# VF SECURITIES, INC X-17A-5 (2026-03-16) — Broker-dealer annual report - Company: VF SECURITIES, INC - Form: X-17A-5 - Filed: 2026-03-16 - Period: 2025-12-31 - Accession: 0001868679-26-000003 - CIK: 1868679 - File #: 8-70745 - Type: Broker-dealer - Material weakness: No - Auditor: Bansal & Co. LLP - Auditor location: New Dehli, K7 - Contact: Scott Brody - Phone: 3108953927 - Email: scott.brody@vestedfinance.co - Website: vestedfinance.co - Signed by: Scott Brody (Chief Compliance Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1868679/000186867926000003/FinancialStatementaudit2025.pdf --- {0}------------------------------------------------ # UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ANNUAL REPORTS | | | | | | |----------------|--|--|--|--|--| | FORM X-17A-5 | | | | | | | PART III | | | | | | FACING PAGE | OMB APPROVAL | |---------------------------| | OMB Number: 3235-0123 | | Expires: Nov. 30, 2026 | | Estimated average burden | | 12
nours per response: | | | SEC FILE NUMBER | |--|-----------------| |--|-----------------| Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 AND ENDING 12/31/25 FILING FOR THE PERIOD BEGINNING 01/01/25 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: VF Securities, Inc. 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.) 222 N. Sepulveda Blvd. (PCH), Suite 10-124 (No. and Street) El Segundo CA 90245 (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING Scott Brody (310) 895-3927 scott.brody@vestedfinance.co (Name) (Area Code - Telephone Number) (Email Address) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Bansal & Co., LLP (Name - if individual, state last, first, and middle name) A-6 Maharani Bagn New Dehli India 110065 (Address) (City) (State) (Zip Code) 1-22-2007 2807 (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. Scott Brody , swear (or affirm) that, to the best of my knowledge and belief, the and and as a subas of financial report pertaining to the firm of VF Securities, Inc. 2026 , is true and correct. I further swear (or affirm) that neither the company nor any February 27 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. Signature: Title: Chica compliance Officer # See Attachment for California Notary # 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. - [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. - [ (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. - [ [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 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 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 240.180-7(d)(2), as applicable. {2}------------------------------------------------ | GALIFOBI]A .TURAT UUTH AFF]AI{T STATEIIIEI T | GOVERNMENT CODE S 8202 | |------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | p See Attached Document (Notary to cross out lines 1-6 below)
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Titte or Type of Document AJrJJ*t- g{fsB't9 6l+, X- l-?A'9 Bf rrr Document Date: | | Nurnber of Pages: Signe(s) OtherThan Named Above: @2016 National Notary Association . www.NationalNotary.org . 1-800-US NOTARY (1-800-876-6827) ltem #5910 {3}------------------------------------------------ ITEAD OFFICEI A-6, Maharani Bagh Neiv Delhi- I 10065 Ph.: 0 I I -4 I 6264'l l, 4t 6264'70 Fax: 0l l-41 3284?5 Email: info@bansalco.com # BANSAL & CO LLP CHARTERED ACCOUNTANTS # Report ot lndependent Registered Pubtic Accounting Firm To the Members of VF Securities, lnc. # Opinion on the Financiat Statements We have audited the accompanying statement of financial condition of VF Securities lnc. (the ',Cornpany") as of December 31, 2025, the retated statements of operations, changes in member's equity and cash ftows for the year ended and the retated notes (cottectivety referred to as the "financiat statements"). ln our opini0n, the financiat statements present tairty, in att materiat respects, the f inanciat position of the Company as of December 31 ,2025, and the resutts of its operations and its cash f lows f or the year ended, in conformity with accounting principtes generatty accepted in the United States of America. # Basis for Opinion These financiatstatements are the responsibitity of the Company's management, Our responsibility is t0 express an opinion on the Company's financiat statements based