# ASPEN ALPINE CAPITAL LLC X-17A-5 (2026-03-16) — Broker-dealer annual report - Company: ASPEN ALPINE CAPITAL LLC - Form: X-17A-5 - Filed: 2026-03-16 - Period: 2025-12-31 - Accession: 0001883621-26-000002 - CIK: 1883621 - File #: 8-70805 - Type: Broker-dealer - Material weakness: No - Auditor: VICTOR MOKUOLU CPC PLLC - Auditor location: HOUSTON, TX - Contact: GARY CUCCIA - Phone: 732-713-9607 - Email: gary@finopcfo.com - Website: finopcfo.com - Signed by: JOHN POERINK (CHIEF EXECUITIVE OFFICER) Original filing: https://www.sec.gov/Archives/edgar/data/1883621/000188362126000002/aspenalpineedgar.pdf --- {0}------------------------------------------------ ## **FILED CONFIDENTIALLY** ## **ASPEN ALPINE CAPITAL, LLC** **Financial Statements and Supplemental Schedules Required by the U.S. Securities and Exchange Commission** **Including Independent Registered Public Accounting Firm's Report Thereon** **For the Year Ended December 31, 2025** {1}------------------------------------------------ #### ASPEN ALPINE CAPITAL, LLC #### FINANCIAL STATEMENTS, FORM X-17A-5, PART III, SUPPLEMENTAL INFORMATION, AND REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM #### DECEMBER 31, 2025 #### CONTENTS PAGE | FORM X-17A-5, PART III
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-2 | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------| | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
| 2 -
3 | | FINANCIAL STATEMENTS | | | Statement of Financial Condition
| 5 | | Statement of Operations
| 6 | | Statement of Changes in Member's Equity
| 7 | | Statement of Cash Flows
| 8 | | Notes to Financial Statements
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12 | | SUPPLEMENTAL INFORMATION
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Schedule 1
COMPUTATION OF NET CAPITAL UNDER RULE 15c3-1
| 13 | | Schedule II
Computation for Determination of the
Reserve Requirements Under
Securities and Exchange Commission Rule 15c3-3

Schedule III
Information
relating to the
Possession or Control Requirements Under the | 14 | | Securities and Exchange Commission Rule 15c3-3
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
| 14 | | EXEMPTION REPORT | 15 | | MANAGEMENT'S REPORT ON EXEMPTION ……………………………………………… | 16 | {2}------------------------------------------------ U NI T E D S T A T E S S E C U RI TI E S A N D E X C H A N G E C O M MI S SI O N W as hi n gt o n, D. C. 2 0 5 4 9 O M B A P P R O V AL O M B Nu m b er: 3 2 3 5- 0 1 2 3 Ex pir es: N o v . 3 0 , 2 0 2 6 Esti m at e d av er a g e bur d e n h o urs p er res p o ns e: 1 2 ## A N N U AL R E P O R T S F O R M X -1 7 A - 5 P A R T III | S E C FIL E N U M B E R | | |-------------------------|--| | 8-70805 | | | I
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_ | | | | | | #### T his fili n g \* \* co nt ai ns (c h ec k all a p plic a bl e bo x es): - ☐ (a) St at e m e nt of fi n a nci al c o n diti o n. - ☐ (b) N ot es t o c o ns oli d at e d st at e m e nt of fi n a nci al c o n diti o n. - ☐ (c) St at e m e nt of i nc o m e (l oss) or, if t h er e is ot h er c o m pr e h e nsi v e i nc o m e i n t h e p eri o d(s) pr es e nt e d, a st at e m e nt of c o m pr e h e nsi v e i nc o m e ( as d efi n e d i n § 2 1 0. 1 -0 2 of R e g ul ati o n S -X) . - ☐ ( d) St at e m e nt of c as h fl o ws. - ☐ ( e) St at e m e nt of c h a n g es i n st oc k h ol d ers' or p art n ers' or s ol e pr o pri et or's e q uit y. - ☐ (f) St at e m e nt of c h a n g es i n li a biliti es s u b or di n at e d t o cl ai ms of cr e dit ors. - ☐ ( g) N ot es t o c o ns oli d at e d fi n a nci al st at e m e nts. - ☐ (h) C o m p ut ati o n of n et c a pit al u n d er 1 7 C F R 2 4 0. 1 5c 3 -1 or 1 7 C F R 2 4 0. 1 8 a 1, as a p plic a bl e. - ☐ (i) C o m p ut ati o n of t a n gi bl e n et w ort h u n d er 1 7 C F R 2 4 0. 1 8 a -2. - ☐ (j) C o m p ut ati o n f or d et er mi n ati o n of c ust o m er r es er v e r e q uir e m e nts p urs u a nt t o Ex hi bit A t o 1 7 C F R 2 4 0. 1 5c 3 -3. - ☐ ( k) C o m p ut ati o n f or d et er mi n ati o n of s ec urit y-b as e d s w a p r es er v e r e q uir e m e nts p urs u a nt t o Ex hi bit B t o 1 7 C F R 2 4 0. 1 5c 3 -3 or Ex hi bit A t o 1 7 C F R 2 4 0. 1 8 a -4, as a p plic a bl e. - ☐ (l) C o m p ut ati o n f or D et er mi n ati o n of P A B R e q uir e m e nts u n d er Ex hi bit A t o § 2 4 0. 1 5c 3 3. - ☐ (m) I nf or m ati o n r el ati n g t o p oss essi o n or c o ntr ol r e q uir e m e nts f or c ust o m ers u n d er 1 7 C F R 2 4 0. 