# WELLFLEET INVESTMENTS LLC X-17A-5 (2026-03-02) — Broker-dealer annual report - Company: WELLFLEET INVESTMENTS LLC - Form: X-17A-5 - Filed: 2026-03-02 - Period: 2025-12-31 - Accession: 0001214659-26-002668 - CIK: 803104 - File #: 8-36769 - Type: Broker-dealer - Material weakness: No - Auditor: RUBIO CPA, PC - Contact: Jeffrey Bega - Phone: 516-487-7450 - Email: jbega@wellfleetinvestments.com - Website: wellfleetinvestments.com - Signed by: Jeffrey Bega (President & CFO) Original filing: https://www.sec.gov/Archives/edgar/data/803104/000121465926002668/wellfleetpublic.pdf --- {0}------------------------------------------------ #### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington,** D.C. **20549** ## **·ANNUAL REPORTS FORM X-17A-5 PART** Ill | 0MB APPROVAi | | |--------------------------|--| | 0MB Number: 3235--0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: 12 | | | SEC FILE NUMBER | | |-----------------|--| | 8-36769 | | | | | FACING PAGE Information Required Pursuant to Rul~s 17a-5, 17a-12, and lSa-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING 01/01/25 MM/DD/YY AND ENDING 12/31 /25 MM/DD/VY **A. REGISTRANT IDENTIFICATION** NAME oF FIRM: Wellfleet Investments, LLC TYPE OF REGISTRANT {check all applicable boxes): 0 Broker-dealer □ Security-based swap dealer 0 Check here if respondent is also an OTC derivatives dealer 0 Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: {Do not use a P.O. box no.) | 85-87 Covert Avenue, 2n_d Floor Rear Left | | | | | |---------------------------------------------------------------------------|------------------------------|------------------------------|--------------------------------|--| | | | {No. and Street) | | | | Floral Park | | NY | 11001 | | | (CiM | | (State) | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Jeffrey Bega | | 516-48 7 -7 450 | jbega@wellfleetinvestments.com | | | (Name) | (Area Code-Telephone Number) | | (Emai(Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | RUBIO CPA, PC | | | | | | | (Name-if individual, state last, first, and middle name) | | | | |--------------------------------------------------|----------------------------------------------------------|---------|--------------------------------------------|--| | 3500 Lenox Road NE, Suite 1500 Atlanta | | GA | 30326 | | | (Address) | (City) | (State) | (Zip Code) | | | 05/05/09 | | 3514 | | | | (Date of Registration with PCAOBl(if aoplicable) | | | (PCAOB Registration Number, if applicable) | | | | FOR OFFIOAL USE ONLY | | | | • 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-S(e)(l)(ii), if applicable. Persons who **ere** to respond to the coUection of information cantalned In this farm are not required to respond unless the form displays a currently valid 0MB control number. {1}------------------------------------------------ #### OATH OR AFFIRMATION I, Jeffrey Bega **swear** (or affirm) that, to the best of **my knowledge and** belief, the **financial report pertaining to** the firm of Wellfleet Investments LLC as of December 31 2~ **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** classifi.ed **solely as that of a customer.** **This filing•• contains {check all applicable boxes):** - ii (a} Statement offinancial condition. - ii {b) Notes to consolidated statement of financial condition. - 0 (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. - D (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - 0 [f) Statement of changes in liabilities subordinated to daims of creditors. - □ {g} Notes to consolidated financial statements. - D (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - 0 (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D {j) Computation for determination of custoll)er reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D (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. - 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. - D (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. - D (o) Reconciliations, induding appropriate expl\_anations, 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 differen.ces exist, or a statement that no material differences exist. - □ (p) Summary of financial data for subsidiaries'not consolidated in the statement of financial condition. - I!!! (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CF.R 240.18a-7, as applicable. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 24D.18a-7, as applicable. - **liiil** (t) Independent public accountant's report based on an examination of the statement of financial condition. - D (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 ~40.17a-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. - D (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. - 0 {x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - D (v) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, ora statement that no material inadequacies exist, under 17 CFR 240.17a-12(k}. D{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), os . applicable. {2}------------------------------------------------ # **WELLFLEET INVESTMENTS LLC** ## **(S .. E.C. I.D. No. 8-36769)** **PUBLIC** FINANCIAL STATEMENT AS . OF DECEMBER 31, 2025 AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM {3}------------------------------------------------ #### Wellfleet Investments LLC Table of Contents December 31, 2025 | | Page(s) | |------------------------------------------------------------|---------| | Facing Page to Form X-17 A-5 1 | | | Title Page _. 