# PERKINS FUND MARKETING, L.L.C. X-17A-5 (2026-03-25) — Broker-dealer annual report - Company: PERKINS FUND MARKETING, L.L.C. - Form: X-17A-5 - Filed: 2026-03-25 - Period: 2025-12-31 - Accession: 0001065360-26-000001 - CIK: 1065360 - File #: 8-51126 - Type: Broker-dealer - Material weakness: No - Auditor: Davila Advisory LLC - Auditor location: St. Louis, MO - Contact: Gilman C. Perkins - Phone: 954-953-6351 - Email: cperkins@pfm-llc.com - Website: pfm-llc.com - Signed by: Gilman C. Perkins (Managing Member) Original filing: https://www.sec.gov/Archives/edgar/data/1065360/000106536026000001/PFMPublic25.pdf --- {0}------------------------------------------------ # **PERKINS FUND MARKETING, LLC** # **FINANCIAL STATEMENTS** # **YEAR ENDED DECEMBER 31, 2025** {1}------------------------------------------------ # **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 | | | |-----------------|--|--| | 8-51126 | | | **FACING PAGE** | FILING FOR THE PERIOD BEGINNING _____________________ AND ENDING ______________________ | 01/01/25 | | 12/31/25 | | | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|---------------------------------------|--------------------------------------------|--|--| | | MM/DD/YY | | MM/DD/YY | | | | | A. REGISTRANT IDENTIFICATION | | | | | | Perkins Fund Marketing, LLC
NAME OF FIRM: _______________________________________________________________________ | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
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Broker-dealer
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☐ Check here if respondent is also an OTC derivatives dealer | ☐
Security-based swap dealer | Major security-based swap participant | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | | 1001 N US Highway 1, Suite 204
_____________________________________________________________________________________ | | | | | | | | (No. and Street) | | | | | | Jupiter
_____________________________________________________________________________________ | FL | | 33477 | | | | (City) | (State) | | (Zip Code) | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Gilman C. Perkins | 954-953-6351 | | cperkins@pfm-llc.com | | | | _____________________________________________________________________________________
(Name) | (Area Code – Telephone Number) | (Email Address) | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Davila Advisory LLC
_____________________________________________________________________________________ | | | | | | | | (Name – if individual, state last, first, and middle name) | | | | | | 10135 Manchester Rd, Suite 206
_____________________________________________________________________________________ | St. Louis | MO | 63122 | | | | (Address) | (City) | (State) | (Zip Code) | | | | 11/21/2019
_____________________________________________________________________________________ | | 6667 | | | | | (Date of Registration with PCAOB)(if applicable) | FOR OFFICIAL USE ONLY | | (PCAOB Registration Number, if applicable) | | | | | | | | | | 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.** {2}------------------------------------------------ # **OATH OR AFFIRMATION** | I, Gilman C. Perkins | swear (or affirm) that, to the best of my knowledge and belief, the | | |--------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|-------| | financial report pertaining to the firm of | Perkins Fund Marketing, LLC | as of | | December 31
2~ | is true and correct. I further swear (or affirm) that neither t~e company nor any | | | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any ace unt classified solely | | | as that of a customer. | | | | | | | Title: Managing Member | Notary Public | | |---------------|--| ## **This filing\*\* contains (check all applicable boxes):** - **iii** (a) Statement of financial condition. - **iii** (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 statrment of comprehensive income (as defined in§ 210.1-02 of Regulation **S-X).** - D (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-l, 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.~Sc3-3. - □ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to lV CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. I - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - D {m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. I - D (n) Information relating to possession or control requirements for security-based swap customers under lf CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capit~al or tangible net worth under 17 CFR 240.15c3-l, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve re uirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no ma erial differences exist. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. I - **iii** (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as afplicable. - D (r) Compliance report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. I - **iii** (t) Independent public accountant's report based on an examination of the statement offinancial conditiot - D (u) Independent public accountant's report based on an examination of the financial report or financial sta~ements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - D (v) Independent public accountant's report based on an examination of certain statements in the complian 1 ce 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. I - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e orb CFR 240.17a-12, as applicable. - D (y) Report describing any material inadequacies found to exist or found to have existed since the date of t1e previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - 0 (z) Other:--------------------------------------- - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFRI 240.18a-7(d)(2), as applicable. {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Member of Perkins Fund Marketing LLC # Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Perkins Fund Marketing LLC (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of Perkins Fund Marketing LLC as of December 31, 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 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 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. We have served as Perkins Fund Marketing LLC's auditor since 2020. Saint Louis, Missouri February 26, 2026 {4}------------------------------------------------ #### PERKINS FUND MARKETING, LLC #### STATEMENT OF FINANCIAL CONDITION #### DECEMBER 31, 2025 #### Assets | Cash | \$
203,747 | |---------------------------------------------|---------------| | Accounts Receivable | 52,404 | | Furniture & Fixtures
\$ 151,074 | | | Less: Accumulated Depreciation
(135,911) | 15,163 | | Prepaid Expense | 36,877 | | Totals Assets | \$
