# LINCOLN FINANCIAL DISTRIBUTORS, INC. X-17A-5 (2026-03-30) — Broker-dealer annual report - Company: LINCOLN FINANCIAL DISTRIBUTORS, INC. - Form: X-17A-5 - Filed: 2026-03-30 - Period: 2025-12-31 - Accession: 0000019033-26-000001 - CIK: 19033 - File #: 8-13431 - Type: Broker-dealer - Material weakness: No - Auditor: Ernst & Young LLP - Auditor location: Philadelphia, PA - Contact: Megan Vogt Omoruyi - Phone: (336) 691-4670 - Email: megan.omoruyi@lfg.com - Website: lfg.com - Signed by: Megan Vogt Omoruyi (AVP, Financial and Operational Principal) Original filing: https://www.sec.gov/Archives/edgar/data/19033/000001903326000001/2025lfdannualpublic.pdf --- {0}------------------------------------------------ ### 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 | |-----------------| | 8-13431 | 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 01/01/2025 | | AND ENDING | 12/31/2025 | |--------------------------------------------|---|------------|------------| | | . | | . | MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION # мамє оғ ғіям: Lincoln Financial Distributors, Inc. 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.) | | | 130 N. Radnor-Chester Rd | | |--|--|--------------------------|--| |--|--|--------------------------|--| | (No. and Street) | | | | |--------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------| | PA | | | 19087 | | (State) | | | (Zip Code) | | | | | | | | | | Megan.Omoruyi@lfg.com | | | | | | | | | | | | | | | | | | | PA | 19103 | | (City) | | (State) | (Zip Code) | | | 42 | | | | | | | (PCAOB Registration Number, if applicable) | | | | | | | (Date of Registration with PCAOB)(if applicable) | PERSON TO CONTACT WITH REGARD TO THIS FILING
336-691-4670
(Area Code - Telephone Number)
2005 Market Street, Suite 700 Philadelphia
FOR OFFICIAL USE ONLY | B. ACCOUNTANT IDENTIFICATION | (Email Address)
INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
(Name - if individual, state last, first, and middle name) | 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. {1}------------------------------------------------ #### OATH OR AFFIRMATION swear (or affirm) that, to the best of my knowledge and belief, the I, Megan Vogt Omoruyi financial report pertaining to the firm of Lincoln Financial Distributors, Inc. December 31 , 2025 \_ 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. Megan Vogt Omorning Signature: Title: AVP, Financial and Operational Principal ### 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). - O (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. - □ (j) 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. - 0 (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - O (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-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 240.18a-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. - | - □ (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. - \_ 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 240.170-5(e)(2), as applicable. {2}------------------------------------------------ ### Lincoln Financial Distributors, Inc. Statement of Financial Condition and Related Notes Year Ended December 31, 2025 ### Table of Contents | | Page | |------------------------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) | | | Statement of Financial Condition | | | Notes to Statement of Financial Condition | | {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) ## Report of Independent Registered Public Accounting Firm To the Shareholder and the Board of Directors of Lincoln Financial Distributors, Inc. ### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Lincoln Financial Distributors, Inc. (the Company) as of December 31, 2025 and the related notes (the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company at December 31, 2025, in conformity with U.S. generally accepted accounting principles. ### Basis for Opinion This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company'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 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 the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 1967 Philadelphia, Pennsylvania March 30, 2026 {4}------------------------------------------------ ## Lincoln Financial Distributors, Inc. Statement of Financial Condition (in thousands, except for share data) | | | As of December 31, | | |----------------------------------------------------------|-----|--------------------|--| | | | 2025 | | | ASSETS | | | | | Cash and invested cash | િને | 10,374 | | | Commissions and