# ROBERTSON STEPHENS CAPITAL MARKETS, LLC X-17A-5 (2026-03-06) — Broker-dealer annual report - Company: ROBERTSON STEPHENS CAPITAL MARKETS, LLC - Form: X-17A-5 - Filed: 2026-03-06 - Period: 2025-12-31 - Accession: 0001719689-26-000006 - CIK: 1719689 - File #: 8-70034 - Type: Broker-dealer - Material weakness: No - Auditor: Frank, Rimerman Co LLP - Auditor location: San Francisco, CA - Contact: David Westbrook - Phone: 4155006804 - Email: david.westbrook@rscapital.com - Website: rscapital.com - Signed by: David Westbrook (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1719689/000171968926000006/RSCMFinancialspublic.pdf --- {0}------------------------------------------------ # Robertson Stephens Capital Markets, LLC (A Delaware Limited Liability Company) (SEC ID No. 8-70034) Financial Statement and Report of Independent Registered Public Accounting Firm December 31, 2025 Public Document Filed pursuant to Rule 17a-5(e)(3) as a Public Document. {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 ## ANNUAL REPORTS FORM X-17A-5 PART III sec file number FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 AND ENDING\_12/31/25 filing for the period beginning \_01/01/25 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: Robertson Stephens Capital Markets, LLC TYPE OF REGISTRANT (check all applicable boxes): Broker-dealer □ Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | 455 Market Street Ste 1450 | | | | |--|----------------------------|--|--|--| |--|----------------------------|--|--|--| | | | (No. and Street) | | | |--------------------------------------------------|--|------------------------------------------------------------|-----------------|--------------------------------------------| | San Francisco | | CA | | 94105 | | (City) | | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | David Westbrook | | 415-500-6804 | | david.westbrook@rscapital.com | | (Name) | | (Area Code - Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | Frank, Rimerman + Co. LLP | | (Name - if individual, state last, first, and middle name) | | | | One Embarcadero Center Ste 2410 San Francisco | | | CA | 94111 | | (Address) | | (City) | (State) | (Zip Code) | | 12/14/04 | | | 1596 | | | (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 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. {2}------------------------------------------------ ### OATH OR AFFIRMATION | David Westbrook | | | , swear (or affirm) that, to the best of my knowledge and belief, the | | |-----------------|--|--|------------------------------------------------------------------------------------|-------| | | | | financial report pertaining to the firm of Robertson Stephens Capital Markets, LLC | as of | | 12/31 | | | 2 025 | | is true and correct. I further swear (or affirm) that neither the company nor any 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. See a Hucked CA lurat Signature: Title: Chief Financial Officer Notary Public Janja Dim To ### 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). - O (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. - O (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 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-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. - - [ (r) Compliance 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. - O (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 240.17o-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {3}------------------------------------------------ ### CALIFORNIA JURAT 174959691915151515151585815815819191919191919191919191919191 ### GOVERNMENT CODE § 8202 16日16日1日1日1日1日1日1日1日1日1日1日1日1日1日1日1日1日1日1日1日1日1 A notary public or other officer completing this certificate verifies only the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of San Francisco Subscribed and sworn to (or affirmed) before me on this 22 2 day of Feb 20, 20, 20, 20, by Month 11 David, Westbrook ![](_page_3_Picture_7.jpeg) Place Notary Seal and/or Stamp Above proved to me on the basis of satisfactory evidence to be the person(s) who appeared before me. (and (2) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Signature \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ | OPTIONAL | | | | | |----------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--| | Completing this information can deter alteration of the document or
fraudulent reattachment of this form to an unintended document. | | | | | | Description of Attached Document | | | | | | Title or Type of Document: - Financial report | | | | | | Document Date: __ Feb 18 202 6 18 202 6 Number of Pages: __ 1 0 | | | | | | Signer(s) Other Than Named Above: no no nev signer s | | | | | ©2019 National Notary Association {4}------------------------------------------------ ## Robertson Stephens Capital Markets, LLC (A Delaware Limited Liability Company) ## Table of Contents | | Page(s) | |---------------------------------------------------------|---------| | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 1 | | FINANCIAL STATEMENT AS OF
DECEMBER 31, 2025: | | | Statement of Financial Condition | 2 | | Notes to Financial Statement | 3 – 6 | {5}------------------------------------------------ ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of Robertson Stephens Capital Markets, LLC San Francisco, California ### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Robertson Stephens Capital Markets, LLC (a Delaware limited liability company) (the Company) as of December 31, 2025, and the related notes (collectively referred to as 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 Companys management. Our responsibility is to express an opinion on the Companys 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 U.S. Securities and Exchange Commission (SEC) and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. We have served as Robertson Stephens Capital Markets, LLCs auditor since 2019. San Francisco, California February 18, 2026 {6}------------------------------------------------ | Robertson
