# INCLINE ADVISORS LLC X-17A-5 (2026-03-02) — Broker-dealer annual report - Company: INCLINE ADVISORS LLC - Form: X-17A-5 - Filed: 2026-03-02 - Period: 2025-12-31 - Accession: 0001788457-26-000004 - CIK: 1788457 - File #: 8-70413 - Type: Broker-dealer - Material weakness: No - Auditor: Anson, Brian, W - Auditor location: TARZANA, CA - Contact: John Kelley - Phone: (415) 515-3368 - Signed by: John Kelley (Managing Partner) Original filing: https://www.sec.gov/Archives/edgar/data/1788457/000178845726000004/2025InclinePublicCertAud.pdf --- {0}------------------------------------------------ # FINANCIAL STATEMENTS AND ACCOMPANYING SUPPLEMENTARY INFORMATION REPORT PURSUANT TO SEC RULE 17a-S(d) FOR THE TWELVE MONTHS ENDED December 31, 2025 {1}------------------------------------------------ | | Washington, D.C. 20549
ANNUAL REPORTS
FORM X-17A-5
2 Reall | OMB Number: 3235-0123
Expires: Nov. 30, 2026
hours per resporne: 12
SECTIF RANBE
8-70413 | |----------------------------------------------------------------------|--------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------| | 11 | FACING PAGE | | | | 01/01/25
MA/DD/YY | 1289125
MM/DD/YY | | NAME OF FIRM: Incline Advisors, LLC | | | | TYPE OF REGISTRANT icherk all spolicable
al Broker-dealer
플 | e | | | 655 Tyner Way | | | | Incline Village | (No. and Succet)
NV
State) | કરીય સિ
(Zip Code) | | (二次号)
PERSON TO CONTACT WITH REGARD TO THIS FILING
John Kelley | (415) 515-3308 | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | Brian W. Anson, CPA | | | | | (Name- if individual, state last, first, and middle mame)
18455 Burbank Blvd. Ste 406 Tarzana | 91356
િન્દ્ર | | 09/15/2005 | (Civy) | State
(2) (140)
2870 | | (Date of Registration with PCAOB) (If applicable) | FOR OFFICIAL USE ONLY | (PCAOB Registration Number, K | | | 11 | 1 : 3 : 1 | {2}------------------------------------------------ #### OATH OR AFFIRMATION I Juro Kalley, , wear (or affern) that, to the bust of my knowledge and belief, the 68 00 financial-report partaining to the firm of Indice Advans, LLC December 31 2.65 Is true and correct. I further swour for affirm) that nother tha sompany not any pariner, offer, of other, or aquivalant parson, at the case may be, has are programiter y internation any ---- wat al.... But beller as that of a customer. Sienature THE Managing Partner #### This filing 2 contains (chock all applienble beaun): - for Statement of financial condition. - I its Notes to consolidated statement of thandal condition. - O (c) Statement of Income (loss) as, I there is cities consprehencies incoment the parked a staturant of corner chansive income (as defined in 9 210.1-02 of Regulation S-X). - a Statement of cash flows: - [ [e] Statement of changes in stockholders' or purimes or sole proprietur's equity. - O (f) Statument of changes in listalliers where in also at creditors- - te totes to consultidated founder stidements. - In Computables of net capital under 17 CFR 200.15e3-1 or 17 OFR 200.1Ja-1, as applicable. - O Comput allow of taughts not worth under 17 019 100 10-2 - I finance alles for fuller miration of customer requirements pursual to Entifica to 1707 2001503. - 0 fit anspitations for determination of secondly board swop reserve results manus comments company to Exhibit B to 17 OF 1 200, 15:00 at w BARRA A to 17 OFR 240 1824, as applicable. - 車 11 Carmellation for Delection of PAS for and month wider Entition A to 9 240.153-3. - (in) leftermition relating to possession or control requirements for customers under 17 CFR 240.1563-3. 商 - [n] hefermation relating to possession or cannot requirements for same by based swap castmans under 17 OR 240 15c3-3b (2) or 17 CFR 240.28s 4, as applicable. - [s] Macon Mullians, wanning appropriate expansions, of the FOCUS heport with corporation of nat capital or langiller not worth under 17 GPR 240,1SC-1, 17 CFR 240ARS-1, or 17 CFR 200,100-2, as uppli alle, and the reserve requirements under 17 COR 200 15 CE 3 41 17 CFR 200 161-4, as my fleath, if matural differences ents, or a stoutenent that of angled alling ances miles - O ly Sunnary of Grancial deta for voluntifies not consolidated in the statement of linencial considera - (g) Cath or allemation in accordance with 17 CFR 20017-52, 17 CFR 20017-12, or 17 CFB 200 100-7, as applicable. - O If Complance report in axxedance with 17 GA 20172-5 or 17 CHI 200 182-7, as applicable. - 16 Energition report in accordinato with 17 CFR 200.172-5 or 17 CFR 200.183-7, as applicable. - It indenendent public accountant's report based on an examination of the statement of financial condition. - 1 find lecknen denn puth, ac .. Mant's negart based con an teamination of the figurent on financial