# SI SECURITIES, LLC X-17A-5 (2026-03-05) — Broker-dealer annual report - Company: SI SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-03-05 - Period: 2025-12-31 - Accession: 0001603038-26-000003 - CIK: 1603038 - File #: 8-69440 - Type: Broker-dealer - Material weakness: No - Auditor: Forvis Mazars LLP - Auditor location: Woodbury, NY - Contact: Chris Meyers - Phone: 212-668-8700 - Email: cmeyers@acisecure.com - Website: acisecure.com - Signed by: Dan Fishman (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1603038/000160303826000003/sisecuritiespublicaudit.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ANNUAL REPORTS | |----------------| | FORM X-17A-5 | | PART III | OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 sec file number 8-69440 FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 AND ENDING\_12/31/2025 filing for the period beginning 01/01/2025 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: SI Securities, LLC TYPE OF REGISTRANT (check all applicable boxes): ■ Broker-dealer □ Security-based swap dealer ‍ | Major security-based swap participant □ Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 1 World Trade Center Fl 87 (No. and Street) New York NY 10007 (Zip Code) (State) (City) PERSON TO CONTACT WITH REGARD TO THIS FILING Chris Meyers 212-668-8700 cmeyers@acisecure.com (Name) (Area Code - Telephone Number) (Email Address) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Forvis Mazars, LLP (Name – if individual, state last, first, and middle name) 60 Crossways Park Drive West, Suite 301 Woodbury 11797 NY (Address) (City) (State) (Zip Code) October 16, 2003 686 (Date of Registration with PCAOB)(if applicable) (PCAOB Registration Number, if applicable) FOR OFFICIAL USE ONLY \* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {1}------------------------------------------------ ### OATH OR AFFIRMATION | Dan Fishman | swear (or affirm) that, to the best of my knowledge and belief, the | |--------------------------------------------------------------|---------------------------------------------------------------------| | financial report pertaining to the firm of SI Securities LLC | as of | 12/31 , 2 025 partner, officer, director, or equivalent person, as the case may proprietary interest in any account classified solely as that of a customer. | Signature: | Daniel Fishman | |------------|----------------| | | | Title: CFO Notary Public ### This filing\*\* contains (check all applicable boxes): - (a) Statement of financial condition. - = (b) Notes to consolidated statement of financial condition. - □ (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. - □ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - \_ (f) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to consolidated financial statements. - □ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - □ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - □ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - □ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - □ (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - □ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - | (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - □ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.18a-7, as applicable. - | - □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | - □ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - \_ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (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. - | as applicable. - \_ (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - □ (z) Other: - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(2), as applicable. {2}------------------------------------------------ ## SI Securities, LLC (A Wholly Owned Subsidiary of Pluto Holdings, LLC) Statement of Financial Condition As of December 31, 2025 {3}------------------------------------------------ | Contents | |----------| |----------| | Report of Independent Registered Public Accounting Firm | | |---------------------------------------------------------|-------| | Statement of Financial Condition | | | Notes to Financial Statement | 3 - 2 | {4}------------------------------------------------ Forvis Mazars, LLP 60 Crossways Park Drive West, Suite 301 Woodbury, NY 11797 forvismazars.us ![](_page_4_Picture_1.jpeg) # Report of Independent Registered Public Accounting Firm Board of Directors of the Member SI Securities, LLC ### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of SI Securities, LLC (the Company) as of December 31, 2025, including 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 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 РСАОВ. 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 financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2024. # Forvis Mazars, LLP Woodbury, New York March 2, 2026 {5}------------------------------------------------ #### Statement of Financial Condition December 31, 2025 | ASSETS | | | |----------------------------------------------------------------------------|----|-------------------| | Cash and cash equivalents
Prepaid expenses and other assets | ಳಿ | 885,953
19,100 | | TOTAL ASSETS | | 905,053 | | LIABILITIES AND MEMBER'S EQUITY | | | | LIABILITIES:
Due to affiliates
Accounts payable and accrued expenses | ಳಿ | 130,384
66,443 | | TOTAL LIABILITIES | | 196,827 | | MEMBER'S EQUITY | | 708,226 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | | 905,053 | {6}------------------------------------------------ Notes to Financial Statement December 31, 2025 #### 1. Organization and Nature of Business SS Securities, LLC (the "Company") was organy on February 26, 2013 under the Sate of New York. Effective October 7, 2014, the Company registered with the Securities and Exchange Commenter of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Company is wholy over by Plate Holings, LLC (the "Merced"), an indical of Circle Internet Group, Inc. The Company is approved to receive investment banking fees for raising fees for rai capital in "prirate placement" transactions. As of May 5, 2022, the planting operating operations and is reliant on parent contributions to meet its financial obligations Since the Company is a linited libility company, the Merities of the Company, whether arsing in contract, to or other arising in contract, tor or other are he Merche has signed a specific guarantee #### 2. Summary of Significant Accounting Policies #### a) Basis of Accounting The Financial Statement is prepared using in accordance with accounting principles generally accepted in the United States of America. Recognized when earned, while expenses and losses are recognized when incurred. #### b) Cash and Cash Equivalents The Company considers all highly if thee months of these months or less when purchased to be cash equivalents consist of finals maintained in checking and money market accounts held at financial institutions. There are no cash equivalents at December 31, 2025. The Company's cash and cash equivaly at two finacial institutions and at times may exceed innis. At December 31, 2025, the ancuri in excess of federally insured limits is \$609,147 #### c) Revenue From Contracts with Customers #### Performance Obligations Revenue from contracts with customers is recognized when its performance obligations by transfering nomised gods or services to customers. A god or services is transfered to a customer when, or as , the customer of that good or service. A performance digation may be satisfied over time or at a point in time. Revenue from a performance obligation salisfied at a point in time that the Company delemines the ouslomer obtains control over the promised god or service. The anount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. #### d) Income Taxes In December 2019, the Financial Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740) to singlify the accounting for income taxes by emoving certain exceptions to the general principes in The annove consistent application of and simplify GAP for the other areas of Topic 740 by claiming and amending existing guitance. The Company is a disegued the quidance in ASU 2019-12 and therefor has not reflected federal, state, or city lates or the year ended December 31, 2025. The Company has adopted the tax povisions of Accountin Income Taxes which prescribes recognition thresholds that must before a tax position is recogized in the Financial Statement and provides quitenes and peralies. Under this quidance, an entily nay only resomize or continue o reconize or continue o reconize or contine o reconize a that meet a "nore likely than not" the seement has delemined that the Company had no uncertar tax positions than is a positions than is a leagues financial statement recognition. This delemination will always be subject to ongines nay require. The Parent emains subject to U.S. federal, state, and local income tax audits for the tax years 2022 through 2125. There are no lebillies recognized in the accompanying statement of financial condition as anounts are deemel to be immaterial and are not expected to have any future tax consequence. #### e) Use of Estimates The preparation of Financial Statement in concies generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported and liabilities and the disclosure of continent assets and liabilities as of the Financial Statement. Actual estile could differ from those estimates. #### 3. Indemnifications and uncertainties In the normal course of its business, the Company of certain service provices against specified losses in connection with their acting as a agent of, or providing serices to the Company. The maximum of the Company could be required to male under these internifications canot be estirated. Hovever, the Company believes that it is unlike naterial payments under these arrangements and has not recorded any contingent liailly in the Financial Statement for these indemnifications The Company provided representation and warestion with a vailey of commercial transations and occasionally internified them against polential losses caused by the breach of those representations and varies and internifications to some ounterpaties to protect then in the evert addicaral taxes are oved or carments are vittheld, due ether to a cranitation of certain tax laws. These international lems and are stardad tems and are entered in the normal course of business. The naimum potents that the Company could be required to make under these indermifications canot be estimated. However, the Company believes that it is unlike nate naterial payments under these arrangements and has not recorded any contingent fability in the Financial Statement for these indemnifications {7}------------------------------------------------ Notes to Financial Statement December 31, 2025 #### 4. Contingencies In the prior year, the Company was named as a co-defendant inder the Seurlies Ad of 1933 with a claim for damages. In 2025, the Company, logether with additional related paties that were named in the mater of the foregoing lawsult for an amount of \$2,300,000 for which the Company had agreed to over 25% as one of the 4 parties listed in the prior year, the Company accrued \$575,000 in connection with he legal settled during 2025. #### 5. Related Party Transactions The Company receives working capital advances from its entered into a seriess ageement with its affiliate whereby the Company incus a monthly fee for support services. Total series and support os stillization of employee personnel to effectively nanage the advilies of the Company. As of December 31, 2025, the intercompany balance owed to affiliates was \$130.384 in accordance with a written services agreement: | Circle Internet Group Inc. | સ્ત્ર | 105.020 | |---------------------------------|-------|---------| | Circle Internet Financial, LTD. | | 12.682 | | Pluto Holdings, LLC | | 12.682 | | | ಳ | 130,384 | #### 6. Segment Reporting The Company is engaged in a single lines as a securities broker witch is comprised of placement fees, however the company did not engage in revenue generating achities during 2025. As described in FASB ASU operaing segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Che "COM"). The Company's CODM's the Chief Executive Officer. The CODM reviews net boss and experses consisent with the presentation of the statement of purposes of naking coreaing resurces, and evaluating financial performance. Additionally, the COM uses net capital, which is not a neasure of profit and loss, to make operient assess is reported on the statement of financial condition as total assets. As a result, the Company in its entirely is a single reportable segment are Company's single reportable segment are the same as those described in this Note 1 for a description of the single segment's business. #### 7. Net Capital Requirement The Company is subject to the Securities and Exclude (15:3-1), which requires the maintenance of minimum net capital and that the ratio of aggregate indebledness to net captal, both as defined and 1500% in the first year of operations, and 1500% in every year thereatler. Net capital and ages from moment. At December 31, 2025, the Comany had net sailal of \$68,126, virio' was \$43,126 in excess of its required net capital of \$250,000. The Company's agereate indebtedness to net capital ratio was 28.56% at December 31, 2025. On January 22, 2025, the Company received notice from outsed settement in recards to the class action lawsuit for which the Company was ranel as a céfertant along with several other The parties, including the Company, agreed to the proposed settement for \$2,300,000, 25% of which was allocable to the Company. Due to he impact on the Company's firancial contition, the Company's ne minimum anount required which resulted in a visation of SEA Rule 15:3-1 in wrich the Company gave notice to the SEC and its Designated Examining Authority on January 22, 2025. The Company received a \$1,000,000 capital contribution on January 10, 2025. #### 8. Subsequent Events The Company has evalualed events and transactions than and 1, 2026, which is the date the Financial Statement was available to be issued, for possible disclosure and recognition in the Financial Statement. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.