# FORT GHENT BROKERAGE LLC X-17A-5 (2026-04-15) — Broker-dealer annual report - Company: FORT GHENT BROKERAGE LLC - Form: X-17A-5 - Filed: 2026-04-15 - Period: 2025-12-31 - Accession: 0001602135-26-000003 - CIK: 1602135 - File #: 8-69432 - Type: Broker-dealer - Material weakness: No - Auditor: Sanford Becker & Co, PC - Auditor location: New York, NY - Contact: Alexander Mack - Phone: 917-923-1478 - Email: alexmack@leaguecapmkts.com - Website: leaguecapmkts.com - Signed by: John Gallagher (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1602135/000160213526000003/lcmsofc25.pdf --- {0}------------------------------------------------ #### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** **ANNUAL REPORTS FORM X-17A-5 PART Ill** | 0MB APPROVAL | | |---------------------------|--| | 0MB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | 12
hours per response: | | | | | | | SEC FILE NUMBER | |---------|-----------------| | 8-69432 | | **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** | FILING FOR THE PERIOD BEGINNING | ____
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_ | | |--------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|------------|-----------------|----------------------------------------------|--| | | MWDDNY | | | MWDDNY | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME OF FIRM:
League Capital Markets LLC | | | | | | | TYPE OF REGISTRANT (check all applicable boxes): | | | | | | | □ Major security-based swap participant
Ix] Broker-dealer
□ Security-based swap dealer
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.) | | | | | | | 1345 Avenue of the Americas, 2nd Floor | | | | | | | | (No. and Street) | | | | | | New York | NY | | 10105 | | | | (City) | (State) | | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Alex Mack | 917-923-1478 | | | alexmack@leaguecapmkts.com | | | (Name) | (Area Code -Telephone Number) | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | Sanford Becker & Co, PC | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | | | | | | | | 1430 Broadway, Suite 605
(Address) | New York
(City) | | NY
(State) | 10018
(Zip Code) | | | | | | | | | | 06/25/2009 | | | 3563 | (PCAOB Registration Number, if applicable) I | | | (rte of Registration with PCAOB)(if applicable) | | | | | | | | FOR OFFICIAL USE ONLY | | | | | | * 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-S(e)(l)(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 0MB control number.** {1}------------------------------------------------ #### **OATH OR AFFIRMATION** John Gallagher I, \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of League Capital Markets LLC , as of December 31 , 2~ 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. Title: CE Notary Public #### **This filing\*\* contains (check all applicable boxes):** - IX! (a) Statement of financial condition. - IX] (b) Notes to consolidated statement of financial condition. - D (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 flows. - D (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to consolidated financial statements. - D (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. - D (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - CJ (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. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (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. - D (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. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - Kl (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. - D (t) Independent public accountant's report based on an examination of the statement of financial condition. - KJ (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. - 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. - □ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le 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). D (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}------------------------------------------------ League Capital Markets LLC Statement of Financial Condition DECEMBER 31, 2025 {3}------------------------------------------------ # **League Capital Markets LLC** ## **CONTENTS** | Report of Independent Registered Public Accounting Firm | | |---------------------------------------------------------|-----| | Financial Statements | | | Statement of Financial Condition | 2 | | Notes to Financial Statements | 3-5 | | | | {4}------------------------------------------------ ## **SANFORD BECKER** & CO., **P.C.** CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS 1430 BROADWAY- SUITE 605 NEW YORK, N.Y. 10018 > TELEPHONE (212) 921 • 9000 FACSIMILE **(212) 354-1822** #### **Report of Independent Registered Public Accounting Firm** To the Members of League Capital Markets LLC, (formerly Fort Ghent Brokerage, LLC) #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of League Capital Markets LLC, (formerly Fort Ghent LLC) as of December 31, 2025 and the related notes ( collectively referred to as the "financial statement"). In our opinion, the financial statement present fairly, in all material respects, the financial position of the Company, as of December 31, 2025 in conformity with the accompanying 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 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 is free of material misstatements, 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 overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. ~~fC::~f:-c: We have served as the Company's auditors since 2017. New York, NY April 15, 2026 {5}------------------------------------------------ ## **League Capital Markets LLC** #### **STATEMENT OF FINANCIAL CONDITION** | | December 31, 2025 | | | |---------------------------------------|-------------------------|--|--| | ASSETS | | | | | Cash | \$
42,884 | | | | Accounts receivable | 61,227 | | | | Prepaid expense
Total assets | \$
12,386
