# LYNDHURST SECURITIES INC. X-17A-5 (2026-03-24) — Broker-dealer annual report - Company: LYNDHURST SECURITIES INC. - Form: X-17A-5 - Filed: 2026-03-24 - Period: 2025-12-31 - Accession: 0001878575-26-000002 - CIK: 1878575 - File #: 8-70777 - Type: Broker-dealer - Material weakness: No - Auditor: LMHS PC - Auditor location: Norwell, MA - Contact: Mark T Manzo - Phone: 2015191905 - Email: mmanzo@moppartners.com - Website: moppartners.com - Signed by: Michael Karapetian (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1878575/000187857526000002/2025annualrpted.pdf --- {0}------------------------------------------------ **Lyndhurst Securities, Inc. Statement of Financial Condition For the Year Ended December 31, 2025** {1}------------------------------------------------ #### **Lyndhurst Securities, Inc.** #### **December 31, 2025** #### **Table of Contents** | Facing page and Oath or Affirmation Page | 1-2 | |--------------------------------------------------------|------| | Report oflndependent Registered Public Accounting Firm | 3 | | Financial Statements | | | Statement of Financial Condition | 4 | | Notes to Statement of Financial Condition | 5-11 | {2}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL REPORTS FORM X-17A-5 PART** Ill **FACING PAGE 0MB APPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12** SfC FILE NUMBER 8-70777 **Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING 0 1/01 /25 **MM/DD/YY** AND ENDING **12/31 /25 MM/0D/YY** A. REGISTRANT **IDENTIFICATION** NAME OF FIRM: LYNDHURST SECURITIES, INC. TYPE OF REGISTRANT (check all applicable boxes): **0** Broker-dealer □ Security-based swap dealer **0 Check here if respondent is also an OTC derivatives dealer** □ Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: {Do not use a P.O. box no.) 6928 OWENSMOUTH AVENUE, SUITE 200 **(No. and Street)** WOODLAND HILLS CA 91303 **(City) (State) (Zip Code)** PERSON TO CONTACT WITH REGARD TO THIS FILING Mark T Manzo (201) 519-1905 mmanzo@moppartners.com **(Name) (Area Code -Telephone Number) (Email Address) 8. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* LMHS, P.C. **(Name-if individual, state last, first, and middle name)** 80 Washington St, Bldg S Norwell MA 02061 **(Address) (City) (State) (Zip Code)** 02/24/2009 3373 **(Date of Registration with PCA0B)(if applicable) (PCAOB Re1dstration 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-S(e)(l)(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 0MB control number.** {3}------------------------------------------------ #### **OATH OR AFFIRMATION** | I
Michael Karapetian
, | swear (or affirm) that, to the best of my knowledge and belief, the | | |-----------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|-------| | financial report pertaining to the firm of LYNDHURST SECURITIES, INC. | | as of | | December 31 | 2� is true and correct, I further swear (or affl:m hat neither the company nor any | | | | partner, officer, director, or equivalent person, as the case may be, has any propri .:c,n,,,m, r st· any account classified solely | | | as that of a customer. | Title: | | | | CEO | | **This filing\*\* contains (check all applicable boxes):** - Iii (a) Statement of financial condition. - Iii {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. - D (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. - D (m} Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (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-S or 17 CFR 240.18a-7, as applicable. - **□** (s) Exemption report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - ii (t} Independent public accountant's report based on an examination of the statement offinancial 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. - D (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. - D (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. - D (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-l(d}(2}, as applicable.* {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # *Report of Independent Registered Public Accounting Firm* To the Stockholder Lyndhurst Securities, Inc. Woodland Hills, California #### *Opinion on the Financial Statements* We have audited the accompanying statement of financial condition of Lyndhurst Securities, Inc., as of December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Lyndhurst Securities, Inc. as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. #### *Basis for Opinion* This financial statement is the responsibility of the entity'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 Lyndhurst Securities, Inc. 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 statements are 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 statements, 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 statements. 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 statements. We believe that our audit provides a reasonable basis for our opinion. LMHS, P.C. We have served as Lyndhurst Securities, Inc.'s auditor since 2022. Norwell, Massachusetts March 23, 2026 ![](_page_4_Picture_12.jpeg) **Amembe1of** mgiworldwide . {5}------------------------------------------------ # **Lyndhurst Securities, Inc.** # **Statement of Financial Condition December 31, 2025** #### **ASSETS** | Cash and cash equivalents [Note 2] | \$
