# TUDOR SECURITIES, LLC X-17A-5 (2026-02-19) — Broker-dealer annual report - Company: TUDOR SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-02-19 - Period: 2025-12-31 - Accession: 0001698477-26-000001 - CIK: 1698477 - File #: 8-69911 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville & Company - Auditor location: Huntingdon Valley, PA - Contact: Robert Gilman - Phone: 561-771-0036 - Signed by: Juan Carlos Carreras (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1698477/000169847726000001/tudor25public.pdf --- {0}------------------------------------------------ FINANCIAL STATEMENT AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM DECEMBER 31, 2025 {1}------------------------------------------------ ### 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 # PART III ANNUAL REPORTS FORM X-17A-5 | SEC FILE NUMBER | | |-----------------|--| |-----------------|--| | 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 | | AND ENDING | | | | | | MM/DD/YY | | | | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME OF FIRM: | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer
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.) | | | | | | | | | | | | | | | (No and Street) | | | | | | | | | | | | | (City) | (State) | | (Zip Code) | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | | | | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | | | | | | | | (Address) | (City) | | (State) | (Zip Code) | | | | | | | | | | (Date of Registration with PCAOB)(if applicable)
(PCAOB Registration Number, if applicable) | | | | | | | | FOR OFFICIAL USE ONLY | | | | | Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by astatement 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. {2}------------------------------------------------ | Signature: | | |---------------|--| | Title:
oro | | - - - - - - - - - - - - - - - - - - - - - - - - - - {3}------------------------------------------------ # **CONTENTS** | | Page(s) | |------------------------------------------------------------|---------| | Report of Independent Registered Public Accounting
Firm | 1 | | Financial Statements | | | Statement of Financial Condition 2 | | | Notes to Financial Statement
3-8 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # **Report of Independent Registered Public Accounting Firm** To the Member and Those Charged with Governance of Tudor Securities, LLC ### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Tudor Securities, LLC (the Company) as of December 31, 2025, and the related notes (collectively, 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 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. 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 2021. Huntingdon Valley, Pennsylvania February 19, 2026 2617 Huntingdon Pike Huntingdon Valley, Pennsylvania 19006 215.884.8460 {5}------------------------------------------------ # **STATEMENT OF FINANCIAL CONDITION** ### **December 31, 2025** #### **ASSETS** | Cash | \$
63,445 | |---------------------------------------|---------------| | Receivables from clearing broker | 44,982 | | Receivables, 12b1 fees | 111,000 | | Deposit with clearing broker | 60,184 | | Securities owned, at fair value | 623,294 | | Loans and advances | 19,861 | | Prepaid expenses and other assets | 12,808 | | | \$
935,574 | | LIABILITIES AND MEMBER'S EQUITY | | | Liabilities | | | Accounts payable and accrued expenses | \$
53,878 | | Due to related party | 7,210 | | Total liabilities | 61,088 | | Member's equity | 874,486 | | | | See accompanying notes to financial statement. {6}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENT** ### **1. Nature of business and summary of significant accounting policies** #### *Nature of Business* Tudor Securities, LLC (the "Company") is a limited liability company organized under the laws of the state of Florida. The Company was approved as a broker-dealer effective February 15, 2018 under the Securities Exchange Act of 1934 and registered with the Securities and Exchange Commission (the "SEC") and the Financial Industry Regulatory Authority, Inc, ("FINRA"). The Company is a wholly owned subsidiary of Tudor Enterprises, LLC ("the Parent"). ### *Basis of Presentation* The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). ### *Cash* Cash consists of deposits with banks and all highly liquid investments with maturities of three months or less, that are not segregated and deposited for regulatory purposes. #### *Revenue Recognition* All revenues are recorded in accordance with Accounting Standards Codification (ASC) 606 "Revenue from Contracts with Customers", which is recognized when: (i) a contract with a client has been identified, (ii) the performance obligation(s) in the contract have been identified, (iii) the transaction price has been determined, (iv) the transaction price has been allocated to each performance obligation in the contract, and (v) the Company has satisfied the applicable performance obligation over time. The Company's revenues from contracts with customers are recognized when the performance obligations are satisfied at an amount that reflects the consideration expected to be received in exchange for such services. The majority of the Company's performance obligations are satisfied at a point in time and are typically collected from customers by debiting their brokerage account with the Company. The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchase is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. Commission income is earned by providing trade facilitation, execution, clearance and settlement, custody, and trade administration services to customers. Acting as an agent, commission income is generated by the trade execution from the Company's clients' purchases and sales of securities, either on exchanges or over-the-counter, through the purchases of various investment products such as mutual funds, fixed income, options and commodity transactions. In return for such services, the broker dealer charges a commission. Revenues recognized under commission income