# PALMER CAPITAL ADVISORS, LLC X-17A-5 (2026-03-31) — Broker-dealer annual report - Company: PALMER CAPITAL ADVISORS, LLC - Form: X-17A-5 - Filed: 2026-03-31 - Period: 2025-12-31 - Accession: 0001686086-26-000001 - CIK: 1686086 - File #: 8-69847 - Type: Broker-dealer - Material weakness: No - Auditor: DeJoy & CO CPAs, LLP - Auditor location: Rochester, NY - Contact: Kathy Efrem Sipinick - Phone: 212-897-1686 - Email: kefrem@integrated.solutions - Website: integrated.solutions - Signed by: Kathy Efrem Sipinick (CCO) Original filing: https://www.sec.gov/Archives/edgar/data/1686086/000168608626000001/pca25s.pdf --- {0}------------------------------------------------ # STATEMENT OF FINANCIAL CONDITION ## AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM DECEMBER 31, 2025 {1}------------------------------------------------ #### **hE/d^dd^ ^hZ/d/^Ey,E'KDD/^^/KE tĂƐŚŝŶŐƚŽŶ͕͘͘ϮϬϱϰϵ** # **EEh> ZWKZd^ &KZDyͲϭϳͲϱ WZd///** | OMB APPROVAL | |--------------------------| | OMB Number: 3235Ͳ0123 | | Expires: EŽǀ. 3Ϭ, 202ϲ | | Estimated average burden | | hours per response: | SEC FILE NUMER 8Ͳ 69847 **&/E'W' /ŶĨŽƌŵĂƚŝŽŶZĞƋƵŝƌĞĚWƵƌƐƵĂŶƚƚŽZƵůĞƐϭϳĂͲϱ͕ϭϳĂͲϭϮ͕ĂŶĚϭϴĂͲϳƵŶĚĞƌƚŚĞ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰ** | &/>/E'&KZd,WZ/K'/EE/E' | | 01/01/25 | EE/E' | 12/31/25 | | | | | | | |------------------------|-------------------|-----------|-------|----------|--|--|--|--|--|--| | | | DDͬͬzz | | DDͬͬzz | | | | | | | | ͘ Z'/^dZEd/Ed/&/d/KE | | | | | | | | | | | | EDK&&/ZD | Palmer
Capital | Advisors, | LLC | | | | | | | | | | | | | | | | | | | | dzWK&Z'/^dZEd;ĐŚĞĐŬĂůůĂƉƉůŝĐĂďůĞďŽdžĞƐͿ ܆ %URNHUGHDOHU տ6HFXULW\EDVHGVZDSGHDOHU տ0DMRUVHFXULW\EDVHGVZDSSDUWLFLSDQW տ&KHFNKHUHLIUHVSRQGHQWLVDOVRDQ27&GHULYDWLYHVGHDOHU X Z^^K&WZ/E/W>W>K&h^/E^^͗;ŽŶŽƚƵƐĞĂW͘K͘ďŽdžŶŽ͘ # 1290 AVENUE OF THE AMERICAS, 10TH FLOOR | | | ;EŽ͘ĂŶĚ^ƚƌĞĞƚͿ | | | | |--------------------------------------------------------------------------------------------|-----|-------------------------------------------------|------------------------------------|-----------------------------|--| | New
York | | NY | | 10104 | | | ŝƚLJ | | ^ƚĂƚĞ | | ;ŝƉŽĚĞ | | | WZ^KEdKKEddt/d,Z'ZdKd,/^&/>/E' | | | | | | | Kathy
Efrem
Sipinick | | (212)
897-1686 | | kefrem@integrated.solutions | | | EĂŵĞ | | ƌĞĂŽĚĞʹdĞůĞƉŚŽŶĞEƵŵďĞƌͿ | | ŵĂŝůĚĚƌĞƐƐͿ | | | | | ͘ KhEdEd/Ed/&/d/KE | | | | | /EWEEdWh>/KhEdEdǁŚŽƐĞƌĞƉŽƌƚƐĂƌĞĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐĨŝůŝŶŐΎ
DeJoy
&
Co.
CPAs,
LLP | | | | | | | | | EĂŵĞʹŝĨŝŶĚŝǀŝĚƵĂů͕ƐƚĂƚĞůĂƐƚ͕ĨŝƌƐƚ͕ĂŶĚŵŝĚĚůĞŶĂŵĞ | | | | | 280
E.
