# BENEFIT FINANCE SECURITIES, LLC X-17A-5 (2026-03-05) — Broker-dealer annual report - Company: BENEFIT FINANCE SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-03-05 - Period: 2025-12-31 - Accession: 0001060345-26-000003 - CIK: 1060345 - File #: 8-50982 - Type: Broker-dealer - Material weakness: No - Auditor: Anders Minkler Huber & Helm LLP - Auditor location: St. Louis, MO - Contact: Meghan Godwin - Phone: 314-729-2200 - Email: edoherty@bancorpservices.com - Website: bancorpservices.com - Signed by: Erin Elizabeth Doherty (CEO & CCO) Original filing: https://www.sec.gov/Archives/edgar/data/1060345/000106034526000003/bfsformx17a5partIII_1.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ANNUAL REPORTS | |----------------| | FORM X-17A-5 | | PART I | OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER 8-50982 FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | 01/01/2025
FILING FOR THE PERIOD BEGINNING
12/31/2025
AND ENDING
MM/DD/YY
MM/DD/YY
A. REGISTRANT IDENTIFICATION
NAME OF FIRM: Benefit Finance Securities, LLC
TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer
Security-based swap dealer
Major security-based swap participant
Check here if respondent is also an OTC derivatives dealer
ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use
a P.O. box no.)
14605 N. 73rd St.
(No. and Street)
Scottsdale
AZ
85260
(City)
(State)
(Zip Code)
PERSON TO CONTACT WITH REGARD TO THIS FILING
Erin Doherty
480-676-6400
edoherty@bancorpservices.com
(Name)
(Area Code -Telephone Number)
(Email Address)
B. ACCOUNTANT IDENTIFICATION
INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Anders Minkler Huber and Helm LLP
(Name - if individual, state last, first, and middle name)
800 Market Street
St. Louis
63101
MO
(Address)
(City)
(State)
(Zip Code)
01/25/2005
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(PCAOB Registration Number, if applicable) | | | | \* Claims for exemption from the requirement that the annual reports be covered by the 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 uniess the form displays a currently valid OMB control number. {1}------------------------------------------------ OATH OR AFFIRMATION 1, Erin Doherty financial swear (or affirm) that, to the best of my knowledge and belief, the December report 31 pertaining to the firm of Benefit Finance Securities, LLC \_ as of ,2 025 is true and correct. Ifurther swear (or affirm) that neither the company nor any as partner, that of officer, a customer. director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely Sipstie AR Title: Chief Executive Officer This filing\*\* contains (check all applicable boxes): - (a) Statement of financial condition. - (b) Notes to consolidated statement of financial condition. - comprehensive (c) Statement of income income (as (loss) or, if there is other comprehensive income in the period{s) presented, a statement of § 210.1-02 of Regulation S-х). (d) Statement of cash flows. - defined in - - 미 - - - - - (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 - Exhibit A to 17 CFR for 240.18a-4, determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or 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. - - - 240.15c3-3(p)(2) (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR or 17 CFR 240.18a-4, as applicable. - worth (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net 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. - - - 미 - - Π - (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. - 미 (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. {2}------------------------------------------------ # Benefit Finance Securities, LLC Financial Statements with Supplemental Schedules And Report of Independent Registered Public Accounting Firm December 31, 2025 {3}------------------------------------------------ # TABLE OF CONTENTS | INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S REPORT | 1-2 | |--------------------------------------------------------------------------------------------------------------------|------| | FACING PAGE | 3 | | OATH OR AFFIRMATION | 4 | | FINANCIAL STATEMENTS | | | STATEMENT OF FINANCIAL CONDITION | 5 | | STATEMENT OF INCOME | 6 | | STATEMENT OF CHANGES IN MEMBER'S EQUITY | 7 | | STATEMENT OF CASH FLOWS | 8 | | NOTES TO FINANCIAL STATEMENTS | 9-12 | | SUPPLEMENTAL SCHEDULES | | | SCHEDULE 1: COMPUTATION OF NET CAPITAL IN ACCORDANCE
WITH RULE 15c3-1 UNDER THE SECURITIES EXCHANGE ACT OF 1934 | 13 | | SCHEDULE 2: EXEMPTION REPORT | 14 | | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 15 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # Report of Independent Registered Public Accounting Firm Member Benefit Finance Securities, LLC St. Louis, Missouri #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Benefit Finance Securities, LLC (a Missouri limited liability company) as of December 31, 2025, and the related statements of income, changes in member's equity, and cash flows for the year then ended, and the related notes and schedule (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Benefit Finance Securities, LLC as of December 31, 2025, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion These financial statements are the responsibility of Benefit Finance Securities, LLC's management. Our responsibility is to express an opinion on Benefit Finance Securities, LLC's 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 Benefit Finance Securities, 