# DASH FINANCIAL TECHNOLOGIES LLC X-17A-5 (2026-03-12) — Broker-dealer annual report - Company: DASH FINANCIAL TECHNOLOGIES LLC - Form: X-17A-5 - Filed: 2026-03-12 - Period: 2025-12-31 - Accession: 0001112068-26-000003 - CIK: 1112068 - File #: 8-52503 - Type: Broker-dealer - Material weakness: No - Auditor: Grant Thornton - Auditor location: Chicago, IL - Contact: Jeremy Longobardi - Phone: 2036759389 - Email: jeremy.longobardi@iongroup.com - Website: iongroup.com - Signed by: Jeremy Longobardi (FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1112068/000111206826000003/2025_DFT_FS_Pub.pdf --- {0}------------------------------------------------ #### STATEMENT O F FINANCIAL CONDITION Dash Financial Technologies LLC As of December 31, 2025 With Report of Independent Registered Public Accounting Firm *(SEC I.D. No. 8-52503)* {1}------------------------------------------------ # Dash Financial Technologies LLC # Statement of Financial Condition Year Ended December 31, 2025 # **Contents** | Face Page & Oath 2 | | |-----------------------------------------------------------|--| | Report of Independent Registered Public Accounting Firm 4 | | | Statement of Financial Condition 5 | | | Notes to Financial Statement 6 | | | | | {2}------------------------------------------------ | 8-52503 | | |---------|--| | | 12/31/2025 | | | | | |------------------------------------------|----------------|-----|--------------------------------|--|--| | | 01/01/2025 | | | | | | | | | | | | | Dash
Financial
Technologies
LLC | | | | | | | ■ | | | | | | | | | | | | | | 200
S.
Wacker
Drive, | Suite
2450 | | | | | | | | | | | | | Chicago | IL | | 60606 | | | | | | | | | | | | | | | | | | Jeremy
Longobardi | 203-675-9389 | | jeremy.longobardi@iongroup.com | | | | | | | | | | | | | | | | | | Grant
Thornton
LLP | | | | | | | | | | | | | | 171
N.
Clark
Street,
Suite | Chicago
200 | IL | 60601 | | | | | | | | | | | 9/24/2003 | | 248 | | | | | | | | | | | {3}------------------------------------------------ | Jeremy Longobardi | | | | |-------------------|-----|---------------------------------|--| | | | Dash Financial Technologies LLC | | | 12/31 | 025 | | | | Jeremy Longobardi | Digitally signed by Jeremy Longobardi
Date: 2026.03.11 09:53:11 -04'00' | |-------------------|----------------------------------------------------------------------------| | | | | FINOP | | - - - - - - - - - - - - - - - - - - - - - - - - - - - {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### GRANT THORNTON LLP 757 Third Ave., 9th Floor New York, NY 10017 D +1 212 599 0100 F +1 212 370 4520 #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** Member Dash Financial Technologies LLC #### **Opinion on the financial statements** We have audited the accompanying statement of financial condition of Dash Financial Technologies LLC (a Delaware company) (the "Company") as of December 31, 2025, and the related notes (collectively referred to as 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 in conformity with accounting principles generally accepted in the United States of America. #### **Basis for opinion** These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company'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 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. The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. 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. We have served as the Company's auditor since 2019. New York, New York March 11, 2026 {5}------------------------------------------------ # Dash Financial Technologies LLC Statement of Financial Condition As of December 31, 2025 | Assets | | |---------------------------------------------------------------------------------------------|-------------------| | Cash and cash equivalents | \$
71,040,278 | | Cash segregated for the exclusive benefits of customers | 1,953,278 | | Deposits with clearing organizations | 9,087,934 | | Receivables and unbilled revenue from brokers and dealers,
net of allowance of \$117,368 | 78,891,441 | | Accounts receivable and unbilled revenue, net of allowance of \$46,031 | 46,334,021 | | Fixed assets, net of accumulated depreciation of \$14,506,895 | 9,624,350 | | Intangible assets, net of accumulated amortization of \$98,174,996 | 36,298,739 | | Goodwill | 60,148,288 | | Receivables from affiliates | 146,438 | | Operating lease right-of-use asset | 132,409 | | Other assets | 3,418,756 | | Total assets | \$
317,075,932 | | Liabilities and member's equity | | | Liabilities: | | | Accounts payable and other accrued expenses | \$
92,601,970 | | Accrued compensation and benefits | 8,640,580 | | Payables to affiliates | 816,627 | | Operating lease right-of-use liability | 172,296 | | Other liabilities | 623,438 | | Total liabilities | 102,854,911 | | Member's equity | 214,221,021 | | | | | Total liabilities and member's equity | \$