1 5c 3 -3. - ☐ (n) I nf or m ati o n r el ati n g t o p oss essi o n or c o ntr ol r e q uir e m e nts f or s ec urit y -b as e d s w a p c ust o m ers u n d er 1 7 C F R 2 4 0. 1 5c 3 -3( p)( 2) or 1 7 C F R 2 4 0. 1 8 a -4, as a p plic a bl e. - ☐ (o) R ec o ncili ati o ns, i ncl u di n g a p pr o pri at e ex pl a n ati o ns, of t h e F O C U S R e p ort wit h c o m p ut ati o n of n et c a pit al or t a n gi bl e n et w ort h u n d er 1 7 C F R 2 4 0. 1 5c 3 -1, 1 7 C F R 2 4 0. 1 8 a -1, or 1 7 C F R 2 4 0. 1 8 a -2, as a p plic a bl e, a n d t h e r es er v e r e q uir e m e nts u n d er 1 7 C F R 2 4 0. 1 5c 3 -3 or 1 7 C F R 2 4 0. 1 8 a -4, as a p plic a bl e, if m at eri al diff er e nc es exist, or a st at e m e nt t h at n o m at eri al diff er e nc es exist. - ☐ (p) S u m m ar y of fi n a nci al d at a f or s u bsi di ari es n ot c o ns oli d at e d i n t h e st at e m e nt of fi n a nci al c o n diti o n. - ☐ (q) O at h or affir m ati o n i n acc or d a nc e wit h 1 7 C F R 2 4 0. 1 7 a-5, 1 7 C F R 2 4 0. 1 7 a -1 2, or 1 7 C F R 2 4 0. 1 8 a -7, as a p plic a bl e . - ☐ (r) C o m pli a nc e r e p ort i n acc or d a nc e wit h 1 7 C F R 2 4 0. 1 7 a -5 or 1 7 C F R 2 4 0. 1 8 a -7, as a p plic a bl e. - ☐ (s) Ex e m pti o n r e p ort i n acc or d a nc e wit h 1 7 C F R 2 4 0. 1 7 a 5 or 1 7 C F R 2 4 0. 1 8 a -7, as a p plic a bl e. - ☐ (t) I n d e p e n d e nt p u blic acc o u nt a nt's r e p ort b as e d o n a n ex a mi n ati o n of t h e st at e m e nt of fi n a nci al c o n diti o n. - ☐ (u) I n d e p e n d e nt p u blic acc o u nt a nt's r e p ort b as e d o n a n ex a mi n ati o n of t h e fi n a nci al r e p ort or fi n a nci al st at e m e nts u n d er 1 7 C F R 2 4 0. 1 7 a -5, 1 7 C F R 2 4 0. 1 8 a -7, or 1 7 C F R 2 4 0. 1 7 a -1 2, as a p plic a bl e. - ☐ (v) I n d e p e n d e nt p u blic acc o u nt a nt's r e p ort b as e d o n a n ex a mi n ati o n of c ert ai n st at e m e nts i n t h e c o m pli a nc e r e p ort u n d er 1 7 C F R 2 4 0. 1 7 a -5 or 1 7 C F R 2 4 0. 1 8 a -7, as a p plic a bl e. - ☐ (w) I n d e p e n d e nt p u blic acc o u nt a nt's r e p ort b as e d o n a r evi e w of t h e ex e m pti o n r e p ort u n d er 1 7 C F R 2 4 0. 1 7 a 5 or 1 7 C F R 2 4 0. 1 8 a -7, as a p plic a bl e. - ☐ (x) S u p pl e m e nt al r e p orts o n a p pl yi n g a gr e e d-u p o n pr o ce d ur es, i n acc or d a nc e wit h 1 7 C F R 2 4 0. 1 5c 3 -1 e or 1 7 C F R 2 4 0. 1 7 a -1 2, as a p plic a bl e. - ☐ ( y) R e p ort d escri bi n g a n y m at eri al i n a d e q u aci es f o u n d t o exist or f o u n d t o h a v e exist e d si nc e t h e d at e of t h e pr evi o us a u dit, or a st at e m e nt t h at n o m at eri al i n a d e q u aci es exist, u n d er 1 7 C F R 2 4 0. 1 7 a -1 2( k). - ☐ (z) Ot h er: \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ - \* \* T o r e q u est c o nfi d e nti al tr e at m e nt of c ert ai n p orti o ns of t his fili n g, s e e 1 7 C F R 2 4 0. 1 7 a -5( e)( 3) or 1 7 C F R 2 4 0. 1 8 a -7( d)( 2), as a p plic a bl e. {4}------------------------------------------------ #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To: Member Aspen Alpine Capital, LLC. We have audited the financial statements of Aspen Alpine Capital, LLC. which comprise the statement of financial condition as of December 31, 2025, and the related statements of operations, changes in member's equity, and cash flows for the year ended December 31, 2025, and the related notes to the financial statements (collectively referred to as the "financial statements"). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Aspen Alpine Capital, LLC. as of December 31, 2025, and the results of its operations and its cash flows for the year ended December 31, 2025, in accordance with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements 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 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. #### **Supplemental Information** The Supplemental Information, which is comprised of Schedule I, Computation of Net Capital, under SEC Rule 15C3-1, Schedule II, Computation for Determination of the Reserve Requirements, and Schedule III, Information relating to the Possession or Control Requirements, both under Securities and Exchange Commission ("SEC") Rule 15c3-3 have been subject to audit procedures performed in conjunction with the audit of Aspen Alpine Capital LLC's financial statements. The Supplemental Information is