# MADISON GLOBAL PARTNERS LLC X-17A-5 (2026-06-26) — Broker-dealer annual report

- Company: MADISON GLOBAL PARTNERS LLC
- Form: X-17A-5
- Filed: 2026-06-26
- Period: 2026-03-31
- Accession: 0001684995-26-000004
- CIK: 1684995
- File #: 8-69839
- Type: Broker-dealer
- Material weakness: No
- Auditor: Michael Coglianese, CPA P.C.
- Auditor location: Lincolnshire, IL
- Contact: Robert Peters
- Phone: 212-668-8700
- Email: rpeters@acisecure.com
- Website: acisecure.com
- Signed by: Anton Gerdes (CEO)

Original filing: https://www.sec.gov/Archives/edgar/data/1684995/000168499526000004/madisonglobalaudit.pdf

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### 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

sec file number

8-69839

# ANNUAL REPORTS FORM X-17A-5 PART III

FACING PAGE

| Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 |  |  |
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|-----------------------------------------------------------------------------------------------------------|--|--|

| FILING FOR THE PERIOD BEGINNING 01/01/2025 |                                                                                                                                                                                | AND ENDING 03/31/2026                                                                                                                                                          |
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|                                            | BARA / CAR / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / | BARA / CAR / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / |

MM/DD/YY

MM/DD/YY

A. REGISTRANT IDENTIFICATION

# NAME OF FIRM: Madison Global Partners, LLC

TYPE OF REGISTRANT (check all applicable boxes):

■ Broker-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.)

# 350 Vanderbilt Motor Parkway, Suite 205

| NY<br>(State)<br>PERSON TO CONTACT WITH REGARD TO THIS FILING<br>212-668-8700<br>(Area Code - Telephone Number)<br>B. ACCOUNTANT IDENTIFICATION<br>INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | (Email Address) | 11788<br>(Zip Code)<br>rpeters@acisecure.com                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|----------------------------------------------------------------------------------------------------------|
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| Michael Coglianese CPA, PC                                                                                                                                                                                                   |                 |                                                                                                          |
| 300 Tri State International, Ste 180  Lincolnshire                                                                                                                                                                           | -               | 60069                                                                                                    |
| (City)                                                                                                                                                                                                                       | (State)         | (Zip Code)                                                                                               |
|                                                                                                                                                                                                                              | 3874            |                                                                                                          |
| (Date of Registration with PCAOB)(if applicable)                                                                                                                                                                             |                 |                                                                                                          |
| FOR OFFICIAL USE ONLY                                                                                                                                                                                                        |                 |                                                                                                          |
|                                                                                                                                                                                                                              |                 | (Name - if individual, state last, first, and middle name)<br>(PCAOB Registration Number, if applicable) |

\* 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.

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### OATH OR AFFIRMATION

| Anton Gerdes |  | swear (or affirm) that, to the best of my knowledge and belief, the     |       |
|--------------|--|-------------------------------------------------------------------------|-------|
|              |  | tinancial report pertaining to the firm of Madison Global Partners, LLC | as of |
|              |  | 2 026                                                                   |       |

partner, officer, director, or equivalent person, as the case may proprietary interest in any account classified solely as that of a customer.

Signature Title: CEO

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 apropriate 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.
- | (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.

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Financial Statements and Supplemental Information

For the period January 1, 2025 through March 31, 2026

This report is deemed CONFIDENTIAL in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934. A statement of financial condition, bound separately, has been filed with the Securities and Exchange Commission simultaneously herewith as a Public Document.

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### FINANCIAL STATEMENTS

### For the period January 1, 2025 through March 31, 2026

Page

### TABLE OF CONTENTS

| Report of Independent Registered Public Accounting Firm                                                                            | 1   |
|------------------------------------------------------------------------------------------------------------------------------------|-----|
| Statement of Financial Condition                                                                                                   | 2   |
| Statement of Operations                                                                                                            | 3   |
| Statement of Changes in Member's Equity                                                                                            | ব   |
| Statement of Cash Flows                                                                                                            | 5   |
| Notes to Financial Statements                                                                                                      | 6-9 |
| Supplemental Information:                                                                                                          |     |
| Schedule I - Computation of Net Capital under SEC Rule 15c3-1<br>and Reconciliation with Company's Computation                     | 10  |
| Schedule II - Computation for Determination of Reserve Requirements<br>Under Rule 15c3-3 of the Securities and Exchange Commission | 11  |
| Independent Auditors' Report on Exemption Report                                                                                   | 12  |
| Exemption Report                                                                                                                   | 13  |
|                                                                                                                                    |     |

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![](_page_4_Picture_0.jpeg)

### Report of Independent Registered Public Accounting Firm

To the Members of Madison Global Partners LLC

### Opinion on the Financial Statements

We have audited the accompanying statement of financial condition of Madison Global Partners LLC as of March 31, 2026, the related statements of operations, changes in member's equity, and cash flows for the year then ended, 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 Madison Global Partners LLC as of March 31, 2026, 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 Madison Global Partners LLC's management. Our responsibility is to express an opinion on Madison Global Partners LLC's 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 Madison Global Partners 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.

