# TFA SECURITIES, INC. X-17A-5 (2026-02-23) — Broker-dealer annual report - Company: TFA SECURITIES, INC. - Form: X-17A-5 - Filed: 2026-02-23 - Period: 2025-12-31 - Accession: 0001682074-26-000003 - CIK: 1682074 - File #: 8-69822 - Type: Broker-dealer - Material weakness: No - Auditor: Anson, Brian, W - Auditor location: TARZANA, CA - Contact: David Howard - Phone: 704-957-6075 - Email: dhoward@tfacp.com - Website: tfacp.com - Signed by: David Howard (President, CCO) Original filing: https://www.sec.gov/Archives/edgar/data/1682074/000168207426000003/2025TFAPublicCertAudfull.pdf --- {0}------------------------------------------------ PUBLIC COPY TFA SECURITIES, INC. ANNUAL AUDIT REPORT DECEMBER 31, 2025 {1}------------------------------------------------ **UNITED STATES** SECURITIES **AND EXCHANGE COMMISSION Washington,** D.C. **20549** ### **ANNUAL REPORTS FORM X-17A-5 PART** Ill | 0MB APPROVAL | |--------------------------| | 0MB Number: 3235�123 | | Expires: Nov. 30, 2026 | | Estimated average burden | | hours per response: 12 | | SEC FILE NUMBER | |-----------------| | 8-69822 | 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 \_\_ 0 \_1\_/0 \_1\_/ \_ 2 \_ 5 \_\_ AND ENDING \_\_ **1\_2\_/3\_1 /\_2\_5 \_\_ \_** MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME oF FIRM: TFA Securities, Inc. TYPE OF REGISTRANT (check all applicable boxes): MM/DD/YY � Broker-dealer O Security-based swap dealer 0 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.) 201 Continental Blvd, Suite #110 (No. and **Street)** El Segundo CA (City) (State) PERSON TO CONTACT WITH REGARD TO THIS FILING 90245 (Zip Code) David Howard (704) 957-6075 dhoward@tfacp.com (Name) (Area Code -Telephon e Number) (Email Address) 8. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing• Brian W Anson, CPA (Name - if individual, state last, first, and middle name) 1845 5 Burbank Blvd #406 Tarzana CA 913 56 (Address) (City) (State) (Zip Code) 09/15/ 20 05 2370 **FOR OFFIOAL USE ONLY** • daims for exemption from the requirement that the annual reports be covered by the reports of an indep endent 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 collectlon of Information contained In this form ere not required to respond unless the form displays e currently valid 0MB control number.** {2}------------------------------------------------ #### **OATH OR AFFIRMATION** **I,** David Howard **swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of** TFA Securities, Inc **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 classified solely as that of a customer.** **Title:** *I* President, CCO **This filing•• contains (check all applicable boxes):** - **i!!ii {a) Statement of financial condition.** - **D {b) Notes to consolidated statement of financial condition.** - **D (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 (d) Statement of cash flows.** - **D (e) Statement of changes in stockholders' or partners' or sole proprietors equity.** - **D {f) Statement of changes in liabilities subordinated to claims 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.** - **D (i) Computation of tangible net worth under 17 CFR 240.18a-2.** - **D 0) Computation for determination of customer 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 8 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§ 240.1Sc3-3.** - **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) Reronciliatioru, induding 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.** - **D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.** - **ii!i!i (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.** - **D (r) Compliance report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable.** - **D (s) Exemption report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable.** - **ii!i!i (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-S, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.** - **D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-S 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.** - **D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-1e or 17 CFR 240.17a-12, as applicable.** - **D (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a 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) , as applicable.* {3}------------------------------------------------ ### **BRIAN W. ANSON** *Certified Public Accountant* 18455 Burbank Blvd., Suite 406, Tarzana, CA 91356 • Tel. (818) 636-5660 ### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Shareholders' and Board of Directors ofTFA Securities, Inc. ### **Opinion on the Financial Statements** I have audited the accompanying statement of financial condition of TF A Securities, Inc. as of December 31, 2025, and the related notes (collectively referred to as the financial statements). In my opinion, the financial statements present fairly, in all material respects, the financial position of TF A Securities, Inc. 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 TF A Securities, Inc's management. My responsibility is to express an opinion on TF A Securities, Inc.' s financial statements based on my audit. I am a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and am required to be independent with respect to TF A Securities, Inc.in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. I conducted my audit in accordance with the standards of the PCAOB. Those standards require that I 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. My 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. My audit also included evaluating the accounting principles used and significant estimates made by management, as evaluating the overall presentation f the financial statements. I believe that my audit provides a reasonable basis for my opinion. I have served as TF A Securities, Inc.' s auditor since 201 7. Tarzana, California February 13, 2026 {4}------------------------------------------------ •••• ### **TFA SECURITIES1 INC.** #### STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 #### **ASSETS** | Cash
Other assets | \$
32,118
4,239 | |------------------------------------------------------------------------------------------|-----------------------| | Total Assets | \$
36,357 | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | Liabilities: | | | Accounts payable | \$ | | Total Liabilities | | | Stockholder's Equity: | | | Common stock (no par value; 1,000,000 authorized; 324,000 shares issued and outstanding) | 50,000 | | Additional paid-in capital | 185,589 | | Accumulated deficit | {199,232) | | Total Stockholder's Equity | 36,357 | | Total Liabilities and Stockholder's Equity | \$
