# ZANBATO SECURITIES LLC X-17A-5 (2026-03-27) — Broker-dealer annual report - Company: ZANBATO SECURITIES LLC - Form: X-17A-5 - Filed: 2026-03-27 - Period: 2025-12-31 - Accession: 0001648813-26-000003 - CIK: 1648813 - File #: 8-69654 - Type: Broker-dealer - Material weakness: No - Auditor: EisnerAmper LLP - Auditor location: New York, NY - Contact: Heather Fitzgerald - Phone: 212-668-8700 - Email: hfitzgerald@acisecure.com - Website: acisecure.com - Signed by: Knut Nicolai Sand (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1648813/000164881326000003/zanbatoshortaudit.pdf --- {0}------------------------------------------------ # UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # ANNUAL REPORTS FORM X-17A-5 PART III sec file number 8-69654 | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | | | |--------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|--|---------------------------|--------------------------------------------|--| | filing for the period beginning 01/01/2025 | | | 12/31/2025 | | | | | MM/DD/YY | | MM/DD/YY | | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME OF FIRM: ZANBATO SECURITIES LLC | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
▪ Broker-dealer
ഥ Check here if respondent is also an OTC derivatives dealer | _ Security-based swap dealer | | | ‍ Major security-based swap participant | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | | 711 / 715 N. SHORELINE BLVD. | USA | | | | | | | (No. and Street) | | | | | | MOUNTAIN VIEW | CA | | | 94043 | | | (City) | (State) | | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Heather Fitzgerald | 212-668-8700 | | hfitzgerald@acisecure.com | | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | | B. Accountant IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
EisnerAmper LLP | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | 733 Third Avenue | New York | | NY | 10017 | | | (Address) | (City) | | (State) | (Zip Code) | | | 09/15/2020 | | | 6567 | | | | (Date of Registration with PCAOB)(if applicable) | | | | (PCAOB Registration Number, if applicable) | | | * Claims for evernntion from the requirement that the annual renorts of an intenendent nublic | FOR OFFICIAL USE ONLY | | | | | rement that the annual reports be covered by the reports of an independe 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 | Knut Nicolai Sand | | | swear (or affirm) that, to the best of my knowledge and belief, the | | |-------------------------------------------------------------------|--|--|---------------------------------------------------------------------|--| | financial report pertaining to the firm of Zanbato Securities LLC | | | | | | 40104 | | | | | 12/31 , 2 025 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. | Signature:
Knut Nicolai Sand | Digitally signed by Knut Nicolai Sand
Date: 2026.02.24 13:11:34 -08'00" | |---------------------------------|----------------------------------------------------------------------------| | 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. - - | - □ (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. - | 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}------------------------------------------------ Zanbato Securities LLC Statement of Financial Condition Pursuant to Rule 17a-5 under the Securities Exchange Act of 1934 For the period from October 1, 2024 through December 31, 2025 {3}------------------------------------------------ # Zanbato Securities LLC # TABLE OF CONTENTS For the period from October 1, 2024 through December 31, 2025 | Report of Independent Registered Public Accounting Firm | | |---------------------------------------------------------|-------| | Financial Statement: | | | Statement of Financial Condition | 2 | | Notes to Financial Statement | 3 - 6 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) EisnerAmper LLP 11 Grand Central Fast 733 Third Avenue New York, NY 10017 T 212 949 8700 F 212.891.4100 www.eisneramper.com # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of Zanbato Securities LLC # Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Zanbato Securities LLC (the "Company") as of December 31, 2025 and 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 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 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. We have served as the Company's auditor since 2015. EISNERAMPER LLP New York, New York March 26, 2026 "EisnerAmoer" is the brand name under which Eisner Advisory Group LC and its subsidiary entities provide professional services. EisnerAmper LLP and Eisner Advisory Group LLC are independent an alternative practice structure in accordance with the ACPA Code of Professional Conduct and applicable and professional standards. EisnerAmper LLP is a licensed CPA firm that provides attest services and Eisner Advisory Group LLC and its subsidiary entities provide tax and business consulting services. Eisner Advisory entities are not licensed CPA firms. {5}------------------------------------------------ # Zanbato Securities LLC # Statement of Financial Condition December 31, 2025 | ASSETS
Cash and cash equivalents
Investments
Accounts receivable, net
Due from affiliates
Prepaid expenses and other assets
Total assets | ക്ക
4,918,209
3,033,758
3,016,573
1,697,014
96,019
12,761,573 | | |------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|--| | LIABILITIES AND MEMBER'S EQUITY
Liabilities:
Commissions payable
Accounts payable and accrued expenses
Due to affiliates
Total liabilities | ക
6,866,466
83,794
85,407
7,035,667 | | | Member's equity
Total liabilities and member's equity | 5,725,906
ಕ್ಕಾ
