trading Commission ("CFTC") and is approved as a member of the Financial Industry Regulatory Authority ("FINRA") and the National Futures Association ("NFA"). The Company is a clearing member of the principal U.S. futures exchanges and the Government Securities and Mortgage-Backed Securities Divisions of the Fixed Income Clearing Corporation ("FICC"). Additionally, the Company is a member of the Securities Investor Protection Corporation ("SIPC").

## 2. Significant Accounting Policies

#### Basis of Accounting

The Company maintains its financial records in U.S. dollars. The Company's financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").

#### Use of Estimates

The preparation of the statement of financial condition in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statement. Management believes that the estimates utilized in preparing its financial statements and the accompanying notes are reasonable; however, actual results could differ materially from those estimates.

#### Cash and Cash Segregated under Federal and Other Regulations

At December 31, 2025, cash segregated under federal and other regulations on the statement of financial condition consisted of cash. The Company's cash balances are held with nationally recognized financial institutions and exceed the federally insured limit. The Company has not experienced any losses in cash accounts and believes it is not subject to any significant credit risk on cash.

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Notes to Statement of Financial Condition (In Thousands) December 31, 2025

#### 2. Significant Accounting Policies (continued)

#### Trading Assets and Liabilities

Trading assets and liabilities are recorded on a trade date basis.

#### Fair Value Measurements

The Company's financial instruments are reported at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures ("ASC 820"). The estimated fair value of trading assets and liabilities are generally based on quoted market prices or dealer quotes.

Certain other financial instruments are recorded at carrying amounts that approximate fair value due to their liquid or short-term nature and generally negligible credit risk. These financial assets include cash and cash segregated under federal and other regulations or amounts deposited with broker-dealers and clearing organizations and would generally be presented within Level 1 of the fair value hierarchy. Receivables from broker-dealers and clearing organizations, receivables from customers, receivables from affiliates, payables to brokers and dealers, payables to customers and payables to affiliates are not carried at fair value; however, the recorded amounts approximate fair value due to their liquid or short-term nature.

#### Collateralized Financing Transactions

The Company's collateralized financing transactions include securities purchased under agreements to resell (resale agreements), securities sold under agreements to repurchase (repurchase agreements), securities borrowed and securities loaned transactions.

The Company nets certain repurchase agreements and resale agreements with the same counterparty on the statement of financial condition when the requirements of ASC 210-20, Balance Sheet - Offsetting ("ASC 210-20"), are met, including the existence of master netting agreements between the Company and its counterparties

Resale and repurchase agreements are accounted for as collateralized financing transactions where the Company has an agreement to sell (or purchase) the same or substantially the same securities before maturity at a fixed or determinable price. It is the Company to take possession of securities collateralizing resale agreements at the time such agreements are made. In the same manner, the Company provides securities to counterparties to collateralize repurchase agreements. These agreements are collateralized primarily by U.S. Treasury and government agency securities, with a fair value equal to or in excess of the principal amount loaned.

The fair value of the underlying collateral is reviewed daily, and additional cash or other collateral is obtained or returned as necessary. The Company records resale and repurchase agreements at contract price, plus accrued interest, which approximates fair value.

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Notes to Statement of Financial Condition (In Thousands) December 31, 2025

#### 2. Significant Accounting Policies (continued)

#### Income Taxes

The Company is included in the consolidated tax returns of Marex North America Holdings Inc. ("MNAH"), the parent of MSI. The Company accounts for income taxes on a separate company basis. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the enactment date.

In accordance with ASC 740, Income Taxes ("ASC 740"), the Company recognizes the effect of income tax positions only if those positions are more-likely-than-not of being sustained upon examination by the taxing authorities. Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized based on a cumulative probability approach. Changes in recognition or measurement are reflected in the period in which the change occurs. As of December 31, 2025, the Company did not identify any unrecognized tax benefits that should be recorded with respect to its tax positions in accordance with ASC 740-10, Accounting for Uncertainties in Income Taxes.

#### Receivables from and Payables to Customers

Receivables from and payables to customers arise from commodity futures, fixed income and equity transactions and include margins paid and received, gains and losses on open positions and trades with customers that settle on a receive versus payment or delivery versus payment basis that have passed their settlement date (failed to receive or failed to deliver trades). Securities failed to deliver to customers of \$17,645 and securities failed to receive from customers of \$41,417 are recorded at the contract price of the securities delivered or received by the Company.