on our audit. We are a pubtic accounting firm registered with the pubtic company Accounting Oversight Board {United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S federat securities Laws and the appticabte rutes and regutations of the Securities and Exchange Commission and the FCOAB. We conducted our audit in accordance with the standards of the PCOAB. Those standards require that we ptan and perform the audit to obtain reasonabte assurance about whether the financiaI staternents are free of materiat rflisstatement, whether due to error or fraud. OUI audit incl,uded performing procedures t0 assess the risks of materiat misstatement of the financiat statements, whether due to error or fraud, and performing procedures that respond t0 those risks. such procedures inctuded examining, on a test basis, evidence regarding the amounts and discLosures in the financiat statements. Our audit atso inctuded evatuating the accounting principtes used and significant estimates made by management, as wett as evatuating the overall presentation of the financial, statements. We betieve that our audit provides a reasonab[e bas]s tor our opinion. ### Auditor's Report on Supplementat lntormation The supptementary information contained in Schedute | \* Computation of Net Capitat pursuant to Uniform Net Capitat Rute 15c3-1 of Securities and Exchange Commissions. The supptementat information is the responsibitity of the Company's management. Our Audit procedures inctuded cietermining whether the supptementat information reconciles to the financiat statements or the underlying accounting and other records, as appticabl.e, and performing procedures to test the compLeteness and accuracy of the intormation presented in the supptementat information ![](_page_3_Picture_11.jpeg) ### BRANCHES Maharashtra : 7&8 GF, Wing-A, I{aghavji Building, I5117, Raghavji Road, Gorvalia Tank, Mumbai-400026, Madhya Pradesh : I14, Shree Torver, Znd Floor, Zone-II, Bhopal (i\,IP) Ph. A755-4076'j?5,2'169?24.7769225,94 Chhattisgarh : 61140 Next to Indra Setu Bridge, Tilaknagar, Chatapara, Bilaspur, Chhattisgarh, (Ch)-495001, M : D-Bloek, 3rd Floor, Plot No 8, Balaji Estate, Ciuru Ravidas Marg, Kalkaji. Neu, Dethi- I I0019, M 9810939245 5 Delhi # Po\*e l\*tl L {4}------------------------------------------------ In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 CFR 6 240 17a-5. In our opinion, the supplemental information is fairy stated, in all material respects, in relation to the financial statements as a whole. # Critical Audit Matters Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involve our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters. ### Audit of Internal Control Over Financial Reporting 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 audits, 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. For Bansal & Co. LLP Chartered Accountants Jaw Delh S.K. Bansal Partner New Delhi, India Date: February 27, 2026 We have served as the Company's auditor since 2023. age 2 of 2 {5}------------------------------------------------ # VF Securities Inc Statement of Financial Condition For the Year Ended December 31, 2025 | | 12/31/2025 | 12/31/2024 | |-----------------------------------------------------------------|---------------|---------------| | Assets | Amount in USD | Amount in USD | | Cash and cash equivalents | 837.933 | 454.424 | | Prepaid expenses | 10.389 | 3.333 | | Accounts Receivable | 428.944 | 248,219 | | Other Current Asset | 268,695 | 268,988 | | Advance to Supplier | 2.532 | 569 | | Total Assets | 1,548,492 | 975,533 | | | | | | Liabilities and Member's Equity | | | | Liabilities | | | | Accounts Payable | 90,322 | 47,261 | | Provision for Expense | 441,063 | 238,585 | | Withholding Tax payable | | 14,393 | | Total Liabilities | 531,386 | 300,239 | | Equity | | | | Common stock, \$0.00001 par value, 1000 shares authorized, 1000 | 0.01 | 0.01 | | shares issued and outstanding | | | | Additional Paid in Capital | 150,000 | 895,030 | | Opening Retained earning | -219,736 | -422,297 | | Dividend Paid | -1,000,000 | | | Profit/(Loss) during the year | 2,086,842 | 202,561 | | Member's equity | 1,017,106 | 675,294 | | Total Liabilities and Member's Equity | 1,548,492 | 975,533 | For Bansal & Co., LLP Chartered Accountants ಿಗೆ New Delh 과 물 