2 1
3,574 | |------------------------------------------------------------|--------------------| | Accounts Receivable | 2,777 | | Prepaid Expenses | 27,554 | | Fixed assets -
net of accumulated depreciation of \$468 | 554 | | Total assets | \$
244,459 | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | Current liabilities | | | Accounts payable & Accrued expenses | \$
142 | | Commissions payable | 42,281 | | Payable to affiliate | 750 | | Deferred revenue | 14,654 | | Total liabilities | 57,827 | | Stockholder's equity | | | Common stock, \$1 par value, 10,000 shares authorized | | | 1 ,000 shares issued and outstanding | 10,000 | | Additional paid in capital | 243,664 | | (Accumulated deficit) | (67,032) | | Total Stockholder's equity | 1 86,632 | | Total liabilities and Stockholder's equity | \$
244,459 | *The accompanying notes are an integral part of the statement of financial condition* **4** {6}------------------------------------------------ #### **Note 1: Organization** Lyndhurst Secu rities, I nc. (the "Com pa ny") was orga nized in the State of Ca l ifornia on June 11, 2022. The Company registered as a broker-dea ler with the Securities Excha nge Com mission on J uly 28, 2022, is a member of the Fina ncia l I ndustry Regulatory Authority ["FINRA"] and the Security I nvestor Protection Corporation ["SIPC"] . The Com pa ny tra nsacts business as a broker selling annuities, m utual funds, Delawa re Statutory Trusts ("DST") a nd acts as a selling group pa rticipant in non-publicly traded REIT offeri ngs. U nder its membership agreement with FINRA the Com pa ny will not claim an exem ption from SEA Rule 15c3-3. The Company will not accept customer fu nds or securities a nd will not have possession of a ny customer funds or secu rities in connection with their activities. The Company is a Non-Covered firm that relies on Footnote 74 to SEC Release 34-70073, a nd as discussed in Q&A 8 of the related FAQ issued by the SEC staff. # **Note 2: Summary of Significant Accounting Pol icies** # **Basis of Presentation** The accompa nyi ng fi nancial statements of the Com pa ny have been prepa red in accorda nce with accounti ng principles generally accepted in the U nited States of America . The Com pa ny uses the accrual method of accounting. # **Use of Estimates** The preparation of fi nancial statements in conformity with GAAP req uires ma nagement to make estimates a nd assum ptions that affect the reported a mounts of assets a nd liabilities a nd disclosures of contingent assets a nd liabilities at the date of the financia l statements as well as the reported a mount of revenues a nd expenses during the reporting period. Actual results could differ from these estimates. # **Cash and Cash Equivalents** The Company considers all highly liquid instruments with an original maturity of three months or less when purchased to be cash equiva lents. As of December 3 1, 2025, the Company had a cash bala nce of \$213,574. {7}------------------------------------------------ # **Note 2: Summary of Significant Accounting Policies Continued** ### **Accounting for Credit Losses** In J une 2016, The Fina ncial Accounting Sta ndards Boa rd ("FASB") issued Accounti ng Sta nda rds U pdate ('ASU") 2016-13, Fina ncial Instru ments ---- Credit Losses (Topic326) : Measurement of Credit Losses on Fina ncial I nstru ments, which a mends the FASB's guida nce on impairment of fi nancial instruments. The ASU adds to GAAP, an impairment model (known as the current expected credit loss ("CECL") model) that is ba sed on expected losses rather than i ncu rred losses. U nder the new guida nce, the Com pa ny recognizes as an allowance, its esti mate of lifetime expected credit losses, which the FASB believes will result in more timely recognition of such losses, If a ny. The ASU is a lso intended to red uce the complexity of GAAP by decreasi ng the number of credit impairment models that entities use to account for debt i nstruments. Further, the ASU ma kes ta rgeted cha nges to the impairment model for available-for-sa le debt securities. At December 31, 2025, The Company had accou nts receiva ble of \$2,777 which consisted of \$2,617 of ann uity fees and \$160 of trail com missions. At December 3 1, 2025, ma nagement has determi ned that the Com pa ny's receivables were not i m pacted by the new guida nce. ### **Revenue Recognition** The Company recognizes private placement fees, primarily in Delawa re Statutory Trusts ("DST") upon com pletion of the private placement offering. The Com pany receives private placement fees in accordance with terms stipulated in its Soliciting Dea ler agreements. Fees received by the Company consist of sa les com missions a nd a dea ler real lowa nce fee. Sa les com missions and dea ler rea llowa nce fees a re not availa ble for distri bution to the Company unti l purchaser funds have clea red normal ba nki ng cha nnels and Seller has accepted the tender of purchaser. #### A. Significa nt accounti ng pol icy Revenue is measured based on a consideration specified in a contract with a customer, a nd excludes a ny sa les incentives a nd a mounts col lected on behalf of third pa rties. The Com pa ny recognizes revenue when it satisfied a performa nce obligation by tra nsferring control over a product or service to a customer. Taxes a nd regulatory fees assessed by a government a uthority or agency that a re both im posed on a nd concu rrent with a specified revenue-producing transaction, that are col lected by the Company from a customer, a re excl uded from revenue. {8}------------------------------------------------ # **Note 2: Summary of Significant Accounting Policies Continued** #### **Revenue Recognition Continued** #### B. Nature of services | | 2025 | |-------------------------------------------|-----------| | Revenue Ea
