# PRIVATE BROKERS, LLC X-17A-5 (2026-03-30) — Broker-dealer annual report - Company: PRIVATE BROKERS, LLC - Form: X-17A-5 - Filed: 2026-03-30 - Period: 2025-12-31 - Accession: 0001559837-26-000001 - CIK: 1559837 - File #: 8-69181 - Type: Broker-dealer - Material weakness: No - Auditor: YSL & Associates LLC - Auditor location: New York, NY - Contact: Kathy Sipinick - Phone: 212-897-1686 - Email: kefrem@integrated.solutions - Website: integrated.solutions - Signed by: Trisha Prince (CCO) Original filing: https://www.sec.gov/Archives/edgar/data/1559837/000155983726000001/pb25s.pdf --- {0}------------------------------------------------ Statement of Financial Condition Pursuant to Rule 17A-5 under the Securities Exchange Act of 1934 December 31, 2025 {1}------------------------------------------------ ### **hE/d^dd^ ^hZ/d/^Ey,E'KDD/^^/KE tĂƐŚŝŶŐƚŽŶ͕͘͘ϮϬϱϰϵ** # **EEh> ZWKZd^ &KZDyͲϭϳͲϱ WZd///** | OMB APPROVAL | | | |--------------------------|--|--| | OMB Number: 3235Ͳ0123 | | | | Expires: EŽǀ. 3Ϭ, 202ϲ | | | | Estimated average burden | | | | hours per response: | | | SEC FILE NUMER 8Ͳ 69181 **&/E'W'** **/ŶĨŽƌŵĂƚŝŽŶZĞƋƵŝƌĞĚWƵƌƐƵĂŶƚƚŽZƵůĞƐϭϳĂͲϱ͕ϭϳĂͲϭϮ͕ĂŶĚϭϴĂͲϳƵŶĚĞƌƚŚĞ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰ** | &/>/E'&KZd,WZ/K'/EE/E' | 01/01/25 | EE/E' | 12/31/25 | | | | |------------------------|----------|-------|----------|--|--|--| | | DDͬͬzz | | DDͬͬzz | | | | | ͘ Z'/^dZEd/Ed/&/d/KE | | | | | | | | | | | | | | | EDK&&/ZD PRIVATE BROKERS, LLC dzWK&Z'/^dZEd;ĐŚĞĐŬĂůůĂƉƉůŝĐĂďůĞďŽdžĞƐͿ ܆ %URNHUGHDOHU տ6HFXULW\EDVHGVZDSGHDOHU տ0DMRUVHFXULW\EDVHGVZDSSDUWLFLSDQW տ&KHFNKHUHLIUHVSRQGHQWLVDOVRDQ27&GHULYDWLYHVGHDOHU X Z^^K&WZ/E/W>W>K&h^/E^^͗;ŽŶŽƚƵƐĞĂW͘K͘ďŽdžŶŽ͘ | 745 | 5th | Avenue, | Suite | 500 | |-----|-----|---------|-------|-----| |-----|-----|---------|-------|-----| | | ;EŽ͘ĂŶĚ^ƚƌĞĞƚͿ | | | | | |-------------------------------------------------------|-------------------------|-----------------------------|--------|--|--| | New
York | NY | | 10151 | | | | ŝƚLJ | ^ƚĂƚĞ | ;ŝƉŽĚĞ | | | | | WZ^KEdKKEddt/d,Z'ZdKd,/^&/>/E' | | | | | | | Kathy
Sipinick | (212)
897-1686 | kefrem@integrated.solutions | | | | | EĂŵĞ | ƌĞĂŽĚĞʹdĞůĞƉŚŽŶĞEƵŵďĞƌͿ | ŵĂŝůĚĚƌĞƐƐͿ | | | | | ͘ KhEdEd/Ed/&/d/KE | | | | | | | /EWEEdWh>/KhEdEdǁŚŽƐĞƌĞƉŽƌƚƐĂƌĞĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐĨŝůŝŶŐΎ | | | | | | | YSL
&
Associates
LLC | | | | | | | EĂŵĞʹŝĨŝŶĚŝǀŝĚƵĂů͕ƐƚĂƚĞůĂƐƚ͕ĨŝƌƐƚ͕ĂŶĚŵŝĚĚůĞŶĂŵĞ | | | | | | | 11
Broadway,
Suite
700 | New
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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** This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's 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 statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. We have served as Private Brokers, LLC's auditor since 2025. New York, NY March 27, 2026 {5}------------------------------------------------ ### Statement of Financial Condition December 31, 2025 | Assets | | |---------------------------------------|--------------| | Cash | \$
67,840 | | Fees receivable | 14,738 | | Due from affiliate | 12,375 | | Prepaid expenses and other assets | 2,093 | | | | | Total assets | \$
97,046 | | | | | Liabilities and Member's Equity | | | Liabilities: | | | Accounts payable and accrued expenses | \$
28,201 | | Due to affiliate | 14,953 | | Total liabilities | 43,154 | | | | | Member's equity | 53,892 | | | | | Total liabilities and member's equity | \$
97,046 | The accompanying notes are an integral part of this financial statement. {6}------------------------------------------------ ### Notes to Statement of Financial Condition December 31, 2025 ### 1. Nature of operations Private Brokers, LLC (the "Company") is a limited liability company formed under the laws of the state of Delaware and is a wholly owned subsidiary of Finitive Holdings, Inc. (the "member"). The Company is a broker-dealer registered with the Securities and Exchange Commission ("SEC") under the Securities Exchange Act of 1934 and operates under a membership agreement with the Financial Industry Regulatory Authority ("FINRA"). The Company is required to maintain a minimum net capital pursuant to SEC rule 15c3-1. The Company was formed for the purpose of providing broker dealer services such as engaging in private placement of securities and similar services. The Company does not carry customer accounts and does not hold customer funds or securities. ### 2. Summary of significant accounting policies ### Basis of presentation This financial statement has been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. ### Fees receivable and contract balances Fees receivable is comprised of receivables for fees and at times expense reimbursements. The Company evaluates collectability of its accounts receivable and determines if an allowance for uncollectible accounts is