S.K. Bansal Partner red Ac Date: February 27, 2026 Place: New Delhi, India For VF Secutities, Inc. Approved on behalf of the Board of Directors Seath Br Scott Brody CEO Date: February 26, 2026 Place: United States of America {6}------------------------------------------------ # VF Securities Inc Statement of Operations For the Year Ended December 31, 2025 | | 12/31/2025 | 12/31/2024 | |--------------------------------------|---------------|---------------| | Particulars | Amount in USD | Amount in USD | | Revenue | | | | Brokerage Income | 2,966,257 | 1.007,195 | | Cash Lending Share | 1,243.264 | 697,288 | | Rebate on Volume (POFA) | 185,292 | 65.292 | | Security Lending Share | 278,267 | 81,605 | | Global MF Rebate | 22 | | | Withdrawal Faciliation Fees | 383.991 | 1 | | Global Premum Subscription | 133.976 | | | Deposit Faciliation Fees | 1,436,377 | 93.783 | | Inter Company Revenue | | 18.497 | | Other Income | 17.274 | 12,718 | | Total Revenue | 6,644,720 | 1,976,379 | | Expenses | | | | Broker-Dealer Commission expense | 466.070 | 342,207 | | Partner Commission expense | 742,841 | 157,628 | | Customer Support fees | 4.785 | 2.743 | | Advertising and Marketing | 311,106 | 63,209 | | Royalty expense | 649,348 | 163,820 | | Support Service | 1,068,094 | | | Salary | 442.959 | 434,721 | | Direct Contractor | 240.002 | 99.000 | | Professional fees | 112,173 | 101,343 | | Technology charges | 357.024 | 275.719 | | Withdrawal Faciliation Charges | 55,343 | | | Rent | 5,755 | 5.842 | | Rates and Tax. s | 12.648 | 19.533 | | Other operating expenses | 89,729 | 108,053 | | Total Expenses | 4,557,878 | 1,773,818 | | Net Income | 2,086,842 | 202,561 | | Basic and Diluted Earnings Per Share | 2,087 | 203 | For Bansal & Co., LLP Chartered Accountants ్లాల New Dalhi 动员 S.K. Bansal Gred Acco Partner Date: February 27, 2026 Place: New Delhi, India For VF Secutities, Inc. Approved on behalf of the Board of Directors Sect Broc Scott Brody CEO Date: February 26, 2026 Place: United States of America Page 2 of 8 {7}------------------------------------------------ VF Securities Inc Statement of Changes in Member's Equity For the Year Ended December 31, 2025 | Particulars | Amount in USD | |-------------------------|---------------| | As at December 31. 2023 | 472.733 | | Net income | 202.561 | | Contributions | | | As at December 31, 2024 | 675,294 | | Particulars | Amount in USD | |-------------------------|---------------| | As at December 31. 2024 | 675,294 | | Net income | 2,086,842 | | Capital Contribution | 4.970 | | Capital Withdrawal | -750.000 | | Dividend Paid | ~1,000,000 | | As at December 31, 2025 | 1,017,106 | For Bansal & Co., LLP Chartered Accountants රේ New Delhi & B. S.K. Bansal Partner Port AC Date: February 27, 2026 Place: New Delhi, India For VF Secutities, Inc. Approved on behalf of the Board of Directors Seatt Bro Scott Brody CEO Date: February 26, 2026 Place: United States of America {8}------------------------------------------------ # VF Securities Inc Statement of Cash Flows For the Year Ended December 31, 2025 | | 12/31/2025 | 12/3 / 2024 | |---------------------------------------------------------------------|---------------|---------------| | Particulars | Amount in USD | Amount in USD | | Cash Flows from Operating Activities | 2,086,842 | 202,561 | | Net income | 202.478 | 231,085 | | Add: Provision for expense | | | | Adjustments to reconcile net income to net cash used in activities: | | | | (Increase) decrease in: | -180,726 | -160,022 | | Accounts Receivable | | -235 | | Advance to supplier | -1.963
294 | -115,005 | | Deposits | | -3,333 | | Prepaid Expense | -7.056 | | | Increase (decrease) in: | | | | Withholding Tax payable | -14,393 | 14,393
477 | | Accounts payable | 43.061 | | | Net Cash from Operating Activities | 2,128,538 | 169.921 | | | | | | Cash Flows from Financing Activities | 4,970 | | | Share Capital - Contribution | -750,000 | | | Share Capital - Withdrawal
