# MERIDIAN CAPITAL LLC X-17A-5 (2026-04-14) — Broker-dealer annual report - Company: MERIDIAN CAPITAL LLC - Form: X-17A-5 - Filed: 2026-04-14 - Period: 2025-12-31 - Accession: 0001611659-26-000001 - CIK: 1611659 - File #: 8-69499 - Type: Broker-dealer - Material weakness: No - Auditor: LMHS P.C. - Auditor location: Norwell, MA - Contact: Max Blake - Phone: 2068500130 - Email: bmurphy@meridianib.com - Website: meridianib.com - Signed by: Brian Murphy (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1611659/000161165926000001/public2025.pdf --- {0}------------------------------------------------ **Meridian Capital, LLC Report Pursuant to Rule 17a-5(d) Financial Statements For The Year-Ended December 31, 2025** {1}------------------------------------------------ #### Table of Contents | SEC Form X-17A-5 | 3-4 | |---------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm | 5 | | Statement of Financial Condition | 6 | | Notes to Financial Statements | 7-14 | {2}------------------------------------------------ | SEC FILE NUMBER | | | |-----------------|--|--| | | | | | 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 beginining 01/01/25 | AND ENDING 12/31/25 | | | MM/DD/YY | | MM/DD/YY | | A. REGISTRANT IDENTIFICATION | | | | NAME OF FIRM: Meridian Capital LLC | | | | TYPE OF REGISTRANT (check all applicable boxes):
@ Broker-dealer Security-based swap dealer
Check here if respondent is also an OTC derivatives dealer | _ Major security-based swap participant | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | 400 Union St. 2nd Floor | | | | (No. and Street) | | | | Seattle
WA | | 98101 | | (State)
(City) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | 206-224-6156
Brian Murphy | | bmurphy@meridianib.com | | (Name)
(Area Code - Telephone Number) | (Email Address) | | | B. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
LMHS, P.C. - Certified Public Accountants and Advisors | | | | (Name - if individual, state last, first, and middle name) | | | | 80 Washington St, Building S Norwell | MA | 02061 | | (Address)
(City) | (State) | (Zip Code) | | 02/24/2009 | 3373 | | | (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 | | | {3}------------------------------------------------ | Brian Murphy | swear (or affirm) that, to the best of my knowledge and belief, the | | | |-------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|--|--| | financial report pertaining to the firm of Meridian Capital LLC | , as of | | | | 12/31 | 2 025 , 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 | | | | | ac that of a customer | | | | ![](_page_3_Figure_2.jpeg) | Signature: | પુ
. Cran | | |------------|--------------|--| | Title: | | | | CEO | | | - - - - - - - - - - - - - - - - - - - - - - - - - - {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### *Report of Independent Registered Public Accounting Firm* To the Members Meridian Capital, LLC Seattle, Washington #### *Opinion on the Financial Statements* We have audited the accompanying statement of financial condition of Meridian Capital, LLC, as of December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Meridian Capital, LLC as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. #### *Basis for Opinion* These financial statements are the responsibility of the entity's management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to Meridian Capital, LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. LMHS, P.C. We have served as the Company's auditor since 2020. Norwell, Massachusetts March 26, 2026 ![](_page_4_Picture_12.jpeg) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ ![](_page_4_Picture_14.jpeg) {5}------------------------------------------------ ## **Meridian Capital, LLC Statement of Financial Condition December 31, 2025** | Assets | | |-------------------------|-------------| | Cash | \$3,951,192 | | Account Receivable, Net | 69,128 | | Prepaid expenses | 43,691 | | Property and equipment | 1,236,453 | | Right of Use
Asset | 3,948,157 | | Total assets | \$9,248,621 | | | | ### **Liabilities and Members' Equity** | \$230,662 | |-------------| | 1,135,367 | | 3,948,157 | | \$5,314,186 | | | | | Members' Equity | |---------------------------------------|-----------------| | Members' Equity | 3,934,435 | | Total Members' Equity | 3,934,435 | | Total Liabilities And Members' Equity | \$9,248,621 | | | | *See accompanying notes to financial statements* {6}------------------------------------------------ #### **NOTE 1: GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** ### *Organization* Meridian Capital, LLC (the "Company") is a Washington Limited Liability Company which registered in Washington on November 3, 2003. In 2016, the Company became a registered broker/dealer in securities under the Securities Exchange Act of 1934, as amended, to provide mergers and acquisitions, consulting, and private placement services. The Company is a member of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corporation ("SIPC"). The Company is engaged in business as a securities broker dealer, that provides several classes of services, including advisory services. Advisory fees generally consist of retainers that are paid after letters of engagement are signed for services, as well as success fees upon the closing of transactions in which the Company participated. Under its membership agreement with FINRA and pursuant to Footnote 74, the Company conducts business on a fully disclosed basis and does not execute or clear securities transactions for customers. Accordingly, the Company is exempt from the requirement of Rule 15c3-3 under the Securities Exchange Act of 1934 pertaining to the possession or control of customer assets and reserve requirements. #### *Summary of Significant Accounting Policies* The presentation 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Accounts receivable are valued and reported at net realizable value under the direct write off method. Amounts written off were considered necessary because probable uncollectible accounts are material. As of December 31, 2025, the Company recorded \$140,967 as bad debt expense included in other operating expenses on the Statement of Income. The Company receives success fees when transactions are completed. Success fees are recognized when earned, the Company has no further continuing obligations, and collection is reasonably assured. {7}------------------------------------------------ ### **NOTE 1: GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)** The