statements ander 17 CFI 200.170-5, 17 CPM 200.180-7, or 17 CFB 240.172-12, as applitable. - I for below public accompanies in the lease as a continents of cortain the complete in the complete under th CHI 240.170 Set 17 CHI 240.181-7, 25 100.000-7, 25 100.000 - [ [in] Industry public accountant's ruport based on a region of the complim report under 17 CFR 240176-5 or 17 Offit 240 182 7, as application - a planether managing and appling agreed lipon procedures, in accorduntes with 17 OR 200 153-10 at 17 CR 200 17-22, as application - go maport describing are material in ades fromd in exist of fromd to have enfired since the date of the previous such, or 德 a staturers that no moterial ins de quades with, ender 17 CFA 240 LT-1280, - 0 20 Other: 8.70 request cardidation transment of corison of this filing, see 17 OR 2017-509110 at 17 OR 240 10. Addition 2022, at applicable. {3}------------------------------------------------ BRIAN W. ANSON Cartified Proble Accountant 5600 18455-Burbank Blvd., Fuite 406. Tarzana, CA. 9 1356. Tel. (818) #### REPORT OF INDERSEDENT REGISTERID PUBLICACCOUNTING FIRM aber s and Board of Members of Incline Ad visors LLC #### Opinion on the Financial Statements the accompanying succement of financing 2025, and notes (collectively financial statements present fairly, in all na as of December 31, 2025, in configurity Sizes of America. ition of Incline Advisors, LLC as of ed to as the financia' state ments). In my I respects, the financial position of Incline accounting principles generally accepted in #### Basis for Opinion These financial statements are the responsibility of lucine Advisors, LLC's management. My responsibility is to express an opinion on Incline Advisors, LLC's financial statesments based on my audit. I am a public accounting firm registened with the Public States) (PCAOli) and an required to be independent with with the U.S. federal securities laws and the applicable Exchange Commission and the PCAOB. Accounting Oversight Board (United to Incline Advisors, LLC in accordance regulations of the and suclit in accordance with the standards of a the andit to obtain reasonable assurance seasternent, whether due to error of fraud. M material misstatement of the financial that respond to those risks. Such pr he anounts and disclosires in the financial princinles used and significant estamates n of the financial statements. I believe that my PCAOB. Those stundards require whether the financial statements dit included performing procedures of sther due to error or fraud, and cluded examining, on a test basis nents. My audit also included eval by management as evaluating lit provides a notsonable basis for m Inson, CPA ed as Incline Advisors. LLC'sa uditor since alifornia 0, 2026 {4}------------------------------------------------ # **Statement of Financial Condition December 31, 2025** #### **ASSETS** | cash | \$60,029 | |----------------------------------|----------------| | Accounts Receivable | 25,000 | | Other Assets
Prepaid Expenses | 1,358
1,408 | | Total Assets | \$87,795 | #### **LIABILITIES AND MEMBER'S EQUITY** | Accounts payable | 4,435 | |---------------------------------------|----------| | Accrued expenses | 5,000 | | Due to related party | 7 | | Total liabilities | 9,443 | | MEMBER'S EQUITY: | | | Total member's equity | 78,352 | | Total Liabilities and Member's Equity | \$87,795 | **The accompanying notes are an integral part of these financials** {5}------------------------------------------------ ## Notes to Financial Statements For the year ended December 31, 2025 ### **Note 1: GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### *General* Incline Advisors, LLC (the "Company"), was formed February 3, 2014 in the State of Nevada as a limited liability company. FINRA granted approval of the broker dealer April 10, 2020. The Company is registered as a broker-dealer with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA") and Securities Investor Protection Corporation ("SIPC"). The Company is authorized to engage in private placements of securities and mergers and acqusitions. The Company does not hold customer funds or safeguard customer securities. ### *Summary of Significant Acounting Policies* The presentation 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 liabilites and disclosure of contingent asssets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. ASC 606 REVENUE RECOGNITION A. Significant accounting policy Revenue is measured based on a consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. ### B. Nature of services The following is a description of activities - separated by reportable segments, per FINRA Form "Supplemental Statement