fees receivable from third parties | | 31,406 | | | Other assets | | 32 | | | Total assets | ಕೊ | 41,812 | | | | | | | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | | | Liabilities | | | | | Due to affiliates | ಮಿ | 31,183 | | | Other liabilities | | 1,019 | | | Total liabilities | | 32,202 | | | | | | | | Stockholder's Equity | | | | | Common stock - \$25 par value; 10,000 shares authorized; | | | | | 8,000 shares issued and outstanding | | 200 | | | Additional paid-in capital | | 17,632 | | | Accumulated deficit | | (8,222) | | | Total stockholder's equity | | 9,610 | | | Total liabilities and stockholder's equity | ಮಿ | 41,812 | | | | | | | See accompanying Notes to Statement of Financial Condition {5}------------------------------------------------ #### Lincoln Financial Distributors, Inc. Notes to Statement of Financial Condition (in thousands) #### 1. Nature of Operations, Basis of Presentation, Summary of Sigmificant Accounting Policies and New Accounting Standards #### Nature of Operations Lincoln Financial Distributors, Inc. ("LFD" or the "Company," which also may be referred to as "we," is a registered broker-dealer that is engaged in the business of wholesaling financal services products, such as mutual funds, closed-end funds, variable life insurance and variable , through financial intermediaries, including brokers, planners, agents, financal advisers, third-party administrators, financial institutions and other intermediaties. LFD does not solicit or sell products directly to the general public and is registered to conduct broker-dealer activities nationwide. I.FD is a wholly owned subsidiary of The Lincoln National Life Insurance Company ("LNL"), which is wholly owned by Lincoln National Corporation ("LNC"). LFD serves as the principal underwriter for all variable annuity products issued by its affiliates, LNL and Lincoln Life & Annuity Company of New York ("LLANY"). Additionally, LFD serves as the principal underwriter for the Lincoln Variable Insurance Products Trust (the "LVIP Trust"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The LVIP Trust is comprised of separate series (the "LVIP Funds") that are investment options for the variable life insurance and variable annuty products offered to policyholders of LNL, LLANY and certain unaffliated insures. Lincoln Financial Investments Corporation ("LF"), a wholly owned subsidiary of LNL and an affiliate of LFD, serves as the investment advisor to each LVIP Fund. Further, LFD serves as the principal underwriter for Lincoln Bain Capital Total Credit Fund and Lincoln Partners Group Royalty Fund (together, the "Closed-End Funds"), each of which is a closed-end management company registered under the 1940 Act. LFI serves as the investment advisor for each of the Closed-End Funds. The Company's business is reliant upon its relationship with LNL and LLANY. Therefore, the Company's financial condition could be materially different if the Company operated on a stand-alone basis. #### Basis of Presentation The accompanying statement of financial condition is prepared in accordance with United States of America generally accepted accounting principles ("GAAP"). Cettain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized below. The Company and other affiliated entities that provide services to the Common ownership and management control. The existence of this control could result in the Company's operating results or benincantly different from those that would have been obtained if the Company were autonomous. #### Summary of Significant Accounting Policies and New Accounting Standards #### Accounting Estimates and Assumptions The preparation of the statement of financial conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and the disclosures of contingent assets and liabilities as of the date of the statement of financial condition. Those estimates and actual results could differ from those estimates. #### Cash and Invested Cash Cash and invested cash is carried at cost, which approximates fair value, and includes highly liquid investments in money marker funds and/or investments purchased with an original maturity of three months or less. 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| | #### **2 0#.2#+13#+10** !,9,20809?0A,7@,?0/>@->0<@09?0A09?>1:=?30:8;,9D?3=:@23!,=.3 ?30/,?0?30>?,?0809?:1149,9.4,7.:9/4?4:9B,> ,A,47,-70?:-04>>@0/ !,9,20809?4>9:?,B,=0:1,9D>@->0<@09?0A09?>?3,?B:@7/=0<@4=0=0.:294?4:9:=/4>.7:>@=049?30>?,?0809?:1 149,9.4,7.:9/4?4:9:==07,?0/9:?0> Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.