# NORTH CAPITAL AGENCY BROKERAGE, LLC X-17A-5 (2026-06-24) — Broker-dealer annual report - Company: NORTH CAPITAL AGENCY BROKERAGE, LLC - Form: X-17A-5 - Filed: 2026-06-24 - Period: 2026-03-31 - Accession: 0001999236-26-000005 - CIK: 1999236 - File #: 8-71176 - Type: Broker-dealer - Material weakness: No - Auditor: Jennifer Wray CPA PLLC - Auditor location: Sugar Land, TX - Contact: James Dowd - Phone: 415-336-3660 - Email: jdowd@northcapital.com - Website: northcapital.com - Signed by: James Dowd (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1999236/000199923626000005/NCABPublic2026.pdf --- {0}------------------------------------------------ # **FINANCIAL STATEMENT AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** **Filed Pursuant to Rule 17a-5(e)(3) Under the Securities Exchange Act of 1934 As a public document** **March 31, 2026** {1}------------------------------------------------ #### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** OMBAPPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # **ANNUAL REPORTS FORM X-17A-5 PART Ill** | SEC FILE NUMBER | | |-----------------|--| | 8-71176 | | **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 | 08/13/25
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MM/DD/YY | | 03/31/26 | | | | | | ----------- | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | | North Capital Agency Brokerage, LLC
NAME OF FIRM: ____________________________ | | | | _ | | TYPE OF REGISTRANT (check all applicable boxes):
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□ Broker-dealer
□ Security-based swap dealer
□ 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.) | | | | | | 623 E Fort Union Blvd., Suite 101 | | | | | | | {No. and Street) | | | | | Salt Lake City | UT | | | 84047 | | {City) | {State) | | | {Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | James Dowd | 415-336-3660 | | | jdowd@northcapital.com | | {Name) | {Area Code - Telephone Number) | | {Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Jennifer Wray CPA PLLC | | | | | | | {Name - if individual, state last, first, and middle name) | | | | | 800 Bonaventure Way, Suite 168 | Sugar Land | | TX | 77479 | | (Address)
11/30/2016 | (City) | 6328 | {State) | (Zip Code) | | | | | | | | * Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public | FOR OFFICIAL USE ONLY | | | | 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.** {2}------------------------------------------------ #### OATH OR AFFIRMATION | James Dowd
I, __________________ | __, swear (or affirm) that, to the best of my knowledge and belief, the | | |-----------------------------------------------|-----------------------------------------------------------------------------------|-------| | financial
report pertaining to the firm of | North Capital Agency Brokerage, LLC | as of | | March 31
026
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__, 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. | | ~ | |---------------|---| | SignatureA-1\ | | | Title:
CEO | ~ | #### **This filing\*\* contains (check all applicable boxes):** - □ (a) Statement offinancial 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. - □ U) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - □ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - □ (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - □ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - □ (o) Reconciliations, including 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}------------------------------------------------ # **TABLE OF CONTENTS** | | Page No. | |---------------------------------------------------------|-------------| | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 1 | | FINANCIAL STATEMENT | | | Statement of Financial Condition | 2 | | Notes to Financial Statement | 3
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5 | {4}------------------------------------------------ #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To member of North Capital Agency Brokerage LLC, #### **Opinion on the Financial Statements** We have audited the accompanying statement of the financial condition of North Capital Agency Brokerage LLC as of March 31, 2026, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of North Capital Agency Brokerage LLC as of March 31, 2026, in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** This financial statement is the responsibility of North Capital Agency Brokerage LLC's management. Our responsibility is to express an opinion on North Capital Agency Brokerage LLC's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to North Capital Agency Brokerage LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial 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. Jennifer Wray CPA PLLC We have served as North Capital Agency Brokerage LLC's auditor since 2025. Sugar Land, Texas June 18, 2026 {5}------------------------------------------------ # **STATEMENT OF FINANCIAL CONDITION MARCH 31, 2026** #### Assets | Cash
Securities Owned
Prepaid Expenses | \$
\$ | 20,458
255,481
1,462 | |--------------------------------------------------------------------------|----------|----------------------------| | Total Assets | \$ | 277,401 | | Liabilities and Member's Equity | | | | Liabilities
Accounts payable and accrued expenses
Due to affiliate | \$ | 6,000
