# DWM FINANCE LLC X-17A-5 (2026-02-05) — Broker-dealer annual report - Company: DWM FINANCE LLC - Form: X-17A-5 - Filed: 2026-02-05 - Period: 2025-12-31 - Accession: 0001340124-26-000003 - CIK: 1340124 - File #: 8-67091 - Type: Broker-dealer - Material weakness: No - Auditor: Jerome Davies, CPA, P.C. - Auditor location: Marietta, GA - Contact: Vrinda Arora - Phone: 212-668-8700 - Email: varora@acisecure.com - Website: acisecure.com - Signed by: Peter Johnson (Co-Managing Partner) Original filing: https://www.sec.gov/Archives/edgar/data/1340124/000134012426000003/dwmfinanceaudit.pdf --- {0}------------------------------------------------ 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 | |-----------------| | FACING PAGE
Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|------|---------|------------|--|--| | FILING FOR THE PERIOD BEGINNING | 01/01/25
AND FNDING
MM/DD/YY | | | 12/31/2025 | | | | | | | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | | | | DWM FINANCE LLC
NAME OF FIRM. | | | | | | | | 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.) | | | | | | | | 100 FIRST STAMFORD PLACE 4TH FLOOR SUITE 450 | | | | | | | | | (No. and Street) | | | | | | | STAMFORD | CT | | | 06902 | | | | (City) | (State) | | | (Zip Code) | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | Vrinda Arora | (212)-668-8700
varora@acisecure.com | | | | | | | (Name) | (Email Address)
(Area Code - Telephone Number) | | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing * | | | | | | | | Jerome Davies, CPA, P.C. | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | | | 3605 SANDY PLAINS RD. SUITE 240-480 MARIETTA | | | GA | 30066 | | | | (Address) | (City) | | (State) | (Zip Code) | | | | 04/25/2017 | | 6363 | | | | | | (Date of Registration with PCAOB)(if applicable)
(PCAOB Registration Number, if applicable)
FOR OFFICIAL USE ONLY | | | | | | | \* Claims for exemption from the requirement that the annual 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 unless the form displays a currently valid OMB control number. {1}------------------------------------------------ #### OATH OR AFFIRMATION | I Peter Johnson | | | | swear (or affirm) that, to the best of my knowledge and belief, the | | |------------------------------------------------------------|--------------------------------------------------------------------------------------------|--|--|---------------------------------------------------------------------|-------| | tinancial report pertaining to the firm of DWM FINANCE LLC | | | | | as of | | December 31. | 2 025 __ is true and correct. I further swear (or affirm) that neither the company nor any | | | | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. Title: Co-Managing Partner This filing\*\* contains (check all applicable boxes): ## ■ (a) Statement of financial condition. - □ (b) Notes to consolidated statement of financial condition. - (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - = (d) Statement of cash flows. - @ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [ (f) Statement of changes in liabilities subordinated to claims of creditors. - = (g) Notes to consolidated financial statements. - | - [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - □ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - □ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - | (1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - = (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - [ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - O (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - | | Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.18a-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 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 240.17a-12, as applicable. - | (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - □ (z) Other:\_ - \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(2), as applicable. {2}------------------------------------------------ Financial Statements and Supplemental Information For the Year Ended December 31, 2025 {3}------------------------------------------------ # TU&!, ,(VV #### F0.07J0@W- - | (S" | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--| | A086@96=4<1080<10<9A0E;B90@01I2J3;.K62<9;:<14<=6@7:9;6I2@B2:<996A230.6=9/0-0.2@;9;0B:<1CD./:095:8;9:3?<10@A230.6=
9/0-0.2@;9;0B:<1CD./:?@ABACDAE>F GHBIJKLKMANNO #### /PQRQSRSRTUV1QRWRXQWY6TWTVZVRT[ HA@L\AL]^J?A^?@ALMM>C\_LK`JKab?L?ACAK?>FFJKLKMJLcM>K^J?J>K>FGHBIJKLKMANNOd?@AO>C\_LK`eLb>F GAMACDAEfghijikhLK^?@AEAcL?A^b?L?ACAK?b>F>\_AEL?J>KbhM@LKaAbJKCACDAElmAn]J?`hLK^MLb@Fc>obF>E?@A`ALE ?@AKAK^A^hLK^?@AEAcL?A^K>?AbdM>ccAM?J\Ac`EAFAEEA^?>Lb?@AFJKLKMJLcb?L?ACAK?bepqK>]E>\_JKJ>Kh?@AFJKLKMJLc b?L?ACAK?b\_EAbAK?FLJEc`hJKLccCL?AEJLcEAb\_AM?bh?@AFJKLKMJLc\_>bJ?J>K>FGHBIJKLKMANNOLb>FGAMACDAEfghijikh LK^?@AEAb]c?b>FJ?b>\_AEL?J>KbLK^J?bMLb@Fc>obF>E?@A`ALE?@AKAK^A^JKM>KF>ECJ?`oJ?@LMM>]K?JKa\_EJKMJ\_cAb aAKAELcc`LMMA\_?A^JK?@ArKJ?A^s?L?Ab>FtCAEJMLp # 8W[Q[uSv/PQRQSR wxymyz{|}|~{}m}yy|m}yxyym|m{{{zxy}|lm}|}yy|ym|m{{{{myymm}| >\_JKJ>K>K?@AbAFJKLKMJLcb?L?ACAK?bDLbA^>K>]EL]^J?pHALEAL\_]DcJMLMM>]K?JKaFJECEAaJb?AEA^oJ?@?@A]DcJM O>C\_LK`tMM>]K?JKa\AEbJa@?>LE^drKJ?A^s?L?AbedOteLK^LEAEAn]JEA^?>DAJK^A\_AK^AK?oJ?@EAb\_AM??>?@A O>C\_LK`JKLMM>E^LKMAoJ?@?@ArpspFA^AELcbAM]EJ?JAbcLobLK^?@AL\_\_cJMLDcAE]cAbLK^EAa]cL?J>Kb>F?@AsAM]EJ?JAb LK^M@LKaAO>CCJbbJ>KLK^?@AOtp HAM>K^]M?A^>]EL]^J?JKLMM>E^LKMAoJ?@?@Ab?LK^LE^b>F?@AOtp=@>bAb?LK^LE^bEAn]JEA?@L?oA\_cLKLK^ \_AEF>EC?@AL]^J??>>D?LJKEALb>KLDcALbb]ELKMALD>]?o@A?@AE?@AFJKLKMJLcb?L?ACAK?bLEAFEAA>FCL?AEJLc CJbb?L?ACAK?ho@A?@AE^]A?>AEE>E>EFEL]^p=@AO>C\_LK`JbK>?EAn]JEA^?>@L\AhK>EoAEAoAAKaLaA^?>\_AEF>EChLK L]^J?>FJ?bJK?AEKLcM>K?E>c>\AEFJKLKMJLcEA\_>E?JKaptb\_LE?>F>]EL]^J?oALEAEAn]JEA^?>>D?LJKLK]K^AEb?LK^JKa>F JK?AEKLcM>K?E>c>\AEFJKLKMJLcEA\_>E?JKaD]?K>?F>E?@A\_]E\_>bA>FA\_EAbbJKaLK>\_JKJ>K>K?@AAFFAM?J\AKAbb>F?@A }|lm{|y|}~|yz{|}|~{}y{|tMM>E^JKac`hoAA\_EAbbK>b]M@>\_JKJ>Kp ]EL]^J?JKMc]^A^\_AEF>ECJKa\_E>MA^]EAb?>LbbAbb?@AEJbb>FCL?AEJLcCJbb?L?ACAK?>F?@AFJKLKMJLcb?L?ACAK?bh o@A?@AE^]A?>AEE>E>EFEL]^hLK^\_AEF>ECJKa\_E>MA^]EAb?@L?EAb\_>K^?>?@>bAEJbbps]M@\_E>MA^]EAbJKMc]^A^ ALCJKJKah>KL?Ab?DLbJbhA\J^AKMAEAaLE^JKa?@ALC>]K?bLK^^JbMc>b]EAbJK?@AFJKLKMJLcb?L?ACAK?bp]EL]^J?Lcb> JKMc]^A^A\Lc]L?JKa?@ALMM>]K?JKa\_EJKMJ\_cAb]bA^LK^bJaKJFJMLK?Ab?JCL?AbCL^AD`CLKLaACAK?hLboAccLbA\Lc]L?JKa ?@A>\AELcc\_EAbAK?L?J>K>F?@AFJKLKMJLcb?L?ACAK?bpHADAcJA\A?@L?>]EL]^J?\_E>\J^AbLEALb>KLDcADLbJbF>E>]E>\_JKJ>Kp # 6¡PPYVZVRTWY2RuSvZWTQSR =@Ab]\_\_cACAK?LcJKF>ECL?J>KM>K?LJKA^JKsM@A^]cAbqLK^qq@LbDAAKb]D¢AM?A^?>L]^J?\_E>MA^]EAb\_AEF>ECA^JK M>K¢]KM?J>KoJ?@?@AL]^J?>Fxy}|lmFJKLKMJLcb?L?ACAK?bp=@Ab]\_\_cACAK?LcJKF>ECL?J>KJb?@AEAb\_>KbJDJcJ?`>F ?@AO>C\_LK`lm}|}yy|}£{~y£ym{|~£y££yy{|{|¤xyxyxymyy|}{|z}{| EAM>KMJcAb?>?@AFJKLKMJLcb?L?ACAK?b>E?@A]K^AEc`JKaLMM>]K?JKaLK^>?@AEEAM>E^bhLbL\_\_cJMLDcAhLK^\_AEF>ECJKa \_E>MA^]EAb?>?Ab??@AM>C\_cA?AKAbbLK^LMM]ELM`>F?@AJKF>ECL?J>K\_EAbAK?A^JK?@Ab]\_\_cACAK?LcJKF>ECL?J>KpqK F>ECJKa>]E>\_JKJ>K>K?@Ab]\_\_cACAK?LcJKF>ECL?J>KhoAA\Lc]L?A^o@A?@AE?@Ab]\_\_cACAK?LcJKF>ECL?J>KhJKMc]^JKaJ?b F>ECLK^M>K?AK?hJb\_EAbAK?A^JKM>KF>ECJ?