# CITADEL CLEARING LLC X-17A-5 (2026-02-27) — Broker-dealer annual report

- Company: CITADEL CLEARING LLC
- Form: X-17A-5
- Filed: 2026-02-27
- Period: 2025-12-31
- Accession: 0001616344-26-000003
- CIK: 1616344
- File #: 8-69521
- Type: Broker-dealer
- Material weakness: No
- Auditor: PricewaterhouseCoopers LLP
- Auditor location: New York, NY
- Contact: Michael Henry
- Phone: 2126517726
- Email: michael.henry@citadel.com
- Website: citadel.com
- Signed by: Michael Henry (Chief Accounting Officer)

Original filing: https://www.sec.gov/Archives/edgar/data/1616344/000161634426000003/CCLC_BS_Only_FS_2025_Upload.pdf

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# Citadel Clearing LLC

2025 Financial Statement

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## Citadel Clearing LLC

(A Delaware Limited Liability Company) (SEC File Number 8-69521)

Statement of Financial Condition as of December 31, 2025, and Report of Independent Registered Public Accounting Firm

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| 8-69521 |  |
|---------|--|

|                                    | 01/01/25             | 12/31/25                  |
|------------------------------------|----------------------|---------------------------|
|                                    |                      |                           |
|                                    |                      |                           |
|                                    | Citadel Clearing LLC |                           |
| ■                                  |                      |                           |
|                                    |                      |                           |
| 830<br>Brickell<br>Plaza,<br>Floor | 15                   |                           |
|                                    |                      |                           |
| Miami                              | Florida              | 33131                     |
|                                    |                      |                           |
|                                    |                      |                           |
| Michael Henry                      | (212) 651-7726       | Michael.Henry@citadel.com |
|                                    |                      |                           |
|                                    |                      |                           |
|                                    |                      |                           |
| PricewaterhouseCoopers LLP         |                      |                           |
|                                    |                      |                           |
| 300<br>Madison<br>Avenue           | New<br>York          | 10017<br>New<br>York      |
| 10/20/2003                         |                      | 238                       |
|                                    |                      |                           |
|                                    |                      |                           |

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#### OATH OR AFFIRMATION

| Michael Henry                                                                   | swear (or affirm) that, to the best of my knowledge and belief, the                                                    |  |
|---------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|--|
| financial report pertaining to the firm of Citadel Clearing LLC (the "Company") | as of                                                                                                                  |  |
| December 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 proprietary interest in any account classified soley |  |
| as that of a customer.                                                          |                                                                                                                        |  |
|                                                                                 | Signature:                                                                                                             |  |
|                                                                                 | Title:                                                                                                                 |  |

#### Chief Accounting Officer

#### 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 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.
- [] 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.
- [1) 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-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.
- [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 240.17a-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.
- (t) Independent public accountant's report based on an examination of the statement of financial condition.
- [ (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.
- | (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e 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).
- [ (z) Other:
- \*\* To request confidential treatment of chis filing, see 17 CFR 240.170-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable.

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### Table of Contents

|                                                         | Page |
|---------------------------------------------------------|------|
| Report of Independent Registered Public Accounting Firm | i    |
| Statement of Financial Condition                        | 1    |
| Notes to Statement of Financial Condition.              | 2    |
| Note 1. Organization                                    | 2    |
| Note 2. Significant Accounting Policies                 | 2    |
| Note 3. Collateralized Transactions                     |      |
| Note 4. Fair Value Disclosures                          | 5    |
| Note 5. Transactions with Related Parties               | 5    |
| Note 6.    Risk Management                              | 6    |
| Note 7. Contingencies                                   | 6    |
| Note 8. Income Taxes                                    | 6    |
| Note 9. Regulatory Requirements                         | 7    |
| Note 10. Subsequent Events                              |      |
|                                                         |      |

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#### **Report of Independent Registered Public Accounting Firm**

To the Member of Citadel Clearing LLC

#### *Opinion on the Financial Statement – Statement of Financial Condition*

We have audited the accompanying statement of financial condition of Citadel Clearing 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*

The 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 of this financial statement 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 provides a reasonable basis for our opinion.

February 27, 2026

We have served as the Company's auditor since 2015.

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| .@5.;10.@52>B6C.92;A@                                 | <br><br>    |
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| )20B?6A62@/<??<D21                                    |             |
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| %A52?.@@2A@                                           |             |
| /4","33&43                                            | <br><br>    |

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| %A52?96./696A62@                                     |          |
| /4",,*"#*,*4*&3                                      |          |
| #2:/2?@0.=6A.9                                       |          |
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| :<B;A@<33@2A                                 |                    | H |                       |  |
| &4"-/5.43                                    |                    |   |                       |  |
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{11}------------------------------------------------

### Notes to Statement of Financial Condition

Collateralized Transactions-Maturities and Collateral Pledged The following table presents the gross carrying value of repurchase agreements and securities loaned by remaining contractual maturity as of December 31, 2025.