Dividend Paid | -1,000,000 | | | Net Cash fron. Financing Activities | -1,745,030 | | | | | | | Cash Flows from Investing Activities | | | | Net Increase in Cash and Cash Equivalents | 383,508 | 169,921 | | Cash and cash equivalents at beginning of year | 454,424 | 284.503 | | Cash and Cash Equivalents at End of Year | 837,933 | 454,424 | For Bansal & Co., LLP Chartered Accountants New Delhi S.K. Bansal Pred Aco Partner Date: February 27, 2026 Place: New Delhi, India For VF Secutities, Inc. Approved on behalf of the Board of Directors 1970 Scott Brody CEO Date: February 26, 2026 Place: United States of America {9}------------------------------------------------ # VF Securities Inc Schedule I Computation of Net Capital Under Rule 15c3-1 For the Year Ended December 31, 2025 | | 12/31/2025 | 12/31/2024 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|---------------| | Particulars | Amount in USD | Amount in USD | | Total member's equity | 1,017,106 | 675.294 | | Less: Non-allowable assets: | -12.921 | -3,902 | | Net Capital | 1,004,185 | 671,392 | | Net minimum capital requirement is:
6 2/3% of aggregate indebtedness or \$100,000, whichever is greater
Aggregate indebtness equals to the total liabilities i.e. \$531,386 | \$100,000 | \$20,016 | | Excess Net Capital | \$904.185 | \$651,376 | | The Company's percentage of aggregate indebtedness to net capital | 52.92% | 44.72% | ![](_page_9_Picture_2.jpeg) {10}------------------------------------------------ ### VF Securities lnc Notes to the Financial Statements December 3L,zOZs #### 1, Organization VF Securitles lnc. (the "Company") was incorporated in the State of Delaware on June 7, 2021 and registered with the Securities and Exchange Commission as a securities broker-dealer on July 6, 2022. The Company provides financial advisory and related services. # L signlfacant AccountinE Policies #### 2.1 Basis of presentation The summary of significant accounting policies presented below is designed to assist in understandinE the Company's financial statements, These accounting policies conform to accountinB principles generally accepted in the United States of America. {"6AAP"} in all material respects, and have been consistently applied in preparing the accompanying financial statements. #### 2,2 Cash and Cash Equivalents The Company considers all demand deposits held in banks and certain highly liquid investments with original maturities of three months or less, other than those held for sale in the ordinary course of business, to be cash equivalents. #### 2,3 Revenue The revenue recognition guidance of ASC Topic 606, Revenue from Contracts with Customers, 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 entlty 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 lransaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. ln 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 recogni:ed would not occur when the uncertainty associated with the variable consideration is resolved. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant iudgment is required to determine whether performance obligations are satisfied at a point in time or over time. #### Brokerage Activities All transactions for the Company's customers are cleared thror.rgh a carrying broker-dealer (the "clearrng firm") on a tully disclosed basis, #### 2.4 Use of Estimates The preparation ol financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to rnake estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financiil 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. #### 2.5 Fair Value of Financial lnstruments Unless otherwise indicated, the fair values of all reported assets and liabilities that represent financial instruments (none of which are held for trading purposes) approximate the carrying values cf such amounts. ![](_page_10_Picture_17.jpeg) {11}------------------------------------------------ #### 2.6 lncome Taxes The Company is incorporated as a corporation and files a consolidated tax return along with its Holding Company. As the consolidated group reported taxable profits for the year, the CompanY has recognized an appropriate provision for federal and staie income taxes in these financial statements in accordance with applicable tax laws. The Company also remains subject to annual franchise tax, # 3. Recently lssued Accounting Pronouncements As per the assessment of the Company, there were no new accountinB pronouncements during the year ended December 3!,7025 that we believe would have a material impact on our financial position or results of operations. #### 4, Net Capital Requirements The Company is sublect to the Securities and Exchange