Broad
St.,
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In our opinion, the financial statement presents fairly, in all material respects, the financial position of Palmer Capital Advisors, 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 Palmer Capital Advisors, LLC's management. Our responsibility is to express an opinion on Palmer Capital Advisors, LLC'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 Palmer Capital Advisors, 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 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. We have served as Palmer Capital Advisors, LLC's auditor since 2024. March 31, 2026. {5}------------------------------------------------ #### STATEMENT OF FINANCIAL CONDITION #### DECEMBER 31, 2025 #### ASSETS | Cash
Prepaid expenses | \$
24,822
1,382 | |---------------------------------------|-----------------------| | Total assets | \$
26,204 | | MEMBER'S EQUITY | | | Member's Equity | \$
26,204 | | Total liabilities and member's equity | \$
26,204 | {6}------------------------------------------------ ## NOTES TO FINANCIAL STATEMENT #### DECEMBER 31, 2025 #### NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS Palmer Capital Advisors, LLC (the "Company") is a broker dealer registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA") formed for the purpose of providing broker dealer services including financial advisory services, mergers and acquisition and to engage in private placement of securities and similar services. #### NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Basis of Presentation This financial statement was prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. 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 date of the financial statement. Actual results could differ from these estimates. #### Income Taxes The Company is a single member limited liability company, treated as a disregarded entity for federal, state and city income tax purposes; it therefore does not incur income taxes at the company level. Instead its earnings and losses are passed through to the member and included in the calculation of the member's tax liability. In December 2023, the FASB issued ASU 2023-09 which amends the disclosure requirements for income taxes. The amendments require SEC-registered entities such as the Company to disclose specific categories in the income tax rate reconciliation, presented both as percentages and reporting currency amounts. The amended guidance is effective for the Company on January 1, 2025. The Company has evaluated the pronouncement and determined it is not applicable and has no impact on its financial statement and related disclosures because the Company has no income tax provision. #### Receivables and Contract Balances Receivables arise when the Company has an unconditional right to receive payment under a contract with a customer and are derecognized when the cash is received. Contract assets arise when the revenue associated with the contract is recognized prior to the Company's unconditional right to receive payment under a contract with a customer (i.e., unbilled receivable) and are derecognized when either it becomes a receivable or the cash is received. Contract liabilities arise when customers remit contractual cash payments in advance of the Company satisfying its performance obligations under the contract and are derecognized when the revenue associated with the contract is recognized when the performance obligation is satisfied. As of January 1, 2025, and December 31, 2025, the Company did not have any contract assets or contract liabilities. {7}------------------------------------------------ # NOTES TO FINANCIAL STATEMENT #### DECEMBER 31, 2025 #### NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) #### Allowance for credit losses ASC Topic 326, Financial Instruments – Credit Losses ("ASC 326") impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. Under ASC 326, the Company could determine there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the client). The allowance for credit losses is based on the Company's expectation of the collectability of financial instruments, including fees and other receivables utilizing the CECL framework. 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. Under the standard, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. #### Segment Reporting The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including financial advisory services, mergers and acquisition and private placement of securities and similar services. The Company has identified its Chief Executive Officer as the chief operating decision maker ("CODM"), who uses net income(loss) to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses net capital (see Note 4), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, retaining profits in the Company or making distributions. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The Company operates in a single reportable segment; therefore, all financial information, including assets, is included in the accompanying financial statement. #### NOTE 3. RELATED PARTY TRANSACTIONS Pursuant to an administrative service agreement (the "Agreement") between the Company and the Antarctica Capital Management LLC (the "Affiliate"), the Affiliate pays for various expenses of the Company without seeking reimbursement. For the year ended December 31, 2025, the Affiliate paid expenses on behalf of the Company totaling \$21,250. There are no amounts payable to the Affiliate as of December 31, 2025. {8}------------------------------------------------ # NOTES TO FINANCIAL STATEMENT #### DECEMBER 31, 2025 #### NOTE 4. NET CAPITAL REQUIREMENTS The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule 15c3-1 This Rule requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital both as defined shall not exceed 15 to 1 and that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. At December 31, 2025 the Company's net capital was \$24,822 which was \$19,822 in excess of its minimum requirement of \$5,000. The Company's ratio of aggregate indebtedness to net capital was 0.00 to 1. #### NOTE 5. COMPLIANCE WITH RULE 15C3-3 The Company does not handle cash or securities on behalf of customers and accordingly has no obligation under SEC Rule 15c3-3. NOTE 6. CONCENTRATIONS All of the Company's cash is maintained in a single financial institution. The Company does not consider itself to be at risk with respect to this concentration. #### NOTE 7. GOING CONCERN This financial statement has been prepared in accordance with accounting principles generally accepted in the United States of America applicable to a going concern entity, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. During the year ended December 31, 2025, the Company incurred a loss. Management has obtained representation from the member that any additional funds required for cash flow needs will be provided through capital contributions for at least one year from the issuance date of this financial statement. Based on this, the Company believes that it will have sufficient cash to enable the Company to continue as a going concern. #### NOTE 8. SUBSEQUENT EVENTS The Company has evaluated events or transactions that may have occurred subsequent to December 31, 2025 and through the date the financial statement was issued and determined that there are no material events that would require disclosure in the Company's financial statement. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.