36,357 | {5}------------------------------------------------ # TFA SECURITIES, I NC. # Notes to Financial Statements # DECEMBER 31, 2025 # NOTE 1- ORGANIZATION TFA Securities, Inc. (the "Company") was organized as a California S corporation in April 2009. The Company is owned by its sole stockholder, TFA Capital Partners, Inc. ("TFACP"), and has offices located in El Segundo, California. The Company is a closely held non-carrying broker dealer and registered with the Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority ("FINRA") in August 2017. The Company primarily engages in providing private placement and financial advisory services to corporate gaming companies and Native American tribes and their enterprises. ## NOTE 2-SIGNIFICANT ACCOUNTING POLICIES ### **Use of Estimates** The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and may have an impact on future periods. ### **Income Taxes** The Company has elected under the Internal Revenue Code to be treated as a qualified subchapter S subsidiary of its shareholder, TFACP. In lieu of federal income taxes, the Company's income is passed through to TFACP. The Company is subject to the State of California's annual tax for S corporations, which are accounted for in the consolidated tax returns of TFACP. Accordingly, all items of income, deductions, and credits are included in TFACP's tax return. ### **Fair Value of Financial Instruments** FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritized the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques that are consistent with the market, income or cost approach, as specified by FASB ASC 820 are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: {6}------------------------------------------------ Level 1 inputs are q uoted prices {unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Level 2 inputs are in puts {other than q uoted prices included within Level 1) that are observa ble for the asset or liabil ity, either directly or indirectly. Level 3 are unobserva ble inputs for the asset or liability and rely on management's own assumptions about the assumptions that market participants would use in pricing the asset or liability. {The unobserva ble inputs should be developed based on the best information available in the circumstances and may include the Com pany's own data.) The re we re no assets to measure at December 31, 2025. #### **ASC 606 Revenue Recognition** Revenue is measured based on a consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfied a performance obligation by transferring control over a prod uct or service to a customer. Taxes and regulatory fees assessed by a government authority or agency that are both imposed on and concurrent with a specified revenue-prod ucing transaction, that are collected by the Company from a customer, a re excluded from revenue. The following is a description of activities separated by reporta ble segments, per FINRA Form "Supplemental Statement of Income {SSOI)"; from which the Com pany generates its revenue. Fees earned : This includes fees earned from affil iated entities; investment banking fees, and M&A advisory. #### **Segment Reporting** The Company Is engaged in a single line of business as a securities broker dealer, which is comprised of one class of service. The Company has identified its President and CCO as the chief operating decision maker {CODM), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additional ly, the CODM uses excess net capital, which is not a measure of profit and loss, to make operational decisions while maintaining ca pital adequacy, such as whether to reinvest profits or pay dividends. The Company's operations constitute a single operating segment a nd therefore, a single reporta ble segment, because the CODM manages the business activities using information from the Company as a whole. The accounting pol icies used to measure the profit and loss of the segment a re the same as those described in the summary of significant accounting policies {7}------------------------------------------------ # NOTE 3- NET CAPITAL REQUIREMENTS **The Company is subject to the SEC's uniform net ca pital rule (Rule 15c3-1) which req uires the Company to maintain a minimum net ca pital eq ual to or greater than the greate r of \$5,000 or 6 2/3% of aggregate indebted ness (\$0 at December 31, 2025). In addition, the Compa ny must maintain a ratio of aggregate indebted ness to net ca pital not exceeding 15 to 1.** **At December 31, 2025, the Compa ny's net ca pital was \$32, 118, which exceeded the requirement by \$27, 118. The ratio of aggregate indebted ness to net ca pital was O to 1.** ## NOTE 4- RELATED PARTY TRANSACTIONS **For the first four months of 2025, the Compa ny had an expense sharing agreement with TFACP. TFACP provided office space a nd paid most overhead expenses for the Company. During 2025, TFACP invoiced the Company for operating expenses of \$7,560 per the Compa ny's expense sharing agreement with TFACP. The Compa ny's resu lts of operations and financial position could differ significa ntly from those that would have been obtained if the entities were autonomous. At the end of April 2025, the expense sharing agreement was discontinued. At December 31, 2025, the Company had fu lly paid the related party {TFACP) and owed \$0.** ### **ASU 2016-02: Leases** **The Company is not subject to the requireme nts under ASU 2016-02 beca use it does not have a lease liability. The Com pa ny's lease expenses had bee n covered under its expense sharing agreement with TFACP. Afte r the expense sharing agreement was discontin ued, there were no fu rther lease expenses.** ## NOTE 5- INCOME TAX PROVISIONS **The provision for income taxes shown consists of the Compa ny's share of state income taxes of \$800, which is incl uded as additional paid-in ca pital from TFACP as tax payments are made by TFACP.** **The Company is no longer subject to examinations by major tax ju risdictions for years before 2022.** ## NOTE 6-SUBSEQUENT EVENTS **The Company has evaluated subseq uent events through February 13, 2026, the date which the fi na ncial statements were availa ble to be issued . No events have occu rred that would require disclosure.** ### NOTE 7 -COM MITMENTS AND CONTINGENCIES **The Company was not subject to any litigation during or at the year ended December 31, 2025.** Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.