### Supplemental Information

The supplemental information which includes Schedule II has been subjected to audit procedures performed in conjunction with the audit of Madison Global Partners LLC's financial statements. The supplemental information is the responsibility of Madison Global Partners LLC's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In our opinion, the supplemental information within the financial statements is fairly stated, in relation to the financial statements as a whole.

We have served as Madison Global Partners LLC's auditor since 2022.

Michael Cag

Lincolnshire, IL June 26, 2026

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#### STATEMENT OF FINANCIAL CONDITION MARCH 31, 2026

ASSETS ക 22,955 Cash and cash equivalents 90,462 Securities long at market value 708,549 Due from clearing brokers Prepaid expenses and other assets 27,886 Accounts receivable 11,900 Property and equipment, net of accumulated depreciation of \$86,405 7,012 \$ Total assets 868,764 LIABILITIES AND MEMBER'S EQUITY Liabilities: \$ Accounts payable and accrued expenses 427,882 Due to affiliate 67 Total liabilities 427,949 Member's equity 440,815 Total liabilities and member's equity ക്ക 868,764

The accompanying notes are an integral part of these statements

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## STATEMENT OF OPERATIONS

For the period January 1, 2025 through March 31, 2026

| Revenue:                              |   |           |
|---------------------------------------|---|-----------|
| Investment Banking                    | ക | 2,346,690 |
| Commission revenue                    |   | 987,816   |
| Other revenue                         |   | 159,213   |
| Advisory revenue                      |   | 59,023    |
| Dividend income                       |   | 18,783    |
| Interest income                       |   | 8,282     |
| Losses on firm investments            |   | (369,616) |
| Total revenue                         |   | 3,210,191 |
|                                       |   |           |
| Expenses:                             |   |           |
| Commission, Compensation and Benefits |   | 2,183,672 |
| Other administrative expenses         |   | 207,151   |
| Professional Fees                     |   | 205,583   |
| Clearing fees                         |   | 137,838   |
| Regulatory Expense                    |   | 66,577    |
| Occupancy and Equipment               |   | 64,112    |

| Technology and Communications | 43.103    |
|-------------------------------|-----------|
| Total expenses                | 2,908,036 |
| Net income                    | 302,155   |

The accompanying notes are an integral part of these statements.

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### STATEMENT OF CHANGES IN MEMBER'S EQUITY For the period January 1, 2025 through March 31, 2026

| Balance - January 1, 2025 | ക | 288,660   |
|---------------------------|---|-----------|
| Member's Distributions    |   | (150,000) |
| Net Income                |   | 302,155   |
| Balance - March 31, 2026  |   | 440,815   |
|                           |   |           |

The accompanying notes are an integral part of these statements.

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### STATEMENT OF CASH FLOWS

For the period January 1, 2025 through March 31, 2026

| 302,155<br>Net income<br>5,523<br>Depreciation<br>Adjustments to reconcile Net Income to Net Cash Provided by Operating Activities<br>Changes in assets and liabilities:<br>548,298<br>Deposit with clearing brokers<br>(647,430)<br>Due from clearing brokers<br>11,739<br>Due from affiliates<br>Prepaid expenses and other assets<br>3,058<br>Accounts receivable<br>(649)<br>(147,942)<br>Accounts payable and accrued expenses<br>Due to affiliate<br>67<br>Cash provided by operating activities<br>74,819<br>Cash flows from investing activities:<br>Purchase of equipment<br>(2,308)<br>Cash used in investing activities<br>(2,308)<br>Cash flows from financing activities:<br>Member's distributions<br>(150,000)<br>Cash used in financing activities<br>(150,000)<br>Net decrease in cash and cash equivalents<br>(77,489)<br>Cash and cash equivalents - beginning of the year<br>100,444<br>ക<br>22,955<br>Cash and cash equivalents - end of the year<br>Supplemental disclosure of cash flow information<br>ಕ್ಕಾ<br>32<br>Cash paid during the year for interest<br>ಕಿ<br>Cash paid for income taxes | Cash flows from operating activities: |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|--|
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The accompanying notes are an integral part of these statements.