Stephens
Capital Markets, LLC
(A Delaware Limited Liability Company) | | |-----------------------------------------------------------------------------------------|--| | Statement of Financial Condition
As of December 31, 2025 | | | (A Delaware Limited Liability Company) | | | |-------------------------------------------------------------|----|---------| | Statement of Financial Condition
As of December 31, 2025 | | | | Assets | | | | Cash | \$ | 684,140 | | Account Receivable | | 155 | | Prepaid expenses | | 11,566 | | Due from clearing account | | 50,000 | | Total assets | \$ | 745,861 | | Liabilities and Member's Capital | | | | Liabilities | | | | Accounts payable | \$ | 82 | | Accrued liabilities | | 47,250 | | Total liabilities | | 47,332 | | Member's Capital | | 698,529 | | Total liabilities and member's capital | \$ | 745,861 | See accompanying notes to the financial statement. {7}------------------------------------------------ # Robertson Stephens Capital Markets, LLC (A Delaware Limited Liability Company) Notes to Financial Statement As of December 31, 2025 ### 1. Organization Robertson Stephens Capital Markets, LLC (the "Company") is a registered securities broker-dealer that conducts a general securities brokerage and investment banking business. The Company is a Delaware limited liability company, which was established on August 31, 2017, and commenced operations on July 29, 2019. The Company is headquartered in San Francisco, California and is a wholly owned subsidiary of Robertson Stephens Holdings, LLC (the "Parent"). ### 2. Summary of Significant Accounting Policies The following is a summary of the significant accounting and reporting policies used in preparing the financial statement. ### Basis of Presentation The financial statement has been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), complies with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 940, Financial Services – Broker and Dealers, and are stated in United States dollars. ### Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statement and accompanying notes. Due to the inherent uncertainty involved in making estimates, actual results could differ from those estimates, and those differences could be material. ### Cash Cash includes cash and balances on deposits in banks and financial institutions. There are no withdrawal restrictions on cash. ### Due from Clearing Account Due from clearing accounts relates to funds held with the Company's clearing organizations. The Company clears all of its brokerage transactions through other broker-dealers on a fully disclosed basis. Funds held as a clearing deposit were \$50,000 as of December 31, 2025. ### Fair Value Measurement The Company's financial assets and liabilities are carried at fair value. The Company determines fair value based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. {8}------------------------------------------------ ### Taxation The Company is a single-member LLC and is considered a disregarded entity from its Parent for federal and most state income taxes. The Parent is not subject to federal and most income state taxes, as its members are individually liable for income taxes, if any, on their proportionate share of the Parent's net income, accordingly the Parent does not allocate any income tax expense or benefit to the Company. The Company is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement, which could result in the Company recording a tax liability that would reduce net assets. The Company reviews and evaluates tax positions in its major jurisdictions and determines whether or not there are uncertain tax positions that require financial statement recognition. In addition, the Company recognizes any related penalties and interest as a component of income tax expense. Based on this review, the Company has determined the major tax jurisdictions as where the Company is organized and operates; however, no reserves for uncertain tax positions or related penalties or interest have been recorded for its open tax years. The Parent's United States federal and state 2022 through 2024 tax returns remain open for examination by tax authorities. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the financial statement. ### Segment Reporting The Company is engaged in a single line of business as a securities broker-dealer, which is currently limited exclusively to general securities brokerage transactions. The Company has identified its President as the chief operating decision maker ("CODM"), who uses net revenues to evaluate the results of the business to manage the company. Additionally, the CODM uses excess net capital, which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as determining the level of trading activities. 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 accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. Revenues: \$414,770 Expenses: \$461,425 ### Recent Accounting Pronouncements For the year ended December 31, 2025, various Accounting Standards Updates issued by the Financial Accounting Standards Board were either newly issued or had effective implementation dates that would require their provisions to be reflected in the financial statement 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 statement. 