# CROW HOLDINGS SECURITIES, L.L.C. X-17A-5 (2026-02-23) — Broker-dealer annual report - Company: CROW HOLDINGS SECURITIES, L.L.C. - Form: X-17A-5 - Filed: 2026-02-23 - Period: 2025-12-31 - Accession: 0001841656-26-000001 - CIK: 1841656 - File #: 8-70656 - Type: Broker-dealer - Material weakness: No - Auditor: BDO USA, P.C. - Auditor location: Chicago, IL - Contact: Elizabeth Attanasio - Phone: 212-668-8700 - Email: eattanasio@acisecure.com - Website: acisecure.com - Signed by: Jonathan Coe Juracek (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1841656/000184165626000001/crowpublicaudit.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 # ANNUAL REPORTS FORM X-17A-5 PART III OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 > sec file number 8-70656 | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | |--------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|---------------------|--------------------------------------------| | | | 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: Crow Holding Securities, LLC | | | | | TYPE OF REGISTRANT (check all applicable boxes):
ച Broker-dealer
ഥ Check here if respondent is also an OTC derivatives dealer | | ‍ ‍ | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | 3819 Maple Avenue | | | | | | (No. and Street) | | | | Dallas | TX | | 75219 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Elizabeth Attanasio | (212) 668-8700 | | Eattanasio@acisecure.com | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
BDO USA, P.C. | | | | | | (Name - if individual, state last, first, and middle name) | | | | 330 N Wasbash Avenue | Chicago | II | 6061 | | (Address) | (City) | (State) | (Zip Code) | | October 8, 2023 | | 243 | | | (Date of Registration with PCAOB)(if applicable) | FOR OFFICIAL USE ONLY | | (PCAOB Registration Number, if applicable) | | | | | | | | | | | \* 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 | Jonathan Coe Juracek | | , swear (or affirm) that, to the best of my knowledge and beliet, the | | | |---------------------------------------------------------------------|------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|--|-------| | financial report pertaining to the firm of Crow Holdings Securities | | | | as of | | 12/31 | 2 025 is true and corroct . I furthar cuase (or affirm) that naithor the company not any | | | | 25\_\_\_ 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 proprietary interest in any account classified solely as that of a customer. | Signature: | or walle | | |------------|----------|--| | | | | Title: President 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 income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - □ (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. - □ (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 apropriate explanations, of the FOCUS Report with computation of net capible 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. - | - □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | - □ (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. - \_ (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 240.17a-5(e)(2), as applicable. {2}------------------------------------------------ # CROW HOLDINGS SECURITIES, L.L.C. Financial Statement With Report of Independent Registered Public Accounting Firm For the Year Ended December 31, 2025 This report is deemed PUBLIC in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934. {3}------------------------------------------------ # CROW HOLDINGS SECURITIES, L.L.C. DECEMBER 31, 2025 # Table of Contents | | Page | |---------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm | | | Financial Statement: | | | Statement of Financial Condition | 2 | | Notes to Financial Statement | 3 -5 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) Tel: 817-738-2400 Fax: 817-738-1995 www.bdo.com 301 Commerce St, Suite 2000 Fort Worth, TX 76102 # Report of Independent Registered Public Accounting Firm The Member of Crow Holdings Securities, L.L.C. Dallas, TX # Opinion on Financial Statement We have audited the accompanying statement of financial condition of Crow Holdings Securities, L.L.C. (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 at 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 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. # BDO USA, P. C. We have served as the Company's auditor since 2022. February 20, 2026 BDO is the brand name for the BDO network and for each of the BDO Member Firms. {5}------------------------------------------------ # CROW HOLDINGS SECURITIES, L.L.C. STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 | ASSIBITS: | | | |-------------------------------------------------|---|---------| | Cash | S | 178,432 | | Due from Affiliate | | 210,720 | | Prepaid expenses and other assets | | 60,928 | | Security deposits | | 4,472 | | TOTAL ASSETS | | 454,552 | | LIABILITIES AND MEMBER'S EQUITY
LIABILITIES: | | | | Accounts payable and accrued expenses | | 19,874 | | TOTAL LIABILITIES | | 19,874 | | MEMBER'S EQUITY | | 434,678 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | S | 454,552 | See accompanying notes to financial statement {6}------------------------------------------------ # CROW HOLDINGS SECURITIES, L.L.C. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 #### NOTE 1- ORGANIZATION AND NATURE OF BUSINESS: Crow Holdings Securities, L.L. (the "Company") was formed as a limited liability company in Delaware on March 16, 2020. The Company is a registered broker-dealer under the Securities Exchange Act of 1934 and is a member of both the Financial Industry Regulatory Authority, Inc. ("FINRA") and the Securities Investors Protection ("SIPC"). The company was approved by FINRA and the SEC on February 10, 2022. Maple Avenue Capital Investors, L.P. is 100% owner, and sole member (the "Parent or Member"). The Company is limited to investment banking, as such, the Company does not, and will not, hold customer funds or securities. #### NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: #### Basis of Presentation The accompanying financial statements have been prepared on the accrual basis of accounting in accounting principles generally accepted in the United States of America ("GAAP") as detailed in the Financial Accounting Standards Board's Accounting Standards Codification ("ASC"). #### Income Taxes The Company is a disregarded entity for federal income tax purposes that is not treated as separate from the is treated as a Partnership for U.S. income tax purposes. As such, no federal income taxes have