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{10}------------------------------------------------

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{11}------------------------------------------------

### NOTES TO FINANCIAL STATEMENTS

#### For the period January 1, 2025 through March 31, 2026

#### Note 3 -Net capital requirement

As a registered broker-dealer, the Company is subject to the SEC's Uniform Net Capital Rule 15c3- 1 ("the Rule"). The Rule requires the Company maintain minimum net capital, as defined, equal to the greater of \$50,000 or 6 2/3 % of aggregate indebtedness as well as a ratio of aggregate indebtedness to net capital that shall not exceed 15 to 1. At March 31, 2026, the Company had net capital of \$372,705 which was above its required minimum net capital of \$50,000 by \$322,705. The Company had a ratio of aggregate indebtedness to net capital of 1.15 to 1.00 at March 31. 2026.

#### Note 4 -Sub-Clearing Agreement

The Company has a sub-clearing agreement with a broker-dealer to execute and clear, on a fully disclosed basis. customer accounts of the Company. In accordance with this agreement, the Company is required to maintain a deposit in cash or securities. Amounts receivable from its sub-clearing broker at March 31, 2026 consist of commissions receivable is considered fully collectible at March 31, 2026 and no allowance is required.

#### Note 5 -Receivable from Clearing Broker

The Company has an agreement with a clearing broker, on a fully-disclosed basis, customer accounts of the Company. Amounts receivable from its clearing broker at March 31, 2026 consist of funds held in an account. The receivable is considered to be fully collectible at March 31, 2026 and no allowance is required. Management evaluated the receivable for expected credit losses and determined that no allowance was necessary based on management's expectation that the outstanding balance will be collected in full.

#### Note 6 -Contingencies

The Company is subject to litigation in the normal course of business. The Company has no litigation in progress at March 31, 2026.

#### Note 7 -Related Party Transactions

The Company is affiliated with a sister entity that is a Registered Investment Advisor ("RIA"). The terms of the expense sharing agreement provide that any general overhead expenses paid by the various operating expenses are to be repaid by the affiliate at a rate commensurate to the affiliates usage of that expense recorded by the affiliate for services provided on behalf of the affiliate was \$189,351 as of March 31, 2026, and are included in professional fees, technology and communications, occupancy and equipment, and other administrative expenses on the statement of operations of the affiliate. As of March 31. 2026, the affiliate was \$67. The percentage of these expense categories to be charged to the affiliate are based off the shared operating costs between the two entities defined in the expense sharing agreement.

Financial position and results of operations could differ from the accompanying financial statements if these related party transactions did not exist.

#### Note 8-Leases

See Note 7 for a description of the Company's leases with related entities. Total rent expense for the audit period was \$64.112.

The Company has elected, for all underlying classes of assets, to not recognize right of use (ROU) assets and lease liabilities for short term leases that have a lease term of 12 months or less at lease commencement, and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise.

#### Note 9-Retirement Plan

The Company offers a 401(k) profit sharing plan to all employees. The Company did not make a contribution to the plan for the year ended March 31, 2026.

#### Note 10 Off Balance Sheet Risk

In the normal course of business, the Company's customers execute securities transactions through the Company. These activities may expose the Company to off balance sheet risk in the event the other is unable to fulfill its contracted obligations and the Company has to purchase or sell the financial instrument underlying the contract at a loss.

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

#### NOTES TO FINANCIAL STATEMENTS

#### For the period January 1, 2025 through March 31, 2026

#### Note 11 Concentrations

For the period January 1, 2025 through March 31, 2026, two customers accounted for approximately 87% of all private placement revenue. Approximately 73% of all income came from private placement revenue. Approximately 100% of accounts receivable at March 31, 2026 is due from 2 customers. For the period ended March 31, 2026, there are two significant customers that combined total of 64% of all revenue.

#### Note 12 Reporting Segments

The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of investment banking and retail brokerage. As described in FASB ASU 2023-07, FASB 280, operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (the "CODM"). The Company's CODM is the Chief Executive Officer. The CODM reviews net loss and expenses presented on a basis consistent with the presentation of the statement of operating operating decisions, allocating resources, and evaluating financial performance. The measure of segment assets is reported on the statement of financial condition as total assets. As a result, the Company in its entirety has a single reportable segment. The accounting policies of the Company's single reportable segment is the same as those described in Note 2.

#### Note 13 Fixed Assets

Fixed assets are stated at cost, less accumulated depreciation is based on the straight line method over the estimated useful lives of the assets. Fixed assets consisted of the following as of March 31, 2026:

| Fixed assets                   | S | 93.417 |
|--------------------------------|---|--------|
| Less: Accumulated depreciation |   | 86.405 |
| Net fixed assets               |   | 7.012  |

Depreciation expense for the period ended March 31, 2026 was \$5,523.