consist of one performance obligation which is satisfied on trade date. Trade execution performance obligation is satisfied at a point in time. {7}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENT** # **1. Nature of business and summary of significant accounting policies (continued)** ### *Revenue Recognition (continued)* Commission income also includes mutual fund fee revenue which is a residual commission and is recorded over time as earned. Trailing commission revenue is generally based on a percentage of the current market value of the clients' investment holdings in trail-eligible assets. As trailing commission revenue is based on the market value of the clients' investment holdings, this variable consideration is constrained until the market value is determinable. Trailing commission revenues (commissions that are paid over time, such as 12(b)-1 fees) are recurring in nature and are earned based on the market value of investment holdings in trail eligible assets. Riskless principal transaction revenues are primarily derived from matched principal transaction, whereby The Company simultaneously agrees to buy securities from a customer and sells securities to a customer. Revenues earned from riskless principal transactions represent the spread between the buy and the sell price and is recognized on a trade date basis. The Company believes the performance obligation is satisfied on trade date because that is when the underlying financial instrument and buyer and seller are identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred. The Company earns trading income through firm trading also referred to as investment transactions. Profit or loss for these transactions is measured by the difference between the acquisition cost and the fair value, which, like the underlying trading securities, is recorded on a trade-date basis. The realized and unrealized gains/(losses) securities are reported net of expenses on the accompanying statement of operations on December 31, 2024. Trading income is not within the scope of ASC 606. #### *Receivable from Clearing Broker* In accordance with ASC 326, the Company's receivables from clearing organizations include amounts receivable from unsettled trades, including amounts related to futures and options on futures contracts executed on behalf of customers, amounts receivable for securities failed to deliver, accrued interest receivables and cash deposits. A portion of the Company's trades and contracts are cleared through a clearing organization and settled daily between the clearing organization and the Company. Because of this daily settlement, the amount of unsettled credit exposures is limited to the amount owed the Company for a very short period of time. The Company continually reviews the credit quality of its counterparties. Based on the Company's evaluation, the Company does not believe that the adoption of ASC 326-20 has or will have a material impact on its financial position and results of operations. ### *Valuation of Investments in Securities and Securities at Fair Value - Definition and Hierarchy* In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: {8}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENT** ### **1. Nature of business and summary of significant accounting policies (continued)** *Level 1* - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 securities. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. *Level 2* - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. *Level 3 -* Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including, the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for securities categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entityspecific measure. Therefore, even when market assumptions are not readily available, the Company's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. ### *Use of Estimates* The preparation of financial statements in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. {9}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENT** # **1. Nature of business and summary of significant accounting policies (continued)** #### *Income Taxes* The Company is recognized as a Limited Liability Company (an "LLC") by the Internal Revenue Service. The Company is considered a disregarded entity for tax purposes and as such no provision has been made for federal and state income taxes, since the Company's income or loss is reportable on the Parent's tax return. In accordance with ASC 740, Income Taxes, the Company is required to disclose unrecognized tax benefits resulting from uncertain tax positions. The Company recognized the effect of tax positions only when they are more likely than not to be sustained. At December 31, 2025, the Company did not have any unrecognized tax benefits or liabilities. The Company operates in the United States and in state and local jurisdictions, and the previous three years remain subject to examination by tax authorities. There are presently no ongoing income tax examinations. ### *Segment Reporting* On January 1, 2024, the Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires all public entities, including those with a single reportable segment, to disclose additional information about a reportable segment's expense. The Company follows Accounting Standard Update 2023-07-Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which expands reportable segment information by requiring companies to disclose on an annual and interim basis, significant reportable segment expenses that are regularly reported to the Chief Operating Decision Maker ("CODM") and included within each reported measure of the segment's profit or loss. ASU 2023-07 also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM makes decisions about allocating resources to segments and evaluating performance. The Company has one reportable segment: Brokerage, which generates revenue from customers by charging fees, commissions, and other income for the services it provides to its customers. Such revenue streams are further described earlier in this footnote disclosure under the Revenue Recognition caption. In connection with this, the Company has identified the CEO as the CODM, who uses net income to evaluate the results of the business and how to allocate resources based on net income in managing the operations of the Company. Additionally, the CODM may also use excess net capital, which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy to meet the Company's regulatory requirements, such as whether to reinvest profits or declare distributions to the shareholder. The measurement of segment income, expenses, and net income (loss) reviewed by the CODM is reported in the accompanying statement of operations. The measurement of segment assets and liabilities are reported in the accompanying statement of financial condition as total assets and total liabilities. 