# BARINGS SECURITIES LLC X-17A-5 (2026-05-06) — Broker-dealer annual report

- Company: BARINGS SECURITIES LLC
- Form: X-17A-5
- Filed: 2026-05-06
- Period: 2025-12-31
- Accession: 0000930012-26-000004
- CIK: 930012
- File #: 8-47589
- Type: Broker-dealer
- Material weakness: No
- Auditor: KPMG, LLP
- Auditor location: New York, NY
- Contact: Christopher Thomas
- Phone: 980-420-0021
- Email: christopher.thomas@barings.com
- Website: barings.com
- Signed by: Christopher Thomas (Treasurer)

Original filing: https://www.sec.gov/Archives/edgar/data/930012/000093001226000004/2025.pdf

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## BARINGS SECURITIES LLC

(A Wholly Owned Subsidiary of Barings LLC)

Financial Statements and Supplemental Schedules

December 31, 2025

(With Report of Independent Registered Public Accounting Firm Thereon)

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| 008-47589 |  |
|-----------|--|

| 01/01/25<br>12/31/25             |                   |     |                                |
|----------------------------------|-------------------|-----|--------------------------------|
|                                  |                   |     |                                |
|                                  |                   |     |                                |
| Barings                          | Securities<br>LLC |     |                                |
| ■                                |                   |     |                                |
|                                  |                   |     |                                |
| 300<br>South<br>Tryon<br>Street, | Suite<br>2500     |     |                                |
|                                  |                   |     |                                |
| Charlotte                        | NC                |     | 28202                          |
|                                  |                   |     |                                |
|                                  |                   |     |                                |
| Christopher<br>Thomas            | 980-417-5881      |     | christopher.thomas@barings.com |
|                                  |                   |     |                                |
|                                  |                   |     |                                |
| KPMG,<br>LLP                     |                   |     |                                |
|                                  |                   |     |                                |
| 375<br>Ninth<br>Avenue           | New<br>York       | NY  | 10001                          |
| 10/20/2003                       |                   | 185 |                                |
|                                  |                   |     |                                |
|                                  |                   |     |                                |

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#### OATH OR AFFIRMATION

| Christopher Thomas                                                |  |  | swear (or affirm) that, to the best of my knowledge and belief, the |       |
|-------------------------------------------------------------------|--|--|---------------------------------------------------------------------|-------|
| financial report pertaining to the firm of Barings Securities LLC |  |  |                                                                     | as of |
| 19101                                                             |  |  |                                                                     |       |

12/31 , 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:

Treasurer

## 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 240.15c3-1 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.
- = (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.
- | | 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.
- | | | 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.
- | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 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)(2), as applicable.

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|                      | &1<;>@;2:01<1:01:@&135?@1>10%A.85///;A:@5:35>9<br>                                                            |      |
|                      | '@-@191:@;25:-:/5-8;:05@5;:<br>                                                                               |      |
|                      | '@-@191:@;2:/;91!;??<br>                                                                                      |      |
|                      | '@-@191:@;24-:31?5:"19.1>K?=A5@E<br>                                                                          |      |
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|                      | D19<@5;:&1<;>@2;>@415?/-8,1->:0101/19.1><br>                                                                  |      |

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![](_page_4_Picture_0.jpeg)

KPMG LLP One Financial Plaza 755 Main Street Hartford, CT 06103

## **Report of Independent Registered Public Accounting Firm**

To the Member and Those Charged with Governance Barings Securities LLC:

### *Opinion on the Financial Statements*

We have audited the accompanying statement of financial condition of Barings Securities LLC (the Company) as of December 31, 2025, the related statements of income (loss), changes in member's equity, and cash flows for the year then ended, and the related notes (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 U.S. generally accepted accounting principles.

### *Basis for Opinion*

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these 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 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 statements are 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 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.

## *Accompanying Supplemental Information*

The supplemental information contained in Schedules I, II, and III has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the 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 supplemental information contained in Schedules I, II, and III is fairly stated, in all material respects, in relation to the financial statements as a whole.

![](_page_4_Picture_11.jpeg)

We have served as the Company's auditor since 2004.

Hartford, Connecticut February 25, 2026

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# BARINGS SECURITIES LLC (A Wholly Owned Subsidiary of Barings LLC) Statement of Changes in Member's Equity Year Ended December 31, 2025

|                           | Units  | Member's<br>capital | Additional<br>paid-in<br>capital | Accumulated<br>deficit | Total<br>equity |
|---------------------------|--------|---------------------|----------------------------------|------------------------|-----------------|
| Balance December 31, 2024 | 600 \$ | 6                   | 19,619,442                       | (16,862,373)           | 2,757,075       |
| Contributed capital       |        |                     | 871,508                          |                        | 871,508         |
| Net loss                  |        |                     |                                  | (913,635)              | (913,635)       |
| Balance December 31, 2025 | 600 \$ | 6                   | 20,490,950                       | (17,776,008)           | 2,714,948       |

See accompanying notes to financial statements

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| #1@8;??<br>                                                    |      |
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| :/;91@-D>1/15B-.81<-E-.812>;9-22585-@1                         | <br> |
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### BARINGS SECURITIES LLC (A Wholly Owned Subsidiary of Barings LLC) Notes to Financial Statements December 31, 2025

### Note 5. Broker Dealer - Single Reportable Segment

The Company is engaged in a single line of business as a securities broker-deal, which operates with the limited purpose of being a placement agent in offerings of interest in the Private Funds managed by Barings LLC and other affiliated entities. The Company has identified its Treasurer and Chief Compliance Officer as the chief operating decision makers ("CODM"), who use financial results to manage the Company. Additionally, the CODM use excess net capital, which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy. The Company's operations constitute a single operating segment and therefore, a single reportable 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 same as those described in the summary of significant accounting policies.