| (\$ in millions)           | Repurchase<br>Agreements |          | Securities<br>Loaned |        |
|----------------------------|--------------------------|----------|----------------------|--------|
| Overnight and open         | ക്ക                      | 100      | ക                    | 22,517 |
| 2-30 days                  |                          |          |                      |        |
| 31-90 days                 |                          | 2,624    |                      |        |
| 91-365 days                |                          | 350      |                      |        |
| Total                      |                          | 3,074    |                      | 22,517 |
| Financing interest payable |                          | 5        |                      | 12     |
| Gross amounts              | ક                        | 3.079 \$ |                      | 22,529 |

The following table presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged as of December 31, 2025.

| (\$ in millions)           | Repurchase<br>Agreements |          | Securities<br>Loaned |        |
|----------------------------|--------------------------|----------|----------------------|--------|
| Equity securities          | ક્તિ                     | 3,074 \$ |                      | 21,274 |
| Corporate debt securities  |                          |          |                      | 1,243  |
| Total                      |                          | 3,074    |                      | 22,517 |
| Financing interest payable |                          | 5        |                      | 12     |
| Gross amounts              | ತಿ                       | 3,079 \$ |                      | 22,529 |

#### NOTE 4

#### Fair Value Disclosures

The following fair value hierarchy tables present information about the Company's Financial Instruments measured at fair value on a recurring basis based upon the lowest level of significant input to the valuations (see Note 2 for the Company's policies regarding the hierarchy).

| (\$ in millions)                                    |    | Level 1  |  | Level 2 | Total |
|-----------------------------------------------------|----|----------|--|---------|-------|
| Money market funds                                  | ಕೆ | 125 \$   |  | ಕ್ಕೊ    | 125   |
| Collateral held under securities<br>loan agreements |    | 8,128    |  | 37      | 8.165 |
| Total                                               | ક  | 8.253 \$ |  | 37 \$   | 8,290 |
| I IARILITIES AT FAIR VALUE AS OF DECEMBER 31, 2025  |    |          |  |         |       |

### ASSETS AT FAIR VALUE AS OF DECEMBER 31, 2025

| LIABILITIES AT FAIR VALUE AS OF DECEMBER 31, 2025 |    |          |  |             |
|---------------------------------------------------|----|----------|--|-------------|
| (\$ in millions)                                  |    | Level 1  |  | Total       |
| Securities loaned                                 | ಕಾ | 8,128 \$ |  | 37 \$ 8.165 |
| Total                                             |    | 8 128 %  |  | 37 8 8 165  |

In the tables above:

- The securities loaned balance reflects only that portion of the obligation to return securities collateral received.
- Resale agreements and repurchase agreements, not presented in the tables above, are reflected at fair value on the statement of financial condition and include financing interest receivables and payables, as well as the effects of netting. As described in Note 2, resale agreements and repurchase agreements are classified within Level 2 of the fair value hierarchy.

There were no Level 3 financial instruments as of December 31, 2025.

#### NOTE 5

#### Transactions with Related Parties

#### Expenses

Pursuant to an administrative services agreement, the Company reimburses the Citadel Service Parties for direct and reimbursable administrative, general and operating expenses, including compensation and benefits, paid by these entities on behalf of the Company. As of December 31, 2025, the Company had a payable to the Citadel Service Parties of \$3 million, which is included in other liabilities on the statement of financial condition.

#### Securities Borrowed and Securities Loaned

During the year, the Company engaged in securities borrowing and lending transactions with CIFC, with balances as of December 31, 2025, as presented in the following table.

| (\$ in millions)                                          |      | Securities<br>Borrowed |   | Securities<br>Loaned |
|-----------------------------------------------------------|------|------------------------|---|----------------------|
| Cash collateral pledged/received                          | ક્ક  | 10,987                 | ക | 10,979               |
| Financing interest receivable/payable                     |      | 12                     |   |                      |
| Amounts offset in the statement of<br>financial condition |      | (10.979)               |   | (10,979              |
| Net amounts                                               | S    | 20                     | S |                      |
| Fair value of securities borrowed/<br>loaned              | ક્તિ | 10.959 \$              |   | 18.001               |
| Fair value of securities collateral<br>pledged/received   |      |                        |   | 8.165                |

In the table above, the fair value of securities borrowed, securities loaned and securities collateral includes accrued coupon interest.

#### Clearing Activities

For the year ended December 31, 2025, the Company conducted clearing activities with affiliated funds. As of December 31, 2025, the Company had a receivable from affiliated funds of \$16 million, which is included in other assets on the statement of financial condition, and a payable to affiliated funds of \$35 million reflected as payable to customers on the statement of financial condition.

#### Loan Agreement

The table below discloses the significant terms and financial information associated with the Company's senior unsecured facility agreement with CCLH.

#### AS OF DECEMBER 31, 2025

| Borrowing Agreement (\$ in millions) |  |                  |                |                                                     |               |                   |  |  |
|--------------------------------------|--|------------------|----------------|-----------------------------------------------------|---------------|-------------------|--|--|
| Total<br>Facility<br>Lender<br>Limit |  | Interest<br>Rate |                | Outstanding<br>Principal and<br>Accrued<br>Interest | Maturity Date |                   |  |  |
| CCLH \$ 500                          |  |                  | OBFR +<br>1.6% | ક                                                   |               | December 31. 2026 |  |  |

In the table above:

- The senior unsecured facility with CCLH is committed and pavable on demand.
- OBFR is defined as the Overnight Bank Funding Rate.

