# EDGAR Filing Document

**Accession Number:** 0001102673
**File Stem:** 0001102673-26-000002
**Filing Date:** 2026-3
**Character Count:** 2746
**Document Hash:** a41494e4c79d998a7e768679f9adef06
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001102673-26-000002.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001102673-26-000002

**CONFORMED SUBMISSION TYPE**: X-17A-5

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**EFFECTIVENESS DATE**: 20260331

**PERIOD START**: 20250101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARATHON CAPITAL MARKETS, LLC
- **CENTRAL INDEX KEY:** 0001102673

**ORGANIZATION NAME:**
- **EIN:** 113517144
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** X-17A-5
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 008-52256
- **FILM NUMBER:** 26819888

**BUSINESS ADDRESS:**
- **STREET 1:** 200 W. MADISON STREET
- **STREET 2:** SUITE 3700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-858-4706

**MAIL ADDRESS:**
- **STREET 1:** 200 W. MADISON STREET
- **STREET 2:** SUITE 3700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARATHON CAPITAL MARKETS, INC.
- **DATE OF NAME CHANGE:** 20031209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MADISON MERCHANT PARTNERS, INC.
- **DATE OF NAME CHANGE:** 20020802

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MADISON MERCHANT PARTNERS, INC
- **DATE OF NAME CHANGE:** 20020731

### Attached PDF Documents

**Attachment 1:** `marp122025.pdf`

_No text found in this document._

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

## FORM X-17A-5

### ANNUAL AUDITED REPORT

### Filer Information

**Filer CIK:** 0001102673

**Filer CCC:** XXXXXXXX

**Is this a LIVE or TEST filing?:** LIVE

**Would you like a Return Copy?:** No

### Submission Information

**Report Period Begin Date:** 01-01-2025

**Report Period End Date:** 12-31-2025

**Type of Registrant:** Broker-dealer

**Any material weaknesses identified?:** No

### Registrant Identification

**Name of Broker-Dealer:** MARATHON CAPITAL MARKETS, LLC

**Business Address:** 200 W. MADISON STREET, SUITE 3700, CHICAGO, IL, 60606

**Contact Person:** Hemal Patel

**Contact Phone:** 312-989-1354

### Independent Public Accountant Identification

**Accountant Name:** RSM US LLP

**Accountant Address:** 30 S Wacker Drive Suite 3300, Chicago, IL, 60606

**Accountant Type:** Certified Public Accountant

### OATH OR AFFIRMATION

I, **Philippe Lavertu**, swear (or affirm) that, to the best of my knowledge and belief, the accompanying financial statements and supporting schedules pertaining to the firm of **MARATHON CAPITAL MARKETS, LLC**, as of **12-31-2025**, are true and correct.

**Signature:** Philippe Lavertu

**Title:** Chief Financial Officer