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 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. THE POWER TO DREAM BIG St. Louis 800 Market Street, Suite 500 St. Louis, MO 63101-2501 #### Chesterfield 16090 Swingley Ridge Road, Suite 220 Chesterfield, MO 63017-2064 p 314.655.5500 f 314.655.5501 anderscpa.com {5}------------------------------------------------ # Auditors' Report on Supplemental Information The Schedule 1: Computation of Net Capital, Aggregate Indebtedness, and Ratio of Aggregate Indebtedness to Net Capital Under Rule 15c3-1 has been subjected to audit procedures performed in conjunction with the audit of Benefit Finance Securities, LLC's financial statements. The supplemental information is the responsibility of Benefit Finance Securities, LLC'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 Schedule 1: Computation of Net Capital, Aggregate Indebtedness, and Ratio of Aggregate Indebtedness Under Rule 15c3- 1 is fairly stated, in all material respects, in relation to the financial statements as a whole. Ander Minalwrfiular & thiles e We have served as Benefit Finance Securities, LLC's auditor since 2005. St. Louis, Missouri 2/25/2026 {6}------------------------------------------------ # Benefit Finance Securities, LLC Statement of Financial Condition December 31, 2025 | Assets | | | |----------------------------|------------|--| | Current assets: | | | | Cash and cash equivalents | \$ 686,200 | | | Prepaid FINRA renewal fees | 17,932 | | | FINRA deposits | 4,820 | | | Total current assets | 708,952 | | | | | | #### Liabilities and Member's Equity | Current liabilities: | | |---------------------------------------|--------------| | Accrued expense | \$
23,000 | | Accounts payable | 2,000 | | Due to related party | 880 | | Total current liabilities | 25,880 | | | | | Member's Equity | 683,072 | | Total liabilities and member's equity | \$ 708,952 | {7}------------------------------------------------ # Benefit Finance Securities, LLC Statement of Income # For the Year Ended December 31, 2025 | Revenue | | |-------------------------------------|---------------| | Product compensation | \$ 3,295,344 | | Policy administration | 71,831 | | Plan administration | 20,000 | | Interest income | 14,126 | | Total Revenue | 3,401,301 | | Expenses | | | Administrative services support fee | 40,000 | | Bank charges | 1,098 | | Office services | 120,000 | | Professional fees | | | Taxes and licenses | 26,967 | | Training and education | 24,340
880 | | Total Expenses | 213,285 | | | | | Net Income | \$ 3,188,016 | {8}------------------------------------------------ # Benefit Finance Securities, LLC Statement of Changes in Member's Equity For the Year Ended December 31, 2025 | December 31, 2024 | \$ 475,056 | |-------------------|-------------| | Distributions | (2,980,000) | | Net Income | 3,188,016 | | December 31, 2025 | \$ 683,072 | {9}------------------------------------------------ # Benefit Finance Securities, LLC Statement of Cash Flows For the Year Ended December 31, 2025 | Cash flows from operating activities: | | |-----------------------------------------------------------------------------------|--------------| | Net income | \$ 3,188,016 | | Adjustments to reconcile net income to net cash provided by operating activities: | | | Change in assets- (increase) decrease | | | Prepaid FINRA renewal fees | (266) | | FINRA deposits | 1,137 | | Product compensation receivable | 205,766 | | Change in liabilities- increase (decrease) | | | Accounts payable | 2,000 | | Due to related party | 375 | | Due to affiliate | (327,232) | | Accrued expenses | 1,000 | | | | | Net cash provided by operating activities | 3,070,796 | | | | | Cash flows from financing activities: | | | Distributions to member | (2,980,000) | | | | | Net cash used in financing activities | (2,980,000) | | Net increase in cash and cash equivalents | 90,796 | | | | | Cash and cash equivalents at beginning of year | 595,404 | | Cash and cash equivalents at end of year | \$ 686,200 | | | | {10}------------------------------------------------ # Note 1: Summary of Significant Accounting Policies #### Nature of Business Benefit Finance Securities, LLC (the "Company") is a limited liability company formed in 1997 under the laws of the State of Missouri. The Company is a wholly-owned subsidiary of Bancorp Services, LLC ("Bancorp"). The Company is registered with the Securities and Exchange Commission (the "SEC") as a broker-dealer selling variable life insurance annuities and private placements. Also, the Company provides plan administration services for these variable life insurance contracts. The Company is a member of the Financial Industry Regulatory Authority ("FINRA") and operates under the exemptive provisions of SEC Rule 15c3-3(k)(1). The latest date upon which the Company is to dissolve is December 31, 2050. #### Basis of Presentation The accompanying financial statements have been prepared in accordance with the provisions of Financial Accounting Standards Board ("FASB"), Accounting Standards Codification, (the "FASB ASC"), which is the source of authoritative, nongovernmental accounting principles generally accepted in the United States of America ("GAAP"). All references to authoritative accounting guidance contained in our disclosures are based on the general accounting topics within the FASB ASC. #### Use of Estimates in Financial Statements