# HEG SECURITIES, LLC X-17A-5 (2025-11-26) — Broker-dealer annual report

- Company: HEG SECURITIES, LLC
- Form: X-17A-5
- Filed: 2025-11-26
- Period: 2025-09-30
- Accession: 0002011217-25-000004
- CIK: 2011217
- File #: 8-71212
- Type: Broker-dealer
- Material weakness: No
- Auditor: WithumSmith & Brown, PC
- Auditor location: Whippany, NJ
- Contact: Ilina Stamova
- Phone: 212-668-8700
- Email: istamova@acisecure.com
- Website: acisecure.com
- Signed by: Christopher Cercy (CEO)

Original filing: https://www.sec.gov/Archives/edgar/data/2011217/000201121725000004/hegpublicaudit.pdf

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12

| ANNUAL REPORTS |
|----------------|
| FORM X-17A-5   |
| PART III       |

|  |         |  | SEC FILE NUMBER |  |
|--|---------|--|-----------------|--|
|  | 8-71212 |  |                 |  |

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 09/23/24 AND ENDING 09/30/25 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: HEG SECURITIES, LLC TYPE OF REGISTRANT (check all applicable boxes): @ Broker-dealer □ Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 660 Steamboat Rd, 4th Floor (No. and Street) Greenwich 06830 CT (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING Ilina Stamova (212) 668-8700 istamova@acisecure.com (Name) (Area Code - Telephone Number) (Email Address) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* WithumSmith+Bown, PC (Name – if individual, state last, first, and middle name) 200 Jefferson Park, Suite 400 Whippany NJ 07981 (Address) (State) (Zip Code) (City) 10/08/2003 100 (PCAOB Registration Number, if applicable) (Date of Registration with PCAOB)(if applicable) FOR OFFICIAL USE ONLY

\* Claims for exemption from the requirement that the annual 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.

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## OATH OR AFFIRMATION

| Christopher Cercy                                              | , swear (or affirm) that, to the best of my knowledge and belief, the                                                                                                          |       |
|----------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|
| financial report pertaining to the firm of HEG Securities, LLC |                                                                                                                                                                                | as of |
| 0/20<br>2006                                                   | Comments of the considered on the many construction of the contribution of the contribution of the contribution of the contribution of the contribution of the contribution of |       |

2 025 , 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.

Signature: Title: CFO

Notary Public

## This filing\*\* contains (check all applicable boxes):

- a) Statement of financial condition.
- (b) Notes to consolidated statement of financial condition.
- □ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).
- 0 (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.
- | | |) 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.
- [1) 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 capible net worth under 17 CFR 240.15c3-1, 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.
- | | 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 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 240.17a-12, as applicable.
- □ (y) Report describing any material inadequacies 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(d)(2), as applicable.

{2}------------------------------------------------

## REPORT ON AUDIT OF FINANCIAL STATEMENT

FOR THE PERIOD FROM SEPTEMBER 23, 2024 (DATE OF REGISTRATION) THROUGHOUT SEPTEMBER 30, 2025

This report is deemed PUBLIC in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934

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## TABLE OF CONTENTS

## FOR THE PERIOD SEPTEMBER 23, 2024 (DATE OF REGISTRATION) THROUGHOUT SEPTEMBER 30, 2025

| Report of Independent Registered Public Accounting Firm |     |  |
|---------------------------------------------------------|-----|--|
| Statement of Financial Condition                        |     |  |
| Notes to the Statement of Financial Condition           | 3-6 |  |

{4}------------------------------------------------

![](_page_4_Picture_0.jpeg)

## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Members and Those Charged with Governance of HEG Securities, LLC:

## Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of HEG Securities, LLC (the "Company") as of September 30, 2025, 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 the Company as of September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

## Basis for Opinion

This financial statement is the responsibility of the Company'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 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 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 statement. Our audit also included evaluating principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Company's auditor since 2025.

