# HENNEPIN PARTNERS LLC X-17A-5 (2026-03-23) — Broker-dealer annual report - Company: HENNEPIN PARTNERS LLC - Form: X-17A-5 - Filed: 2026-03-23 - Period: 2025-12-31 - Accession: 0001483462-26-000003 - CIK: 1483462 - File #: 8-68498 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville & Company, LLC - Auditor location: Dallas, TX - Contact: Neil Weinstein - Phone: 612-604-2066 - Email: nweinstein@hennepinpartners.com - Website: hennepinpartners.com - Signed by: Neil Weinstein (Managing Director) Original filing: https://www.sec.gov/Archives/edgar/data/1483462/000148346226000003/HennepinPublic25.pdf --- {0}------------------------------------------------ **Hennepin Partners LLC Report Pursuant to Rule 17a-5 of The Securities and Exchange Commission Including Report of Independent Registered Public Accounting Firm** **As of December 31, 2025** {1}------------------------------------------------ ## **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** OMBAPPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # **ANNUAL REPORTS FORM X-17A-5 PART Ill** SEC FILE NUMBER 8-68498 01/01/25 12/31/25 Hennepin Partners LLC ■ 650 3rd Avenue S., Suite 1500 Minneapolis MN 55402 Neil Weinstein 612-604-2066 nweinstein@hennepinpartners.com Sanville & Company, LLC 325 North Saint Paul St., Suite 1300 Dallas TX 75201 09/18/2003 169 **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 AND ENDING ---------- ----------- MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ TYPE OF REGISTRANT (check all applicable boxes): Broker-dealer Security-based swap dealer Check here if respondent is also an OTC derivatives dealer Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) {No. and Street) {City) {State) {Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING {Name) {Area Code - Telephone Number) {Email Address) **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* {Name - if individual, state last, first, and middle name) (Address) (City) {State) (Zip Code) **FOR OFFICIAL 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 are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid 0MB control number.** {2}------------------------------------------------ ## OATH OR AFFIRMATION | Neil Weinstein
I, __________________ | __, swear (or affirm) that, to the best of my knowledge and belief, the | | |-----------------------------------------------|-----------------------------------------------------------------------------------|-------| | financial report pertaining to the firm of | Hennepin Partners LLC | as of | | December 31
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__, 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 classified** solely **as that of a customer.** | Managing Director | | |-------------------|--| | | | ## **This filing\*\* contains (check all applicable boxes):** - (a) Statement offinancial 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. - (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - (i) Computation of tangible net worth under 17 CFR 240.18a-2. - U) 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. - (I) 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 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 differences exist, or a statement that no material differences exist. - (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (t) Independent public accountant's report based on an examination of the statement of financial condition. - (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - (z) other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - *\*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5{e}(3} or 17 CFR 240.18a-7{d}(2), as applicable.* {3}------------------------------------------------ ## **Hennepin Partners LLC Table of Contents** | Report of Independent Registered Public Accounting Firm | | |---------------------------------------------------------|-----| | Statement of Financial Condition | 2 | | Notes to Statement of Financial Condition | 3-6 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg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µVPDQDJHPHQW2XUUHVSRQVLELOLW\ LVWRH[SUHVVDQRSLQLRQRQWKH&RPSDQ\µ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µ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µVDXGLWRUVLQFH 6DQYLOOH &RPSDQ\//& 'DOODV7H[DV 0DUFK 1RUWK6DLQW3DXO6WUHHW 6XLWH 'DOODV7H[DV {5}------------------------------------------------ ## HENNEPIN PARTNERS LLC STATEMENT OF FINANCIAL CONDITION As of December 31, 2025 | ASSETS | | |---------------------------------------|-----------------| | Cash | \$
2,235,684 | | Accounts receivable | 430,519 | | Prepaid expenses | 109,578 | | Security deposit | 96,586 | | Right-of-use asset | 1,537,606 | | Property and equipment, net | 419,500 | | TOTAL ASSETS | \$
4,829,473 | | | | | LIABILITIES AND MEMBER'S EQUITY | | | Accounts payable and accrued expenses | \$
195,236 | | Lease liability | 1,594,312 | | Deferred revenue | 317,056 | | TOTAL LIABILITIES | 2,106,604 | | | | | Member's equity | 2,722,869 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$
4,829,473 | See accompanying notes to financial statement. {6}------------------------------------------------ #### (1) **Nature of business and significant accounting policies** **Nature of business –** Hennepin Partners LLC (the Company) provides investment banking and financial advisory services to corporate clients. The Company is a wholly owned subsidy of RYTO Corporation. The member experiences limited liability to the extent of its capital balance. The Company is a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority, Inc. (FINRA). A summary of the Company's significant accounting policies follows: **Cash** – The Company maintains its cash in bank deposit accounts, which at times, may exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company believes it is not exposed to any significant credit risk on cash. **Accounts receivable** – Accounts receivable are customer obligations due under normal trade terms requiring payment within 30 days of the invoice date. Unpaid accounts receivable which are past due are not charged a monthly service fee. Accounts receivable are stated at the amount billed to the customer. Customer account balances with invoices dated over 90 days old are considered delinquent. The Company's accounts receivable are generally unsecured. No allowance for doubtful accounts was considered necessary as of December 31, 2025. If accounts receivable are determined uncollectible, they are charged to expense in the year that determination is made. Management reviews all accounts receivable balances and determines the appropriate course of action on a delinquent account. **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. Per management analysis, As of December 31, 2025, there are no credit losses. **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. Company management reviewed the ASU 2023- 07 Disclosure requirements and determined that no additional disclosures are required as the Company has only one reportable segment. The Company has identified its Managing Director as the Chief Operating Decision Maker as specified in ASU 2023-07. Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (the "CODM"). The CODM is the Managing Director of the Company. The CODM uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Significant expense categories regularly provided to the CODM are those disclosed in the statement of operations. Additionally, the CODM uses excess net capital (shown in Note 4), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy. {7}------------------------------------------------ ### (1) **Nature of business and significant accounting policies (continued)** **Revenue recognition** – The Company recognizes 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. Revenue from contracts with customers includes fees from investment banking and financial advisory 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 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. Revenue from investment banking success fees are generally recognized at the point in time that performance under the arrangement is completed (the closing date of the transaction). Revenue from financial advisory retainer fees are generally recognized over time in which the performance obligations are simultaneously provided by the Company and consumed by the customer. Revenue from financial advisory valuation fees are generally recognized at the point in time that performance under the arrangement is completed. Retainers and other fees received from customers prior to recognizing revenue are reflected as deferred revenues. As of December 31, 2025, deferred revenues were \$317,056. Disaggregation can be found on the statement of operations for the year ended December 31, 2025. **Depreciation and amortization –** Depreciation and amortization are computed by using straight-line methods over estimated useful lives of five to seven years. Leasehold improvements are amortized over the shorter of the lease term or estimated useful life. **Income taxes** – The Company is a disregarded entity for federal and state income tax purposes. The Company's taxable income or loss is taxed on the member's income tax returns. No provision or liability for federal or state income taxes has been included in the financial statements. The Company has adopted FASB Accounting Standards Codification 740 for accounting for uncertain tax positions. The standard prescribes how an entity should measure, recognize, present and disclose positions that it has taken or expects to take on its income tax returns. The Company regularly reviews and evaluates its tax positions taken in previously filed information returns and as reflected in its financial statements and believes that in the event of an examination by taxing authorities, its positions would prevail based upon the technical merits of such positions. Therefore, the Company has concluded that no tax benefits or liabilities are required to be recognized. The Company's sole member's tax return remains subject to examination by the appropriate taxing jurisdiction for tax years ending after December 31, 2022. **Use of estimates** – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of financial statements, and the reported amounts of revenues during the reporting period. Actual results could differ from those estimates. {8}------------------------------------------------ ## (2) **Property and equipment** Property and equipment consisted of the following as of December 31, 2025: | Furniture, Computers and equipment | \$ 429,034 | |------------------------------------|------------| | Accumulated depreciation | (9,534) | | Property and equipment, net | \$ 419,500 | The Company retired \$211,415 of furniture and equipment and \$79,117 of leasehold improvements during the year ending December 31, 2025. ## (3) **Net Capital requirements** The Company is required to maintain a minimum net capital, as defined in Rule 15c3-1 under the Securities Exchange Act of 1934 (as amended), equivalent to the greater of \$5,000 or 1/15 of aggregate indebtedness. Net capital and aggregate indebtedness may vary from day to day. As of December 31, 2025, the Company had net capital of \$1,666,686 which was \$1,628,753 in excess of its required net capital of \$37,933. The Company's net capital ratio was 0.34 to 1 as of December 31, 2025. ## (4) **Lease commitments** In accordance with ASC 842, "Leases", the Company's leases with terms longer than twelve months are recorded on the statement of financial condition. The Company leases office space which is classified as an operating lease. The leases for office space provides for increases in future minimum rental payments. The leases also includes real estate taxes and maintenance charges, which are excluded from the minimum lease payments. The Company entered into a new lease agreement beginning October 1, 2025. The Company had \$1,537,606 of operating lease right-of-use asset as of December 31, 2025. The Company had \$1,594,312 in lease liability as of December 31, 2025. Future minimum lease payments as of December 31, 2025 are as follows: | Years Ending December 31, | | |--------------------------------|--------------| | 2026 | \$
- | | 2027 | 229,063 | | 2028 | 234,899 | | 2029 | 240,735 | | Thereafter | 1,847,094 | | Total future lease payments | 2,551,791 | | Imputed interest | (957,479) | | Net liability as of 12/31/2025 | \$ 1,594,312 | | | | The weighted average discount rate is 8.00%. The weighted average lease term is 10.00 years. #### (5) **Exemption from Rule 15c3-3** The Company amended its membership agreement with FINRA on November 19, 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. {9}------------------------------------------------ ### (6) **Commitments and Contingencies** The Company is not aware of 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) **Subsequent events** The Company has evaluated subsequent events occurring through March 2, 2026, the date that the financial statements were available to be issued, for events requiring recording or disclosure in the Company's financial statements. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.