The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. #### Fair Value Measurements The Company adopted "FASC 820, Fair Value Measurements", which defines fair value, established a framework for measuring fair value in GAAP, and expands disclosures about fair value investments. This guidance applies whenever fair value is the applicable measurement. The three general valuation techniques used to measure fair value are the market approach, cost approach, and income approach. The guidance establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into Levels 1, 2, and 3. Level 1 inputs consist of unadjusted quoted prices in active markets for identical instruments and have the highest priority. Level 2 inputs include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or inputs other than quoted prices that are directly or indirectly observable. Level 3 inputs are unobservable and are given the lowest priority. Carrying amounts of certain financial instruments such as cash and cash equivalents, receivables, and accrued expenses approximate fair value due to their short maturities or because the terms are similar to market terms. #### Cash and Cash Equivalents The Company considers all short term investments with an original maturity of three months or less at the time of purchase to be cash equivalents. {11}------------------------------------------------ # Note 1: Summary of Significant Accounting Policies (Continued) #### Product Compensation Receivable Product compensation receivables are uncollateralized customer obligations due under normal trade terms. Beginning January 1, 2023, the carrying amount of receivables is reduced by an allowance that reflects management's best estimate of the current expected credit losses. The estimate of the allowance for credit losses is based on an analysis of historical loss experience, current receivables aging, and management's assessment of current conditions and expected changes during a reasonable and supportable forecast period. The Company uses an aging method to estimate allowances for credit losses. Management assesses collectability by pooling receivables with similar risk characteristics and evaluates receivables individually when specific customer balances no longer share those risk characteristics. An allowance for credit losses was not considered necessary at December 31, 2025. #### Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and receivables. The Company maintains its cash primarily with one financial institution. Deposits in interest bearing accounts at this bank are fully insured by the Federal Deposit Insurance Corporation ("FDIC"). The Company performs ongoing credit evaluations of its customers, as needed, for potential credit losses. Although the Company is directly affected by the financial stability of its customer base, management does not believe significant credit risk exists at December 31, 2025. #### Revenue Recognition The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. The Company receives commissions from the sale of certain corporate life insurance products. The Company's revenue from premium related commissions is recognized at the premiums are paid. The Company's revenue from other products pay commissions over time based on the value of assets held in the product. For these types of products, commission income is accrued and recognized over time. The Company's revenue from plan administration fees are derived and recognized over the contract from policy administration pursuant to the sale by a retail broker-dealer of a related variable insurance contract. Agreements with retail broker-dealers are multi-year contracts. The income is recognized as revenue in the respective months of which these fees relate. {12}------------------------------------------------ ## Note 1: Summary of Significant Accounting Policies (Continued) #### Income Taxes The Company is formed as a single member limited liability company and as such its operations are included in Bancorp's tax returns. Earnings are included in the personal tax returns of the members. Accordingly, the financial statements do not include a provision for income taxes. The Company is required to evaluate tax positions taken (or expected to be taken) in the course of preparing the Company's tax returns and recognize a tax liability if the Company has taken an uncertain tax position that more likely than not would not be sustained upon examination by the applicable taxing authorities. The Company has analyzed the tax positions taken and has concluded that as of December 31, 2025, there are no uncertain tax positions taken, or expected to be taken, that would require recognition of a liability or disclosure in the financial statements. If applicable, the Company recognizes interest and penalties related to unrecognized tax liabilities in the statement of income. Management is required to analyze all open tax years, as defined by the Statute of Limitations, for all major jurisdictions, including federal and certain state taxing authorities. The Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by taxing authorities for years before 2022. As of and for the year ended December 31, 2025, the Company did not have a liability for any unrecognized taxes. The Company has no examinations in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax liabilities will significantly change in the next twelve months. # Note 2: Net