# FALLS BRIDGE SECURITIES, LLC X-17A-5 (2026-03-25) — Broker-dealer annual report

- Company: FALLS BRIDGE SECURITIES, LLC
- Form: X-17A-5
- Filed: 2026-03-25
- Period: 2025-12-31
- Accession: 0001758954-26-000004
- CIK: 1758954
- File #: 8-70247
- Type: Broker-dealer
- Material weakness: No
- Auditor: Sanville & Company
- Auditor location: Huntington Valley, PA
- Contact: James Grossman
- Phone: 717-462-3546
- Email: mikekirwan@fallsbridgecapltal.com
- Website: fallsbridgecapltal.com
- Signed by: Michael J Kirwan (President)

Original filing: https://www.sec.gov/Archives/edgar/data/1758954/000175895426000004/fallspub.pdf

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# FALLS BRIDGE SECURITIES, LLC

STATEMENT OF FINANCIAL CONDITION

DECEMBER 31, 2025

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UNITEO\$TATES SECURITIES ANO EXCHANGE **COMMISSION**  Washlnaton, D.C. 20549

| ANNUAL REPORTS |
|----------------|
| FORM X-17A-5   |
| PARTIII        |

| OM8 Number. 3235-0123   |  |
|-------------------------|--|
| upircs: Nov. 30, 2026   |  |
| Estimated aw.-. burden  |  |
| hour.I per response; 12 |  |
|                         |  |

SEC fllE NUMBER 8-70247

|                                                                                                                                                       | FACING PAGE                                                |  |                       |                                          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|--|-----------------------|------------------------------------------|
| Information Required Pursuant to Rules 17a-5, 17a-U, and 188-7 under the Securities EXchanp Act of 1934<br>FILING FOR THE PERIOD BEGINNING 01/01/2025 |                                                            |  | AND ENDING 12/31/2025 |                                          |
|                                                                                                                                                       | MM/OD/VY                                                   |  |                       | MM/DD/YY                                 |
|                                                                                                                                                       | A. REGISTRANT IDENTIFICATION                               |  |                       |                                          |
| NAME OF FIRM: Falls Bridge Securities; LLC                                                                                                            |                                                            |  |                       |                                          |
| TYPE OF REGISTRANT (check all applicable boxes):<br>8 Brokerctealer<br>□ Oiedc here if respondent is also an OTC derivatives dealer                   | D Security-based swap dea1er                               |  |                       | O Major security-based swap participant  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                                   |                                                            |  |                       |                                          |
| 32 N. Bryn Mawr Avenue, Suite 200                                                                                                                     |                                                            |  |                       |                                          |
|                                                                                                                                                       | {No. and Street)                                           |  |                       |                                          |
| Bryn Mawr                                                                                                                                             | PA                                                         |  |                       | 19010                                    |
| (City)                                                                                                                                                | (St;ite}                                                   |  |                       | (Zip Code)                               |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                          |                                                            |  |                       |                                          |
| Michael Kirwan                                                                                                                                        | 646-787-1406                                               |  |                       | mikekirwan@fallsbridgecapltal.com        |
| (Name)                                                                                                                                                | (Area Code •· Telephone Number)                            |  | (Email Address)       |                                          |
|                                                                                                                                                       | B. ACCOUNTANT IDENTIFICATION                               |  |                       |                                          |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>Sanville & Company                                                       |                                                            |  |                       |                                          |
|                                                                                                                                                       | (Name,- if Individual, state lart, first, and middle name) |  |                       |                                          |
| 2617 Huntington Pike                                                                                                                                  | Huntington Valley                                          |  | PA                    | 19006                                    |
| (Address)                                                                                                                                             | (City)                                                     |  | (State)               | (Zip Code}                               |
| 9/18/2003                                                                                                                                             | 169                                                        |  |                       |                                          |
|                                                                                                                                                       |                                                            |  |                       | PCAOB R ·stration Number if a<br>licable |
|                                                                                                                                                       | 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 re4ied on as the basis of the exemption. See 17 CflU40.17a-S(e)(1)(ii), if applicable.

**Persons who•"' to respond to the eolfectfon of information contained** In **this form ere not required to respond 1.tnless the form**  displays• currently valkl 0MB controf number.

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#### OATH OR AFFIRMATION

| _____________ _,<br>I, _M_ic_ha_e_l J_. _Ki_rw_an                       | swear (or affirm~ that, to the best of my·l<nowledge and belief, the              |
|-------------------------------------------------------------------------|-----------------------------------------------------------------------------------|
| fina~ial r~ort pertaining .to the firm of Falls Bridge Sec11rities, LLC | as of                                                                             |
| 2~<br>December 31                                                       | 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 <:ostomer.

