# GENERAL WELLINGTON CAPITAL LLC X-17A-5 (2026-03-06) — Broker-dealer annual report - Company: GENERAL WELLINGTON CAPITAL LLC - Form: X-17A-5 - Filed: 2026-03-06 - Period: 2025-12-31 - Accession: 0001658090-26-000003 - CIK: 1658090 - File #: 8-69705 - Type: Broker-dealer - Material weakness: No - Auditor: Ryan & Juraska - Auditor location: Chicago, IL - Contact: Kevin Meehan - Phone: 212-803-7153 - Email: kmeehan@generalwellington.com - Website: generalwellington.com - Signed by: Kevin Meehan (FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1658090/000165809026000003/public2025.pdf --- {0}------------------------------------------------ # **General Wellington Capital LLC** ### *FINANCIAL STATEMENT PURSUANT TO RULE 17a-5 OF THE SECURITIES EXCHANGE ACT OF 1934 WITH REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM* **YEAR ENDED DECEMBER 31, 2025** **(Available for Public Inspection)** {1}------------------------------------------------ 8-69705 | | 01/01/25 | 12/31/25 | | | | |----------------------------------------------|--------------|----------|-------------------------------|--|--| | | | | | | | | | | | | | | | General
Wellington
Capital
LLC | | | | | | | ■ | | | | | | | | | | | | | | 295
Madison
Avenue
-
43rd
Fl. | | | | | | | | | | | | | | New
York | NY | | 10017 | | | | | | | | | | | | | | | | | | Kevin
Meehan | 212-803-7153 | | kmeehan@generalwellington.com | | | | | | | | | | | | | | | | | | Ryan
&
Juraska | | | | | | | | | | | | | | 141
West
Jackson
Blvd. | Chicago | IL | 60604 | | | | | | | | | | | March
24,
2009 | | 3407 | | | | | | | | | | | | | | | | | | | | | | | | | {2}------------------------------------------------ | Kevin Meehan | | | |--------------|--------------------------------|--| | | General Wellington Capital LLC | | | | | | 12/31 5 FINOP - - - - - - - - - - - - - - - - - - - - - - - - - - - {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) RYAN & JURASKA LLP # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Members of General Wellington Capital LLC ## Opinion on the Financial Statement We have audited the accompanying statement of financial condition of General Wellington Capital LLC (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of General Wellington Capital LLC 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 General Wellington Capital LLC'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 General Wellington 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 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 General Wellington Capital LLC's auditor since 2019. Chicago, Illinois March 2, 2026 {4}------------------------------------------------ # *STATEMENT OF FINANCIAL CONDITION* **December 31, 2025** # **Assets** | Cash
Accounts receivable
Other assets | \$
204,753
2,880,366
5,712 | |---------------------------------------------|-------------------------------------| | Total Assets | \$ 3,090,831 | | Liabilities and Members' Equity | | | Accounts payable and accrued expenses | \$
2,460,153 | | Members' Equity | 630,678 | | Total Liabilities & Members' Equity | \$ 3,090,831 | {5}------------------------------------------------ ## *NOTES TO FINANCIAL STATEMENT* #### **December 31, 2025** #### **Note 1 – Nature of Business** General Wellington Capital, LLC (the "Company"), a New York Limited Liability Company, is a registered broker-dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corp ("SIPC"). The term of the Company shall continue in perpetuity unless the Company is dissolved in accordance with the provisions of its articles of organization. The Company provides financial advisory and marketing services to institutional investment managers. The Company's effective date of organization was November 1, 2015. The effective date of the Company's registration as a broker-dealer was June 27, 2016. #### **Note 2 – Summary of Significant Accounting Principles** #### **Accounting Policies** The Company follows Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (the FASB), to ensure consistent reporting of financial condition. #### **Use of Estimates in the Financial Statement** The preparation of this financial statement in conformity with GAAP 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 statement. Actual results could differ from these estimates. #### **Revenue Recognition** The Company provides financial advisory and marketing services from raising capital on behalf of institutional investment managers and earns a fee under the terms of the agreement. Effective January 1, 2018, the Company adopted the ASC 606 standard *Revenues from Contracts with Customers:* identify contract with a customer: identify the performance obligations in the contract; determine transaction price; allocate transaction price to performance obligations; recognize revenue when performance obligation is satisfied. In the normal course of business, the Company acts as an intermediary or agent with respect to certain payments received from third parties. An entity is an agent if the entity's performance obligation is to arrange for the provision of the specified good or service by another party. An entity that is an agent does not control the specified good or service provided by another party before that good or service is transferred to the customer. When (or as) an entity that is an agent satisfies a performance obligation, the entity recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party. An entity's fee or commission might be the net amount of consideration that the entity retains after paying the other party the consideration received in exchange for the goods or services to be provided by that party transaction or acting as an "agent" in the transaction. For those transactions which the Company is considered as acting as an "agent", revenues are recorded on a net basis. {6}------------------------------------------------ ## *NOTES TO FINANCIAL STATEMENT* **December 31, 2025** ## **Revenue Recognition (Cont'd)** The Company enters fee sharing arrangements with investment advisors and other business entities to perform marketing services to potential investors. The Company believes the performance obligation for providing marketing services is satisfied over time because the customer is receiving and consuming the benefits as they are provided by the Company. Management fees are based on a percentage applied to the customer's assets under management and are recognized as revenue over time as the assets are managed. As an additional consideration for the marketing services noted above, the Company may receive fees that vary based on specific performance measures achieved by the customer, for example, when a fund or separate account exceeds a specified benchmark or contractual hurdle over a contractual performance period or the life of a fund. These fees are earned once account returns have exceeded these specified performance measures and are calculated as a percentage of account returns. These performance fees are considered variable consideration as the uncertainty is dependent on the value of the assets at future points in time as well as meeting a specified compound hurdle rate, both of which are highly susceptible to factors outside the Company's influence. Revenues are recognized once it is probable that a significant reversal will not occur. Performance fees recognized in the current period relate to performance obligations that have been satisfied in the current period. ## **Segment Reporting** Under FASB ASC 280, Segment Reporting, as amended by the FASB ASU 2023-07. The Company is engaged in a single line of business as a securities broker-dealer, specializing in the marketing of investment management products and services to institutional investors. 