the responsibility of Aspen Alpine Capital LLC's management. Our audit procedures included determining whether the Supplemental Information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the Supplemental Information, we evaluated whether the Supplemental Information, including its form and content, is presented in conformity with C.F.R. 240.17a-5. In our opinion, the Schedule I under SEC Rule 15c3-1, Computation of Net Capital, Schedule II, Computation for {5}------------------------------------------------ # VICTOR MOKUOLU, CPA PLLC **Accounting | Advisory | Assurance & Audit | Tax** Determination of the Reserve Requirements, and Schedule III, Information relating to the Possession or Control Requirements both under SEC Rule 15c3-3 are fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2024. Houston, Texas, **PCAOB ID: 6771** March 16, 2026 {6}------------------------------------------------ ## ASPEN ALPINE CAPITAL, LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 #### ASSETS | Cash | \$
10,270 | |----------------------------------------|--------------| | Accounts receivable | 800 | | Prepaid expenses and other assets | 1,001 | | TOTAL ASSETS | \$
12,071 | | LIABILITIES AND MEMBER'S EQUITY | | | LIABILITIES | | | Accrued expenses and other liabilities | \$
1,000 | | TOTAL LIABILITIES | 1,000 | | MEMBER'S EQUITY | 11,071 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$
12,071 | {7}------------------------------------------------ ## ASPEN ALPINE CAPITAL, LLC STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2025 | REVENUES | | |-------------------------|----------------| | Investment banking | - | | TOTAL REVENUES | \$
- | | EXPENSES | | | Professional fees | 22,000 | | Occupancy and equipment | 2,400 | | Regulatory fees | 1,215 | | Other expense | 527 | | TOTAL EXPENSES | 26,142 | | NET LOSS | \$
(26,142) | {8}------------------------------------------------ ## **ASPEN ALPINE CAPITAL, LLC STATEMENT OF CHANGES IN MEMBER'S EQUITY FOR THE YEAR ENDED DECEMBER 31, 2025** | BALANCE - DECEMBER 31, 2024 | \$
15,213 | |-----------------------------|--------------| | Net loss | (26,142) | | Capital Contribution | 22,000 | | BALANCE - DECEMBER 31, 2025 | \$
11,071 | {9}------------------------------------------------ ## **ASPEN ALPINE CAPITAL, LLC STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2025** | OPERATING ACTIVITIES | | |-----------------------------------------------------------------------------|----------------| | Net loss | \$
(26,142) | | Adjustments to reconcile net loss to net cash used in operating activities: | | | Decrease (Increase) in operating assets: | | | Accounts receivable | (800) | | Prepaid expenses and other assets | 1,163 | | Decrease in operating liabilities: | | | Accrued expenses and other liabilities | 988 | | TOTAL ADJUSTMENTS | 1,351 | | NET CASH USED BY OPERATIONS | (24,791) | | FINANCING ACTIVITIES | | | Capital contribution | 22,000 | | NET CASH PROVIDED BY FINANCING ACTIVITIES | 22,000 | | NET DECREASE IN CASH | (2,791) | | CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 13,061 | | CASH AND CASH EQUIVALENTS - END OF PERIOD | \$
10,270 | {10}------------------------------------------------ ## **1. Organization and Nature of Business** Aspen Alpine Capital, LLC (the "Company") is a securities broker-dealer located in New York State. It is registered with the Securities and Exchange Commission ("SEC") and a member of the Financial Industry Regulatory Authority ("FINRA"), both effective May 16, 2025. The Company was incorporated in the State of Delaware as of February 12, 2020, as Aspen Sky Capital LLC and then renamed to Aspen Alpine Capital LLC in April 20, 2020. It has a single-Member (the "Member"). The Company operates as a Capital Acquisition Broker ("CAB") with two lines of business: the private placement of securities; and providing associated advisory services. As a regulated Capital Acquisition Broker, the Company's operating activities are specified by SEC and FINRA regulations, including its authorized lines of business; investor accreditation criteria; and exemption from SEC Rule 15c3-3. A limited liability company is a hybrid business entity that combines the taxation feature of a flow-through entity, such as a partnership or sole proprietorship, with the loss limitation feature of a corporation. ## **2. Summary of Significant Accounting Policies** #### **Basis of Presentation** The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") as