Signatu~ Title: **J**  President

#### This **filing\*\* contains (check all appllcable boxes):**

- ii (a} Statement of financial CQndition.
- Ii (b) Notes to consolidated statement of financial condition.
- 0 (C) Statement oflncome (loss) or, if there is other comprehensive income in the period(s) presented, a statement of romprehensive income (as defined in § .210.1-()2 of Regulation S-X).
- 0 (d) Statement of cash flows.
- D {e) Statement of changes in stockholders' or partne.rs' or sole proprietor's equity.
- D (f) Statement ofch;inges in liabilities subordinated to claims of creditors.
- D (g) Notes to consolidated financial statements.
- D (h) Computation of net capital under 17 CFR 240.1Sc3-1 or 17 OR 240.18a-1, as applicable.
- D (i) Computation of tangible net worth under 17 OR 2.40.18a-2.
- D (j) Computation for determination of customer reserve requirements pursuant to [lthibit A to 17 CFR 2.40.15cl-3 ..
- 0 **(k)** Computation for determination of security-based swap reserve requirements pursuant to Exhibit 8 to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR. 240.183-4., as. applicable.
- 0 (I) Compµtation for Determination of PAB Requirements under El<hibit A to§ 240.1Sc3-3.
- 0 {m) tnformation relating to possession or control requirements for customers under 17 CFR 240.15<:33.
- □ {n) Information r-elating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3·3(p)(2) or 17 CFR 240.183-4, as applicable.
- 0 ( 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-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.1Sc3-3 or 17 CFR 240.18a-4, as applic.\ble, if material differences exist, or a statement that no material differences exist.
- 0 (p) Summary of financial data for subsidiaries not consolidated in the statement offinandal condition.
- ii (q) Oath or affirmation in accordance with 17 CFR 240.l7a-S, 17 CFR 240.:17a-12, or 17 CFR 240.18a-7, as applicable.
- D (r) Compliance report in accordance with 17 CFR 240.17a-.5 or .17 CFR 240.18a-7, as appficable.
- □ {s} E.>temption report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a 7, as applicable.
- ii (t) lnde:pendent public acco\.!Otant's report based on an examination of the statement of financial condition.
- 0 (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a--7, or 17 CFR 240.17a-12, as applicable.
- □ M Independent public accountant's report based on an examination of certain statements in the compliance reportunder 17 CFR 240.17a-•5 OT 17 OR 240.1.Sa ,7, as applicable.
- 0 (w)lndependent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or .17 CFR .240.18;i.-,7, as applicable.
- 0 (>c) Supplemental reports oo applying agreed-upon procedures, in accordance with 17 CFR 240.lSd-1-e or 17 CFR 240.17a-12, as applicable.
- 0 (y} Reportdescribins any material inadequacies found to exist or found to have existed since the date of the previous audit;, or a statement that no material inadequacies eKist, unde.r 17 CFR 240.17a-12{k}. 0 (z)Other: \_\_\_\_\_\_\_\_ \_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ ~-~
- 
- ••ro request confidential treatment of certain portions of this filing, see 17 CFR 240;17a-5(e){3} or 17 CFR24O.1.8a-7{d}(2}, . os applicable.

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# **FALLS BRIDGE SECURITIES, LLC**

#### **DECEMBER 31, 2025**

#### **TABLE OF CONTENTS**

| Report of Independent Registered Public Accounting Firm  1 | Page |
|------------------------------------------------------------|------|
|                                                            |      |
| Financial Statements:                                      |      |
| Statement of Financial Condition  2                        |      |
| Notes to Financial Statements  3-5                         |      |

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![](_page_4_Picture_0.jpeg)

#### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Member and Those Charged With Governance of Falls Bridge Securities, LLC

#### **Opinion on the Financial Statement**

We have audited the accompanying statement of financial condition of Falls Bridge Securities, LLC (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. 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.

*Sa11v1Ue &:. Co111pa11y* 

We have served as the Company's auditor since 2019 Huntingdon Valley, Pennsylvania March 11, 2026

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### **FALLS BRIDGE SECURITIES, LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025**

| Assets      |                                       |              |               |
|-------------|---------------------------------------|--------------|---------------|
|             | Cash                                  | \$<br>13,951 |               |
|             | Accounts Receivable                   | 802,202      |               |
|             | Due from Affiliates                   | 621          |               |
|             | Other Assets                          | 13,224       |               |
|             |                                       |              |               |
|             | Total Assets                          |              | \$<br>829,998 |
|             | Liabilities and Member's Equity       |              |               |
| Liabilities |                                       |              |               |
|             | Accrued Expenses and Other Payables   | \$<br>5,340  |               |
|             | Total Liabilities                     | \$<br>5,340  |               |
|             | Member's Equity                       |              |               |
|             | Member's Equity                       |              | \$<br>824,658 |
|             | Total Liabilities and Member's Equity |              | \$<br>829,998 |

