# ADMIRAL SECURITIES LLC X-17A-5 (2026-02-04) — Broker-dealer annual report - Company: ADMIRAL SECURITIES LLC - Form: X-17A-5 - Filed: 2026-02-04 - Period: 2025-12-31 - Accession: 0001957871-26-000004 - CIK: 1957871 - File #: 8-71028 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville & Co. - Auditor location: Dallas, TX - Contact: Gideon Magnus - Phone: 7737995260 - Signed by: Gideon Magnus (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1957871/000195787126000004/ADMLAUDIT2.pdf --- {0}------------------------------------------------ ## Admiral Securities LLC REPORT PURSUANT TO RULE 17a-5(d) FOR THE PERIOD FROM INCEPTION OF BROKER-DEALER ACTIVITIES (OCTOBER 21, 2024) TO DECEMBER 31, 2025 {1}------------------------------------------------ OMB APPROVAL UNITED STATES OMB Number: 3235-0123 SECURITIES AND EXCHANGE COMMISSION Expires: Nov. 30, 2026 Washington, D.C. 20549 Estimated average burden hours per response: 12 ANNUAL REPORTS T FORM X-17A-5 8-71028 PART Il 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 1 0/21/2024 AND ENDING 1 2/31 /2025 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION nave of rrw: Admiral Securities LLC TYPE OF REGISTRANT (check all applicable boxes): [\*) Broker-dealer [ Security-based swap dealer ] Major security-based swap participant O Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 110 W. 96th Street, Apt. 10A (No. and Street) New York New York 10025 (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING Gideon Magnus 773-799-5260 GMMagnum@Admiral. Trade (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, #3100 Dallas Texas 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 | 1, Gideon Magnus | swear (or affirm) that, to the best of my knowledge and belief, the | |-------------------------------------------------------|----------------------------------------------------------------------------------| | financial report pertaining to the firm of December31 | as of | | 2025 | istrue and correct. 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. Signature: %A/ Title: &7 Chief Executive Officer ### 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 240.15¢3-1 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 240.15¢3-3. - (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15¢3-3 or Exhibit Ato 17 CFR 240.18a-4, as applicable. - (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15¢3-3. - (m) Information relating to possession or control requirements for customers under 17 CFR 240.15¢3-3. - (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15¢3-3(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 240.15¢3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15¢3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. O (z) Other: OmOmWOomm mnw 1w 0O momomo 8] - (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-/, 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 240.173-12, 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 240.15¢3-1¢ or 17 CFR 240.17a-12, as applicable. - O (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 240.173-12(k). - - "\*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}------------------------------------------------ ## Admiral Securities LLC # CONTENTS | | | PAGE | |---------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | 1-2 | | STATEMENT OF FINANCIAL CONDITION | | 3 | | STATEMENT OF OPERATIONS | | 4 | | STATEMENT OF CHANGES IN MEMBER'S EQUITY | | 5 | | STATEMENT OF CASH FLOWS | | 6 | | NOTES TO FINANCIAL STATEMENTS | | 7-8 | | SUPPLEMENTAL INFORMATION | | | | Schedule I:
Schedule 1l &III: | Computation of Net Capital Under Rule
15¢3-1 of the Securities and Exchange
Commission
Computation for Determination of Reserve
Requirements and Information Relating to
Possession or Control Requirements Under 15¢3-3 | 10-11 | | | Of the Securities and Exchange Commission | 12 | | | REVIEW REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ON MANAGEMENT'S EXEMPTION REPORT | 13-14 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ## Report of Independent Registered Public Accounting Firm To the Member and Those Charged With Governance Admiral Securities, LLC ## Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Admiral Securities, LLC (the Company) as of December 31, 2025, the related statements of operations, changes in member's equity, and cash flows for the year then ended, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company 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 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 U.S. federal securities laws and the applicable rules and requlations 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. 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 supplementary information contained in Schedule |, Computation of Net Capital Under SEC Rule 15¢3-1, Schedule Il, Computation for Determination of Reserve Requirements Under SEC Rule 15¢3-3, and Schedule IlI, Information Relating to the Possession or Control Requirements Under SEC Rule 15¢3-3 has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the > 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {5}------------------------------------------------ responsibility of the Company'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 17 C.F.R. § 240.17a-5. In our opinion, the supplementary information contained in Schedule |, Computation of Net Capital Under SEC Rule 15¢3-1, Schedule Il, Computation for Determination of Reserve Requirements Under SEC Rule 15¢3-3, and Schedule I1I, Information Relating to the Possession or Control Requirements Under SEC Rule 15¢3-3 is 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. Sanville & Company, LLC Dallas, Texas January 29, 2026 {6}------------------------------------------------ Admiral Securities LLC Statement of Financial Condition December 31, 2025 ### ASSETS | Cash and cash equivalents
Prepaid expenses | 243 446
\$
426 | |-----------------------------------------------|----------------------| | | 243872
\$ | ## LIABILITIES AND MEMBER'S EQUITY | Liabilities
Accounts payable, related party
Accrued expenses | 3829
\$