116 497 | | | | LIABILITIES AND MEMBERS' EQUITY | | | | | | | | | | Liabilities | | | | | Accounts payable and accrued expenses | \$
68,640 | | | | Total liabilities | 68,640 | | | | Members' equity | 47,857 | | | | Total liabilities and members' equity | \$
116 497 | | | See accompanying notes to financial statements. {6}------------------------------------------------ ## **NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION** League Capital Markets LLC (the "Company") is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Company's primary business activities include providing clients investment banking, merger and acquisition, and consulting services. The Company is a multi-member limited liability company. The Company was organized under the laws of the State of New York on November 1, 2013. The Company became a registered broker-dealer with the Securities and Exchange Commission (the "SEC") and a member of the Financial Industry Regulatory Authority (FINRA) on August 4, 2014. The Company exists as a separate legal entity under the provisions of the operating agreement and the laws of New York State. To the fullest legal extent possible, the Members shall not have any liability for the losses, liabilities, or claims against the Company. ## **NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### Revenue Recognition Revenue from contracts with clients is comprised of investment banking fees. Such fees are recognized at the point in time when the Company's performance under the terms of the contractual arrangement is completed, which is typically at the closing of the transaction. Reimbursed expenses related to these transactions are recorded as revenue. In certain instances, for advisory contracts, the Company will receive amounts in advance of the deal' s closing. In these instances, revenue is recognized over time, and the performance obligations are provided by the Company and consumed by the client simultaneously. At December 31, 2025, there was no deferred revenue recorded. #### Use of Estimates The preparation of financial statements in conformity 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 and disclosure of contingent 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. {7}------------------------------------------------ ### **NOTE 3. CONCENTRATION OF BUSINESS AND CREDIT RISK** All cash deposits of the Company are held by one financial institution and are subject to credit risk at this 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. For purposes of reporting the statement of cash flows, the Company considers all cash accounts that are not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments with a maturity of three months or less to be cash equivalents. Cash balances in excess of FDIC and similar insurance coverage are subject to the usual banking risks associated with funds in excess of those limits. At December 31, 2025, the Company had no uninsured cash balances. The Company earned 74% of its revenue from three clients in 2025. Three clients comprised 87% of the Company's accounts receivable at year-end. ## **NOTE 4. RELATED-PARTY TRANSACTIONS** During the year ended December 31, 2025, the Company acted as placement agent for the Company's sole owner, League Med Enterprises, and earned a commission of \$3,000. This commission is recorded as "Success fees" in the statement of operations. At year end, the owner owed the Company \$3000, which formed part of the "Accounts Receivable" balance in the Statement of Financial Condition. #### **NOTE 5. INCOME TAXES** The Company is a single-member limited liability company and, as such, is disregarded for purposes of Federal, State, and City income taxes. Federal and State income taxes, if any, are the responsibility of the sole member. With few exceptions, the Company is no longer subject to tax examinations by taxing authorities for years before 2022. #### **NOTE 6. COMMITMENTS AND CONTINGENCIES** The Company has a \$40,731 liability due to two representatives, contingent on the collection of receivables from three clients. The Company has collected all of these receivables in 2026. #### **NOTE 7. NET CAPITAL REQUIREMENTS** The Company is subject to the SEC's Uniform Net Capital Rule ("SEC Rule 15c3-1"), which requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital, both as defined, not exceed 15 to 1. Net capital and aggregate indebtedness change from day to day. At December 31, 2025, the Company had net capital of \$14,974, which exceeded the Company's minimum net capital requirement of \$5,000 by \$9,974. The Company's percentage of aggregate indebtedness to net capital was 458% at December 31, 2025. {8}------------------------------------------------ ### **NOTE 8. GOING CONCERN** Accounting Standards Update 2014-15 requires that management evaluate conditions or events that might raise substantial doubt about the Company's ability to continue as a going concern. Management has evaluated the Company's conditions and has determined that unless the Company generates revenue or continues to be funded by its members, there is doubt about the Company's ability to continue as a going concern. The Member and its affiliates have pledged additional support to the Company to enable it to operate for the next year should that become necessary. ## **NOTE 9- SEGMENT REPORTING** The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of investment banking and securities placement activities. The Company has identified its CEO as the chief operating decision making ("CODM") who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 6), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest or distribute 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 whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant policies. The Company derived 59% of its total revenues from a single external customer in 2025. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.