Commission's uniform net capital Rule 15c3 f(aXZl(ii) of Securities and Exchange Act, which requires the Company to rnaintain, at all times, a minimum net capital equal to or greater lhan S100,000 or 6.57% of aggregated indebtedness,whicheveris the greater. At December 31, 2025, the Company's net capital was 51,004,185 which exceeded the requirement by 5904,185. Aggregate indebtedness at December 17, 2o2s totaled S531,386. The Company's percentage of ag8regate indebtedness to net capital was 52.92%. Common Stock : The Company is authorized to issue 1,000 shares of common stock, 50.00001 par value per share. As of December 3t,2A?5, L,000 shares were issued and outstanding. Additional Paid-in Capital: Additional paid-in capital represents amounts received from stockholders in excess of the par value of cornmon stock issued, As of December 31,2025, additional paid-in capital totaled 5150,000.00. #### Share lssuance Activity : | Pa4iculars | Amount in USD | |----------------------------------------------------|---------------| | 1000 share authorized; | | | 1000 share issr:ed arrd outstanding | So.o1 | | Additional paid-in capital as of 1st January 2025 | ss95,030.00 | | Less: Capital withdrawal during the year | (s7s0,000.00) | | Add: Capital co!tribution during the year | g4,97o.oo | | {d{!!ion{ par{-jn capital as of 31st December 2025 | S15o,ooo.o1 | #### 5. Related Party Transactions (ai Pursuant to a revised addendum to the expense sharing agreement dated February Lo,1OZS, effective January I,2025, between the Company and Vested Finance Inc-, Vested Finance lnc. pays certain expenses on behalf of the Company, including insurance and other administrative and overhead expenses. The Company reimburses Vested Finance lnc. for such expenses in accordance with the terms of the agreement" DurinB the year ended December 31, 2025, expenses reimbursed to Vested Finance lnc. amounted to 51,194,958. Vested Finance lnc. and the Company are both subsidiaries of Vested Holding Corp. (b) Pursuant to a revenue sharing agreement dated February 3, 2025, effective January l, ZOZS, between the Company and Vested Money lnc., vested Money lnc. agrees to pay the Company tOa% of the Global Premium Subscription revenue earned by vested Money tnc. in accordance with the terms of the agreement- During the year ended December 37,2025, income received under this agreement amounted to s133,976. vested Money lnc. and the company are both subsidiaries of vested Holding corp, ![](_page_11_Picture_15.jpeg) {12}------------------------------------------------ (c) Pursuant to a service agreement dated August 23,2025, effective April L, 2025, between the Company and Vested Services Private Lirnited {"VSPL"}, VSPL provides software support, technology support, and related back-office and administrative services to the Company in accordance with the terms of the agreement. The Company reimburses VSPL for service costs. toBether with an agreed markup, as specified in the agreement. During the year ended Decembet 31,2025, expenses incurred under this agreement amounted to 51,058,094. VSPL and the Company are both subsidiaries ofVested Holding Corp. {d} Pursuant to a royalty agreement dated October 14,2024, between the Company and Vested Services Private Limited {"VSPL"}, the Company is granted a non-exclusive license to use the "Vested" trademark in connection with its business and agrees to pay a royalty fee calcu{ated as a percentage ofgross income, in accordance with the terms of the agreement. During the year ended December 37,2A25, total royalty expense incurred under this aBreement amounted to 5649,348. VSPL and the Company are both subsidiaries ofvested Holding Corp. (e) VF Securities, lnc. ("the Company") is wholly owned by Vested Holding, Corp. ("the Parent"), During the year ended December 31, 2025, the ComFany entered into the following transactions with irs Parent: Capital contribution received: USD 4,970 Capital withdrawal: USD 750,000 Dividends declared and paid: USD 1,000,000 All transactions were approved by the Company's Board of Directors and the Company was in compliance with SEC Rule 15c3-t as of December 31,2025. #### 6, LeBal Matters The Company has received a communication from the Goods and Services Tax ("GST") department in lndia stating that income earned by