317,075,932 | *The accompanying notes are an integral part of thise financial statement.* {6}------------------------------------------------ ### **1. Organization and Basis of Presentation** Dash Financial Technologies LLC (the "Company", "DFT") is a wholly owned subsidiary of DFT Intermediate LLC ("Intermediate"), DFT Acquisition LLC ("Acquisition"), DFT Intermediate Holdings, LLC ("Intermediate Holdings"), DFT Acquisition Holdings, LLC ("Acquisition Holdings"), and Dash Holdco Inc. DFT is a registered broker-dealer under the Securities Exchange Act of 1934. The Company is a member of the Chicago Board Options Exchange ("CBOE") and various other options and equities exchanges in the United States. The Company provides capital markets technology and execution services on an agency basis to its institutional, prime broker, hedge fund, financial intermediary, and options exchange customers. The Company is a clearing member of the Options Clearing Corporation and the Depository Trust & Clearing Corporation. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and codified in the Accounting Standards Codification ("ASC"), as set forth by the Financial Accounting Standards Board ("FASB"). The Company is organized as one reportable segment. # **2. Significant Accounting Policies** ## **Use of Estimates** The preparation of the financial statements, in conformity with U.S. GAAP, requires management to make certain estimates and assumptions. Moreover, estimates are significant in determining the amounts of impairments of goodwill and other intangible assets, useful lives of fixed assets and intangible assets, and provisions for probable losses that may arise from credit-related exposures. These estimates and assumptions are based on the best available information, but actual results could differ from those estimates. # **Revenue Recognition** The revenue recognition guidance, ASC 606, 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. {7}------------------------------------------------ #### *Options Routing Fees, Net* Options routing fees represent payments the Company receives for order flow from liquidity providers and rebates from exchanges based on exchange programs that exist when the Company's customers' orders are routed. The Company receives payments for order flow, in the normal course of business, for directing orders for trade execution. Payments for order flow are recorded on a trade date basis. Rebates consist of volume discounts, credits or payments received from exchanges or other marketplaces related to the placement and/or removal of liquidity from the order flow in the marketplace. The performance obligation is satisfied when the orders are routed. Payments for order flow and rebates, of which some are passed on as concessions or rebates to certain clients based on the specifics of their arrangements, are recorded on an accrual basis when the performance obligation has been satisfied and are included net within option routing fees. The transaction price of the Company's services is based on contractually agreed upon rates. #### *Commissions* The Company executes trades on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Company charges a commission, or a ticket charge based on its contractual agreement with the customer. The Company has determined that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have transferred to/from the customer. #### *Software Technology Fees* The Company provides certain option execution capabilities to its clients based on a Software-asa-Service ("SaaS") model whereby its products are delivered through a fully hosted infrastructure. Software technology fee revenues, generated for the use of the Company's software products, is contractual and recognized at the point in time at which the customer is able to use and benefit from the license. For fixed-term software licensing fees, such fees are recognized as revenue on a straight-line basis over the term of the agreement. #### **Leases** The Company recognizes and measures its leases in accordance with ASC 842, Leases. The Company is a lessee in one non-cancellable operating lease, for office space. The Company determines if an arrangement is a lease, or contains a lease, at inception of a contract and when the terms of an existing contract are changed. The Company recognizes a lease liability and a rightof-use ("ROU") asset at the commencement date of the lease. The lease liability is initially and subsequently recognized based on the present value of its future lease payments, using an appropriate discount rate. The discount rate is the implicit rate in the lease if it is readily determinable. Otherwise, the Company uses its incremental borrowing rate. The implicit rates of the Company's leases are not {8}------------------------------------------------ readily determinable and accordingly, it uses an incremental borrowing rate based on the information available at the commencement date for all leases. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The ROU asset is subsequently measured throughout the lease term at the amount of the remeasured lease liability (i.e., present value of the remaining lease payments), plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received, and any impairment recognized. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected to not recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less at lease commencement or have immaterial monthly lease payment obligations, and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. The Company expenses the cost associated with its short-term leases on a straight-line basis over the lease term through Occupancy and equipment on the Statement of Income. # **Brokerage, clearing, and exchange fees, net** In connection with the Company's option routing business, the Company incurs exchange fees. Some of these exchange fees are charged back to certain customers based on the specifics of each customers' arrangement. The exchange fees net of the charge back to customers are reported net in Brokerage, clearing, and exchange fees on the Statement of Income. # **Cash and Cash Equivalents** All unrestricted highly liquid investments with initial or remaining maturities of less than 90 days at the time of purchase are considered cash equivalents. These cash equivalents include demand deposits and money market accounts. The money market accounts consist of \$58,400,000 of redeemable securities of investment companies registered pursuant to the Investment Company Act of 1940. The Company maintains its cash and cash equivalents in a checking and money market account at one bank, which at times may exceed the federally insured limit. # **Cash Segregated for the Exclusive Benefits of Customers** Cash segregated in compliance with federal regulations includes cash deposited in a special bank account for the exclusive benefit of customers under Rule 15c3-3(k)(2)(i) of the Securities Exchange Act of 1934, as amended. These cannot be used in the ordinary operations of the business. {9}------------------------------------------------ #### **Deposits with Clearing Organizations** Deposits with clearing organizations consist of cash, US treasury securities, and other securities on deposit with The Depository Trust & Clearing Corporation ("DTCC"), The National Securities Clearing Corporation ("NSCC"), The Options Clearing Corporation ("OCC"), and with its clearing brokerage firms, Merrill Lynch Pierce, Fenner & Smith Incorporated, Clear Street LLC, and ABN AMRO Clearing USA LLC. #### **Accounts Receivable** Accounts receivable and receivables from broker dealers are stated at their net realizable value. Accounts receivable are presented on the Statement of Financial Condition net of the allowance for current expected credit losses. An allowance for expected credit losses is based on the Company's assessment of the collectability of unbilled revenue, receivables from brokers and dealers, and accounts receivable. The Company considers factors such as historical experience, credit quality, age of balances, and current economic conditions that may affect collectability in determining the allowance for expected credit losses. #### **Fair Value of Financial Instruments** The carrying amounts reported on the Statement of Financial Condition for cash and cash equivalents approximate fair value based on the on-demand nature of cash and the short-term maturity and the daily pricing mechanisms for cash equivalents. Other assets and liabilities with short and intermediate-term maturities and defined settlement amounts, including receivables, payables, other restricted deposits and accrued liabilities, are reported at their contractual amounts, which approximate fair value. # **Fixed Assets** Fixed assets are reported at cost, net of accumulated depreciation. Furniture and equipment and computer hardware are depreciated on a straight-line basis over estimated useful lives between three and ten years. Leasehold improvements are depreciated on a straight-line basis over the life of the lease or the improvement, whichever is shorter. #### **Goodwill** Goodwill is not amortized but is reviewed for impairment on an annual basis or whenever circumstances indicate impairment could exist. An impairment loss is recognized if the estimated fair value of the reporting unit is less than its book value. #### **Intangible Assets** Definite-lived intangible assets are amortized