Securities, primarily U.S. government obligations and warehouse receipts, owned by customers and held by the Company as collateral or as margin and the fair value of customers' option positions are not reflected on the statement of financial condition. At December 31, 2025, the Company held customer securities of \$253,623 and customer options of \$1,165,162.

{10}------------------------------------------------

Notes to Statement of Financial Condition (In Thousands) December 31, 2025

## 2. Significant Accounting Policies (continued)

#### Receivables from and Payables to Broker-Dealers and Clearing Organizations

Amounts receivable from and payable to clearing organizations represent end-of-day cash and securities deposits held with various clearing organizations and end-of-day cash balances and related amounts owed by or to clearing brokers arising from securities, futures and options on futures transactions. The value of unsettled trades between trade date and settlement date is included in receivables from or payables to broker-dealers. Exposure on failed trades is monitored as part of the Company's risk management process. Unsettled trades and securities failed to deliver/receive are recorded at the contract price of the securities to be delivered or received by the Company. Should a counterparty fail to deliver securities to the Company, the Company may be required to purchase identical securities on the open market.

#### Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity's effective tax rate reconciliation and income taxes paid. The amendments are now effective.

#### 3. Cash Segregated under Federal and Other Regulations

Included in cash segregated under federal and other regulations on the statement of financial condition at December 31, 2025, are \$3,045,070 in cash, which is segregated and secured under the Commodity Exchange Act, \$11,808 in cash segregated in a special reserve bank account for the exclusive benefit of customers and \$26,222 in cash segregated in a special reserve account for proprietary accounts of broker-dealers, in accordance with the Securities Exchange Act.

#### 4. Receivables from and Payables to Broker-Dealers and Clearing Organizations

Receivables from and payables to broker-dealers and clearing organizations at December 31, 2025, consist of the following:

|                        |   | Receivables  | Payables |
|------------------------|---|--------------|----------|
| Broker-Dealers         | S | 116,793 \$   | 28,604   |
| Clearing Organizations |   | 3.505.376    | 396.090  |
|                        |   | 3,622,169 \$ | 424,694  |

TBA forward contracts are included in the balances reported in receivables from customers, payables to customers, receivables from broker-dealers and clearing organizations and payables to broker-dealers and clearing organizations on the statement of financial condition.

{11}------------------------------------------------

Notes to Statement of Financial Condition (In Thousands) December 31, 2025

#### 5. Collateralized Financing Transactions

In accordance with ASC 210-20, the Company offsets collateralized financing transactions on the statement of financial condition with the same counterparty where they have a legally enforceable master netting agreement and all criteria for netting have been met.

The following table presents information about offsetting securities financing transactions and related collateral amounts. Securities financing transactions are included on the statement of financial condition as securities purchased under agreements to resell or securities borrowed and securities sold under agreements to repurchase or securities loaned.

|                                                      |    |              |    | Amounts offset<br>on the statement<br>of financial | Net amounts<br>presented on the<br>statement of | Cash and financial<br>instruments not offset<br>on the statement of |                     |            |
|------------------------------------------------------|----|--------------|----|----------------------------------------------------|-------------------------------------------------|---------------------------------------------------------------------|---------------------|------------|
|                                                      |    | Gross amount |    | condition                                          | financial condition                             |                                                                     | financial condition | Net amount |
| Financial Assets                                     |    |              |    |                                                    |                                                 |                                                                     |                     |            |
| Securities purchased<br>under agreements to          |    |              |    |                                                    |                                                 |                                                                     |                     |            |
| resell                                               | ಿತ | 88,614,216   | ಕ  | (82,940,135) \$                                    | 5,674,081                                       | S                                                                   | (5,611,317) \$      | 62,764     |
| Securities borrowed                                  |    | 2,992,492    |    |                                                    | 2,992,492                                       |                                                                     | (2,861,315)         | 131.177    |
| Financial Liabilities                                |    |              |    |                                                    |                                                 |                                                                     |                     |            |
| Securities sold under<br>agreements to repurchase \$ |    | 86,011,738   | ಕೆ | (82,940,135) \$                                    | 3,071,603                                       | ಕ್ಕೆ                                                                | (2,993,709) \$      | 77,894     |
| Securities loaned                                    |    | 4,738,628    |    |                                                    | 4,738,628                                       |                                                                     | (4,588,094)         | 150,534    |

