# STRONG CAPITAL MARKETS, LLC X-17A-5 (2026-03-30) — Broker-dealer annual report - Company: STRONG CAPITAL MARKETS, LLC - Form: X-17A-5 - Filed: 2026-03-30 - Period: 2025-12-31 - Accession: 0001869014-26-000002 - CIK: 1869014 - File #: 8-70746 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville & Company LLC - Auditor location: Dallas, TX - Contact: Gordon Armstrong - Phone: 475-477-9601 - Email: gordon.armstrong@strongcapitalmarkets.com - Website: strongcapitalmarkets.com - Signed by: Gordon Armstrong (President) Original filing: https://www.sec.gov/Archives/edgar/data/1869014/000186901426000002/scmpublic.pdf --- {0}------------------------------------------------ **STATEMENT OF FINANCIAL CONDITION** **DECEMBER 31, 2025** {1}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** OMB APPROVAL OMB Number: ϯϮϯϱͲϬϭϮϯ Expires: EŽǀ͘ϯϬ͕ϮϬϮϲ Estimated average burden hours per response: > SEC FILE NUMBER 8-70746 # **ANNUAL REPORTS FORM X-17A-5 PART III** **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 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ AND ENDING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ 01/01/2025 12/31/2025 MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** #### NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Strong Capital Markets, LLC TYPE OF REGISTRANT (check all applicable boxes): ܆ Broker-dealer ܆ Security-based swap dealer ܆ Major security-based swap participant ܆ Check here if respondent is also an OTC derivatives dealer ■ ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ 1266 East Main Street | | (No. and Street) | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------|-------------------------------------------|--|--| | Stamford
_____________________________________________________________________________________ | CT | | 06902 | | | | (City) | (State) | | (Zip Code) | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Gordon Armstrong
_____________________________________________________________________________________ | 475 477 9601 | | gordon.armstrong@strongcapitalmarkets.com | | | | (Name) | (Area Code – Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Sanville & Company LLC
_____________________________________________________________________________________
(Name – if individual, state last, first, and middle name) | | | | | | | 325 North Saint Paul Street, Suite 3100
_____________________________________________________________________________________ | Dallas | TX | 75201 | | | | (Address) | (City) | (State) | (Zip Code) | | | | 09-18-2003
_____________________________________________________________________________________ | | 169 | | | | | (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 be covered by the 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** I,\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, as of Gordon Armstrong Strong Capital Markets LLC \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, 2\_\_\_\_\_, 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. December 31 025 Signature: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Title: ure: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ 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. - ܆) l) 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-1, or 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 240.17a-12, or 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 report or 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 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - ܆) y) Report describing 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 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)(3) or 17 CFR 240.18a-7(d)(2), as applicable.* {3}------------------------------------------------ # **DECEMBER 31, 2025** # **TABLE OF CONTENTS** #### **Report of Independent Registered Public Accounting Firm** | Financial Statements | Page | |----------------------------------|------| | Statement of Financial Condition | 1 | | Notes to the Financial Statement | 2-5 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg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µVPDQDJHPHQW2XUUHVSRQVLELOLW\ LVWRH[SUHVVDQRSLQLRQRQWKH&RPSDQ\µ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µ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µVDXGLWRUVLQFH 6DQYLOOH &RPSDQ\//& 'DOODV7H[DV 0DUFK 1RUWK6DLQW3DXO6WUHHW 6XLWH 'DOODV7H[DV {5}------------------------------------------------ # **STATEMENT OF FINANCIAL CONDITION** # **DECEMBER 31, 2025** #### ASSETS | Cash and cash equivalents | \$
272,684 | |---------------------------------------|---------------| | Accounts receivables | 99,000 | | Deposits held at clearing firms | 75,075 | | Prepaid expenses | 14,533 | | Other assets | 2,989 | | Total Assets | \$
464,281 | | LIABILITIES AND MEMBERS' EQUITY | | | Liabilities | | | Accounts payable and accrued expenses | 129,284 | | Deferred revenue | 2,000 | | Total liabilities | 131,284 | | Members' equity | 332,997 | | Total liabilities and members' equity | \$
464,281 | {6}------------------------------------------------ #### **NOTES TO THE FINANCIAL STATEMENT** #### **DECEMBER 31, 2025** #### **1. ORGANIZATION AND DESCRIPTION OF BUSINESS** Strong Capital Markets, LLC (the "Company") is wholly-owned by Strong Capital Holdings Company, LLC (the "Member"). The Company was organized on March 2, 2021 as a Delaware limited liability company and is registered to do business in Connecticut as a foreign limited liability company. 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 Corporation ("SIPC") as of March 2, 2022. The operating agreement provides for the limited liability company to exist in perpetuity. The member's limit on liability is based on the relevant state law. The Company renders financial advisory services to selected clients with respect to capital raising, private placements, business restructurings and other financial services. The Firm does not claim an exemption from SEA Rule 15c3-3, in reliance on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by SEC staff. The Firm has stated that it does not and will not, (1) directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (2) does not and will not carry accounts of or for customers and (3) does not and will not carry PAB accounts. #### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### *Basis of presentation* The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). #### *Use of estimates* The preparation of financial statements in conformity with U.S. GAAP, 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. #### *Concentration of risk* The Company maintains cash in a bank account which is non-interest bearing and insured by the FDIC up to \$250,000. The Company has not experienced any losses in such account and does not believe it is exposed to any significant credit risk on cash. #### *Revenue recognition* In accordance with ASC 606, "Revenue from Contracts with Customers" ("ASC Topic 606") revenues from contracts with customers are 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 overtime. 