on a straight-line basis over their estimated useful life, which is between five and thirteen years from the date of the original acquisition and are also reviewed for impairment whenever changes in circumstances indicate impairment could exist. {10}------------------------------------------------ Identifiable intangible assets consist of customer relationships, developed software, acquired software, and trademarks. The Company capitalizes certain costs incurred in connection with developing or enhancing software for internal use. Qualifying internally developed software costs are capitalized and amortized over the estimated useful life of the software, which is five years. The Company evaluates internally developed software for impairment whenever changes in circumstances indicate impairment could exist. #### **Accounts Payable and Accrued Expenses** Accounts payable and accrued expenses consist of accrued amounts payable to clients in connection with their trading, payables to vendors, and accruals for operating expenses for which invoices have not yet been received. # **Other Liabilities** Other liabilities primarily consist of payables for soft dollar arrangements for customers, commission sharing arrangements ("CSA") payables arising from commission fees shared with third-parties for introduced client's trade executions performed by the Company, and other miscellaneous liabilities. #### **Income Taxes** The Company is a single member limited liability company and, as such, is disregarded for federal, state and local income tax purposes. All tax effects of the Company's income or loss are passed through to Dash Holdco Inc. In addition, the Company is not liable for any material limited liability company taxes. Therefore, no provision or liability for federal, state and local income taxes is included in these financial statements. {11}------------------------------------------------ #### **3. Revenue from Contracts with Customers** The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. When payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. The following table presents the Company's total receivables from contracts with customers: | | December 31, 2025 | | | | | | |----------------------------------------------------------|-------------------|-------------|----|---------------|----|-------------| | | Expected | | | | | | | | | Gross | | Credit Losses | | Net | | Receivables and unbilled revenue from brokers or dealers | \$ | 79,008,809 | \$ | (117,368) | \$ | 78,891,441 | | Accounts receivable and unbilled revenue | | 46,380,052 | | (46,031) | | 46,334,021 | | Total | \$ | 125,388,861 | \$ | (163,399) | \$ | 125,225,462 | #### **4. Financial Instruments** All financial instruments are measured and reported on a fair value basis. ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy organized into three levels based upon the inputs used to measure the valuation of the financial instruments. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. #### **Fair Value Hierarchy** Financial assets and liabilities are classified based on inputs used to establish fair value as follows: Level 1 – Valuation inputs are unadjusted quoted market prices for identical assets or liabilities in active markets; Level 2 – Valuation inputs are quoted prices for identical assets or liabilities in markets that are not active, quoted market prices for similar assets and liabilities in active markets and other valuation techniques utilizing observable inputs directly or indirectly related to the asset or liability being measured; Level 3 – Valuation techniques utilize inputs that are unobservable and significant to the fair value measurement. At December 31, 2025, the Company did not own any financial assets or liabilities other than cash and cash equivalents or other assets and liabilities with short and intermediate term maturities and defined settlement amounts. Per the Company's accounting policies (Note 2), the carrying {12}------------------------------------------------ amounts of cash and other assets and liabilities with defined settlement amounts are reported at their contractual amounts, which approximates fair value. ### **5. Receivables and Unbilled Revenue from Brokers and Dealers and Accounts Receivable and Unbilled Revenue** At December 31, 2025, accounts receivable and unbilled revenue from brokers and dealers include: | Broker-dealer receivables, net | \$
34,017,251 | |----------------------------------------------------------------------|------------------| | Broker-dealer unbilled revenue, net | 44,874,190 | | Total receivables and unbilled revenue from brokers and dealers, net | \$