The following table presents the Company's gross obligations disaggregated by the class of collateral pledged and the remaining maturity of securities sold under agreements to repurchase and securities loaned at December 31, 2025.

|                                        | Remaining Contractual Maturity of the Agreements |                          |  |               |  |            |    |                    |    |            |  |
|----------------------------------------|--------------------------------------------------|--------------------------|--|---------------|--|------------|----|--------------------|----|------------|--|
|                                        |                                                  | Overnight and            |  |               |  |            |    | Greater<br>than 90 |    |            |  |
|                                        |                                                  | Continuous               |  | Up to 30 Days |  | 30-90 Days |    | Days               |    | Total      |  |
| Repurchase agreements                  |                                                  |                          |  |               |  |            |    |                    |    |            |  |
| U.S. Treasury and agency securities \$ |                                                  | 74,482,068 \$ 11,060,540 |  |               |  | \$ 375,570 | ಳಿ | 93.560             | ಕೆ | 86,011,738 |  |
| Securities lending agreements          |                                                  |                          |  |               |  |            |    |                    |    |            |  |
| Equity Securities                      |                                                  | 4,738,628                |  |               |  |            |    |                    |    | 4,738,628  |  |
|                                        |                                                  |                          |  |               |  |            |    |                    |    |            |  |
| Gross recognized liabilities           |                                                  | 79,220,696               |  | \$ 11,060,540 |  | \$ 375,570 |    | 93,560             |    | 90,750,366 |  |
|                                        |                                                  |                          |  |               |  |            |    |                    |    |            |  |

{12}------------------------------------------------

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{13}------------------------------------------------

Notes to Statement of Financial Condition (In Thousands) December 31, 2025

#### 6. Fair Value Measurements (continued)

US government agency and corporate debt securities are valued using quoted market prices, or alternative pricing sources, such as broker or dealer quotations, and are generally classified as Level 2. Certain agency securities may be classified as Level 1 because they trade in active markets and there is sufficient information from a liquid market to classify them as Level 1.

To Be Announced ("TBA") transactions are valued using quoted market prices and are generally classified as Level 2.

The following table presents information about the Company's financial assets and financial liabilities measured at fair value as of December 31, 2025, within the fair value hierarchy:

|                                              |    | Level 1   |    | Level 2  | Level 3 |            | Total     |
|----------------------------------------------|----|-----------|----|----------|---------|------------|-----------|
| Assets                                       |    |           |    |          |         |            |           |
| Receivables from broker-dealers and clearing |    |           |    |          |         |            |           |
| organizations:                               |    |           |    |          |         |            |           |
| US government and agency securities          | ക  | 1,143,332 | S  | 36,117   | ಕೆ      | S<br>l     | 1,179,449 |
| Exchange-traded futures contracts            |    | 15        |    |          |         |            | 15        |
| TBA forward contracts                        |    |           |    | 616      |         |            | 616       |
|                                              |    | 1,143,347 | ಕ  | 36,733   | ರಿ      | S<br>।     | 1,180,080 |
| Trading Assets:                              |    |           |    |          |         |            |           |
| Equity securities                            | ea | 2,857,846 | ಕೆ | i        |         | S          | 2,857,846 |
| Equity options                               |    | 137,869   |    |          |         |            | 137,869   |
| Corporate debt securities                    |    |           |    | 82,412   |         |            | 82,412    |
|                                              |    | 2,995,715 | S  | 82,412   |         | ਦਿੱਤੇ<br>l | 3,078,127 |
| Receivables from customers:                  |    |           |    |          |         |            |           |
| TBA forward contracts                        | ತಿ |           | S  | 3,105 \$ |         | - \$       | 3,105     |
|                                              |    |           |    |          |         |            |           |
| Memberships and stock in exchanges owned     | ಕಾ |           | S  | 1,684    | S       | S          | 1,684     |