`oJ?@g¥OpIp¦p§i¨jpg¥L©kpqK>]E>\_JKJ>Kh?@Ab]\_\_cACAK?LcJKF>ECL?J>K M>K?LJKA^JKsM@A^]cAbqLK^qqJbFLJEc`b?L?A^hJKLccCL?AEJLcEAb\_AM?bhJKEAcL?J>K?>?@AFJKLKMJLcb?L?ACAK?bLbLo@>cAp ªyx}ymyy£}mxy}|lm}£{m{|~y«¬iip BLEJA??LhA>EaJL IADE]LE`fhiji® {5}------------------------------------------------ ## Statement of Financial Condition December 31, 2025 ## ASSETS ക Cash 70,742 Accounts receivable 5,187 Prepaid expenses 3,140 TOTAL ASSETS ക്ക 79,069 LIABILITIES AND MEMBER'S EQUITY LIABILITIES: ക Accounts payable and accrued expenses 7,118 TOTAL LIABILITIES 7,118 MEMBER'S EQUITY 71,951 Member's equity TOTAL LIABILITIES AND MEMBER'S EQUITY ക്ക 79,069 {6}------------------------------------------------ # Statement of Operations For the Year Ended December 31, 2025 | REVENUES: | | | |---------------------------------|----|-----------| | Placement fees | ಿ | 78,841 | | Total revenues | | 78,841 | | EXPENSES: | | | | Salaries and other compensation | | 150,696 | | Professional fees | | 49,886 | | Regulatory expense | | 5,430 | | Оссирапсу | | 4,968 | | Other | | 37,402 | | | | | | Total expenses | | 248,382 | | NET LOSS | ಕಾ | (169,541) | {7}------------------------------------------------ # Statement of Changes in Member's Equity For the Year Ended December 31, 2025 | Balance, January 1, 2025 | ല്ല | 177,604 | |----------------------------|-----|-----------| | Net loss | | (169,541) | | Member contributions | | 63,888 | | Balance, December 31, 2025 | ಕಿ | 71.951 | {8}------------------------------------------------ ## Statement of Cash Flows For the Year Ended December 31, 2025 | CASH FLOWS FROM OPERATING ACTIVITIES: | | | |-----------------------------------------------------------------------------------------------------------------------------|------|-----------| | Net loss | ക | (169,541) | | Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities: | | | | Decrease in prepaid expenses | | 212 | | Increase in accounts receivable | | (5,187) | | Decrease in accounts payable and accrued expenses | | (1,113) | | Net Cash Used In Operating Activities | | (175,629) | | CASH FLOWS FROM FINANCING ACTIVITIES:
Member contributions | | 63,888 | | Net Cash Provided By Financing Activities | | 63,888 | | Net Decrease in Cash | | (111,741) | | Cash, Beginning of the Year | | 182,483 | | Cash, End of Year | ಕ್ಕಾ | 70,742 | | Supplemental disclosure of cash flow information: | | | | Non-cash Member contributions in the form of debt forgiveness (see Note 5) | ક | 63,888 | {9}------------------------------------------------ #### V # W/79,-X-27Y3:-:F-A-0;-7Z[B\Q\] ^/9-69/W5323A52=L929-0-396 #### -- - -- FGH W5323A-JJ.\_9,-`./01234abD26C/70-:@3:-79,-=2D6/C9,-L929-/C./33-A95A@953H27A,\QQ]23: ;-A20-2D,/==4/D3-:6@;65:5274/CFGH c/=:5386BJJ.\_9,-`N27-39ab/3F-A-0;-7\[B\QQdEI62J5059-: J52;5=594./01234\_JJ.b9,-0-0;-7T6=52;5=59456=5059-:9/59653>-690-39E+,-./01234567-8569-7-:D59,9,- L-A@7595-623:YOA,238-./005665/3\_`LY.ab262;7/<-7e:-2=-7536-A@7595-623:,26;--320-0;-7/C9,- W5323A52=f3:@6974g-8@=29/74I@9,/7594\_`Wf^gIab653A-L-19-0;-7[hB\QQUE+,-2A95>595-6/C;7/<-7e:-2=-7627- 7-8@=29-:;453:@69747@=-6:->-=/1-:9,7/@8,9,-L-A@7595-6YOA,238-IA9/C[PZi23:7@=-623:7-8@=295/36/C Wf^gIE+,-./01234:/-63/9A=250 23-O-0195/3@3:-712728721,\_5:-6:-;923:-?@594697@A9@75386-7>5A-6B:-;923:-?@594 A21592=1=2A-0-39B0-78-76B2A?