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

### Notes to Statement of Financial Condition

#### NOTE 6

#### Risk Management

The Company is subject to various risks, including, but not limited to, market risk, credit risk, liquidity risk, and operational risk. CLP6 seeks to monitor and manage these risks on an ongoing basis.

#### Market Risk

Market risk is the potential for changes in the value of securities collateral pledged and/or received under securities borrowing, securities lending, resale agreements, and repurchase agreements. Categories of market risk include, but are not limited to, exposures to equity prices, interest rates, commodity prices, credit prices, and currency prices.

Market risk is directly impacted by the volatility and liquidity of the markets in which the financial instruments are traded. CLP6 seeks to manage market risk in various ways, including through diversifying exposures and quidelines on position sizes. The ability to manage market risk may be constrained by changes in liquidity conditions and fast changes in the relative prices and volatilities.

#### Credit Risk

Credit risk is the risk of loss due to the failure of a counterparty to perform according to the terms of a contract. Risks may arise associated with the Company's securities borrowing, securities lending, and securities sold under agreements to repurchase with counterparties as a result of nonperformance by the counterparties. The Company seeks to manage this credit risk through collateral monitorina.

The Company is exposed to credit risk in its role as a financing counterparty to dealers and broker and dealer clients, as well as CIFC, as a holder of securities and as a member of clearing organizations. The Company's client activities involve the clearing and financing of various transactions. The Company seeks to reduce its exposure to credit risk associated with counterparty nonperformance in its clearing and financing activities by entering into master netting agreements and credit support agreements with counterparties. These master netting agreements and credit support agreements provide the Company with the right to demand collateral, as well as the right, in the event of counterparty default, to liquidate collateral and offset receivables and payables covered under the same master netting agreement. CLP6 monitors collateral fair value on a daily basis relative to the Company's counterparties' exposure and, when necessary, attempts to recall any material excess collateral balances. Additionally, the Company seeks to mitigate credit risk by, among other factors, monitoring exposures to and reviewing creditworthiness of its counterparties, rebalancing financing sources, and attempting to match collateral types in a balanced book as deemed appropriate.

Cash account balances typically exceed government-sponsored insurance coverage and may subject the Company to a concentration of credit risk. Where possible, CLP6 seeks to mitigate the credit risk that exists with these account balances by, among other things, maintaining these account balances pursuant to segregated custodial arrangements, or by reducing the amount of cash the Company has on deposit with banks and other financial institutions.

#### Liquidity Risk

With respect to asset and liability management, the Company diversifies financing across counterparties and contractual types, focusing on a variety of financing arrangements with strong contractual terms, active balance sheet and capital planning, and developing scalable infrastructure including direct funding capabilities. where applicable. CLP6 typically maintains a pool of excess liquidity at the Company for these planned and contingent needs.

#### Operational Risk

Operational risk is defined as the risk of financial loss or reputational damage resulting from inadequate or failed internal processes, people, systems, or from external events. CLP6 seeks to identify, measure, monitor. and manage material operational risks by continuing to develop and implement enhanced methodologies in the processes that support the Company's key activities.

#### Other Risks

The Company is subject to risks associated with unforeseen or catastrophic events, including, but not limited to, geopolitical events, terrorist attacks, natural disasters, cyberattacks, outages, and the emergence of a pandemic, which could create economic, financial, and business disruptions. In addition, there are inherent risks in the utilization of certain technologies, including artificial intelligence technologies, whereby the outputs produced could contain errors, which may be difficult to detect. All these risks could lead to operational difficulties that could impair CLP6's ability to manage the Company's activities. Where applicable, CLP6 seeks to manage such risks through continuity and resiliency planning.

In the future, litigation could arise, or legal, tax, and regulatory changes could occur, which could have a material adverse effect on the Company.

#### NOTE 7

#### Contingencies

In the normal course of business, the Company may enter into contracts that contain provisions related to certain indemnifications. The Company's maximum exposure under these arrangements is unknown, as any such exposure involves possible future claims that may be, but have not yet been, made against the Company, based on events which have not yet occurred. However, based on experience, CLP6 believes the risk of material loss from these arrangements to be remote

The Company provides quarantees to securities clearinghouses. Under the standard securities clearinghouse membership agreement, members are required to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearinghouse, other members would be required to meet the resulting shortfalls. The Company's liability under these arrangements is not quantifiable and could exceed the cash and securities it has posted as collateral. However, CLP6 believes the potential for the Company to be required to make payments under these arrangements is remote. Accordingly, no contingent liability is carried on the statement of financial condition for these arrangements.

#### NOTE 8

#### Income Taxes

The Company is disregarded for U.S. federal income tax purposes and is not subject to U.S. federal or state income tax directly.

In accordance with GAAP, CLP6 has reviewed the Company's tax positions for all open tax years. As of December 31, 2025, CLP6 determined that the Company was not required to establish a liability for uncertain tax positions.

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

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