{14}------------------------------------------------

Notes to Statement of Financial Condition (In Thousands) December 31, 2025

## 6. Fair Value Measurements (continued)

|                                                          |       | Level 1      |   | Level 2   |   | Level 3 | Total     |
|----------------------------------------------------------|-------|--------------|---|-----------|---|---------|-----------|
| Liabilities                                              |       |              |   |           |   |         |           |
| Payables to customers:                                   |       |              |   |           |   |         |           |
| TBA forward contracts                                    | S     | ।            | S | 634 S     |   | - \$    | 634       |
| Trading liabilities:                                     |       |              |   |           |   |         |           |
| US government and agency securities                      | ਦਿੱਤੇ | -            | S |           | S | - \$    |           |
| Equity options                                           | S     | 2,065,862    | S | ।         | S | S<br>-  | 2,065,862 |
| Equity securities                                        |       | 3,133        |   |           |   |         | 3,133     |
| Corporate debt securities                                |       |              |   | 77,260    |   |         | 77,260    |
|                                                          |       | 2,068,995 \$ |   | 77,260 \$ |   | ಕಿ<br>। | 2,146,255 |
| Payable to broker-dealers and clearing<br>organizations: |       |              |   |           |   |         |           |
| Exchange-traded futures contracts                        | S     | 238          |   |           | S | - \$    | 238       |
| TBA forward contracts                                    |       |              |   | 3,221     |   |         | 3,221     |
|                                                          | ತಿ    | 238          | S | 3.221     | S | S       | 3,459     |

{15}------------------------------------------------

Notes to Statement of Financial Condition (In Thousands) December 31, 2025

#### 6. Fair Value Measurements (continued)

Certain financial instruments that are not carried at fair value on the statement of financial condition are carried at amounts that approximate fair value, due to their short-term nature and generally negligible credit risk. For memberships and stock in exchanges, the estimated fair value is the quoted price. The following table presents by fair value hierarchy classification, the carrying values and estimated fair values as of December 31, 2025, of such financial assets and liabilities.

|                                   | Carrying<br>Estimated fair value hierarchy |           |   |           |    | Total<br>estimated fair |         |   |        |           |
|-----------------------------------|--------------------------------------------|-----------|---|-----------|----|-------------------------|---------|---|--------|-----------|
|                                   |                                            | value     |   | Level 1   |    | Level 2                 | Level 3 |   |        | value     |
| Financial assets                  |                                            |           |   |           |    |                         |         |   |        |           |
| Cash                              | ਦਿੱਤੇ                                      | 24,245    | ਉ | 24,245    | S  |                         | - \$    |   | ಕ್ಕಾ   | 24,245    |
| Cash segregated under federal and |                                            |           |   |           |    |                         |         |   |        |           |
| other regulations                 |                                            | 3,083,100 |   | 3,083,100 |    |                         |         |   |        | 3,083,100 |
| Securities purchased under        |                                            |           |   |           |    |                         |         |   |        |           |
| agreements to resell              |                                            | 5,674,081 |   |           |    | 5,674,081               |         |   |        | 5,674,081 |
| Securities borrowed               |                                            | 2,992,492 |   |           |    | 2,992,492               |         |   |        | 2,992,492 |
| Receivables from broker-dealers   |                                            |           |   |           |    |                         |         |   |        |           |
| and clearing organizations        |                                            | 2,442,089 |   | 2,442,089 |    |                         |         |   |        | 2,442,089 |
| Receivables from customers        |                                            | 2,085,647 |   |           |    | 2,085,647               |         |   |        | 2,085,647 |
| Memberships and stock in          |                                            |           |   |           |    |                         |         |   |        |           |
| exchanges owned                   |                                            | 2,614     |   | 5,200     |    |                         |         |   |        | 5,200     |
| Receivables from affiliates       |                                            | 7,060     |   |           |    | 7,060                   |         |   |        | 7,060     |
| Other assets                      |                                            | 2,876     |   |           |    | 2,876                   |         |   |        | 2,876     |
| Financial liabilities             |                                            |           |   |           |    |                         |         |   |        |           |
| Securities sold under agreements  |                                            |           |   |           |    |                         |         |   |        |           |
| to repurchase                     | S                                          | 3,071,603 | S |           | ಕೆ | 3,071,603               | S       | - | ಕ್ಕಿ ಕ | 3,071,603 |
| Securities loaned                 |                                            | 4,738,628 |   |           |    | 4,738,628               |         |   |        | 4,738,628 |
| Payables to customers             |                                            | 8,756,629 |   |           |    | 8.756.629               |         |   |        | 8,756,629 |
| Payables to broker-dealers and    |                                            |           |   |           |    |                         |         |   |        |           |
| clearing organizations            |                                            | 421,235   |   | 421,235   |    |                         |         |   |        | 421,235   |
| Payables to affiliates            |                                            | 154,394   |   |           |    | 154,394                 |         |   |        | 154,394   |
| Bank loans                        |                                            | 200,000   |   |           |    | 200,000                 |         |   |        | 200,000   |
| Accrued expenses and other        |                                            |           |   |           |    |                         |         |   |        |           |
| liabilities                       |                                            | 112,482   |   |           |    | 112.482                 |         |   |        | 112.482   |

