# KCM SECURITIES, LLC X-17A-5 (2026-01-26) — Broker-dealer annual report - Company: KCM SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-01-26 - Period: 2025-12-31 - Accession: 0001707353-26-000003 - CIK: 1707353 - File #: 8-69959 - Type: Broker-dealer - Material weakness: No - Auditor: DCPA - Auditor location: Century City, CA - Contact: Allan A Siposs - Phone: 949.397.2700 - Email: asiposs@keystone-cap.com - Website: keystone-cap.com - Signed by: Allan A Siposs (Managing Director) Original filing: https://www.sec.gov/Archives/edgar/data/1707353/000170735326000003/25prkcm.pdf --- {0}------------------------------------------------ ## KCM Securities, LLC DBA Keystone Capital Markets Financial Statements and Supplemental Schedules Required by the U.S. Securities and Exchange Commission Including Independent Auditor's Report Thereon For the Year-Ended December 31, 2025 {1}------------------------------------------------ | | UNITED STATES | OMB APPROVAL | | | | | |----------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|--|--|--|--| | | SECURITIES AND EXCHANGE COMMISSION | OMB Number: 3235-0123 | | | | | | | Washington, D.C. 20549 | Expires: Nov. 30, 2026
Estimated average burden | | | | | | | | hours per response: 12 | | | | | | | ANNUAL REPORTS | SEC FILE NUMBER | | | | | | | FORM X-17A-5 | 8-69959 | | | | | | | PART III | | | | | | | | | | | | | | | | FACING PAGE | | | | | | | | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | | | | | | | | | | | | | ______________________________________________________________________________________________________________________________________________________________________________
FILING FOR THE PERIOD BEGINNING 01/01/25 | | | | | | | | MM/DD/YY | MM/DD/YY | | | | | | | A. REGISTRANT IDENTIFICATION | | | | | | | NAME OF FIRM: KCM Securities, LLC dba Keystone Capital Markets | | | | | | | | | | | | | | | | TYPE OF REGISTRANT (check all applicable boxes): | | | | | | | | Broker-dealer | | [ Major security-based swap participant | | | | | | Check here if respondent is also an OTC derivatives dealer | | | | | | | | | | | | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | | 20 Pacifica Suite 450 | | | | | | | | | (No. and Street) | | | | | | | | | | | | | | | Irvine | CA | 92618 | | | | | | (City) | (State) | (Zip Code) | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | Allan A. Siposs | 949-397-2700 | asiposs@keystone-cap.com | | | | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | | | | | | | | | DCPA | | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | | | 2121 Avenue of the Stars #800 Century City | California 90067 | | | | | | (Address) | (City) | (State)
(Zip Code) | | | | | | 9/15/2020 | | 6567 | | | | | | (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 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. CFR 240.17a-5(E)(L)(i), if applicable rersons a currently valid OMB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION I. Allan A. Siposs \_\_\_ swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of KCM Securities, LLC dba Keystone Capital Markets as of 2 025 \_ jis true and correct. I further swear (or affirm) that neither the company nor any 12/31 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: 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 in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - O (d) Statement of cash flows. - [ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - O (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. - [] 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. - [0] Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 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 subsidiated in the statement of financial condition. - (q) Oath or affirmation in accordance with 17 CFR 240.17a-12, or 17 CFR 240.17a-12, or 17 CFR 240.13a 7, as applicable. - [ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 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. - [x] Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17-12, as applicable. - □ (y) Report describing any material inadequacies found to have existed since the cate of the previous audit, or (y) Report describing material inadequacies exist, under 17 CFR 240.17a-12(k). - O (z) Other: - \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), os applicable. {3}------------------------------------------------ # Contents | lndependent Auditor's Opinion | | |----------------------------------|--| | Financial Statements | | | Statement of Financial Condition | | | Notes to Financial Statements | | {4}------------------------------------------------ KCM Securities, LLC DBA Keystone Capital Markets Independent Auditor's Opinion For the Year-ended December 31, 2025 {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Those Charged with Governance and the Members of KCM Securities LLC dba Keystone Capital Markets: #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of KCM Securities LLC dba Keystone Capital Markets (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 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 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. DCPA DCPA We have served as the Company's auditor since 2024. Century City, California January 18, 2026 {6}------------------------------------------------ KCM Securities, LLC DBA Keystone Capital Markets Financial Statements For the Year-ended December 31, 2025 {7}------------------------------------------------ ### KCM Securities, LLC DBA Keystone Capital Markets Statement of Financial Condition As of December 31, 2025 #### Assets | Cash | 5 | 371,725 | |----------------------------|---|---------| | Related parties receivable | | 12,702 | | Right of Use - Asset | | 161,042 | | Prepaid expenses | | 6,836 | | Lease deposit | | 10,866 | | Total assets | | 563,171 | #### Liabilities and Members' Equity #### Liabilities | Accounts payable | 5 | 9,186 | |---------------------|---|---------| | Accrued expenses | | 33,248 | | Other liabilities | | 117,800 | | Long term liability | | 169,591 | | Total liabilities | | 329,826 | | Members' equity | | | | | | | | Members' equity | | 233,345 | |-------------------------------------|--|---------| | Total members' equity | | 233,345 | | Total liabilities & members' equity | | 563,171 | The accompanying notes are an integral part of these financial statements. {8}------------------------------------------------ #### - 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| fpsq | {10}------------------------------------------------ ## KCM Securities, LLC DBA Keystone Capital Markets Notes to Financial Statements As of and for the Year-Ended December 31, 2025 ## Note 2: COMMITMENTS AND CONTINGENCIES (CONTINUED) ### Leases (continued) Information associated with the remaining operating lease obligations as of December 31, 2025: Estimated future minimum rental payments required under the lease liabilities together with their present value are approximately as follows: Year ending December 31, | 2026 | 116,474 | |-----------------------------------|-----------| | 2027 | 59,268 | | | | | Total operating lease