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. For the year ended December 31,2025, the Company operates in a single segment and the CODM is the CEO. ### **2. Fair value measurements** The Company's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Company's significant accounting policies in Note 1. {10}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENT** ### **2. Fair value measurements (continued)** The following table presents information about the Company's assets and liabilities measured at fair value as of December 31, 2025: | | Active Markets
for Indentical
Assets (Level 1) | | Other
Observable
Inputs (Level 2) | | Significant
Unobservable
Inputs (Level 3) | | Balance as of
December 31,2025 | | |----------------------------------|------------------------------------------------------|---------|-----------------------------------------|---------|-------------------------------------------------|---|-----------------------------------|---------| | Assets (at fair value) | | | | | | | | | | Investments in securities | | | | | | | | | | Exchange traded funds | \$ | 137,648 | | | | | \$ | 137,648 | | Preferred stocks non-convertible | | 112,311 | | | | | | 112,311 | | REITS | | 23,478 | | | | | | 23,478 | | Foreign bonds | | | | 349,857 | | | | 349,857 | | Total investments in securities | \$ | 273,437 | \$ | 349,857 | \$ | - | \$ | 623,294 | ### **3. Net capital requirement** The Company is a member of FINRA and is subject to the SEC's Uniform Net Capital Rule 15c3-1. The Company computes its net capital requirement pursuant to SEC Rule 15c3-1, which requires minimum net capital of \$100,000 and the ratio of aggregate indebtedness to net capital not exceed 15 to 1. At December 31, 2025, the Company's net capital was \$629,167 which was \$529,167 in excess of its minimum requirement of \$100,000. # **4. Off-balance sheet risk** Pursuant to a clearance agreement, the Company introduces all of its securities transactions to a clearing broker on a fully disclosed basis. All of the customers' money balances and long and short security positions are carried on the books of the clearing broker. In accordance with the clearance agreement, the Company has agreed to indemnify the clearing broker for losses, if any, which the clearing broker may sustain from carrying securities transactions introduced by the Company. In accordance with industry practice and regulatory requirements, the Company and the clearing broker monitor collateral on the customers' accounts. In addition, the receivables from clearing broker are pursuant to the clearance agreement and includes a clearing deposit of \$50,000. The clearing deposit amount on the statement of financial condition of \$60,184 as of December 31, 2025 includes accrued interest of \$10,184 which is treated as a non-allowable asset. ### **5. Concentrations of credit risk** In the normal course of business, the Company's customer activities involve the execution, settlement, and financing of various customer securities transactions. These activities may expose the Company to off-balance-sheet risk in the event the customer or other broker is unable to fulfill its contracted obligations and the Company has to purchase or sell the financial instrument underlying the contract at a loss. The Company maintains its cash balances in a financial institution which is insured by the Federal Insurance Corporation ("FDIC"). The Company's interest bearing cash balances may exceed the FDIC coverage of \$250,000. The Company has not experienced any losses in such accounts and believes it is not subject to any significant credit risk on cash. {11}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENT** # **6. Exemption from rule 15c3-3** The Company is exempt from the Securities and Exchange Commission Rule 15c3-3 and, therefore, is not required to maintain a "Special Reserve Bank Account for the Exclusive Benefit of Customers". In addition, the Company has an introducing agreement with a Clearing Broker and is therefore exempt pursuant to section (k)(2)(ii). # **7. Related party transactions** Pursuant to an expense sharing agreement, the Parent provides occupancy of office space, guaranteed payments, telephone, data, computer, and office expenses to the Company. The amount owed by the Company to the Parent was \$7,210 at December 31, 2025 reflected in the accompanying statement of financial condition. # **8. Commitments and contingencies** The Company is exposed to various asserted and unasserted potential claims encountered in the normal course of business. In the opinion of management, the resolution of these matters will not have a material effect on the Company's financial position or results of operations. ### **9. Loans and advances** In September 2025, the Company issued a conditional loan to a registered representative in 12 monthly installments of \$6,500 payable in arrears. The balance of \$19,861 is included in loans and advances reflected within the accompanying statement of financial condition as of December 31, 2025. ### **10. Subsequent events** The Company has evaluated subsequent events through February 19, 2026, whereupon the financial statements were issued. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.