# ARMSTRONG SECURITIES LLC X-17A-5 (2026-02-27) — Broker-dealer annual report - Company: ARMSTRONG SECURITIES LLC - Form: X-17A-5 - Filed: 2026-02-27 - Period: 2025-12-31 - Accession: 0001801591-26-000001 - CIK: 1801591 - File #: 8-70480 - Type: Broker-dealer - Material weakness: No - Auditor: Crowe LLP - Auditor location: New York, NY - Contact: Jennifer Polischuk - Phone: 212-938-1200 - Email: jpolischuk@armstrongsec.com - Website: armstrongsec.com - Signed by: Jennifer Polischuk (FINOP and CFO) Original filing: https://www.sec.gov/Archives/edgar/data/1801591/000180159126000001/armstrongpublicaudit.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30. 2026 Estimated average burden hours ner resnonse 12 # ANNUAL REPORTS FORM X-17A-5 PART III | SEC FILE NUMBER | | |-----------------|--| | 8-70480 | | 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 12/31/25 AND ENDING MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION # NAME OF FIRM: Armstrong Securities 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.) | 711 3rd Avenue, Floor 5 | | | | | | |-------------------------|--|--|--|--|--| |-------------------------|--|--|--|--|--| | | (No. and Street) | | | |-----------------------------------------------------------------------------------------|------------------------------------------------------------|--------------------------------------------|-----------------------------| | NEW YORK | NY | | 10017 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | JENNIFER POLISCHUK 212-938-1200 | | | jpolischuk@armstrongsec.com | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Crowe, LLP | (Name - if individual, state last, first, and middle name) | | | | 485 LEXINGTON AVE | NEW YORK | NY | 10017 | | (Address) | (City) | (State) | (Zip Code) | | 09/24/2003 | | 173 | | | (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. {1}------------------------------------------------ ## OATH OR AFFIRMATION | JENNIFER POLISCHUK | swear (or affirm) that, to the best of my knowledge and belief, the | |----------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | tinancial report pertaining to the firm of ARMSTRONG SECURITIES LLC | as of | | 12/31 | 2 025 | | | 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. | | | MAUD SUSANNA TURNBULL
Notary Public
Connecticut
My Commission Expires Apr 30, 2028 | Signature:
Title:
FINOP AND CFO | Notary Public ## This filing \*\* contains (check all applicable boxes): - (a) Statement of financial condition. - = (b) Notes to consolidated statement of financial condition. - O (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. - [ - [] {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. - [] {o} Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital on 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. - | {q} Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.18a-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 240.17a-12, as applicable. - ට (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 240.18c-7(d)(2), as applicable. {2}------------------------------------------------ ## Armstrong Securities LLC Report on Audit of Financial Statement As of and for the Year Ended December 31, 2025 {3}------------------------------------------------ ## Armstrong Securities LLC December 31, 2025 ### Contents | Report of Independent Registered Public Accounting Firm | | |---------------------------------------------------------|-------| | Financial Statement | | | Statement of Financial Condition | | | Notes to Financial Statement | 3 - 6 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Those Charged with Governance and Member of Armstrong Securities LLC Old Greenwich, Connecticut ## Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Armstrong Securities LLC (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 Company's management. Our responsibility is to express an opinion on this 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 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 of the financial statement provides a reasonable basis for our opinion. Crowe LLP We have served as Armstrong Securities LLC auditor since 2023. New York, New York February 27, 2026 {5}------------------------------------------------ ## Statement of Financial Condition December 31, 2025 | ASSETS | | |---------------------------------------|------------------| | Cash and cash equivalents | ക
1,805,096 | | Securities owned, at fair value | 2,008 | | Prepaid expenses | 2,372 | | Other assets | 1,069 | | TOTAL ASSETS | ക
1,810,545 | | | | | LIABILITIES AND MEMBER'S EQUITY | | | LIABILITIES: | | | Due to affiliate | સ્ત્ર
100,761 | | Accounts payable and accrued expenses | 57,737 | | TOTAL LIABILITIES | 158,498 | | Member's Equity | | | TOTAL MEMBER'S EQUITY | 1,652,047 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | 1,810,545