10 | |--------------------------------------------------------------------|------------------| | Total liabilties | 3839 | | Member's equity | 240,033 | | Total Liabilities and Member's Equity | 243,872
\$ | The accompanying notes are an integral part of these financial statements. Page 3 {7}------------------------------------------------ ## Admiral Securities LLC Statement of Income For the Period From Inception of Broker-Dealer Activities (October 21, 2024) to December 31, 2025 ### Revenues | Dividend income | | |----------------------------|--------------| | 20,885 | | | Other income | 20 | | Total Revenues | 20,905 | | Expenses | | | Professional fees | | | 135,287 | | | Regulatory expenses | 4,665 | | Software subscriptions | 71723 | | Data Services | 160,196 | | Insurance | 393 | | Clearing charges | 10,000 | | General and administrative | 9.239 | | | 391,503 | | Netloss | §_ (370.598) | The accompanying notes are an integral part of these financial statements. Page 4 {8}------------------------------------------------ ### Admiral Securities LLC Statement of Changes in Member's Equity For the Period From Inception of Broker-Dealer Activities (October 21, 2024) to December 31, 2025 Balances at October 21, 2024 \$ 450,000 Non-cash contributions 90,571 Contributions 70,060 Net loss (370.598 Balances at December 31, 2025 \$ 240,033 The accompanying notes are an integral part of these financial statements. {9}------------------------------------------------ ## Admiral Securities LLC Statement of Cash Flows For the Period From Inception of Broker-Dealer Activities (October 21, 2024) to December 31, 2025 | Cash flows from operating activities | | |-----------------------------------------------------------------------------------------|-----------------| | Netloss | \$
(370,598) | | Non-cash contribution | 90,571 | | Adjustments to reconcile net income to net cash | | | provided (used) by operating activities:
Change in operating assets and liabilities: | | | Increase in prepaid expenses | (426) | | Increase in accounts payable, related party | 3829 | | Increase in accrued expenses | 10 | | Net cash and cash equivalents used in operating activities | (276,614) | | Cash flows from investing activities | | | Net cash and cash equivalents provided by investing activities | | | Cash flows from financing activities | | | Capital contributions | 70.060 | | Net cash and cash equivalents provided by financing activities | 70,060 | | Net decrease in cash and cash equivalents | (208,921) | | Cash and cash equivalents at beginning of period | 450,000 | | Cash and cash equivalents at end of period | \$
243,446 | | Supplemental schedule of cash flow information | | | Cash paid during the period for: | | | Interest | | | Income taxes | | The accompanying notes are an integral part of these financial statements. Page 6 {10}------------------------------------------------ Admiral Securities LLC Notes to Financial Statements December 31, 2025 #### Note 1- Summary of Significant Accounting Policies Admiral Securities LLC (the "Company') was organized under the laws of the State of Delaware as a limited liability company. The duration of the Company shall be perpetual, unless terminated earlier in accordance with regulations of the Company. Each member's liability is limited to his capital account balance. The Company is a broker-dealer in securities registered with the Securities and Exchange Commission ('SEC') and operates under footnote 74 to SEC Release 34-70073. The Company is also a member of the Financial Industry Regulatory Authority ('FINRA'). The Company intends to operate an Altemnative Trading System (ATS) to facilitate the trading of National Market System (NMS) securities at such time regulatory approval is provided. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. The Company considers all liquid financial instruments with original maturities of ninety days or less and not pledged or otherwise restricted as cash equivalents. Management records an allowance for bad debts based on a collectability review of specific accounts. Any receivables deemed uncollectible are written off against the allowance. The Company's net income will be taxed at the member level rather than at the corporate level for federal income tax purposes. Any potential interest and penalty associated with a tax contingency, should one arise, would be included as a component of income tax expense in the period in which the assessment arises. The Member's federal and state income tax retums are subject to examination over various statutes of limitations generally ranging from three to five years. #### Note 2- Net Capital Requirements Pursuant to the net capital provisions of Rule 15¢3-1 of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined under such provisions. Net capital and the related net capital ratio may fluctuate on a daily basis. As of December 31, 2025, the Company had net capital of approximately \$234,760 and net capital requirements of \$5,000. The Company's ratio of aggregate indebtedness to net capital was 0.02 to 1. The Securities and Exchange Commission permits a ratio of no greater than 15to 1. Note 3- Commitments, Contingencies or Guarantees {11}------------------------------------------------ The Company did not have any commitments, contingencies, guarantees, lawsuits, arbitration claims or other such matters to report for its fiscal year ended December 31, 2025. > Admiral Securities LLC Notes to Financial Statements December 31, 2025 #### Note 4 - Seqment Reporting. The Accounting Standards Update (ASU) 2023-07 issued by the Financial Accounting Standards Board (FASB) introduced enhancements to segment reporting requirements for public entities, including broker-dealers. The update aimed to improve the transparency and usefulness of financial disclosures for investors and other stakeholders. ASU 2023-07 disclosure requirements are effective for fiscal years starting after December 15, 2024. The chief operating decision maker is the Chief Executive Officer of the Company and determined that no additional disclosures are required as