2 | | | Report of Independent Registered Public Accounting Firm 3 | | | | | | Financial Statements | | | Statement of Financial Condition 4 | | | | | | Notes to Financial Statements 5-1 O | | {4}------------------------------------------------ # RUBIO CPA, PC CERTIFIED PUBLIC ACCOUNTANTS 3500 Lenox Road NE Suite 1500 Atlanta, GA 30326 770-690-8995 #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Members of Wellfleet Investments LLC #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Wellfleet Investments LLC (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents 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 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 standard\_s 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. 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 to the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the • accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. We have served a·s the Company's auditor since 2023. February 18, 2026 Atlanta, Georgia ![](_page_4_Picture_12.jpeg) {5}------------------------------------------------ ## **Wellfleet Investments LLC** Statement of Financial Condition As of December 31, 2025 #### ASSETS | Assets | | | | |---------------------|--|------|---------| | Cash | | \$ | 54,024 | | Accounts Receivable | | | 30,529 | | Right-of-Use Asset | | | 15,766 | | Other | | | 2,150 | | Total
Assets | | ' \$ | 102,469 | #### LIABILITIES AND MEMBERS' EQUITY | Liabilities | | | |----------------------------------------|----------------------------|--| | Accounts payable and accrued expenses | 12,963
\$ | | | Lease Liability | 15,766 | | | Total Liabilities | 28,729 | | | Equity
Members' | 73,740 | | | Total Liabilities and M·embers' Equity | 102,469
\$
========= | | **See accompanying notes** #### **PUBLIC** **-4-** {6}------------------------------------------------ ## **Wellfleet Investments LLC Notes, to Financial Statement December 31, 2025** ## Note 1 - Organization and Summary of Significant Accounting Policies ## Organization and Nature of Business Wellfleet Investments LLC (the "Company") was formed on February 17,1998 .under the laws of the state of New York. The Company is .a registered broker/deal~r under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority (FINRA), the Company's primary regulator . The Company engages in two business activities; the first is to provide referrals to Investment Advisory Firms, the second is to provide Investment Banking Servi,c:;es. ## Accounts Receivable Accounts receivable are non-interest bearing, uncollateralized obligations receivable ip accordance with the terms agreed upon with each customer. The company regularly reviews its accounts receivable for any uncollectable accounts. The review for uncollectable amounts is based on an analysis of the Company's collection experience, customer credit worthiness, and current economic trends. Based o~ management's review of accounts receivable, no allowance for credit losses is considered necessary. ## Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures. Accordingly, actual results could differ from those estimates. #### **PUBLIC** - 5 - {7}------------------------------------------------ ## **Wellfleet Investments LLC Notes to Financial Statement December 31, 2025** #### Cash The Company maintains its bank account in a high credit quality financial institution. The balance at times may exceed insured limits. #### Income Taxes The Company is treated as a partnership for federal income tax purposes. Consequently, \_income taxes are not payable by, or provided for, the Company. Members are taxed individually on their shares of the Company's earnings. Management has analyzed the tax positions taken and has concluded that as of Dec~mber 31, 2025, there are no uncertain positions taken or expected to be taken that would require a provision or liability for income taxes. The Company's federal, state, and local tax returns are subject to possible examination by the taxing authorities until expiration of the related statutes of limitations on those tax returns. In general, the ·federal and state incom~ tax returns have a three-year statute of limitations. The Company would recognize accrued interest and penalties associated with uncertain tax positions, if any, as part of the income tax provision. ## Revenue Recognition Revenue from contracts with customers includes referral fees as well as placement and ad~isory services. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgement 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 dre identified; when to recognize revenue based on the appropriate measure of the Company's {8}------------------------------------------------ ## **Wellfleet Investments LLC Notes to Financial Statement December 31, 2025** progress under the cont~act; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration should be applied due to uncertain future events. Revenue from referral agreements includes a percentage of advisory fees earned by investment advisory firms from assets managed for introduced clients. As the value of the assets at future points in time as .well as the length of time the client remains with the investment advisory firm, both of which are highly susceptible to factors outside the Company's influence, are uncertain, the Company does not believe that it can overcome this constraint until the market value of the assets and the client activities are known, which are usually quarterly. The Company provides placement and advisory services related to capital raising activities and mergers and acquisitions transactions. Revenue from advisory agreements is