ನಿ | See accompanying Notes to Financial Statement {6}------------------------------------------------ #### Notes to Financial Statement December 31, 2025 #### 1. Organization and Nature of Business Armstrong Securities LLC (the "Company"), incorporated under the state of Delaware on January 9, 2020. The Company is a broker-dealer registered with the U.S. Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"), effective March 23, 2023. The Company is wholly-owned by Armstrong Securities Holdings LLC ("Parent"), a holding company. Armstrong Securities Holdings LLC is a wholly-owned subsidiary of EF Holdco Inc., which is a subsidiary of Ellington Financial Operating Partnership LLC, and is majority-owned ultimately by Ellington Financial Inc. ("EFC"). The Company is approved by FINRA to operate pursuant to the Securities Exchange Act ("SEA") Rule 15c3-3 (the Customer Protection Rule) and to engage in repurchase/reverse repurchase transactions, proprietary and agency based trading, underwriting, and private placement transactions and as a broker or dealer selling interests in mortgages or other receivables, U.S. government and corporate debt securities with institutional customers and other broker dealers. #### 2. Summary of Significant Accounting Policies #### Basis of Accounting The Financial Statement is prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). #### Use of Estimates The preparation of Financial Statement 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 the disclosure of contingent assets and liabilities as of the Financial Statement. Actual results could differ from those estimates. #### Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of funds maintained in checking and money market accounts held at financial institutions and clearing brokers. The Company's cash and cash equivalents are held principally at two financial institutions and at times may exceed federally insured limits. The Company has placed these funds in a high quality institution in order to minimize risk relating to exceeding insured limits. The Company earns interest and dividend income on certain interest-bearing accounts. Interest income is recognized on an accrual basis. Of the \$1,805,096 cash balance, \$77,971 was invested in a Money Market fund. #### Cash Segregated under Federal and Other Regulations The Company has established a segregated special reserve bank account for the benefit of customers under SEC Rule 15c3-3. There was no reserve account balance required as of December 31, 2025. {7}------------------------------------------------ Notes to Financial Statement December 31, 2025 #### Income Tax Policy The Company is a disregarded entity of the Parent for income tax purposes and as such its activities are reported on the consolidated returns of EF Holdco Inc. As of December 31, 2025, the Company has no separate income tax provisions and has determined there were no uncertain tax positions based on an evaluation of ASC 740 - Accounting for Uncertainties Income Taxes . #### Fair Value The fair value of the Company's assets and liabilities which qualify as financial instruments in accordance with US GAAP approximate the carrying amounts presented in the Statement of Financial Condition. The Company carries its securities owned at fair value. US GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs are inputs that market participants would use in pricing the investment based on available market data. Unobservable inputs that reflect the Company's assumptions about the facts market participants would use in valuing the investment based on the best information in the market. The fair value hierarchy is categorized into three levels based on the inputs as follow: Level 1) Valuations based on unadjusted quoted prices in active markets for identical investments. Level 2) Valuations based on (a) quoted prices in markets that are not active; (b) quoted prices for similar investments in active markets; (c) inputs other than quoted prices that are observable or inputs derived from or corroborated by observable market data correlation or otherwise. Level 3) Valuations based on inputs that are unobservable, supported by little or no market activity, and significant to the overall fair value measurement. An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. {8}------------------------------------------------ Notes to Financial Statement December 31, 2025 ### Fair Value (Continued) The availability of observable inputs can vary from financial instrument and is affected by a wide variety of factors, including, for example the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets, and other characteristic's 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. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. The fair value of cash and money market funds, was estimated to be carrying value and classified as Level 1 of the fair value hierarchy. The Company holds a single U.S. Treasury Bond exchange traded fund with a fair value of \$2,008 as of December 31, 2025, such asset is considered a Level 1 asset. | | Level 1 | | Level 2 | | Level 3 | | Total | | |---------------------------------------|---------|----------|---------|--|---------|----|-------|--| | Assets | | | | | | | | | | Securities owned, at fair value | | | | | | | | | | Equities | ಕ | 2.008 | | | | ಕೆ | 2,008 | | | Total securities owned, at fair value | | 2,008 \$ | | | | | 2,008 | | #### 3. Related Party The Company entered into an expense sharing, personnel allocation and services agreement on February 13, 2023, with Ellington Financial Inc. The Company is allocated on a monthly basis certain expenses, including shared employee compensation, occupancy as well as other general overhead expenses in accordance with the agreement. 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G4B#8 2 B4 B @ 0 E Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.