{16}------------------------------------------------

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{20}------------------------------------------------

Notes to Statement of Financial Condition (In Thousands) December 31, 2025

#### 12. Employee Benefit Plans

Substantially, all employees of the Company are covered by MSI's defined contribution plan. The Company's contribution is determined under provisions of the plan.

## 13. Taxation

The Company's financial statements recognize the current and deferred income tax consequences that result from the Company's activities during the current period as if the Company were a separate company taxpayer rather than a member of MNAH's consolidated income tax group.

As of December 31, 2025, the Company has recorded a net deferred tax liability of \$877, which is included in accrued expenses and other liabilities on the statement of financial condition. The net deferred tax liability consists primarily of temporary differences related to expense accuals and differences in the book and tax basis of intangible assets.

The Company has analyzed its tax positions with respect to the applicable income tax items for the open tax years (three years beginning with fiscal year 2022), in each jurisdiction including New York, New York City and Illinois, and determined no material tax liabilities existed as of December 31, 2025. MNAH is not under any federal or state tax audit at this time.

#### 14 Net Capital Requirements

The Company is subject to the SEC's Uniform Net Capital Rule (Rule 15c3-1) and the CFTC's minimum financial requirements for FCMs and introducing brokers (Regulation 1.17), which requires the maintenance of minimum net capital. The Company computes its net capital under the alternate method of Rule 15c3-1 which requires the maintenance of minimum net capital equal to the greater of \$250 or 2% of aggregate debit items, as defined, or \$1,000 or 8% of Customer and Non-Customer risk maintenance margin requirements, as a registered FCM with the CFTC. At December 31, 2025, the Company had net capital of \$884,255 and excess net capital of \$419,011. Advances to affiliates, repayment of subordinated liabilities, dividend payments, and other equity withdrawals are subject to certain limitations and other provisions of the capital rules of the SEC and other regulators.

#### 15. Segment Reporting

In accordance with ASU No. 2023-07 ("ASU 2023-07") - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, operating segments for the Company are presented in a manner consistent with the internal reporting provided to the Company's Chief Operating Decision Maker ("CODM"). The CODM, who is responsible for allocating resources and assessing performance for the Company, has been identified as MG's Executive Committee. The CODM regularly reviews the Company's operating results to assess performance and to allocate resources. The accounting policies of the operating segments are the same as the Company's accounting policies.

{21}------------------------------------------------

Notes to Statement of Financial Condition (In Thousands) December 31, 2025

#### 15. Segment Reporting (continued)

For management purposes, the Company is organized into the following operating segments based on the services provided, as follows:

Clearing - The interface between exchanges and clients. The Company provides the connectivity that allows its clients access to exchanges and clearing organizations. As a clearing member, the Company acts as principal on behalf of its clients and generates revenue on a commission per trade basis. The Company provides clearing services across four principal markets: metals, agricultural products, energy and financial securities markets.

Agency and Execution - The Company matches buyers and sellers on an agency basis by facilitating price discovery primarily across energy and financial securities markets. The agency and execution segment primarily generates revenue on a commission per trade basis without material credit or market risk exposure.

Segment information for the year ended December 31, 2025 is provided below:

|              | Clearing | Agency and<br>Execution |                                                        | Other (1) |  | Total |  |
|--------------|----------|-------------------------|--------------------------------------------------------|-----------|--|-------|--|
| Total Assets |          |                         | 8,930,195 \$ 11,559,791 \$ \$ 110,777 \$ \$ 20,600,763 |           |  |       |  |

(1) Reflects segments that do not meet the quantitative thresholds.

#### 16. Subsequent Events

The Company has evaluated events subsequent to December 31, 2025 through March 2, 2026, the date on which these financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in these financial statements.


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.