@56595/32:>56/746-7>5A-623:C5323A52=2:>56/746-7>5A-61750275=49/05A7/C5323A-536959@95/36539,-:->-=/1538D/7=:E+,-./01234-27362:>56/74C--626D-==26C--6;26-:/39,->2=@-/C 972362A95/36E+,-./012341=2A-66-A@7595-6C/79,57:12795-626D-==26C/7C@3:602328-:;45962CC5=529-BFGH I66-9H2328-0-39JJ.E #### - - - - # !! +,-C5323A52=6929-0-39627-17-6-39-:532AA/7:23A-D59,2AA/@395381753A51=-68-3-72==42AA-19-:539,-K359-: L929-6/CI0-75A2\_`KELEMIINabE # !"! # \$#%&'( ! +,-17-127295/3/CC5323A52=6929-0-39653A/3C/70594D59,KELEMIIN7-?@57-602328-0-399/02<--695029-6 23:266@0195/369,292CC-A99,-7-1/79-:20/@396/C266-9623:=52;5=595-623::56A=/6@7-6/CA/39538-39266-96 23:=52;5=595-6299,-:29-/C9,-C5323A52=6929-0-39623:9,-7-1/79-:20/@396/C7->-3@-623:-O1-36-6:@7538 9,-7-1/795381-75/:EIA9@2=7-6@=96A/@=:65835C5A239=4:5CC-7C7/09,/6--695029-6E +,-./01234,26:-C53-:A26,-?@5>2=-39626,58,=4=5?@5:53>-690-396D59,/758532=029@7595-6/C=-669,23PQ :246D,5A,27-3/9,-=:C/762=-539,-/7:53274A/@76-/C;@653-66E # ))& !)'\*( +,-./012347-8@=27=47->5-D65962AA/@3967-A-5>2;=-C/7A7-:59=/66-6E+,-7->5-D56;26-:/323232=4656/C 9,-./01234R6A/==-A95/3-O1-75-3A-BA@69/0-7A7-:59D/79,53-66B23:A@77-39-A/3/05A97-3:6ES26-:/3 02328-0-39T67->5-D/C2AA/@3967-A-5>2;=-B3/2==/D23A-C/7A7-:59=/66-656A/365:-7-:3-A-66274E {10}------------------------------------------------ ## Notes to Financial Statements For the Year Ended December 31, 2025 #### Revenue from Contracts with Customers Revenue from contracts with customers is recognized when, or as, the Company salisfies its performance obligations by transferring promised goods or services to customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. The following provides detailed information on the recognition of the Company's revenue from contracts with customers: ### Placement Fees Revenues are recognized when the Company's fees and commissions have been earned, services are complete, revenues are determinable, and collection is determined as reasonably assured. Typically, the performance obligation is satisfied when capital is raised on behalf of customers. #### Income Taxes The Company is a single member limited liability company which is treated as a disregarded entity for U.S. tax purposes. As such, the Company does not file its own tax returns but includes net income/loss in the tax returns of its Member. ## Concentration of Credit Risk The Company maintains cash balances in banks which at times may be in excess of the Federal Deposit Insurance Corporation (FDIC) insured limits. The Company incurred no credit losses due to this concentration during 2025. ## NOTE 3 - NET CAPITAL REQUIREMENTS The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (15c3-1), which requires the maintenance of minimum net capital and requires that the percentage of aggregate indebtedness to net capital, both as defined, shall not exceed 1500%. As of December 31, 2025, the Company had net capital of \$63,624 and a minimum net capital requirement of \$5,000. The Company's excess net capital at December 31, 2025 was \$58,624. The Company's percentage of aggregate indebtedness to net capital at December 31, 2025 was 11.19%. {11}------------------------------------------------ Notes to Financial Statements For the year ended December 31, 2025 ## NOTE 4 - CONCENTRATION The Company is typically dependent on a relatively small number of customers for a substantial portion of its revenue, although the customers comprising this group have changed from time to time. For the year ended December 31, 2025 revenue from the two largest customers accounted for 51% and 42% respectively. Revenues from the third customer accounted for 7% of the total revenue. 