Capital Requirements The Company is subject to the SEC's Uniform Net Capital Rule (SEC Rule 15c3-1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to regulatory net capital, both as defined, shall not exceed 15 to 1. At December 31, 2025, the Company had net capital of \$660,320, which was \$655,320 in excess of its required net capital of \$5,000. The Company's net capital ratio was 0.039193 (3.92%) to 1. {13}------------------------------------------------ # Note 3: Related Party Transactions The Company and BFP Securities, LLC ("BFPS"), a wholly owned subsidiary of Benefit Finance Partners, LLC ("BFP"), which is 50 percent owned by Bancorp, are related by common ownership. During the year ended December 31, 2025, the Company received commissions of \$3,289,759 through an agreement with BFPS. As of December 31, 2025, the Company owed Bancorp \$880. The Company has an Expense Agreement with Bancorp to pay a monthly management fee for office space, and support in administration, finance, equipment, technology, sales, and marketing. The management fee was \$10,000 per month. Expenses under the agreement totaled \$120,000 for the year ended December 31, 2025. ### Note 4: Risks and Uncertainties Changes to the Internal Revenue Code, industry regulations and other factors may affect the demand for variable insurance contracts. Also, a large part of the Company's customer base consists of companies in the banking industry. Economic difficulties by customers could lead to the surrender of existing insurance contracts and the resulting recognition of surrender charges. It is not currently possible for the Company to determine the likelihood or potential impact of the above uncertainties. The revenue from a related party (see Note 3) was 97 percent of the Company's revenues for the year ended December 31, 2025. ## Note 5: Subsequent Events The Company has evaluated subsequent events through February 25, 2026, the date the financial statements were available to be issued. It was concluded there were no events or transactions occurring during this period that required recognition or disclosure in the financial statements. {14}------------------------------------------------ #### BENEFIT FINANCE SECURITIES, LLC Schedule 1 COMPUTATIONS OF NET CAPITAL IN ACCORDANCE WITH RULE 15c3-1 UNDER THE SECURITIES EXCHANGE ACT OF 1934 December 31, 2025 | Net Capital | | | |----------------------------------------------------------------|----|---------------| | Total Member's Equity | es | 683,072 | | Deductions and/or Charges
Non-allowable assets | | | | Prepaid FINRA renewal fees | | 17,932 | | Prepaid FINRA | | 4,820 | | | | 22.752 | | Net Capital | S | 660,320 | | Aggregate Indebtedness | S | 25,880 | | Capital Requirements | | | | Minimum capital requirements (based on aggregate indebtedness) | S | 1.725 | | Minimum dollar net capital requirement | | 5.000 | | Net capital requirement (greater of above) | | 5.000 | | Excess net capital | | 655,320 | | Net capital less greater of 10% of aggregate indebtedness | | | | or 120% of minimum dollar net capital requirement | S | 654,320 | | Ratio of Aggregate Indebtedness to Net Capital | | 0.039193 to 1 | There are no differences between the audited Computation of Net Capital above and the Company's corresponding computation in the unaudited Part IIA FOCUS Report. {15}------------------------------------------------ ## BENEFIT FINANCE SECURITIES, LLC SCHEDULE 2 EXEMPTION REPORT Benefit Finance Securities, LLC (the "Company") is a registered broker-dealer to Rule 17a-5 promulgated by the Securities and Exchange Commission. This Exemption Report was prepared as required by 17 C.F.R. section 240.17a- 5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: The Company met the identified exemption provision in 17 C.F.R. section 240.15c3-3(k)(1) throughout the year without exception. #### Benefit Finance Securities, LLC I, Erin Doherty, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. By: Title: Chief Executive Officer February 25, 2026 {16}------------------------------------------------ ![](_page_16_Picture_0.jpeg) #### Report of Independent Registered Public Accounting Firm Member Benefit Finance Securities, LLC St. Louis, Missouri We have reviewed management's statements, included in the accompanying Schedule 2: Exemption Report, in which (1) Benefit Finance Securities, LLC identified the following provision of 17 C.F.R. §15c3-3(k) under which Benefit Finance Securities, LLC claimed an exemption from 17 C.F.R. §240.15c3-3: Provision (1) (the "exemption provision") and (2) Benefit Finance Securities, LLC stated that Benefit Finance Securities, LLC met the identified exemption provision throughout the most recent fiscal year without exception. Benefit Finance Securities, LLC's management is responsible for compliance with the exemption 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 Benefit Finance Securities, LLC's compliance with the exemption provision. 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, based on the provisions set forth in paragraph (k)(1) of Rule 15c3-3 under the Securities Exchange Act of 1934. St. Louis, Missouri 2/25/2026 THE POWER TO DREAM BIG St. Louis 800 Market Street, Suite 500 St. Louis, MO 63101-2501 #### Chesterfield 16090 Swingley Ridge Road, Suite 220 Chesterfield, MO 63017-2064 p 314.655.5500 f 314.655.5501 anderscpa.com Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.