the Company may be liable to GST at the rate of 18% in lndia. As of December 31,2A25, no formal GST demand order or tax liability has been raised or served on the Company. The Company's GST consultant is currently engaBing with the GST department and is provlding explanations and supporting documents as requested. The matter remains under review and is presently at the information and clarification stage. #### 7. Subsequent Events There were no subsequent events Ihrough February 77,ZOZA, the date on which the financial st8tements were issued, that require adjustment to or disclosure in the financial statements. ![](_page_12_Picture_13.jpeg) Page 8 of 8 {13}------------------------------------------------ # To the Members ol VF Securities, lnc We have reviewed VF Securities, lnc.'s assertions, inctuded in the accompanying VF Securlties, lnc.'s Exemption Report dated February 27,2026, in which (1) VF Securities INC identified the fotl,owing provisions of 17 C.F,R. S15c3-3{k) under which the Company ctaimed an exemption from 17 C.F.R. S240.15c3-3 (kX2Xi ) (the "exemption provisions") and (2) the Company stated that they met the identified exemption provisions throughout the year ended December 31, 2025 without exception. The Company's management is responsibte for compliance with the exemption provisions and its statements. Our review was conducted in accordance with the standards of the Pubtic Company Accounting Oversight Board (United States) {"PCAOB") and, accordingty, inctuded inquiries and other required procedures to obtain evidence ab0utthe Company's comptiance with the exemption provisions, A review is substantiatty tess in scope than an examination, the objective of which is the expression of an opinion 0n management's assertions. Accordingty, we do not express such an oplnion. Based on our review, we are not aware of any materia[ modifications that shoutd be made to management's assertions ref erred to above for them to be fairty stated, in att materiaI respects, based on the provisions set forth in paragraph (k)(2Xi') ot 17 C.F.R, 5240.15c3-3 underthe Securities Exchange Act, 1934, For Bansa[ & Go. LLP Chartered Accountants i'l'-,:;; S.K. Bansat Partner New Dethi, lndia Date: February27,2O26 # Malrarashtra : 7&8 GF, Wing-A, Raghavji Building, l5i 17, Raghavji Road, Go\*,alia Tank, Mumbai-400026, M:9999 668270 MadhyaPradesh: ll4.ShreeTower,2ndFloor,Zone-II,Bhopal (MP)Ph.0755-4A15725,2769?.24,2769225,94?5398129 Chhattisgarh : 61140 Next to Indra Senr Bridge, Tilaknagar, Chatapara, Bilaspur, Chhattisgarh, (Ch)-495001, M: 809?129585 Delhi : D-Block, 3rd Floor, Plot No 8, Balaji Estate, Guru Ravidas Marg, Kalka.li. Nerv Dclhi-l 100 19, Ivl 9810939245 BRANCHES # ?"+e L 6l t- {14}------------------------------------------------ # VF Securities, lnc # 222 N. PACIFIC COAST HIGHWAY NO. 10 - t,24 EL SEGUNDO CA 90245 # SEA 15c3-3 Exemption Report VF Securities, lnc. ("the Company") makes the following statement that we believe is true and accurate to the best of our knowledge and belief: The Company engages in the following business activity: - A. Broker retailing corporate securities, over the counter; - B. Non exchange member effecting transactions in listed securities through exchange member; - C. Broker that offers or engages in on line trading/electronic trading - D. Broker selling corporate debt securities; - E. Mutual fund retailer through fully disclosed clearing firm; and - F. U.S. government securities broker. The company identified the following provisions of 17 C.F.R. 5240.15c3-3(k) under which the company claimed an exemption from 17 C.F.R. 5240.15c3-3(kX2Xi) (the "exemption provision"). The Company met the identified exemption provisions throughout the year ended December 3L, 2024 without exception The Company operates pursuant to SEC Rule 15c3-3(K)(2)(i) (Customer protection rule) clearing all transactions on a fully disclosed basis through its clearing firm. The company does not hold customer funds or safekeep customer securities. VF Securities, lnc. I Scott Brody, affirm that, to the best of my knowledge and beliel the Exemption Report is true and correct. Respectfully submitted, f,^^N Scott Brody cEo & coo Date: February27.2026 {15}------------------------------------------------ # Report of lndependent Registered Public