#### Note 14 Subsequent events

The Company has evaluated subsequent events through Month XX, 2026, the date that the financial statements were available to be issued and has concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

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

### ACCOMPANYING SCHEDULES

#### PURSUANT TO RULE 17A-5 OF THE

### SECURITIES EXCHANGE ACT OF 1934

For the period January 1, 2025 through March 31, 2026

{14}------------------------------------------------

### Schedule I - Computation of Net Capital under SEC Rule 15c3-1 of the Securities and Exchange Commission For the period January 1, 2025 through March 31, 2026

| Credit Factors                                           |      |         |
|----------------------------------------------------------|------|---------|
| Member's equity                                          | ತಿ   | 440,815 |
| Non-allowable Assets:                                    |      |         |
| Prepaid expenses and other assets                        |      | 27,886  |
| Accounts receivable                                      |      | 11,900  |
| Property and equipment                                   |      | 7,012   |
| Total non-allowable assets                               |      | 46,798  |
|                                                          |      |         |
| Net Capital before haircuts                              |      | 394,017 |
| Less : Haircuts                                          |      | 21,312  |
| Net Capital                                              |      | 372,705 |
| Minimum Net Capital Requirement (the greater of \$50,000 |      |         |
| or 6 2/3 % of aggregate indebtedness).                   |      | 50,000  |
| Remainder: Capital in excess of all requirements         | ಕ್ಕಾ | 322,705 |
|                                                          |      |         |
| Capital ratio (maximum allowance 1500%)                  |      |         |
| (*)Aggregate indebtedness<br>427.949                     |      |         |
| Divided by: Net capital<br>372,705<br>==                 |      | 114.82% |
| (*)Aggregate indebtedness:                               |      |         |
| Accounts payable and accrued expenses                    |      | 427.949 |
|                                                          | S    | 427,949 |

#### RECONCILIATION WITH COMPANY'S COMPUTATION OF NET CAPITAL INCLUDED IN PART IIA OF FORM X-17A-5 AS OF MARCH 31, 2026

### There is no significant difference between net capital as reported in Part IIA of Form X-17 A-5 and net capital as computed above

{15}------------------------------------------------

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{16}------------------------------------------------

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### Report of Independent Registered Public Accounting Firm

To the Members of Madison Global Partners LLC

We have reviewed management's statements, included in the accompanying Exemption Report of Brokers and Dealers ("Exemption Report") pursuant to SEC Rule 17a-5, in which (1) Madison Global Partners LLC claimed an exemption from § 240.15c3-3 under the provisions of § 240.15c3-3 (k)(2)(ii) and (2) Madison Global Partners LLC stated that Madison Global Partners LLC met the identified exemption without exception throughout the most recent fiscal year.

Madison Global Partners LLC also filed its Exemption Report as a Non-Covered Firm relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because Madison Global Partners LLC limits its business activities exclusively to trading securities for own account, private placement of securities, and underwriting or selling group participation, and Madison Global Partners LLC (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscription way basis where the funds are payable to the issuer or its agent and not to Madison Global Partners LLC); (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year, without exception.

Madison Global Partners LLC's management is responsible for compliance with the exemption and its statements.

Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and accordingly, included inquiries and other required procedures to obtain evidence about Madison Global Partners LLC's compliance with the exemptions. A review is substantially less in sope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(2)(ii) and Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 related to the Non-Covered Firm Provision.

Lincolnshire, IL June 26, 2026

{17}------------------------------------------------

### Madison Global Partners, LLC Exemption Report For the period January 31, 2025 through March 31, 2026

Securities and Exchange Commission 100 First Street, NE Washington, D.C. 20549

To whom it may concern:

Madison Global Partners, LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following:

- (1) The Company claimed an exemption from 17 C.F.R. § 240.15c3-3 under the following provisions of 17 C.F.R. § 240.15c3-3 (k): (2)(ii)
	- a. All of the customer transactions are cleared through the following broker-dealers on a fully disclosed basis: RBC Clearing and Interactive Brokers.
- (2) The Company met the identified exemption provisions in Paragraph (k) of Rule 15c3-3 throughout the fiscal year ended March 31, 2026 without exception.
- (3) The Company is also filing an exemption report because the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adoption amendments to 17 C.F.R. 240 17a-5 are limited to trading securities for own account, private placement of securities, underwriting or selling group participant (1) did not directly receive, hold, or otherwise owe funds or securities for or to customers, ; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception.

These assertions are the responsibility of management. The Company acknowledges it is also management's responsibility for compliance with the identified exemption provisions throughout the year ended March 31, 2026.

There were no events, subsequent to the period addressed in the Company's assertions, any known events or other factors that might significantly affect the broker's or dealer's compliance with the identified exemption provisions.

Authorized Signature:

CEO

Title:


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.