detailed in the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC"). ## **Use of Estimates** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported and disclosed in the financial statements. Actual results could differ from those estimates. #### **Cash** The Company maintains a bank account with a major financial institution. The Company's cash balance may at times exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limit of \$250,000. The cash balance of \$10,270 at December 31, 2025 did not exceed the FDIC limit. The Company has defined cash equivalents as highly liquid investments with original maturities of less than three months. There were no cash equivalents as of December 31, 2025. #### *Accounts Receivable* No allowance for doubtful accounts was required based upon the Company's assessment in accordance with ASC 326, Financial Instruments – Current Expected Credit Losses ("CECL"). This standard requires the immediate recognition of estimated credit losses expected over the life of the financial asset. {11}------------------------------------------------ #### *2. Summary of Significant Accounting Policies - continued* The Company's CECL evaluation considered factors such as historical experience; credit quality; terms; balances; current and future economic conditions; and other matters relevant to collectability. #### **Revenue Recognition** The Company recognizes revenues in accordance with ASC 606, Revenue from Contracts with Customers. Revenues are stated net of amounts deemed not probable of realization. The Company's methodology: - o A valid contract is approved by both parties, who are committed to its completion. - o The Company identifies its performance obligations under the contract terms. - o Contract revenue is subject to a realization assessment of myriad factors involving credit analysis, variable terms, economic, counterparty and future uncertainties. - o The Company's policy is to recognize income in the amount that is probable of realization, meaning both collectible and not a risk of subsequent reversal when current uncertainties are resolved. - o The Company allocates its realizable revenue among its performance obligations. - o As the Company satisfies its performance obligations under the contract, it recognizes the associated revenue amount. - o Customer billings made in accordance with contract terms may differ in timing from the appropriate revenue recognition amount, in which case the Company records an asset or liability balance to properly recognize revenues. Private placement fees are recognized as revenue when the associated performance obligations are completed, typically the closing date of the underlying placement transaction, subject to the Company's stated realization review. The Company updates its realization review of unrecognized revenues annually. Advisory fees relate to advisory services engagements. These fees are recognized at a point in time based upon a specified event or over time as work is performed, depending on the terms of the customer agreement. The Company may earn Private Placement fees in the form of rights to share in the "Carried Interest" that may be earned by other parties ("Rights") related to certain customer engagements. The Rights represent cash to be paid to the Company as fee income if certain conditions are met. These Rights are recognized as income at the point in time that the amount can be estimated, and realization is probable. #### **Costs** Direct costs related to customer engagements, such as sub-contracted services and governmental authority fees, are recognized in the same accounting period as the related revenues. In the event that a customer engagement is ended before completion, the associated engagement costs are written off. {12}------------------------------------------------ #### *2. Summary of Significant Accounting Policies - continued* #### **Income Taxes** As a single-Member LLC, the Company is treated as a disregarded entity for federal and New York State income tax purposes. Accordingly, the Member is personally responsible for the federal and state income taxes on the Company's taxable income. Therefore, no provision for federal and state income taxes was made in these financial statements. #### *3. Related Party Transactions* The Company rents its office from the Member at a cost of \$200 per month under a month-to-month agreement. Rent expense was \$2,400 for the period ended