Accounting Firm # To the Members of VF Securities, lnc We have performed the procedures inctuded in Rule 17a-5(e)(4)underthe Securrties Exchange Act of 1934 and in the Securities lnvestor Protection Corporation (S[PC) Series 600 Rutes, which are enumerated below on the accompanying GeneralAssessment Reconcillation (Form SIPC-7) for the year encled December 31, 2025. Management of VF Securities, lnc (the "Company") is responsibte for its Form SIPC-7 and for its comptiance with tne applicabte instructions on F0rm SIPC-7, Management 0f the Company has agreed to and acknowtedged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evatuating the Company's compliance with the appticable instructions on Form SIPC-7 for the year ended December 37, 2025. Additionatty, SIPC has agreed to and acknowtedged that the procedures performed are appropriate for their intended purpose. This report may not be suitabte f0r any other purpose. The procedures performed may not address ail. the items 0f interest to a Llser 0f this repoft and may not meet the needs of atl users of this repoft and, as such, users are responsibte for determining whether the procedures perf ormed are appropr!ate for their purposes. The sufficiency of these procedures is sotety the responsibitity of those parties specified in this report. Consequertty, we make no representation regarding the sufficiency of the procedures described betow eitherforthe purpose forwhich this repon has been requested orfor any other purpose. The proceclures we performed and the associated findings are as foLtows: 1. Compared the tlsted assessment payments in Form SIPC-7 to Bank Reference No. 82520991961169 dated Juty 28 ,2025 and 826041103315915 dated February 10, 2026 ln the amount of\$ 3,022 and \$ 5,161 respectivety, noting no differences; 2. Compared the lotat Revenue of \$6,644,720 reported on the Annuat Audited Repot Form X-17A-5 Part lll for the year ended December 31,2025,y.rith the Totat Revenue amount of \$6,664,720 reported in Form SIPC-7 forthe yearended Decembet 37,2025, and noted a diflerence 0f \$20,000\* 3. Compared totat revenues of \$6,064,720 per Form SIPC-7 with totat revenues ol \$6,644/20 per the Company's trial batance and audited financiaL statements for the year ended December 31, 2025. A diff erence of \$20,000\* was noted, 4, Recatcul.ated the arithmetlcat accLlracy 0f the catcul,ations reflected in Form SIPC-7, noting no differences. \*This difference is mainly on account o/a mlsclassification of writeback of liability credited ta revenue account, ![](_page_15_Picture_12.jpeg) ### BRANCHES Malrarashtra : l5/17, Raghav.li ltoad. Cowalia Tank, Madhya Pradesh : Chhattisgarh : 1&.8 OF, Wing-A, I14, Shree To'"ver, Raghavji 13uilding, 2nd Floor, Zonc-ll, Bhopal (MP) Ph. 07i 5-40761 25. 27 69224. 2'7 69225. 6/140 Next to Indra Senr Bridge, Tilaknagar, Chatapara. Bilaspur, Chhattisgarh, (Ch)-495001, M: 8097329585 D-Block, lrd Floor, Plo[ No 8, tsalaji Estate, Gum Ravidas N'larg, Kalka.1i, Nciv Delhi-110019, N4 98 10939]45 {16}------------------------------------------------ We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestati0n standards established by the AICPA and in accordance with the standards of the Pubtic Company Accounting Oversight Board (United States). We were not engaged to, and did nol conduct an examination 0r a review engagement, the objective of which woutrl be the expression of an opinion or conc(usion, respectively, on the Company's Form SIPC-7 and for its comptiance with the appticabte instructions on Form SIPC-7 for the year ended December 31, 2025. Accordingty, we do not express such an opinion or conctusion. Had we performed additionat procedures, other matters might have come to our attention that woutd have been reported to you. We are required to be independent of the Cornpany and to meet our other ethicat responsibitities in accordance with the relevant ethicaI requirements rel.ated to our agreed-upon procedures engagement. This report is intended sotety forthe information and use of the Company and SIPC and is not intended to be, and shoutd not be, used by anyone other than these specified parties. For Bansal & Co. LLP Chartered Accountants S.K. Bansat Partner New Dethi, lndia Date: February27,2026 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.