of Income (SSOI)"; from which the Company generates its revenue. For more detailed informaton about reportable segments, see below Fees earned: This includes fees earned from providing investment banking services for private placement of securities and M&A advisory. {6}------------------------------------------------ **Notes to Financial Statements** **For the year ended December 31, 2025** # **Note 1: GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICES** **(Continued)** **The Company has elected to be a Limited Liability Company. For tax purposes, the Company is treated like a partnership, therefore in lieu of business income taxes, the Member is taxed on the Company's taxable income. Accordingly, no provision or liability for Federal Income Taxes is included in these financial statements.** **The Company is engaged in varous trading and brokerage activities in whose counterparties primarily include broker/dealers, banks and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends upon the creditworthiness of the counterparty or issuer of the instrument. To mitigate the risk of loss. the Company maintains its accounts with credit worthy customers and counterparties.** **One hundred percent of Company's revenue in 2025 came from two clients.** **Management has reviewed the results of operations for the period of time December 31, 2025 through February 10, 2026, the date the financial statements were available to be issued, and have determined that no adjustments are necessary to the amounts reported in the accompanying financial statements nor have any subsequent events occurred, the nature of which would require disclosure.** **The Company is subject to audit by the taxing agencies for years ending December 31, 2022, 2023 and 2024** #### **Segment Reporting** **The Company is engaged in a single line of business as a securities broker dealer, which is comprised of one class of service. The Company has identified its Chief Compliance Officer as the chief operating decision maker (CODM), who uses net income to evaluate the results of the business, predominantly in the forecasting process, 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 whether to reinvest profits or pay dividends. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information from 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.** {7}------------------------------------------------ # **Incline Advisors, LLC Notes to Financial Statements For the year ended December 31, 2025** ### **Note 1: GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)** **FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritized the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liabiity in an orderly transactioin between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset of liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techinques that are consistent with the market, income of cost approach, as specified by FASB ASC 820 are used to measure fair value.** **The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:** **level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access.** **level 2 inputs are inputs (other than quoted prices included within Level 1) that are observable for the assest or liability, either directly or indirectly.** **level 3 are unobservable inputs for the asset or liability and rely on management's own assumptions about the assumptions that market participants would use in pricing the asset or liability. (The unobservable inputs should be developed based on the best information available in the circumstances and may include the Company's own data.)** **There were no Levels to measure at December 31, 2025.** {8}------------------------------------------------ Notes to Financial Statements For the year ended December 31, 2025 ## **Note 2: COMMITMENTS AND CONTINGENCIES** The Company did not have any litigation or other legal action that would require disclosure during the year ended December 31, 2025. ## **Note 3: RELATED PARTY** At December 31, 2025, the Company owed \$7 to a related party ## **Note 4. NET CAPITAL** The Company is subject to the Securities and Exchange Commission Uniform Net capital Rule (SEC rule 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. Net capital and aggregate indebtedness change day to day, but on December 31, 2025 the Company had net capital of \$50,586 which was \$44,586 in excess of its required net capital of \$5,000; and the Company's ratio of aggregate indebtedness of \$9,443 to net capital was 0.19-to-1, which is less than the 15-to-1 maximum ratio. {9}------------------------------------------------ Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.