Company recognizes its advisory fees when earned, usually after completion of the assignment or upon invoicing of non-refundable retainers or fee payments, in accordance with written terms of its engagement agreements. Property and equipment is stated at cost. Repairs and maintenance to these assets are charged to expense as incurred; major improvements enhancing the function and/or useful life are capitalized. When items are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gains or losses arising from such transactions are recognized. The Company, with the consent of its Members, has elected to be a Washington Limited Liability Company. The Company filed with and received approval from the IRS to be taxed as an S Corporation beginning in 2023. As a result, in lieu of business income taxes, the Members are taxed on the Company's taxable income. Accordingly, no provision or liability for Federal Income Taxes is included in these financial statements. The Company earns consulting and transaction fees from providing M&A advisory services. Generally, consulting fees are charged monthly based on a multi-month agreement. Transaction fees are contingent upon and billed at the closing of a transaction. The following table disaggregates the Company's revenue based on the timing of satisfaction of performance obligations for the year ended December 31, 2025. | Performance Obligations Satisfied at a Point in Time | \$9,901,339 | |------------------------------------------------------|--------------| | Performance Obligations Satisfied Over Time | 1,016,681 | | Other Revenue | 142,871 | | Total Revenue | \$11,060,891 | {8}------------------------------------------------ #### **NOTE 2: INCOME TAXES** As discussed in the Summary of Significant Accounting Policies (Note 1), all tax effects of the Company's income or loss are passed through to the members. Therefore, no provision or liability for Federal Income Taxes is included in these financial statements. ## **NOTE 3: PROPERTY AND EQUIPMENT** Property and equipment are recorded net of accumulated depreciation and summarized by major classification as follows: | | | Useful Life | |--------------------------------|-----------------|-------------| | Furniture and fixtures | \$ 218,229 | 5-7 | | Leasehold improvements | \$1,270,585 | 15-39 | | Computer equipment | \$102,991 | 5-7 | | | \$1,591,805 | | | Less: accumulated depreciation | (\$355,352) | | | Property and
equipment, net | \$
1,236,453 | | | | | | Depreciation expense for the year ended December 31, 2025 was \$127,586. ### **NOTE 4: CONCENTRATION OF CREDIT RISK** The Company is engaged in various trading and brokerage activities in which counter parties primarily include broker dealers, banks, and other financial institutions. In the event counter parties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counter party or issuer of the instrument. It is the Company's policy to review, as necessary, the credit standing of each counter party. The Company maintains bank accounts at financial institutions. These accounts are insured either by the Federal Deposit Insurance Commission ("FDIC"), up to \$250,000, or the Securities Investor Protection Corporation ("SIPC"), up to \$500,000. At times during the year, cash balances held in financial institutions were in excess of the FDIC and SIPC's insured limits. The Company has not experienced any losses in such accounts and management believes that it has placed its cash on deposit with financial institutions which are financially stable. {9}------------------------------------------------ ## **NOTE 5: COMMITMENTS AND CONTINGENCIES** #### *Commitments and Contingencies* The Company has received a stipulated arbitration award on a settlement agreement related to unpaid accounts receivable. The awarded settlement is in the amount of \$710,000. In recent years, due to ongoing activities related to collection of the award, this amount was reflected as a net accounts receivable balance of \$130,000 on the statement of financial condition. This year the Company determined that the amount is not likely to be collected and wrote off the \$130,000 balance as bad debt. The Company is not currently a party to any other legal action. ## **NOTE 6: GUARANTEES** FASB ASC 460, Guarantees, requires the Company to disclose information about its obligations under certain guarantee arrangements. FASB ASC 460 defines guarantees as contracts and indemnification agreements that contingently require a guarantor to make payments to the guaranteed party based on changes in an underlying factor (such as an interest or foreign exchange rate, security or commodity price, an index or the occurrence or nonoccurrence of a specified event) related to an asset, liability, or equity security of a guaranteed party. This guidance also defines guarantees as contracts that contingently require the guarantor to make payments to the guaranteed party based on another entity's failure to perform under an agreement as well as indirect guarantees of indebtedness of others. The Company is a guarantor of a mortgage loan held by 4 & U Commercial LLC, an entity with common ownership. The company became a tenant in 2025. The property was purchased in 2022 and has a 10-year mortgage. The mortgage loan balance as of December 31, 2025 was \$12,737,439. The loan is related to an office real estate asset and matures in 2032. The company is one of 5 parties guaranteeing the mortgage. {10}------------------------------------------------ #### **NOTE 7: FAIR VALUE** The Company adopted ASC Topic 820, requiring a fair value measurement of certain financial instruments on a recurring basis. The adoption of ASC Topic 820 did not impact the Company's financial condition or results of operations. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability. ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are described below: Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. Level 2 – Valuations based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3 – Valuations based on inputs that are supportable by little or no market activity and that are significant to the fair value of the asset or liability. The Company had no financial instruments to measure for fair value as of December 31, 2025. ### **NOTE 8: RECENTLY ISSUED ACCOUNTING STANDARDS** ASC 606, Revenue from Contracts with Customers, was issued on May 28, 2014. ASC 606 provides guidance related to revenue from contracts with customers. Guidance applies to all entities and to all contracts with customers, with the exception of the following transactions noted in ASC 606-10: lease contracts, insurance contracts, financial instruments and other contractual rights or obligations, guarantees, nonmonetary exchanges between entities in the same line of business. For public business entities, certain not-for-profit entities, and certain employee plans, the effective date for ASC 606 is annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The effective date for all other entities is annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company has determined that there is no prior period impact. {11}------------------------------------------------ #### **NOTE 8: RECENTLY ISSUED ACCOUNTING STANDARDS (Continued)** The Company recognizes and measures its leases in accordance with FASB ASC 842, *Leases*. The Company is a lessee in one non-cancellable operating leases for office space. The Company determines if an arrangement is a lease, or contains a lease, at inception of a contract and when the terms of an existing contract are changed. The Company recognizes a lease liability and a right of use (ROU) asset at the commencement date of the lease. The lease liability is initially and subsequently recognized based on the present value of its future lease payments. Variable payments are included in the future lease payments when those variable payments depend on an index or a rate. The discount rate is the implicit rate if it is readily determinable or otherwise the Company uses its incremental borrowing rate. The implicit rates of the Company's lease is not readily determinable and accordingly, the company incremental borrowing rate based on the information available at the commencement date for all leases. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The ROU asset is subsequently measured throughout the lease term at the amount of the remeasured lease liability (i.e., present value of the remaining lease payments), plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received, and any impairment recognized. Lease cost for lease payments is recognized on a straight-line basis over the lease term. The Company signed a 120-month operating lease for office space starting February 2025. It will expire in January 2035. Future minimum lease commitments are as follows: | Year Ending December 31st | Lease Commitments | |---------------------------|-------------------| | 2026 | \$
253,130 | | 2027 | 294,492 | | 2028 | 333,179 | | 2029 | 375,124 | | 2030+ | 2,692,232 | | | \$3,948,157 | | | | As of December 31, 2025, the Company has recorded a right-of-use asset and corresponding lease liability of \$3,948,157 related to this lease on the statement of financial condition. The lease agreement is with an entity under common ownership and is considered a related party transaction. Effective January 1, 2020, the Company adopted the provision of Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326), which provides revised guidance on evaluating accounts and notes receivable and other financial instruments for impairment. {12}------------------------------------------------ #### **NOTE 8: RECENTLY ISSUED ACCOUNTING STANDARDS (Continued)** The Company records accounts receivable when products or services are delivered and it is probable that payment will be received for those products or services, and the Company does not record any interest or penalties on accounts receivable that are past due under the terms of the related arrangement or invoice until those amounts are received. Topic 326 requires companies to evaluate their financial instruments for impairment by recording an allowance for doubtful accounts and/or bad debt expense based on certain categories of instruments rather than a specific identification approach. The Company adopted the provisions of this standard using a method to estimate the allowance for doubtful accounts that considered both the aging of its accounts receivable and the projected loss rate of its receivables. The Company writes off accounts receivable, and the related allowance for doubtful accounts, when it becomes remote that payment for products or services will be received. As of December 31, 2025, Accounts Receivable is reflected net of an allowance totaling \$390,000. The adoption of the standard did not have a material impact on the Company's Financial Statements. #### **NOTE 9: NET CAPITAL REQUIREMENTS** The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC Rule 15c3-1), 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. Rule 15c3-1 also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. Net capital and aggregate indebtedness change day to day, but on December 31, 2025, the Company had net capital of \$2,585,163 which was \$1,644,932 in excess of its required net capital of \$940,231; and the Company's ratio of aggregate indebtedness of \$14,103,468 to net capital was 5.45 to 1. {13}------------------------------------------------ #### **NOTE 10: SUBSEQUENT EVENTS** The Company has evaluated events subsequent to the statement of financial condition date for items requiring recording or disclosure in the financial statements. The evaluation was performed through the date the financial statements were available to be issued. As a result of an inflationary environment, interest rate fluctuations, and geopolitical and economic uncertainties, financial and operational challenges have arisen. The Company has been able to enact procedures to abate the financial and operational effects of these challenges without a reduction in its workforce. The extent of the financial impact and other possible impacting matters going forward are unknown at this time. #### **NOTE 11: 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; performance obligations satisfied at a point in time, performance obligations satisfied over time, and other revenue. The company has identified its CEO as the chief operating decision maker (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, which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends. 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 accounting policies. The company derived 98.7% of its total revenues from 39 external customers in 2025. All revenue segments and significant expenses for the year ended December 31, 2025 are disclosed on the Statement of Operations. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.