December 31, 2025. The balance payable as of December 31, 2025 was \$0. The Company made the short-term lease election to exempt its office lease from the accounting requirements of ASC 842, Leases. #### *4. Net Capital Requirements* The Company is subject to SEC Rule 15c3-1 Computation of Net Capital ("Rule 15c3-1"), which requires the maintenance of minimum Net Capital equivalent to the greater of \$5,000 or 6-2/3% of Aggregate Indebtedness at December 31, 2025, both as defined. Rule 15c3-1 also requires that the ratio of Aggregate Indebtedness to Net Capital shall not exceed 15 to 1. Further, Rule 15c3-1 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 \$10,070 which was \$5,070 in excess of its required minimum of \$5,000. The Company's ratio of Aggregate Indebtedness to Net Capital was .1 to 1. #### *5. Commitments and Contingencies* The Company may be involved in litigation, claims and regulatory actions arising out of its business as a securities broker-dealer. The Company is not aware of any such matters for the period ended December 31, 2025. The Company had no commitments, guarantees or indemnifications as of December 31, 2025. #### *6. Recently Issued Accounting Pronouncements* The Company is subject to ongoing revisions to the GAAP standards in effect applicable to the preparation of its financial statements. The Company has either evaluated or is currently evaluating the impact of pending FASB pronouncements. The Company believes that these future standards will not have a material impact on its financial statements. {13}------------------------------------------------ ## *6. Recently Issued Accounting Pronouncements (Continued)* The Financial Accounting Standards Board ("FASB") issued ASU 2023-07 on segment reporting effective for entities with fiscal years beginning after December 15, 2023. ## *Factors used to identify reportable segments and types of products and services from which reportable segment derives revenue* The Company has one reportable segment: investment banking / investment advisory consulting services. The Company receives revenue for investment banking / investment advisory consulting services where the Company will receive a consulting fee for services performed or success fee for consummated transactions. In 2025 the Company had no revenue from investment banking / investment advisory consulting service The Company derives revenue primarily in North America. ## *Title and position of the CODM* The Company's chief operating decision maker is the chief executive officer. #### *Measure of profit or loss and total assets* The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The Company's performance obligation is satisfied when the investment banking / advisor services are performed. #### *7.Going Concern Subsequent Events* John R Jonge Poerink, sole member of the Company, has funded the Company since its inception to ensure the broker/dealer is in compliance with the net capital rules. Going forward for the foreseeable future, John R Jonge Poerink has the means to fund the Company and is committed to fund the operations of the Company and make the necessary capital contributions required for the Company to be in compliance with the net capital rules. ## *8. Subsequent Events* The Company has evaluated subsequent events through the date the financial statements were issued. No material subsequent events occurred that were required to be recognized or disclosed in the Company's financial statements. {14}------------------------------------------------ #### ASPEN ALPINE CAPITAL, LLC ### SCHEDULE 1 COMPUTATION OF NET CAPITAL UNDER RULE 15C3-1 #### DECEMBER 31, 2025 | Net Capital | | |-------------------------------------------------------------------------------------|--------------| | Total member's equity from the Statement of Financial Condition | \$
11,071 | | Nonallowable assets from the Statement of Financial Condition | 1,001 | | Net capital before haircuts | 10,070 | | Haircuts | - | | Net capital | \$
10,070 | | Total aggregate indebtedness | \$
1,000 | | Computation of basic net capital requirement | | | Net capital requirement (greater of \$5,000
or 6-2/3% of aggregate indebtedness) | \$
5,000 | | Excess net capital | \$
5,070 | | Net capital less greater of 10% of total aggregate | | | indebtedness or 120% of net capital required | \$