the Company has only one reportable segment. #### Note 5- Cash and Cash Equivalents The Company considers highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value to be cash equivalents. #### Note 6 - Related Party Transactions The Company had a payable of \$3,829 due to its parent company as of December 31, 2025. This payable arose from the parent's payment of initial start-up costs on behalf of the Company during the year. The parent subsequently made a non-cash capital contribution of \$30,571 to the Company, to reflect the reimbursement and capitalization of these expenses. The payable is non-interest-bearing, unsecured, and due on demand. No amounts were written off or allowances recorded related to this balance during the period. {12}------------------------------------------------ Supplemental Information Pursuant to Rule 17a-5 of the Securities Exchange Act of 1934 asof December 31, 2025 {13}------------------------------------------------ ### Schedule | | Admiral Securities LLC | |----------------------------------------------| | Computation of Net Capital Under Rule 15¢3-1 | | of the Securities and Exchange Commission | | As of December 31, 2025 | | | # COMPUTATION OF NET CAPITAL | \$
240,033 | |---------------| | | | | | 21391 | | | | | | 426 | | 239,607 | | | | (4.847) | | \$
234,760 | | | | | | 3829 | | 10 | | 3,83 | | \$ | {14}------------------------------------------------ ### Schedule | (continued) | Admiral Securities LLC | |----------------------------------------------| | Computation of Net Capital Under Rule 15¢3-1 | | of the Securities and Exchange Commission | | As of December 31, 2025 | # COMPUTATION OF BASIC NET CAPITAL REQUIREMENT | Minimum net capital required (6-2/3% of total
aggregate indebtedness) | | |-------------------------------------------------------------------------------|---------------| | Minimum dollar net capital requirement of
reporting broker or dealer | | | Net capital requirement (greater of above two
minimum requirement amounts) | | | Net capital in excess of required minimum | \$
229,760 | | Excess net capital at 1000% | | | Ratio: Aggregate indebtedness to net capital | | # RECONCILIATION WITH COMPANY'S COMPUTATION There were no differences in the computation of net capital under Rule 15¢3-1 from the Company's computation. {15}------------------------------------------------ ### Admiral Securities LLC Computation for Determination of Reserve Requirements And Information Relating to Possession or Control Requirements Under 15¢3-3 of the Securities and Exchange Commission As of December 31, 2025 The Company is considered a "Non-Covered Firm" exempt from 15¢3-3 by relying on footnote 74 to SEC Release 34- 70073 and therefore, is not required to maintain a "Special reserve bank account for the Exclusive benefit of customers." {16}------------------------------------------------ ### Admiral Securities LLC Exemption Report Admiral Securities LLC (the "Company') is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. §240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: - (1) The Company is considered "Non-Covered Firm" exempt from 17 C.F.R. §240.15¢3-3 and is fiing an Cxemption Report relying on footnote 74 to SCC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by the SEC staff. The Company limits its business activities exclusively to: (1) operating an alternative trading system (ATS) to facilitate the trading of National Market System (NMS) securities. - @ The Company (1) did not directly or indirectly receive, hold or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15¢2-4; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15¢3-3), throughout the most recent fiscal year without exception. 1, Gideon Magnus, swear (or affirm) that, to my best knowledge and belief, this exemption report is true and correct. Regards, Gideon Magnus, Chief Executive Officer Date of Report: January 19, 2026 {17}------------------------------------------------ REVIEW REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON MANAGEMENT'S EXEMPTION REPORT Required By SEC Rule 172-5 > Year Ended December 31, 2025 {18}------------------------------------------------ ![](_page_18_Picture_0.jpeg) ### Report of Independent Registered Public Accounting Firm To the Member and Those Charged With Governance Admiral Securities, LLC We have reviewed the accompanying Exemption Report of Admiral Securities, LLC (the Company) as of and for the fiscal year ended December 31, 2025, in which management asserts that: 1. The Company did not claim an exemption under any paragraph of 17 C.F.R. § 240.15¢3-3(k): 2. The Company is filing this Exemption Report in reliance on Footnote 74 of SEC Release No. 34-70073 because it limited its securities business activities to (1) operating an alternative trading system (ATS) to facilitate the trading of National Market System (NMS) securities throughout the fiscal year ended December 31, 2025 exclusively to the activities described in that footnote; and 3. Throughout the fiscal year ended December 31, 2025, the Company: (i) did not receive, hold. or owe funds or securities for or to customers (except amounts received and promptly transmitted in accordance with 17 C.F.R. § 240.15c2-4(a) or (b)(2)); (ii) did not carry accounts of or for customers; and (jii) did not carry proprietary accounts of other broker-dealers. Management of the Company is responsible for the assertions in the Exemption Report and for compliance with the applicable requirements. We conducted our review in accordance with attestation standards established by the Public Company Accounting Oversight Board (United States). A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion. Based on our review, nothing came to our attention that caused us to believe that management's assertions referred to above are not fairly stated, in all material respects, based on the requirements set forth in Footnote 74 of SEC Release No. 34-70073 and related provisions of Rule 17a-5. Sunvile 9'(&»70(1)7, 2L Sanville & Company, LLC Dallas, Texas January 29, 2026 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.