generally recognized at the point in time that performance under the agreement is completed (the closing date of tran~action) or the contract is cancelled. However, for certain contracts, revenue is recognized over time *for* advisory agreements in which the performance obligations are simultaneously provided by the Company and consumed by the customer. In some circumstances, significant judgement is needed to determine the . timing and measure of progress appropriate for revenue recognition under a specific contract. If a promised good or service is not distinct, the Company combines that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. In some cases, this would result in the Company accounting for all the services promised in a contract as a single performance obligation and, if unfulfilled, amounts received from such contracts would be reflected as deferred revenue on the accompanying statement of financial condition. The Company recognizes success fee revenues from capital raising services and merger and acquisition advisory services upon completion of a success fee-based transaction. The Company {9}------------------------------------------------ #### **Wellfleet Investments LLC Notes to Financia1 Statement December 31, 2025** recognizes certain retainer revenue from contracts with customers at the point in time in which specified services are rendered to the Company's customers. The amount of retainer revenue recognized without the consummation of a success feebased transaction or formal termination of an engagement was \$10,000 and has been included in investment banking revenue in the accompanying Statement of Operations. ## Note 2 - Net Capital Req~irement Pursuant to the Uniform Net Capital Rule, Rule 15c3-1, of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital of not less than \$5,000 and a ratio of aggregate indeb~edness to net capital, as defined, of less than 15 to 1. At December 31, 2025, the Company had net capital of \$41,061 which· was \$36,061 in excess of its net capital requirement of \$5,000. The company's ratio of aggregate indebtedness to net capital was .3157 to 1. ## Note 3 - Contingencies The Company is subject to litigation in the normal course of business. The company has no litigation in progress as of December 31,2025. #### Note 4 - Lease The Company leases office space under a non-cancellable operating lease expiring .in April 2027 . The Company recognizes and measures its lease in accordance with FASB ASC 842, Leases. The Company determines if an arrangement is a lease, or contains a lease, at inception of a contract and/or when the terms of an existing contract are changed. The Company recognizes a lease liability and a right of -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. The discount rate is the implicit rate if it is readily determinable or otherwise the Company uses its incremental borrowing rate. The implicit rate of the Company was {10}------------------------------------------------ #### **Wellfleet Investments LLC Notes to Financial Statement December 31, 2025** not readily determinable and accordingly, the Company used an incremental borrowing rate of 8% based on the information available at the commencement date for the lease. 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 costs for lease payments are recognized on a straight~line basis over the lease term. Maturity of the lease liability under the non-cancelable operating lease is as follows: **Year Ending December 31,** | 2026 | \$12,900 | |-------|----------| | 2027 | \$4,300 | | Total | \$17,200 | | Total undiscounted lease payments | \$17,200 | |-----------------------------------|-----------| | Less imputed interest | (\$1,434) | | Total lea~e liability | \$15,766 | The total lease cost associated with this lease for the year ended December 31, 2025, was \$12,601. #### Note 5 - Subsequent Events The Company has evaluated subsequent events through the date the financial statements were issued. {11}------------------------------------------------ #### **Wellfleet Investments LLC Notes to Financial Statement ·December 31, 2025** ## Note 6 - Retirement Plan The Company has a simplified employee pension plan covering all employees. Employer contributions for 2025 amounted to \$25,000. ## Note 7 - Concentrations All of referral fees earned during 2025 were from three customers. Approximately 80% of all investment banking revenues earned during 2025 were from two customers. All of the Company's accounts receivable at December 31,2025, are due from two customers. ## Note 8 - Segment Reporting The Company's chief operating decision maker is its President. The Company is engaged in a single line of business as a securities broker dealer,' which is comprised of several classes of services, including providing referrals as well as placement and advisory services. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The chief operating decision maker assesses performance for the segment and decides how to allocate resources based on net income as is reported within the accompanying statement of operations. Additionally, the chief operating decision maker uses excess net capital (see Note 2), which is not a measure o~ profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay distributions. The Company's operations constitutes a single operating segment and therefore, a single reportable segment, because the chief operating decision maker manages the business act~vities using information of the Company as a whole. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.