6,000 | | Percentage of aggregate indebtedness to net capital | 9.93% | The net capital computed above and the Company's computation of net capital on its December 31, 2025 FOCUS Report - Part IIA agree. As a result, no reconciliation is necessary. See report of Independent Registered Public Accounting Firm. {15}------------------------------------------------ #### **ASPEN ALPINE CAPITAL, LLC** #### **SCHEDULE** II #### **COMPUTATION FOR DETERMINATION OF THE RESERVE REQUIREMENTS UNDER THE SECURITIES AND EXCHANGE COMMISSION RULE SEC 15c3-3** #### **December 31, 2025** The· Company is not required to file the above schedule as it is exempt from Securities and Exchange Commission Rule 15c3-3 under paragraph (k)(2)(ii) of the rule and does not hold customers' monies or securities. #### **SCHEDULE** III #### **INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS UNDER THE SECURITIES AND EXCHANGE COMMISSION RULE SEC 15c3-3** #### **December 31, 2025** The Company is not required to file the above schedule as it is exempt from Securities and Exchange Commission Rule 15c3-3 under paragraph (k)(2)(ii) of the rule and does not hold customers' monies or securities. See report of Independent Registered Public Accounting Firm. {16}------------------------------------------------ ## VICTOR MOKUOLU, CPA PLLC **Accounting | Advisory | Assurance & Audit | Tax** #### **Report of the Independent Registered Public Accounting Firm** To: The Member Aspen Alpine Capital, LLC. We have reviewed management's statements, included in the accompanying Aspen Alpine Capital LLC's Exemption Report ("the Exemption Report"). The exemption report is prepared pursuant to footnote 74 of Securities and Exchange Commission ("SEC") Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5(d)(1) and (4). To the best of its knowledge and belief, Aspen Alpine Capital LLC ("the Company") states the following: - 1. The Company does not claim an exemption under paragraph (k) of 17 C.F.R §240. 15c3.-3; and: - 2. The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because: - I. the Company limits its business activities exclusively to engaging in activities permitted for capital acquisition brokers ("CAB") as defined in FINRA's CAB rules and approved for membership in FINRA as a CAB - II. did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers. - III. did not carry accounts of or for customers; and - IV. did not carry PAB accounts (as defined in Rule 15c3-3) (together, the exemption provisions). We have also reviewed management's statements, included in the Exemption Report, in which the Company stated that it met the identified exemption provisions throughout the year ending December 31, 2025, without exception. The Company's management is responsible for compliance with the provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions pursuant to footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. Houston, Texas March 16, 2026 {17}------------------------------------------------ #### INE CAPITAL LLC TION REPORT DED DECEMBER 31, 2025 ASPEN ALPI EXEMРТ FISCAL YEAR ENI is a registered broker-dealer subject to Rule 17a-5 mmission (17 C.F.R. §240.17a-5, "Reports to be made cion Report was prepared as required by 17 C.F.R. §240.17a-5(d)(1) and (4). Aspen Alpine Capital, LLC (the "Company") promulgated by the Securities and Exchange Cor by certain brokers and dealers"). This Exempt pany states the following: To the best of its knowledge and belief, the Com - exemption under paragraph (k) of 17 C.F.R. § 240. (1) The Company does not claim an 15c3-3, and - 1on Report relying on Footnote 74 of the SEC Release ts to 17 CFR S 240 17a-5 because. (2) The Company is filing this Exempt No 34-70073 adonting amendmen - sition brokers ("CAB") as defined in FINRA's CAВ abership in FINRA as a CAB; siness activities exclusively to engaging in activities permitted for capital acqui: rules and approved for men (i) the Company limits its bus - cly or indirectly receive, hold, or otherwise owe funds mers: (ii) the Company did not direct or securities for or to custon - accounts of or for customers; and (iii) the Company did not carry - PAB accounts, as defined in SEC Rule 15c3-3. (iv) the Company did not carry pove statements throughout the most recent fiscal year exception. The Company complied with the at ended December 31, 2025 without 1 #### Aspen Alpine Capital, LLC dge and belief, this Exemption Report is true and I, John Poerink, affirm that, to my best knowled correct Date: 310200 20 John Poerink Chief Executive Officer Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.