been provided for by the Company in the accompanying financial statements as the Parent is individually responsible for reporting income or loss based upon its share of the Company's income and expenses as reported for income tax purposes. The Company applies the provisions of ASC 740, "Income Taxes", which clarifies the accounting and disclosure of uncertainty in tax positions. The Company analyzed its tax filing positions in the federal, state, and foreign tax jurisdictions where it is required to file income tax returns for all open tax years. Based on this review, no liabilities for uncertain income tax positions were required to be recorded pursuant to ASC 740. As of December 31, 2025, the Company did not have a liability recorded for payment of interest and penalties associated with uncertain tax positions. The Company's income and expense has been included in the tax returns of the Parent as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Parent is subject to examination by federal and certain state and local tax regulators for open tax years, 2023-2025. The Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months. #### Use of Estimates The preparation of financial statement and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statement. Accordingly, actual differ from those estimates, and such differences could be material. #### Cash The Company maintains principally all cash balances in one financial institution which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. The Company is solely dependent upon daily bank balances and the respective strength of the financial institution. The Company has not incurred any losses on this account. At December 31, 2025, there was no amount in excess of the insured limit. {7}------------------------------------------------ # CROW HOLDINGS SECURITIES, L.L.C. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 #### NOTE 3 - NET CAPITAL REQUIREMENTS: The Company is subject to the Securities Exchange Act of 1934 ("SEA") Uniform Net Capital Rule (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. Rule 15c3-1 also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. At December 31, 2025, the Company had net capital of \$158,534, which was \$153,534 in excess of its required not \$5,000. The Company's ratio of aggregate indebtedness to net capital was 12.55 to 1 as of December 31, 2025. The Company does not claim an exemption from SEA Rule 15c3-3 in reliance on footnote 74 to SEC Release 34-70073. The Company does not and will not, (a) directly or indirectly , receive, hold or otherwise owe funds or securities for or to customers, (b) does not and will not carry accounts of or for customers and (c) does not and will not carry Proprietary Accounts of Broker-Dealers ("PAB" accounts). The Company does not hold customers' cash or securities and, has no requirements under SEC Rule 15c3-3 and therefore does not claim an exemption under paragraph (k). #### NOTE 4 - SEGMENT REPORTING: The Company follows ASC 280, Segment Reporting (including adoption of ASU 2023-07), which requires to disclose segment data based on how management makes decisions about allocating resources to segments and evaluating performance. The Company conducts its business activities and reports financial results as a single reportable segment, broker dealer services. Using the management approach, qualitative criteria established by ASC 280, the Company is considered to be a single reportable segment. The Chief Operating Decision Maker ("CODM"), the CEO, 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 broker dealer services segment are the same as described in the organization and nature of business and summary of significant accounting policies. #### NOTE 5-RELATED PARTY TRANSACTIONS: The Company operates under a cost plus agreement dated March 1, 2023 with its affiliate, Crow Holdings Capital Partners, L.L.C. ("Adviser"). Under the terms of this agreement, the Company is allocated, on a monthly basis, certain shared expenses such as compensation expenses, rent, other general overhead and shared technology costs incurred in the normal course of business. Amounts due to and from the Adviser are offset on a monthly basis and at December 31, 2025, the Company has a net receivable from the Adviser of \$210,720 which is included in the statement of financial condition. The Company nets the amounts due to or from the affiliate as there is a legally enforceable right to set off the balances and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. #### NOTE 6-GUARANTEES: ASC Topic 460, Guarantees, requires the Company to disclose information about its obligations under certain guarantee arrangements. ASC Topic 460 defines guarantees as contracts and indemnification agreements that contineently require a guarantor to make payments to the guaranteed party based on changes in an underlying factor (such as an interest or foreign exchange rate, security or commodity price, an index or the occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. This guidance also defines guarantees as contracts that contingently require the guarantor to make payments to the guaranteed party based on another entity's failure to perform under an agreement as well as indirect guarantees of indebtedness of others. The Company has issued no guarantees at December 31, 2025. or during the year then ended. {8}------------------------------------------------ # CROW HOLDINGS SECURITIES, L.L.C. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 #### NOTE 7 - EXEMPTIVE PROVISION: The Company is exempt from SEA Rule 15c3-3 as a non-covered firm because its business activities are limited to investment banking. As a result, the Company (1) did not directly receive, hold, or otherwise owe funds or securities for or to customers, other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the year ended December 31, 2025. #### NOTE 8-COMMITMENTS AND CONTINGENCIES: The Company had no commitments and no contingent liabilities and had not been named as a defendant in any lawsuit at December 31, 2025, or during the year then ended. #### NOTE 9 - SUBSEQUENT EVENTS: The Company has performed an evaluation of events that have occurred subsequent to December 31, 2025, and through February 20, 2026, the date of the filing of this report. There have been no material subsequent events that occurred during such period that would require disclosure in this report or would be recognized in the financial statements as of December 31, 2025. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.