308,191 | | | | | Liabilities & Member's Equity | | | Accounts Payable and Accrued Liabilities | \$
40,674 | | Total Liabilities | 40,674 | | | | | Member's Equity: | | | Member's Equity | 267,517 | | Total Liabilities & Member's Equity | \$
308,191 | {5}------------------------------------------------ #### 1. ORGANIZATION AND NATURE OF BUSINESS Perkins Fund Marketing LLC (the "Company") was incorporated in Delaware in May 1999. It operates as a registered broker-dealer under the Securities and Exchange Act of 1934. The Company acts principally as an agent in the sale of private hedge funds. The Company's policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial position and credit exposure reporting and control procedures. In addition, the Company has a policy of reviewing the credit standing of each broker/dealer, clearing organization, fund manager, customer and/or other counterparty with which it conducts business. ## 2. SIGNIFICANT ACCOUNTING POLICIES The Company maintains its books and records in accordance with accounting principles generally accepted in the United States of America which require management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates. The Company maintains its cash in bank deposit accounts. Funds deposited with a single financial institution are insured up to \$250,000 in the aggregate by the Federal Deposit Insurance Corporation ("FDIC"). At times, cash balances may exceed FDIC insured limits. The Company has not experienced any losses in such accounts. #### 3. SEGMENT REPORTING The Accounting Standards Update (ASU) 2023-07 issued by the Financial Accounting Standards Board (FASB) introduced enhancements to segment reporting requirements for public entities, including broker-dealers. The update aimed to improve the transparency and usefulness of financial disclosures for investors and other stakeholders. The Company operates as a single reportable segment and acts as an agent in the sale of private funds. The chief operating decision maker includes the president, who assess performance for the segment and decides how to allocate resources. The chief operating decision maker uses net income to evaluate income generated from segment assets. The measure of segment assets is reported on the statement of financial condition as total assets. {6}------------------------------------------------ #### PERKINS FUND MARKETING, LLC NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2025 #### 4. ALLOWANCE FOR CREDIT LOSSES In June 2016, the FASB issued guidance (FASB ASC 326) which significantly changed how entities will measure credit losses for most financial assets and certain other instruments that aren't measured at fair value through net income. The most significant change in this standard is a shift from the incurred loss model to the expected loss model. Under the standard, disclosures are required to provide users of the financial statements with useful information in analyzing an entity's exposure to credit risk and the measurement of credit losses. Financial assets held by the Company that are subject to the guidance in FASB ASC 326 were trade accounts. #### 5. INCOME TAXES The Company is recognized as a single member limited liability company (an "LLC") by the Internal Revenue Service. As such, it is treated as a disregarded entity and is not subject to income taxes. The Company's income or loss is reportable on its owner's tax return. FASB provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and liability in the current year. Tax years that remain subject to examination are 2022, 2023, 2024 and 2025. For the year ended December 31, 2025 management has determined that there are no material uncertain income tax positions. #### 4. RULE 15C3-3 The Company amended its membership agreement with FINRA on December 21, 2020 and will not claim exemption from the provisions of Rule 15c3-3 of the SEC, in reliance on footnote 74 to SEC Release 34-70073. #### 5. NET CAPITAL REQUIREMENTS The Company is subject to the Securities and Exchange Commission's Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31, 2025, the Company had net capital of \$174,702 which exceeded the minimum requirement of \$5,000 by \$169,702. The Company's ratio of aggregate indebtedness to net capital ratio was 23.28%. {7}------------------------------------------------ # PERKINS FUND MARKETING, LLC NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2025 ### 6. COMMITMENTS AND CONTINGENT LIABILITIES The Company does not have any commitments, guarantees or contingencies including arbitration or other litigation claims that may result in a loss or future obligation. The Company is not aware of any threats or other circumstances that may lead to the assertion of a claim at a future date. # 7. OFF BALANCE SHEET RISK The Company has no material off balance sheet credit risk as of the financial statement date. ### 8. FAIR VALUE The Company carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (i.e., the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. At December 31, 2025, there were no fair value securities. ### 9. PROPERTY AND EQUIPMENT Fixed assets (furniture, equipment, and leasehold improvements) are stated at cost. Depreciation is recorded on a straight-line basis over the estimated useful life of the asset. | Furniture & Equipment | | \$
151,074 | |-----------------------|--------------------------|---------------| | | Accumulated Depreciation | (135,911) | | Total Fixed Assets | | \$
15,163 | # 10. REVENUE RECOGNITION The Company adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"). The revenue recognition guidance requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance requires an entity to follow a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. {8}------------------------------------------------ ## 10. REVENUE RECOGNITION(CONTINUED) Revenue from contracts with customers includes commission income and fees from investment banking. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. #### 11. SUBSEQUENT EVENTS The Company evaluates events occurring after the date of the statement of financial condition for potential recognition or disclosure in its financial statements. Events have been evaluated through the date that these financial statements were available to be issued and no further information is required to be disclosed. #### 12. LEASES The Company has adopted ASC 842, but currently has no extended lease arrangements, and therefore, has recorded no lease assets or liabilities. The Company rents its facilities on a month-to-month basis. ## 12. CONCENTRATIONS For the year ended December 31, 2025, five customers represented 93% of the Company's revenue. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.