12,761,573 | | The accompanying notes are an integral part of this statement of financial condition. {6}------------------------------------------------ # Zanbato Securities LLC NOTES TO STATEMENT OF FINANCIAL CONDITION December 31, 2025 ### 1. Organization and Nature of Business Zanbato Securities LLC (the "Company"), is a limited liability company organized under the state of Delaware. The Company is a wholly owned subsidiary of Zanbato Holding Company LLC and an indirect subsidiary of Zanbato Inc. (the "Ultimate Parent"). The Company is a broker-dealer registered with the Securities and Exchange Commission (the "SEC") and an introducing broker registered as a member of the Financial Industry ("FINRA"). The Company withdrew its membership with the National Futures Association ("NFA") and its registration with the Commodity Futures Trading Commission (the "CFTC") in July 2025. The Company's operations include acting as an agent to match buyers and sellers of privately-held securities through an alternative trading system maintained by the Ultimate Parent, referral of investors into hedge funds and placing investors in single-asset investment funds. During the period from October 1, 2024 through December 31, 2025, the Company changed its fiscal year-end from September 30 to December 31. As a result, the accompanying financial statements are presented for a one-time 15month period to align with the new fiscal year-end. The Company will resume its normal reporting cycle beginning with the fiscal year ending December 31, 2026. # 2. Summary of Significant Accounting Policies ### Basis of Presentation and Use of Estimates This financial statement was prepared in conformity with accounting principles generally accepted in the United States of America ("US 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 financial statement. Actual results could differ from these estimates ### Cash and Cash Equivalents All cash deposits are maintained at financial institutions. Cash equivalents consist of short-term, highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less and primarily include money market funds. The Company invests a majority of its available cash in money market funds, which are carried at approximate fair value. ### Accounts Receivable The Company's accounts receivable, which primarily consist of balances due from customers for referral fee income, commissions and placement fee income, are carried at amortized cost less the allowance for credit losses. Account balances outstanding longer than the contractual payment terms are considered past due. The credit risk associated with receivables is that any customers with which it conducts business is unable to fulfill contractual obligations. The allowance for credit losses is based on the Company's expectation of the collectability of such receivables in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 326-20, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments. 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. Management monitors the credit risk of customers, including historical experience, current conditions, reasonable assurance and supportable forecasts to determine expected credit loss. At October 1, 2024 the accounts receivable balance, net was \$729,168. As of December 31, 2025, accounts receivable, net balance of \$3,016,573 in the statement of financial condition is stated net of an allowance for credit losses of \$8,363. ### Income Taxes The Company is a single member limited liability company and is treated entity for income tax reporting purposes. The Internal Revenue Code ("IRC") provides that any income or loss is passed through to the ultimate beneficial individual member for federal and state income taxes. Accordingly, the Company has not provided for income taxes. {7}------------------------------------------------ # NOTES TO STATEMENT OF FINANCIAL CONDITION For the period from October 1, 2024 through December 31, 2025 # 2. Summary of Significant Accounting Policies (continued) ### Income Taxes (continued) At December 31, 2025, management has determined that the Company had no uncertain tax positions that would require financial statement recognition will always be subject to ongoing reevaluation as facts and circumstances may require. ### Allocation of Stock-Based Compensation from the Ultimate Parent Stock-based awards relate to the Company's allocated equity grants under the Ultimate Parent's equity and incentive compensation plan. ### Adoption of New Accounting Standards The Company considers the applicability and impact of all FASB Accounting Standard Updates ("ASU"). ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on the statement of financial condition. ### 3. Fair Value FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a hierarchy of fair value inputs. Fair value is the price that would be received to transfer a liability in an orderly transaction between market participants at 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 absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by FASB ASC 820, are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date. Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly or indirectly. ### Level 3 - Unobservable inputs for the asset or liability. The availability of observable inputs can vary from security and is affected by a wide variety of factors, including, for example, the type of security, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on mputs that are less observable or unobservable in the market, the determination of fair value requires more judgement . Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. A description of the valuation techniques applied to the Company's major categories of assets and liabilities measured at fair value on a recurring basis are as follows: The Company invests in U.S. Treasury notes with original maturities of one year or more, which are classified as investments. Treasury Notes are valued using quoted market prices. Valuation adjustments are not applied. Accordingly, Treasury Notes are generally categorized in Level 1 of the fair value hierarchy. 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Agents: see https://search.stillhousedata.com/llms.txt.