necessary based on historical payment information or known customer financial concerns. The Company had \$139,678 in outstanding receivables at January 1, 2025 and \$14,738 at December 31, 2025. The Company had \$0 in contract assets and liabilities at January 1, 2025 and \$0 at December 31, 2025. ### Cash All cash deposits are held by one financial institution. The Company has not experienced any losses in such accounts and does not believe there to be any significant credit risk with respect to these deposits. ### Income taxes The Company is a single member limited liability company, treated as a disregarded entity for federal, state and city income tax purposes; it therefore does not incur income taxes at the company level. Instead its earnings and losses are passed through to the member and included in the calculation of the member's tax liability. In December 2023, the FASB issued ASU 2023-09 which amends the disclosure requirements for income taxes. The amendments require SEC-registered entities such as the Company to disclose specific categories in the income tax rate reconciliation, presented both as percentages and reporting currency amounts. The amended guidance is effective for the Company on January 1, 2025. The {7}------------------------------------------------ ### Notes to Statement of Financial Condition December 31, 2025 ### 2. Summary of significant accounting policies (continued) ### Income taxes (continued) Company has evaluated the pronouncement and determined it is not applicable and has no impact on its financial statements and related disclosures because the Company has no income tax provision. ### Credit Losses The guidance under ASC Topic 326, Financial Instruments – Credit Losses impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. Under the guidance, the Company has the ability to determine that there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the customer). The allowance for credit losses is based on the Company's expectation of the collectability of financial instruments, including accounts receivables utilizing the CECL framework. The Company considers factors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company's expectation of the collectability in determining the allowance for credit losses. The Company's expectation is that the credit risk associated with accounts receivable is not significant. The Company has not recognized an allowance for credit losses for the year ended December 31, 2025. ### 3. Transactions with related parties The Company's expense sharing agreement with the parent and affiliated entities provides office, compensation and additional services in exchange for reimbursement of a specified percentage of such costs which amounted to \$22,186 for the year ended December 31, 2025. As of December 31, 2025, the Company had a payable to its affiliate of \$14,953 and a receivable from an affiliate of \$12,375. All transactions with related parties are settled in the normal course of business. The terms of any of these arrangements may not be the same as those that would otherwise exist or result from agreements and transactions among unrelated parties. ### 4. Regulatory requirements The Company is subject to SEC Uniform Net Capital Rule 15c3-1 under the Securities Exchange Act of 1934, which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31, 2025, the Company had net capital of \$24,686 which exceeded the required net capital of \$5,000 by \$19,686. The ratio of aggregate indebtedness to net capital, at December 31, 2025 was 1.75 to 1. The Company does not hold customers' cash or securities and has no requirements under SEC Rule 15c3-3 and therefore does not claim an exemption under paragraph (k). {8}------------------------------------------------ ### Notes to Statement of Financial Condition December 31, 2025 ### 5. Segment reporting The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including fees earned for referral, capital raising and other similar transactions. The Company has identified its Chief Executive Officer as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business to manage the Company. Additionally, the CODM uses net capital (see Note 4), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. ### 6. Concentrations For the year ended December 31, 2025, the Company generated 100% of its revenue from two clients. As of December 31, 2025, 100% of accounts receivable was due from one client. ### 7. Subsequent events The Company has evaluated subsequent events through the date the financial statement was issued. In February 2026, the Company's sole member, Finitive Holdings Inc, began a reorganization. Once completed, Finitive will remain the sole member but the Company will have a new ultimate beneficial owner in 2026. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.