New York, New York

November 26, 2025

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# STATEMENT OF FINANCIAL CONDITION

SEPTEMBER 30, 2025

| ASSETS                                                                                                                                                                                                 |    |                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----|--------------------------------------------------------|
| Cash                                                                                                                                                                                                   | S  | 227,606                                                |
| Due from Clearing Firm                                                                                                                                                                                 |    | 423,744,025                                            |
| Securities Owned at Fair Value                                                                                                                                                                         |    | 425,001,577                                            |
| Securities Purchased Under Agreements to Resell                                                                                                                                                        |    | 368,665,458                                            |
| Other Assets                                                                                                                                                                                           |    | 15,002                                                 |
| Total assets                                                                                                                                                                                           | ಳಿ | 1,217,653,668                                          |
| LIABILITIES AND MEMBER'S EQUITY<br>Liabilities:<br>Accounts Payable and Accrued Expenses<br>Securities Sold Short at Fair Value<br>Securities sold under agreements to repurchase<br>Total liabilities | S  | 142,791<br>421,640,791<br>788,444,018<br>1,210,227,600 |
| Members' Equity                                                                                                                                                                                        |    | 7,426,068                                              |
| Total liabilities and members' equity                                                                                                                                                                  | ಳ  | 1,217,653,668                                          |

The accompanying footnotes are an integral part of this financial statement.

{6}------------------------------------------------

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{7}------------------------------------------------

### NOTES TO THE FINANCIAL STATEMENT

### FOR THE PERIOD SEPTEMBER 23, 2024 (DATE OF REGISTRATION) THROUGHOUT SEPTEMBER 30, 2025

### Note 2 - Summary of Significant Accounting Policies (Continued)

#### Use of Estimates f)

The preparation of financial statements in conformanagement to make estimates and assumptions that affect the reported anounts of assets and liabilities and contingent as the date of the financial statements, and the reported anounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

### Note 3 - Valuation of Investment in Securities, at Fair Value

Fair value is defined as the price that would be received to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date.

In determining fair value, the Company uses various. A fair value herarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the inputs by requiring that the most observable inputs are to be used when available. Valuation techniques that are consistent with the market to measure fair value. The fair value. The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 – Valuations based on unadjusted quoted prices in active markets for liabilities that the Company has the ability to access.

Level 2 – Valuations based inputs, other than quoted prices included in Level 1, that are observable either directly.

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The availability of valuation techniques and observable inputs can vary to security and is affected by a wide variety of factors including, the type of security, whether the security is new and not yet established in the marketplace, and other charteristics particular to the extent that valuation is based on models or inputs that are unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent that may be ultimately realized due to the occurrences that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower that would have been used had a ready market for the existed. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for securities categorized in Level 3. In cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement.

Fair value is a market-hased from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the neasurenent date. The Company uses prices and inputs that are current as of the masset dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many investments.

U.S. Government Securities. U.S. government securities are valued market prices. Valuation adjustments are not applied. Accordingly, U.S. government securities are generally categorized in level 1 of the fair value hierarchy.

The fair value of a reverse repurchase agreement is computed using a standard cash flow discounting methodology. The inputs to the valuation include contractual cash flows and collateral fusing various benchmarks, interest rate yield curves, and option volatilities. In instances where the inputs are deemed significant, reverse repurchase agreements and repurchase agreements are categorized in level 3 of the fair value hierwise, they are categorized in level 2 of the fair value hierarchy.

The following table presents the investment of Financial Condition by level within the valuation hierarchy as of September 30, 2025-

|                                                       | Level 1 |             | Level 2 |                | Level 3 |  | Balance as of<br>September 30, 2025 |               |
|-------------------------------------------------------|---------|-------------|---------|----------------|---------|--|-------------------------------------|---------------|
| Assets                                                |         |             |         |                |         |  |                                     |               |
| U.S. Treasury and                                     |         |             |         |                |         |  |                                     |               |
| Agency Securities                                     | S       | 425,001,577 | \$      |                | S       |  | S                                   | 425,001,577   |
| Securities purchased<br>under agreements to           |         |             |         |                |         |  |                                     |               |
| resell                                                |         |             |         | 368,665,458    |         |  |                                     | 368,665,458   |
|                                                       | S       | 425,001,577 | ડે      | 368,665,458 \$ |         |  | S                                   | 793,667,035   |
| Liabilities<br>U.S. Treasury and<br>Agency Securities | \$      | 421,640,791 | \$      |                | \$      |  | \$                                  | 421,640,791   |
| Securities sold under<br>agreements to<br>repurchase  |         |             |         | 788,444,018    |         |  |                                     | 788,444,018   |
|                                                       |         |             |         |                |         |  |                                     |               |
|                                                       | S       | 421,640,791 | S       | 788,444,018    | S       |  | 5                                   | 1,210,084,809 |

{8}------------------------------------------------

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