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 distributions. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because 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. ### **Income Taxes** The Company has elected to be treated as a partnership for federal income tax purposes. Accordingly, taxable income and losses of the Company are reported on the income tax returns of the Company's members, and no provision for federal income taxes has been recorded on the accompanying financial statement. The Company is subject to the New York City Unincorporated Business Tax of 4% as defined. The Company has elected to be liable for New York Pass-Through Entity Tax. {7}------------------------------------------------ # *NOTES TO FINANCIAL STATEMENT* **December 31, 2025** ### **Financial Instruments – Credit Losses** In June 2016, the FASB issued ASU 2016-13*, Financial Instruments – Credit losses (Topic 326)* ("ASU 2016-13"). This ASU amends several aspects of the measurement of credit losses on financial instruments, including replacing the existing incurred credit loss model and any other models with the Current Expected Losses model ("CECL"). Under CECL, the allowance for losses reflects management's estimate of credit losses over the remaining life of the financial assets and expected credit losses for newly recognized financial assets, as well as changes to expected credit losses for newly recognized financial assets, as well as changes to expected losses during the period, would be recognized in earnings. Expected credit losses will be measured based on historical experience, current conditions, and forecasts that affect the collectability of the reported amount and will be generally recognized earlier than under current standards. The Company has completed their analysis as of December 31, 2025, related to the above noted financial assets within the scope of ASC 326 and identified no material current expected credit loss to be recorded. ### **Note 3 – Concentrations and Credit Risk** ### **Concentrations:** During the year ended December 31, 2025, the Company generated revenues from twelve clients. #### **Credit Risk** The Company maintains a checking account in a financial institution. Accounts at the bank are insured by the Federal Deposit Insurance Corporation ("FDIC") up to \$250,000 per depositor, per bank. At times, cash may be uninsured or in deposit accounts that exceed the FDIC insurance limit. The Company has not experienced any losses in the account. The Company believes it is not exposed to any significant risk on cash. Management periodically assesses the financial condition of the bank and believes that any potential credit loss is minimal. ### **Note 4 – Related Party Transactions** #### **Reimbursement Agreement** The Company has a reimbursement agreement with an affiliated entity for whom the owner of the affiliate is the owner and designated principal of the Company. The term of the agreement is for three years and was renewed in December 2025. #### **Guaranteed Payments to Members** Guaranteed payments to members that are intended as compensation for services rendered are accounted for as a charge to operations rather than as allocations of membership net profit. Guaranteed payments that are intended as payments of interest on capital accounts are not accounted for as expenses of the Company, but rather, as part of the allocation of net profit {8}------------------------------------------------ ## *NOTES TO FINANCIAL STATEMENT* #### **December 31, 2025** . #### **Note 5 – Net Capital Requirements** The Company is subject to the SEC Uniform Net Capital Rule 15c3-1, under which the Company is required to maintain a minimum net capital, as defined, equal to the greater of \$5,000 or 6-2/3% of aggregate indebtedness and requires that the ratio of aggregate indebtedness to net capital, as defined, shall not exceed 15 to 1. Net capital and the related net capital ratio may fluctuate daily. On December 31, 2025, the Company had net capital of \$99,121 which was (\$64,889) below its net capital requirements of \$164,010. The Company's ratio of aggregate indebtedness to net capital was 25 to 1, which was higher than its maximum allowable limit of 15 to 1. #### **Note 6 – Commitments and Contingencies** #### **Litigation** In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising from the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Currently there is no litigation against the Company. #### **Indemnification** The Company has entered into a Business Advisory Agreement with each client; having various terms and conditions outlined within each agreement. The Company provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. These indemnifications generally are standard contractual terms and are entered into in the normal course of business. The Company's maximum exposure under these arrangements cannot be known; however, the Company expects any risk of loss to be remote. ### **NOTE 7 – SEP Plan** The Company has established a Simplified Employee Pension ("SEP") plan. This plan is set up for the owners and all eligible employees. The Company accrued a \$70,945 contribution to the SEP plan which is included in the Accounts payable and accrued expenses on the Statement of Financial. The contribution was made exclusively to the business owners since there currently are no eligible employees at the Company. ### **NOTE 8 – Subsequent Events** Management has evaluated the impact of all events and transactions occurring after December 31, 2025, and through March 2, 2026, the date this financial statement was available to be issued and has determined that there were no material subsequent events requiring recognition or disclosure, except the following: The Company regained compliance regarding FINRA rule 15c3-1 on January 23, 2026. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.