7,137 | | Total liabilities | | 13,137 | | Member's equity | | 264,264 | | Total Liabilities and Member's Equity | \$ | 277,401 | See accompanying notes to financial statement. {6}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENT March 31, 2026** ### Note 1 **Organization and nature of business** North Capital Agency Brokerage, LLC (the "Company") was incorporated in Delaware on October 11, 2023 and registered as a broker-dealer with the Securities and Exchange Commission pursuant to Section 15c of the Securities Exchange Act of 1934 on August 13, 2025. The Company is currently located in Salt Lake City, Utah and its primary business is that of a securities broker-dealer that engages services on behalf of clients for the purchase and/or sale of securities and private placements. #### Note 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"). #### **Allowance for credit losses** The Company adheres to the guidance under FASB ASC 326 which uses a current expected credit loss ("CECL") model to ascertain allowance for credit losses. The allowance for credit losses is based on the Company's expectation of the collectability of its receivables utilizing the CECL framework. The Company considers factors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company's expectation of the collectability in determining the allowance for credit losses. Per management's analysis, no allowance for credit losses was considered necessary as of March 31, 2026. # **Segment reporting** The Company operates as a single line of business as a securities broker-dealer, which is comprised of acting as a capital acquisition broker. The Company has identified its CEO as the Chief Operating Decision Maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital, which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay distributions. The Company's operations constitute a single operating segment and therefore, a single reporting segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. # **Revenue recognition** The Company adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"). The revenue recognition guidance requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance requires an entity to follow a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, {7}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENT March 31, 2026** # Note 2 **Summary of significant accounting policies (continued)** ### **Revenue recognition (continued)** (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation in determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. Accounts receivable at March 31, 2026 are \$0. There are no contract liabilities as of March 31, 2026. #### **Income taxes** The Company is a single member limited liability company. The Internal Revenue Code ("IRC") provides that any income or loss is passed through to the member for federal and state income tax purposes. Accordingly, the Company has not provided for federal, state, or local income taxes. The Financial Accounting Standards Board ("FASB") has issued a standard that clarifies the accounting and recognition of income tax positions taken or expected to be taken in the Company's income tax returns. The Company has analyzed tax positions taken for filing with the Internal Revenue Service and all state jurisdictions where it operates. The Company believes that income tax positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse affect on the Company's financial condition, results of operations or cash flows. Accordingly, the Company has not recorded any reserves or related accruals for interest and penalties for uncertain income tax positions. At March 31, 2026, management has determined that the Company had no uncertain tax positions that would require financial statement recognition. This determination will be subject to ongoing reevaluation as facts and circumstances may require. The Company is no longer subject to federal, state, or local tax examinations by taxing authorities for years before 2023. #### **Use of estimates** Management uses estimates and assumptions in preparing financial statements. Those estimates and assumptions affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported revenues and expenses during the reporting period. Actual results could differ from those estimates. # **Fair value of financial instruments** The carrying amounts of financial instruments, including cash and accounts payable and accrued expenses, approximates fair value due to the short term maturities of these assets and liabilities. {8}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENT March 31, 2026** #### Note 3 **Net capital requirements** The Company is subject to the Securities and Exchange Commission's Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of a minimum net capital balance and requires that the Company's aggregate indebtedness to net capital, as defined, shall not exceed 15 to 1, 8 to 1 as a first year broker dealer. At March 31, 2026 the Company's net capital was \$257,692 which was \$252,692 in excess of its required net capital of \$5,000. The Company's aggregate indebtedness to net capital was 0.05 to 1. ### Note 4 **Commitments and Contingencies** The Company does not have any commitments, guarantees or contingencies including arbitration or other litigation claims that may result in a loss or future obligation. The Company is not aware of any threats or other circumstances that may lead to the assertion of a claim at a future date. # Note 5 **Concentrations of Credit Risk** The Company maintains cash in one bank account in the US, which, at times, may exceed federally insured limits. The Company is subject to credit risk to the extent any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. #### Note 6 **Related Party Transactions** The Company shares employees, contractors and technology services with North Capital Investment Technology, Inc. (NCIT) under an expense sharing agreement. At March 31, 2026, the Company owed NCIT \$7,137, as shown on the Statement of financial condition as due to affiliate. #### Note 7 **Subsequent events** Management has evaluated events through June 18, 2026, the date on which the financial statements were available to be issued. There were no subsequent events that required disclosures and/or adjustments. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.