78,891,441 | As of December 31, 2025 one counterparty accounted for approximately 38% of the Company's total receivables and unbilled revenue from broker and dealers, net. At December 31, 2024, receivables and unbilled revenue from brokers and dealers, net was \$65,930,539. At December 31, 2025, accounts receivable and unbilled revenue include: | Accounts receivable, net | \$
44,868,867 | |---------------------------------------------|------------------| | Unbilled revenue, net | 1,465,154 | | Total receivables and unbilled revenue, net | \$
46,334,021 | At December 31, 2024, accounts receivable and unbilled revenue was \$49,474,356. As of December 31, 2025, the allowance for expected credit losses included \$117,368 for brokerdealer receivables and \$46,031 for accounts receivable. #### **6. Fixed Assets** At December 31, 2025, fixed assets were comprised of: | | Accumulated
Acquisition Value
Depreciation | | Net Book Value | | | |-------------------------|--------------------------------------------------|------------|--------------------|----|-----------| | Computer hardware | \$ | 23,283,660 | \$
(13,716,800) | \$ | 9,566,860 | | Leasehold improvements | | 302,689 | (288,368) | | 14,321 | | Purchased software | | 220,048 | (200,826) | | 19,222 | | Furniture and equipment | | 324,848 | (300,901) | | 23,947 | | Total | \$ | 24,131,245 | \$
(14,506,895) | \$ | 9,624,350 | {13}------------------------------------------------ ### **7. Goodwill and Intangible Assets** The Company completed its annual evaluation, through a step zero analysis of goodwill as of December 31, 2025 and determined it is not more than 50% likely that the fair value of the reporting unit is greater than its carrying amount. Subsequent to December 31, 2025, no events have occurred that would indicate that the fair value of goodwill had fallen below its carrying value. The following table summarizes the estimated useful life by intangible asset type: | | Estimated | |-------------------------------|-------------| | | Useful Life | | Customer relationships | 8-13 years | | Developed software | 9 years | | Internally developed software | 5 years | | Acquired software | 3 years | | Trademarks | 5 years | The following table summarizes intangible assets as of December 31, 2025: | | Gross Carrying
Amount | | Accumulated
Amortization | | Net Book Value | | |-------------------------------------------|--------------------------|-------------|-----------------------------|----|----------------|--| | Customer relationships | \$ | 58,780,000 | \$
(45,453,075) | \$ | 13,326,925 | | | Developed software | | 15,500,000 | (15,212,963) | | 287,037 | | | Internally developed software | | 57,208,369 | (35,792,291) | | 21,416,078 | | | Internally developed software in progress | | 1,268,699 | - | | 1,268,699 | | | Acquired software | | 416,667 | (416,667) | | - | | | Trademarks | | 1,300,000 | (1,300,000) | | - | | | Total | \$ | 134,473,735 | \$
(98,174,996) | \$ | 36,298,739 | | #### **8. Retirement Savings Plan** All employees of the Company that meet eligibility requirements have the option of participating in the Company's retirement savings plan. Under the plan, participants may voluntarily contribute a portion of their wages on either a tax-deferred or post-tax basis. The Company may make discretionary matching or profit-sharing contributions to the plan. #### **9. Concentration of Credit and Revenue Risk** The Company may maintain cash and cash equivalents at financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and does not believe it is exposed to significant credit risks. Five customers accounted for, in aggregate, approximately 5% of the accounts receivable balance at December 31, 2025. {14}------------------------------------------------ ### **10. Leases** The Company has an operating lease consisting of office space in Chicago with a remaining lease term of 1 year, subject to certain renewal options as applicable. The Company's lease does not include termination options for either party to the lease or restrictive financial or other covenants. Leases with an initial term of twelve months or less are not recorded on the Statement of Financial Condition, and the Company does not separate lease and non-lease components of contracts. There are no material residual guarantees associated with any of the Company's leases. Payments under the lease agreement include fixed payments plus variable payments. The Company's office space lease requires it to make variable payments for the Company's proportionate share of the building's property taxes, insurance, and common area maintenance. These variable payments are not included in lease payments used to determine the lease liability and are recognized as variable costs when incurred. The Company's lease agreement does not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate imputed discount rate. The Company benchmarked itself against other companies of similar credit ratings and comparable quality and derived an imputed rate, which was used in a portfolio approach to discount its real estate lease liabilities. There have been no changes to the Company's long-term lease agreement or borrowing capabilities that would result in a change to the incremental borrowing rate. Operating lease right-of-use assets and Operating lease right-of-use liabilities were recorded on the Statement of Financial Condition as follows: | | As of December