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 statement taken as a whole. {9}------------------------------------------------ ### 3. Member's Capital The Company received additional capital contributions from its Parent of \$250,000 on December 24, 2025. The company has total member capital of \$698,529 as of December 31, 2025. ### 4. Related Party Balances On August 1, 2019, the Company entered into an Expense Sharing Agreement, as amended, (the "Agreement") with Robertson Stephens Wealth Management, LLC ("RSWM"), a wholly owned subsidiary of the Parent. Under the Agreement, the Company and RSWM agreed that the Company would reimburse RSWM for shared personnel, office space, and associated infrastructure. On November 24, 2023, RSWM entered into a Professional Services Agreement (the "PSA") with VeArc Holding LLC ("VeArc"), an affiliate of the Company, under which VeArc will provide development, consulting, and other professional services to the Company on a cost-plus fee basis. RSWM is using professionals at VeArc to provide some of the services cover by the Agreement and RSCM categorizes those expenses as professional services. Either party may terminate the PSA upon 45 days' written notice. As of December 31, 2025, the Company did not owe RSWM or VeArc any amounts under the Agreement or PSA. ### 5. Net Capital Requirement The Company is subject to the Uniform Net Capital Rule 15c3-1 (the "Rule") adopted by the U.S. Securities and Exchange Commission ("SEC") and administered by the Financial Industry Regulatory Authority, Inc. ("FINRA"), which requires the Company to maintain minimum net capital as defined by the Rule and a ratio of aggregate indebtedness to net capital, as defined, not in excess of 1500%. The relationship of aggregate indebtedness to net capital changes from day to day. As of December 31, 2025, the Company's net capital was \$686,810 and its excess net capital was \$681,810. The Company's ratio of aggregate indebtedness to net capital was 6.89%. For purposes of the computation of net capital, the Company is required to exclude \$11,719 of nonallowable assets. The Company is exempt from the requirements of Rule 15c3-3, as adopted by the SEC. ### 6. Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk As a securities broker-dealer, the Company's transactions are executed on behalf of its clients. The Company introduces these transactions for clearance on a fully disclosed basis. The agreement between the Company and its clearing brokers provides that the Company is obligated to assume any exposure related to non-performance by its clients. The Company seeks to control the risk associated with non-performance by reviewing information it receives from its clearing brokers on a daily basis and reserving for doubtful accounts when necessary. Therefore, management believes that the potential for the Company to make payments under these client transactions is remote. Accordingly, no additional liability has been recognized for these transactions. During the normal course of business, the Company may sell securities which it has not yet purchased, which represent obligations of the Company to deliver the specified security at a contracted price, thereby creating a liability to purchase the security in a market at prevailing prices. Such transactions result in off-balance-sheet market risk as the Company's ultimate obligation to satisfy the sale of securities sold, not yet purchased may exceed the amount recorded in the statement of financial condition. The Company seeks to control such market risk through the use of internal monitoring guidelines. {10}------------------------------------------------ During the normal course of business, the Company regularly keeps cash balances at Federal Deposit Insurance Corporation ("FDIC") insured financial institutions that may exceed the insurance coverage limitations provided by the FDIC. At December 31, 2025, the Company had \$434,140 in cash balances that exceeded the FDIC insurance coverage limit. No losses have been incurred to date. Additionally, the Company is a member of the Securities Investor Protection Corporation ("SIPC"). The coverage available to the Company's clients through SIPC is limited in the risks, amounts, and investments that it covers. SIPC does not protect against market risk, which is the risk inherent in a fluctuating market. Furthermore, SIPC coverage is limited to \$500,000 per client, including up to \$250,000 for cash. For purposes of SIPC coverage, clients are persons who have securities or cash on deposit with a SIPC member for the purpose of, or as a result of, securities transactions. SIPC does not protect client funds placed with the Company just to earn interest. Insiders of the Company, such as its owners and officers, are not clients for SIPC coverage. Lastly, not all investments are protected by SIPC. In general, SIPC covers notes, stocks, bonds, mutual fund and other investment company shares, and other registered securities. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver, or other commodity futures contracts or commodity options. ### 7. Subsequent Events The Company has reviewed and evaluated all significant events and transactions that occurred after December 31, 2025, through February18, 2026, the date that this financial statement was available to be issued. No subsequent events have occurred that require disclosure in, or adjustment to, the financial statement. \* \* \* \* \* \* Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.