100% of Accounts receivable was from one customer. ## NOTE 5 - RELATED PARTY TRANSACTIONS The Company is a party to an Expense Sharing Agreement with DWM Asset Management, LLC (the "Related Party"), an entity under common ownership. Under the terms of this agreement, the Related Party pays all rent in addition to certain other expenses including personnel, telephone, and office expenses and apportions a fixed amount to the Company. Expenses apportioned to the Company under the Expense Sharing Agreement totaled \$191,664 for the year ended December 31, 2025 and is reflected in the respective expense categories on the accompanying statement of operations. The Parent assumed and forgave \$63,888 of the amount due to the Related Party under the Expense Sharing Agreement, such amount was included in the Company's expenses and is treated as contributions on the accompanying statement of changes in member's equity. 57% of total revenue earned during the year ended December 31, 2025 resulted from services provided to a fund managed by the Related Party. The Company's financial position and results of operations may have differed from the amounts in the accompanying financial statements had the above transactions not been with related parties. ## NOTE 6 - COMMITMENTS AND CONTINGENCIES The Company has no commitments or contingencies at December 31, 2025 that require in the accompanying financial statements or the related Notes thereto. {12}------------------------------------------------ ## Notes to Financial Statements For the year ended December 31, 2025 #### NOTE 7 - INDEMNIFICATIONS In the normal course of its business, the Company indemnifies and guarantees certain service providers against specified potential losses in connection with their acting as an agent of, or providing services to, the Company. The maximum potential number of future payments that the Company could be required to make under these indemnifications cannot be estimated. However, the Company believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statements for these indemnifications. The Company provides representations and warranties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. These indemnifications generally are standard contractual terms and are entered into in the normal course of business. The maximum potential number of future payments that the Company could be required to make under these indemnifications cannot be estimated. However, the Company believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statements for these indemnifications. #### NOTE 8 - SEGMENT REPORTING - The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of placement services. The Company has identified its Chief Executive Officer as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasing process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 3), 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 business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the same as those described in the summary of significant accounting policies. #### NOTE 9 - SUBSEQUENT EVENTS The Company has evaluated events subsequent to the Statement of Financial Condition date for items requiring recording or disclosure in the financial statements. The evaluation was performed through the date the financial statements were issued. Based upon this review, the Company has determined that there were no events which took place that would have a material impact on its financial statements. {13}------------------------------------------------ | Schedule I - Computation of Net Capital Under Rule 15c3-1
of the Securities and Exchange Commission