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#### **1. ORGANIZATION AND DESCRIPTION OF BUSINESS**

Falls Bridge Securities, LLC (the "Company") is a wholly-owned subsidiary of Falls Bridge Capital Partners, LLC (f.k.a. Falls Bridge Capital, Inc., the "Parent"). The Company is a registered broker dealer pursuant to Section 1S(b) of the Securities Exchange Act of 1934 and is a member of Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corporation ("SIPC"). FINRA granted the Company membership effective June 10, 2019. The Company provides investment banking advisory and private placement financing services.

### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

### *Basis of presentation*

The accompanying financial statements of the Company have been prepared on the accrual basis of accounting.

### *Concentration of risk*

The Company maintains cash in bank accounts with a single financial institution. The balances are insured by the FDIC up to \$250,000. The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on cash.

#### *Use of estimates*

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

#### *Allowance for Doubtful Accounts*

Periodically, the Company evaluates its accounts receivable and, if applicable, provides for an allowance for doubtful accounts equal to amounts estimated to be uncollectible. The Company's estimate is based on a review of the current status of the individual accounts receivable.

#### *Income taxes*

As a single member limited liability company, the Company does not incur any liability for federal or state income taxes because all income, deductions and credits are reportable by its member.

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#### **FALLS BRIDGE SECURITIES, LLC NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2023**

#### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** *(continued)*

#### **Revenue recognition**

In accordance with ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASC Topic 606") revenues from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring the promised services to the customers. A service is transferred to a customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied at a point in time or over time. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised service. Revenue from a performance obligation satisfied over time is recognized by measuring the Company's progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. The amount of revenue recognized reflects the consideration the Company expects to receive in exchange for those promised services (i.e., the "transaction price"). In determining the transaction price, the Company considers multiple factors, including the effects of variable consideration, if any.

Under ASC 606, the Company's advisory fees from investment banking engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction.

The Company derives its revenue from a limited number of Clients. As of December 31, 2025, placement fees receivable from two Clients represented 100% of total placement fees receivable.

#### **Segment Reporting**

The Accounting Standards Update (ASU) 2023-07 issued by the Financial Accounting Standards Board (FASB) introduced enhancements to segment reporting requirements for public entities, including broker-dealers. The update aimed to improve the transparency and usefulness of financial disclosures for investors and other stakeholders. ASU 2023-07 disclosure requirements are effective for fiscal years starting after December 15, 2023. The Company has identified its President as the Chief Operating Decision Maker as specified in ASU 2023-07. Company management reviewed the ASU 2023-07 disclosure requirements and determined that no additional disclosures are required as the Company has only one reportable segment.

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#### **3. RELATED PARTY TRANSATIONS**

Through an expense sharing agreement with the Parent, the Company reimburses the Parent for rent and through a services agreement with Falls Bridge Capital, LLC (the "Affiliate"), the Company pays the Affiliate for professional services rendered by the Affiliate. Included in the expenses reflected in the Statement of Operations are \$7,020 charged by the Parent for rent and \$203,500 paid to the Affiliate for professional services for the year ended December 31, 2025. At December 31, 2025 the Company has a receivable from the Parent of \$621.

## **4. COMMITMENTS AND CONTINGENCIES**

The Company is exposed to various asserted and unasserted potential claims encountered in the normal course of business. As of December 31, 2025, and through the date of this report there were no such claims.

# **5. NET CAPITAL REQUIREMENTS**

The Company is subject to the uniform net capital requirements of Rule 15c3-1 of the Securities and Exchange Act, as amended, which requires the Company to maintain, at all times, sufficient liquid assets to cover indebtedness. In accordance with the Rule, the Company is required to maintain defined minimum net capital of the greater of \$5,000 or 6 2/3% of aggregate indebtedness.

At December 31, 2025, the Company had net capital, as defined, of \$8,611, which exceeded the required minimum net capital of \$5,000 by \$3,611. Aggregate indebtedness at December 31, 2025 totaled \$5,340. The Company's percentage of aggregate indebtedness to net capital was 62.01 %.

## **6. SUBSEQUENT EVENTS**

Management of the Company has evaluated events and transactions that have occurred since December 31, 2025, through the date of the report and determined thatthere are no material events that would require disclosures in the Company's financial statements.


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