rned at a poi
nt in Time | \$242,275 | | Tota
l Annuity commissions | \$242,275 | | | | | Revenue Ea
rned at a point in Time | \$138,821 | | Tota
l Private placements | \$138,821 | | | | | Revenue Ea
rned at a point in Time | \$2,638 | | Tota
l M utual fu
nds | \$2,638 | #### Annuity commissions: Annuity Com missions revenue, is recognized at point in time on the date the ann uity settles in the sponsor's account and the client obta i ns the rights to the annuity contract. During the yea r ended December 31, 2025, the Com pa ny reported annuity com missions of \$242,275 . ## Private placements: The Com pa ny primari ly earns fees from private placements as a selling group pa rticipant in Delawa re Statutory Trusts, revenue is recognized at a point in time when purchaser funds have clea red normal ba nki ng cha nnels a nd Seller has accepted the tender of purchaser. During the yea r ended December 3 1, 2025, the Company reported private placement fees of \$138,821. # M utual funds: During the yea r ended December 3 1, 2025, the Com pa ny reported 12b-1 fees of \$841 a nd \$1,797 in subsequent purchase. #### C. Other I ncome: Duri ng the yea r ended December 3 1, 2025, the Com pa ny reported other income of \$18,942 which consisted primari ly of \$16,053 of reimbursed E&O i nsura nce, \$1,618 of registered {9}------------------------------------------------ # **Note 2: Summary of Significant Accounting Policies Continued** #### **Revenue Recognition Continued** representative reimbursed registration fees a nd reimbursement of 2024 FINRA gross i ncome assessment fees. # **Professional Fees** During the yea r ended December 31, 2025, the Company paid \$88,550 in professiona l fees, which i ncluded com plia nce consulting a nd accounting fees. ### **Furniture and Equipment** Depreciation is provided usi ng the straight-line method over estimated usefu l lives of the assets of five yea rs for eq uipment. The total cost of eq uipment was \$1,277 and accum ulated depreciation was \$723 . Duri ng the yea r ended December 31, 2025, the Company reported depreciation expense of \$255. #### **Note 3: Securities Owned** As of the statement of fi na ncia l condition date, the Com pa ny did not own a ny corporate stocks or debt i nstruments. #### **Note 4: Income Taxes** The Com pa ny files i ncome taxes as a C-corporation federa l ly and in California . The Company accounts for i ncome taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the fina ncia l statements. U nder this method, deferred tax assets and liabilities a re determined on the basis of the differences between the fina ncial statement a nd tax bases of assets and liabilities using enacted tax rates in effect for the yea r in which the differences a re expected to reverse. The effect of a cha nge in tax rates on deferred assets a nd liabilities is recognized in i ncome in the period that includes the enactment date. The Com pa ny recognizes deferred tax assets to the extent that we bel ieve these assets a re more likely than not to be rea lized . In making such a determination, we consider all availa ble positive a nd negative evidence, including future reversals of existi ng taxa ble tempora ry differences, projected future taxa ble i ncome, tax-planning strategies, a nd results of recent operations. If the Com pa ny determi ned that it would be a ble to rea lize its deferred tax assets in the future in excess {10}------------------------------------------------ ## **Note 4: Income Taxes Continued** of its net recorded a mount, it would make an adjustment to the deferred tax asset va luation allowance, which would reduce the provision for i ncome taxes. #### **Note 5: Fair Value** The Company adopted Fina ncial Accounti ng Sta ndards ("SFAS") ASC 820 Measurements a nd Disclosures, for assets a nd liabilities measured or disclosed at fair va l ue on a recu rring basis. The ASC 820 had no effect on the Compa ny's fina ncia l statements. ASC 820 accomplishes the following key objectives: - Defines fa ir va lue as the price that would be received to sell an asset or paid to tra nsfer a liabi lity in an orderly tra nsaction between ma rket partici pa nts at the measurement date; - Establishes a three-level hiera rchy (the "Va l uation Hiera rchy") for fair va l ue measurements; - Requires consideration of the Com pa ny's creditworthi ness when va luing liabilities; a nd expands disclosures about i nstruments measu red at fair va l ue. The Va l uation Hiera rchy is based upon the tra nspa rency of i nputs to the va luation of an asset or liability as of the measurement date. A financial i nstrument's categorization within the Va l uation Hiera rchy is based upon the lowest level of input