The Company had no revenues during the year ended December 31, 2025. Refer to the Company's Statement of Income (Loss) for the segment expenses for the year ended December 31, 2025. Also refer to the Company's Statement of Financial Condition for the segment assets for the year ended December 31, 2025.

### Note 6. Related Party Transactions

The Company has an agreement with the Member under which the Member provides the Company with management, administrative facilities, and services, including the use of the Member's sales personnel. As part of this agreement, the Member acts as the Company's paying agent for payment of the Company's expenses. Fees for these services are based on the Company's pro rata use of the Member's personnel, applied to those allocable expenses incurred by the Member. These expenses primarily include compensation expense, payroll taxes and benefits, occupancy, and office services.

In addition, the Member reimburses the Company for its allocated expenses through a non-cash capital contribution in the form of forgiveness of amounts due for allocated expenses in order to allow the Company to meet its required minimum capital amounts. Accordingly, the statement of financial condition and the related statements of operations and cash flows may not be indicative of the financial position of the Company at December 31, 2025 and its results of operations and its cash flows for the year then ended had the Company operated as an independent entity. In 2025, under the terms of the expense agreement, the Member allocated \$871,508 of expenses to the Company. The Member reimbursed the Company for its allocated expenses in the form of forgiveness through a non-cash capital contribution of \$871,508.

The Company is compensated for MassMutual's use of the tax losses created by the non-cash expenses allocated to the Company from, and paid for the Company by, the Member. Allocated expense amounts for the year ended December 31, 2025 resulted in a tax benefit of approximately \$183,017, based on the federal effective tax rate of 21%. This tax benefit amount is included in the income tax benefit reflected on the statement of operations for the year ended December 31, 2025. As of December 31, 2025, the Company has an income tax receivable from MassMutual in the amount of \$24,279.

#### Note 7. Income Taxes

Income taxes due to government authorities are based on the Company's best estimate of its current and deferred tax liabilities (DTL). Deferred income taxes are provided for temporary differences that exist between financial reporting and tax bases of assets and liabilities. The Company difference for prepaid expenses. The effective tax rate is different from the prevailing corporate U.S. federal tax rate primarily due to permanent differences caused by items such as state taxes.

The Company is included in a consolidated U.S. federal income tax return with MassMutual and its eligible U.S. subsidiaries. The Company also files income tax returns in various states and foreign jurisdictions. MassMutual, and its eligible subsidiaries and certain affiliates (the Parties), including the Company, have executed and are subject to a written tax allocation agreement). The Agreement sets forth the manner in which the total combined

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| -<5@-8	"19.1>?1=A5@E                                                                               | <br> |
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| 10A/@5;:?	:;:-88;C-.81-??1@?                                                                       |      |
| :/;91@-D>1/15B-.812>;9-22585-@1?                                                                   | <br> |
| %>1<-501D<1:?1?-:0;@41>-??1@?                                                                      | <br> |
| #1@/-<5@-8                                                                                         | <br> |
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| 33>13-@15:01.@10:1??                                                                               | <br> |
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| D/1??:1@/-<5@-8                                                                                    | <br> |
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| &-@5;;2-33>13-@15:01.@10:1??@;:1@/-<5@-8                                                           | @;   |

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{14}------------------------------------------------

### BARINGS SECURITIES LLC (A Wholly Owned Subsidiary of Barings LLC) Schedule II

Computation for Determination of Reserve Requirements Under Rule 15c3-3 of the Securities and Exchange Commission December 31, 2025

The Company operates pursuant to the exemptive provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5.

See accompanying report of independent registered public accounting firm.

{15}------------------------------------------------

#### BARINGS SECURITIES LLC (A Wholly Owned Subsidiary of Barings LLC) Schedule III

Information for Possession or Control Requirements Under Rule 15c3-3 of the Securities and Exchange Commission December 31, 2025

The Company operates pursuant to the exemptive provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5.

See accompanying report of independent registered public accounting firm.

{16}------------------------------------------------

![](_page_16_Picture_0.jpeg)

KPMG LLP One Financial Plaza 755 Main Street Hartford, CT 06103

## **Report of Independent Registered Public Accounting Firm**

To Those Charged with Governance Barings Securities LLC:

We have reviewed management's statements, included in the accompanying Exemption Report (the Exemption Report), in which (1) Barings Securities LLC (the Company) did not claim an exemption under paragraph (k) of 17 C.F.R. § 240.15c3-3 and (2) is filing the Exemption Report pursuant to footnote 74 of SEC Release No. 34- 70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to: (1) effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company, (2) participating in distributions of securities (other than firm commitment underwritings) in accordance with the requirements of paragraphs (a) or (b)(2) of Rule 15c2-4, and the Company 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 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company*;* did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) (together, the exemption provisions). We have also reviewed management's statements, included in the Exemption Report, in which the Company stated that it met the identified exemption provisions throughout the year ended December 31, 2025 without exception*.* The Company's management is responsible for compliance with the exemption provisions and its statements.

Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, pursuant to footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5.

![](_page_16_Picture_7.jpeg)

Hartford, Connecticut February 25, 2026

{17}------------------------------------------------

![](_page_17_Picture_0.jpeg)

## **Barings Securities LLC Exemption Report**

Barings 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 does not claim an exemption under paragraph (k) of 17 C.F.R. §240.15c3-3, and
- (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to: (1) effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company (2) participating in distributions of securities (other than firm commitment underwritings) in accordance with the requirements of paragraphs (a) or (b)(2) of Rule 15c2-4; and 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 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company); (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception.

Barings Securities LLC

I, Christopher Thomas, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct.

By: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Title: FINOP & Treasurer

February 25, 2026


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.