payments | 175,742 | | | | | Less imputed interest | (6,151) | | | | | Total operating lease | | | liabilities | \$169,591 | ### Note 3: REVENUE RECOGNITION Revenues from contracts with customers are comprised of banking and advisory fees. Such fees are recognized at the point in time when the Company's performance under the contractual arrangement is completed based on certain deliverables within the agreement. The Company has multiple open contracts that have potential success fee revenue. At year end the Company had two open contracts of deferred revenue valued at \$88,000, which is included in Other Liabilities on the Statement of Financial Condition. For the year ended December 31, 2025, the total Investment banking fees and M&A advisory fees as shown on the Statement of Income is comprised of success fees totaling \$2,615,741, engagement fees of \$253,000, progress fees of \$285,000, and service fee income of \$49,169. #### Note 4: INCOME TAXES The Company is required to file income tax returns in the California state tax jurisdiction ("FTB"). The Company paid a total of \$6,800 to the State of California, which comprised of the FTB Tax and LLC Fee. For the State of Indiana, the Company paid \$3,375 that was related to partnership income earned in 2024. The Company's tax returns are subject to examination by taxing authorities in which it operates in accordance with the normal statutes of limitations in the applicable jurisdiction. The statute of limitations for state purposes is four years and three years for federal income taxes but may exceed this limitation depending upon the jurisdiction involved. Returns that were filed within the applicable statute remain subject to examination. As of December 31, 2025, the IRS and FTB have not proposed any adjustment to the Company's tax position. {11}------------------------------------------------ ### KCM Securities, LLC DBA Keystone Capital Markets Notes to Financial Statements As of and for the Year-Ended December 31, 2025 ### Note 5: FAIR VALUE Unless otherwise indicated, the fair values of all reported assets and liabilities that represent financial instruments (none of which are held for trading purposes) approximate the carrying values of such amounts. ### Note 6: RELATED PARTY The Company receives reimbursement by individual members for costs related to employee compensation (i.e. salaries, hourly wages, payroll taxes, etc.) that are specific to such individual members. Members are billed monthly for such employee expenses with annual reconciliations to ensure accurate accounting allocations. Reimbursements for 2025 were \$90,947, which is included as Other income on the Statement of Income. As of December 31, 2025, outstanding Related Party Receivables for reimbursement of costs related to employee compensation was \$12,702. The Company charges certain members and other 31d parties desk fees for use of the Irvine office location. Desk fee amounts are determined by the members in Irvine and adjusted on an as-needed basis. No formal agreement exists with any of the parties that pay a desk fee to the Company. Desk Fees for 2025 were \$127,824, which is included as Other income on the Statement of Income. #### Note 7: NET CAPITAL The Company is a member of FINRA and is subject to the SEC Uniform Net Capital Rule (SEC 15c3-1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. The Company's applicable minimum net capital is the greater of \$5,000 or 6-2/3% percent of total aggregated indebtedness. As of December 31, 2025, the Company had net capital of \$202,941 which was \$191,689 in excess of its required net capital of \$11,252. The Company's ratio of aggregate indebtedness ((\$168,784) to net capital was 0.83 to 1. #### Note 8: REDEMPTION OF MEMBER INTERESTS During 2025, the Company did not redeem any interests of any of its members. ### Note 9: SUBSEQUENT EVENTS The Company has evaluated events subsequent to the Statement of Financial Condition date for items requiring recording or disclosure in the financial statements. The evaluation was performed through the date the financial statements were available to be issued. Based upon this review, the Company has determined that there were no events which took place that would have a material impact on its financial statements. {12}------------------------------------------------ #### Note 10: RECENTLY ISSUED ACCOUNTING STANDARDS The Financial Accounting Standards Board (the "FASB") has established the Accounting Standards Codification ("Codification" or "ASC") as the authoritative source of generally accepted accounting principles ("GAAP") recognized by the FASB. The principles embodied in the Codification are to be applied by nongovernmental entities in the preparation of financial statements in accordance with GAAP in the United States. New accounting pronouncements are incorporated into the issuance of Accounting Standards Updates ("ASUs"). ### Note 10: RECENTLY ISSUED ACCOUNTING STANDARDS (continued) For the year ending December 31, 2025, various ASUs issued by the FASB were either newly issued or had effective implementation dates that would require their provisions to be reflected in the financial statements for the year then ended. The Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact they may have on the Company's financial statements. In most cases, management has determined that the pronouncement has either limited or no application to the Company and, in all cases, implementation would not have a material impact on the financial statements taken as a whole. ### Note 11: SEGMENT REPORTING The Company follows Accounting Standards 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 provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of a segment's profit or loss. ASU 2023-07 also requires disclosure 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 conducts its business activities and reports financial results as a single reportable brokerage services segment. The CODM title and position is the CEO who makes decisions about allocating resources and assessing performance in a manner consistent with the way the Company operates its business and presents their financial results. The nature of business and accounting policies of the brokerage services segment are the same as described in the description of business and summary of significant accounting policies notes. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.