that is significa nt to the fair va l ue measu rement. The three levels of the Va luation Hiera rchy a nd the distribution of the Com pa ny's fina ncial assets within it a re as fol lows : - Level 1 i nputs to the va l uation methodology a re quoted prices (unadjusted) for identica l assets or liabi lities in active ma rkets. - Level 2 inputs to the va l uation methodology i ncl uded quoted prices for similar assets and liabilities in active markets, a nd i nputs that a re observa ble for the asset or liabi lity, either directly or indirectly, for substa ntia l ly the fu ll term of the fina ncial instru ment. - Level 3 inputs to the va l uation methodology a re unobserva ble and significa nt to the fa ir va lue measurement. Certa in fina ncial i nstruments are ca rried at cost on the statement of fina ncia l condition, which approxi mate fair va l ue due to their short-term highly liquid natu re. These instruments i ncl ude cash and cash equiva lents. {11}------------------------------------------------ # **Note 6: Net Capital Requirements** Pursua nt to the Basic U niform Net Ca pita l provisions of the Secu rities a nd Excha nges Com mission, the Company is req uired to mainta in a minimum net ca pita l, as defi ned, in such provision. Further, the Securities a nd Exchange Commission Uniform net ca pita l rule (Rule 15c3- 1) requires that the ratio of aggregate indebtedness to net ca pita l, as defined, shall not exceed 15 to 1. Net ca pita l a nd the related net ca pita l ratio may fluctuate on a daily basis. At December 31, 2025 the Com pa ny had net ca pita l a nd net ca pita l requirements of \$158,246 a nd \$5,000, respectively. The Compa ny's aggregate i ndebtedness to net ca pita l ratio was .3654 to 1 which is less than 15 :1. ### **Note 7: Commitments and Contingencies** At December 31, 2025 the Com pa ny did not have a ny commitments or conti ngencies for guara ntees that might result in a loss or future obligation. ## **Note 8: Related Party Transactions** Effective J uly 20, 2024, the Com pa ny a mended its expense sharing agreement with Laza ri Ca pita l Ma nagement, I nc. ("LCM"), an affi liate of the Compa ny, whereby the person nel costs will now be paid by the Com pa ny. The amended expense shari ng agreement contin ues to allocate office expenses to the Compa ny. During 2025, the Company recorded \$3,000 in office expenses pursuant to the expense shari ng agreement. At December 3 1, 2025, the Com pa ny owed LCM \$750 directly related to the a l located costs. At December 3 1, 2025, LCM reimbursed the Com pa ny \$16,053 for E&O insura nce. #### **Note 9: Subsequent Events** Ma nagement has eva l uated subsequent events through Ma rch 23, 2026, the date which the fi nancial statements were availa ble to be issued. ### **Note 10: Recent Accounting Pronouncements** # **FASB ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures** The FASB issued ASU 2023-07 on November 27, 2023, which is i ntended to improve reporta ble segment disclosure requirements. U nder previous guida nce, while entities were required to disclose segment revenue a nd measure of profit or loss, there has been limited disclosure a round the reporting of segment expenses. In addition to enhanced disclosures a bout significa nt segment expenses, the amendments enha nce interim disclosure requirements, cla rify circumsta nces in which an entity ca n disclose multiple segment measures of profit or loss, {12}------------------------------------------------ # **Note 10: Recent Accounting Pronouncements Continued** provide new segment disclosure requirements for entities with a single reporta ble segment, a nd conta in other disclosure req uirements. The purpose of the amendments is to enable investors to better u ndersta nd an entity's overa ll performa nce a nd assess potential future cash flows. ASU 2023-07 is effective for fisca l yea rs begi nning after December 15, 2023, a nd interim periods within fisca l yea rs begi nning after December 15, 2024. The Company has adopted the req uirements of the expa nded segment disclosures as of December 31, 2025. ### **Segment Reporting** The Com pa ny is engaged in a single line of busi ness as a securities broker-dea ler, which, as descri bed in Note 1, derives revenue from, tra nsacting busi ness as a broker selling ann uities, m utual funds, Delawa re Statutory Trusts ("DST") a nd acts as a selling group pa rticipant in nonpu bl icly traded REIT offerings. The Company has identified its CEO as the chief operati ng decision maker ("CODM"), who uses net i ncome to eva luate the results of the busi ness, predominantly in the forecasti ng process, to ma nage the Com pa ny. Additional ly, the CODM uses excess net ca pita l (see Note 6), which is not a measure of profit a nd loss, to make operational decisions while maintai ning ca pita l adequacy. The Compa ny's operations constitute a si ngle operating segment a nd therefore, a si ngle reporta ble segment beca use the CODM ma nages the busi ness activities, using information of the Company as a whole. The accounting pol icies used to measu re the profit a nd loss of the segment a re the sa me as those descri bed in the su mmary of significa nt accounting pol icies. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.