31, 2025 | | | | |----------------------------------------------|----------------------------|---------|--|--| | Assets | | | | | | Operating lease right-of-use asset | \$ | 132,409 | | | | Total operating lease right-of-use asset | \$ | 132,409 | | | | Liabilities | | | | | | Operating lease right-of-use liability | \$ | 172,296 | | | | Total operating lease right-of-use liability | \$ | 172,296 | | | {15}------------------------------------------------ # *Lease Costs* The Company is obligated under a non-cancelable operating lease to pay the following minimum undiscounted lease payments for the following periods as of December 31: | | Minimum Lease
Payments | | Imputed
Interest | | Net Lease
Payments | | |-------|---------------------------|----|---------------------|----|-----------------------|--| | Year: | | | | | | | | 2026 | \$
176,177 | \$ | (3,881) | \$ | 172,296 | | | Total | \$
176,177 | \$ | (3,881) | \$ | 172,296 | | The operating lease is subject to periodic escalation charges. The Company's principal operating lease expires in September 2026. For the year ended December 31, 2025 the Company noted the following supplemental lease information. The Company used a weighted average discount rate of 6.73% and had a weighted average remaining lease term of 9 months. # *Sublease* The Company has a sublease receivable balance of \$51,486 as of year ended December 31, 2025. This is recorded in Other assets in the Statement of Financial Condition as accrued rent receivable due from the sublessee on a straight-line basis throughout the period of the sublease. ROU assets are reviewed for impairment when events or circumstances indicate that the carrying amount may not be recoverable. #### **11. Accounts payable and other accrued expenses** At December 31, 2025, accounts payable and other accrued expenses include: | Accounts Payable | \$
211,546 | |--------------------------------------------|------------------| | Accrued Expenses | 6,517,324 | | Accrued payables due to broker-dealers | 84,085,542 | | Accrued payables due to non broker-dealers | 1,787,558 | | Accounts payable and accrued expenses | \$
92,601,970 | # **12. Commitments and Contingencies** The Company has a secured uncommitted line of credit with BMO Harris Bank N.A with no covenants in the amount of \$10,000,000 to obtain any funding necessary to cover daily securities settlements with clearing corporations. Funds drawn on this line bear interest at a daily offered {16}------------------------------------------------ rate, typically overnight Fed funds rate plus 150 basis points, with interest being paid monthly and being computed on the basis of a year of 360 days for the actual number of days elapsed. As of December 31, 2025, the Company did not have any amounts outstanding. The Company operates in a highly regulated environment and is subject to periodic examinations, investigations, and inquiries by various regulatory authorities, including self-regulatory organizations. Such matters may involve reviews of the Company's compliance with applicable laws and regulations. The Company is currently subject to an ongoing examination by the Financial Industry Regulatory Authority ("FINRA"). At this stage, management is unable to provide an evaluation of the likelihood of an unfavorable outcome or a reasonable estimate of the amount or range of a potential obligation that may arise from the examination, if any at all.. # **13. Member's Equity** Pursuant to the Company's operating agreement, periodically the Company determines based on various factors including, but not limited to, the current and future operating environment, the settlement performance of accounts receivable and accounts payable, and the cash needs of DFT, an amount to be distributed to DFT Intermediate LLC. The amount and timing of distributions are at the discretion of senior management. # **14. Regulatory Requirements** The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule ("Rule 15c3-1"). Under this rule, the Company is required to maintain "net capital" equal to the greater of \$250,000 or 2% of "aggregate debit items" arising from customer transactions, as defined. Regulation 1.17 requires the Company to maintain net capital equal to or