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. {7}------------------------------------------------ #### **NOTES TO THE FINANCIAL STATEMENT** #### **DECEMBER 31, 2025** #### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** *(continued)* 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. Revenue from investment banking advisory services is recognized when the services are rendered and related expenses are recorded when incurred. Deal fees are recorded when earned and related expenses are recorded when incurred. Investment banking revenues consist of advisory services/corporate finance activities including mergers and acquisitions, reorganizations, tender offers, leveraged buyouts and fundraising activities. These investment banking revenues are received based on contractual terms. The Company's engagement agreements contain non-refundable retainer fees ("retainer fees") which are due and payable pursuant to the terms of the agreement and/or success fees, which may be fixed or represent a percentage of value that the customer received when the corporate finance activity is completed ("success fees"). The retainer fees or other milestone fees may reduce any success fee subsequently invoiced and received upon the completion of the corporate finance activity. The Company has evaluated its non-refundable retainer payments to ensure its fee related to the transfer of a good or service, as a distinct performance obligation, in exchange for the retainer. If a promised good or service is not distinct, the Company combines that good or service with the other promised goods or services until it identifies a bundle of goods or services that is distinct. In some cases, that would result in the broker-dealer accounting for all the services promised in a contract as a single performance obligation and the retainer revenue is classified as deferred revenue on the Statement of Financial Condition. As of December 31, 2025, there was \$2,000 in retainer revenue classified as deferred revenue. #### *Accounts Receivable* Accounts receivable, which generally represent unsecured customer obligations due under normal trade terms generally requiring payment within 30 days from the invoice date, are stated at the amount billed to the customer. Interest is not charged for receivables unpaid after the expiration of normal terms. Customer account balances with invoices over 90 days old are considered to be delinquent. As of December 31, 2025, the Company had \$99,000 in receivables from contracts with customers. ## *Credit Losses* ASC 326, Financial Instruments – Credit Losses ("ASC 326") impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. Under ASC 326, the Company has the ability to determine that there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the customer). {8}------------------------------------------------ #### **NOTES TO THE FINANCIAL STATEMENT** #### **DECEMBER 31, 2025** #### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** *(continued)* #### *Income taxes* As a wholly-owned limited liability company, the Company is considered to be a disregarded entity for tax reporting purposes and is thus not subject to Federal, state or local income taxes and does not file income tax returns in any jurisdiction. All items of income, expense, gains and losses are reportable by the Member for tax purposes. The Company has no unrecognized tax benefits at December 31, 2025. #### *Uncertain tax positions* The Company follows the accounting guidance for uncertainty in income taxes pursuant to Financial Accounting Standards Board (FASB) ASC 740, Income Taxes. Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by tax authorities. The Company had no unrecognized tax benefits at December 31, 2025. No accrued interest and penalties associated with uncertain tax positions were recorded during the year ended December 31, 2025 or accrued for as of December 31, 2025. Generally, federal, state and local authorities may examine the Company's member's tax returns for three years from the date of filing; consequently, the respective tax returns for the years prior to 2022 are no longer subject to examination by tax authorities. ### **3. RELATED PARTY TRANSACTIONS** The Company did not have a receivable balance as of December 31, 2025, from its parent company, Strong Capital Holdings. The Company as a receivable balance of \$368 from affiliated entities. The balance represents payments made by the Company on behalf of the respective entity for outside services performed at such level. Accordingly, expenses pertaining to the parent and subsidiaries were not recorded on the Company level. #### **4. 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 \$100,000 or 6 2/3% of aggregate indebtedness. At December 31, 2025, the Company had net capital, as defined, of \$216,475 which exceeded the required minimum net capital of \$100,000 by \$116,475. Aggregate indebtedness at December 31, 2025 totaled \$131,284. The Company's percentage of aggregate indebtedness to net capital was 60.65%. {9}------------------------------------------------ # **NOTES TO THE FINANCIAL STATEMENT** # **DECEMBER 31, 2025** # **5. REPORTABLE SEGMENTS** The Company is engaged in a single line of business as a placement agent. The Company has identified its President as the chief operating decision maker ("CODM"). The CODM predominately uses net income to evaluate the results of the business. 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 profit and loss of the segment as the same as those described in Footnote 2, summary of significant accounting policies. # **6. COMMITMENTS AND CONTINGENCIES** In the normal course of business, the Company enters into agreements with issuers and other third parties that may include certain representations, warranties, and indemnification provisions. The maximum potential exposure under such indemnifications cannot be reasonably estimated; however, the Company has not recorded a liability related to these matters as management believes that the likelihood of material loss is remote. # **7. SUBSEQUENT EVENTS** Management of the Company has evaluated events and transactions that may have occurred since December 31, 2025 through the date the financial statements were issued. Management determined that there are no other 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.