For the Year Ended December 31, 2025 | | | |------------------------------------------------------------------------------------------------------------------------------------------------|---------|-----------------| | TOTAL MEMBER'S EQUITY FROM STATEMENT OF FINANCIAL CONDITION | ക | 71,951 | | DEDUCTIONS AND NON-ALLOWABLE ASSETS
Prepaid expenses | | (3,140) | | Accounts receivable | | (5,187) | | NET CAPITAL
Total Aggregate Indebtedness | ಕಾ
ക | 63,624
7,118 | | Computation of Basic Net Capital Requirement:
Minimum net capital required | સ્ત્ર | 5,000 | | Excess net capital | ക | 58,624 | | Percentage of Aggregate Indebtedness to Net Capital - | | 11.19% | There are no material differences between the computation of Net Capital presented above and the Company's most recently filed December 31, 2025, Form X-17A-5 Part II-A. See Report of Independent Registered Public Accounting Firm {14}------------------------------------------------ ## DWM Finance LLC Schedule II - Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements Pursuant to Rule 15c3-3 of the Securities and Exchange Commission For the Year Ended December 31, 2025 The Company does not claim an exemption from SEA Rule 15c3-3 but is in reliance on Footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by SEC staff. See Report of Independent Registered Public Accounting Firm {15}------------------------------------------------ ![](_page_15_Picture_0.jpeg) 3605 Sandy Plains Rd. Suite 240-480 Marietta, GA 30066 (347) 512-6085 ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of DWM Finance LLC We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) DWM Finance LLC (the Company) did not claim an exemption from SEC Rule 15c3-3 in reliance upon Footnote 74 to SEC Release 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5, and (2) the Company stated that the Company met the identified conditions for such reliance throughout the year ended December 31, 2025 without exception. The Company'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 the Company's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k) of 17 C.F.R. § 240.15c3-3 under the Securities Exchange Act of 1934, and the conditions set forth in Footnote 74 to SEC Release 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. Marietta, Georgia February 3, 2026 {16}------------------------------------------------ ![](_page_16_Picture_0.jpeg) www.dwmarkets.com ## DWM Finance LLC Exemption Report DWM Finance LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. §240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: (1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15:3-3, and (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to: (1) participations of securities (other than firm commitment underwritings) in accordance with the requirements of paragraphs (a) or (b)(2) of Rule 15c2-4; and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company); (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. Management reviewed the provisions of Rule 15c3-3 and the related guidance in Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. §240.17a-5. The Company met the identified conditions for reliance on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. §240.17a-5 throughout the year ended December 31, 2025, without exception. ## DWM Finance LLC I, Peter Johnson, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. By: Title: Co-Managing Partner Date: February 2, 2026 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.