in excess of \$45,000 or the amount of net capital required by Rule 15c3-1, whichever is greater. At December 31, 2025, the Company had regulatory net capital of \$44,304,031, which was \$44,054,031 in excess of its minimum net capital requirement of \$250,000. Subsequent to year end, the Company received an examination letter from FINRA, dated February 24, 2026, that notified management that FINRA disagreed with the Company's interpretation that certain legacy agreements met the criteria of Reg. Notice 21-27, which permit unsecured amounts receivable not be deducted from net worth to the extent that the broker-dealer has also accrued a payable as a direct result of the expense if certain conditions are met. While the exam is still ongoing, the Company updated the agreements as of October 7, 2025 to ensure that the contractual obligations of the payables met the requirements of Reg. Notice 21-27. Treating the receivables as non-allowable assets for the purposes of net capital computation results in net capital deficiency from January 1, 2025 to October 7, 2025. Advances to affiliates, repayment of borrowings, dividend payments, distributions and other equity withdrawals are subject to certain notification and other requirements of Rule 15c3-1 and other regulatory bodies. The Company is exempt from the provisions of Rule 15c3-3 pursuant to paragraph k(2)(i) under the Securities Exchange Act of 1934. {17}------------------------------------------------ ### **15. Related-Party Transactions** The Company and Dash Prime have in place an expense sharing agreement for Dash Prime to utilize services from the Company for equity and option execution, market data, server hosting and administration of payroll benefits. On occasion, the Company enters into intercompany transactions with DFT Acquisition Holdings LLC, DFT Intermediate Holdings LLC, Dash Regulatory Technologies LLC, and Dash Prime LLC. At December 31, 2025, the Company had a receivable balance of \$146,438 of which \$62,218 was due from Dash Prime and \$84,220 was due from Dash Regulatory Technologies. In addition, the Company had a payable balance of \$394,845 due to Dash Prime. Additionally, the Company is under an expense sharing arrangement with ION Markets on behalf of all ION Subsidiaries to utilize services provided by ION Markets and its subsidiaries. At December 31, 2025, the Company had \$88,311 payable to Fidessa Corporation, \$130,308 payable to ION Aviation Ltd, \$189,716 payable to ION Trading Inc (US), and \$13,447 payable to ION Trading Inc (UK). The Company works with Dash UA, which was founded by a member of Dash management. Dash UA provides DFT with offshore contractors who contribute to the development of the Company's trading platforms. A summary of the transactions the Company has had with Dash UA as of December 31, 2025 follows with the Statement of Financial Condition categories: x Intangible assets, net of accumulated amortization of \$823,470 with \$844,408 capitalized during the year, Receivables from affiliates of \$3,741, and Other assets of \$24,253 #### **16. Segment Information** The Company is engaged in a single line of business as an introducing broker-dealer and, as such, the Company's revenues are chiefly driven by commissions earned from trades it executes on behalf of clients as well as option routing fees received from exchanges for providing order flow. In addition, DFT also licenses out software that clients can leverage for certain option execution capabilities. The Company has identified its President as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business and manage the Company. Additionally, the CODM uses excess net capital (see Supplemental Information), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends. 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 segment are the same as those described in the summary of significant accounting policies. The Company's segment revenue and expenses are in line with what is in the Company's statement of income and includes all significant categories that are provided to the CODM for review. {18}------------------------------------------------ Also, the segment assets are the same as those reported in the Company's statement of financial condition. # **17. Subsequent Events** The Company evaluated subsequent events through the date the financial statements were issued and has determined there were no material events that would require recognition or disclosure in the financial statements. On January 28, 2026, the Company made a discretionary distribution of \$13,700,000 to DFT Intermediate LLC. On February 27, 2026 the Company made a discretionary distribution of \$13,600,000 to DFT Intermediate LLC. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.