# CASEY SECURITIES LLC X-17A-5 (2025-03-03) — Broker-dealer annual report

- Company: CASEY SECURITIES LLC
- Form: X-17A-5
- Filed: 2025-03-03
- Period: 2024-12-31
- Accession: 0000201391-25-000005
- CIK: 201391
- File #: 8-21205
- Type: Broker-dealer
- Material weakness: No
- Auditor: Ryan & Juraska LLP
- Auditor location: Chicago, IL
- Contact: Helene Berson
- Phone: 4152033960
- Email: hberson@fcfgroupholdings.com
- Website: fcfgroupholdings.com
- Signed by: Anish Vora (Chief Executive Officer)

Original filing: https://www.sec.gov/Archives/edgar/data/201391/000020139125000005/casey2024publicauditreport.pdf

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Annual Audit Report

December 31, 2024

Public Document

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

# ANNUAL REPORTS FORM X-17A-5 PART III

| OMB APPROVAL             |  |
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|  | SEC FILE NUMBER |
|--|-----------------|
|  | 8-21205         |
|  |                 |

#### 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 1/1/24                                                          |                                                            | AND ENDING 12/31/24 |                 |                                            |
|-------------------------------------------------------------------------------------------------|------------------------------------------------------------|---------------------|-----------------|--------------------------------------------|
|                                                                                                 | MM/DD/YY                                                   |                     |                 | MM/DO/YY                                   |
|                                                                                                 | A. REGISTRANT IDENTIFICATION                               |                     |                 |                                            |
| NAME OF FIRM: Casey Securities LLC                                                              |                                                            |                     |                 |                                            |
| TYPE OF REGISTRANT (check all applicable boxes):                                                |                                                            |                     |                 |                                            |
| Security-based swap dealer Major security-based swap participant<br>Broker-dealer               |                                                            |                     |                 |                                            |
| 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 Drake Landing Road, Building 100A-3rd Floor, Suite 305                                      |                                                            |                     |                 |                                            |
|                                                                                                 | (No, and Street)                                           |                     |                 |                                            |
| Greenbrae                                                                                       | CA                                                         |                     | 94904           |                                            |
| (City)                                                                                          | (State)                                                    |                     |                 | (Zip Code)                                 |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                    |                                                            |                     |                 |                                            |
| Helene Berson                                                                                   | 415-208-3960                                               |                     |                 | hberson@fcfgroupholdings.com               |
| (Name)                                                                                          | (Area Code - Telephone Number)                             |                     | (Email Address) |                                            |
|                                                                                                 | B. ACCOUNTANT IDENTIFICATION                               |                     |                 |                                            |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>Ryan & Juraska LLP |                                                            |                     |                 |                                            |
|                                                                                                 | (Name - if individual, state last, first, and middle name) |                     |                 |                                            |
| 141 W. Jackson Blvd., Suite 2250                                                                | Chicago                                                    |                     | IL              | 60 304                                     |
| (Address)                                                                                       | (City)                                                     |                     | (State)         | (Zip Code)                                 |
| 3/24/09                                                                                         |                                                            | 34877               |                 |                                            |
| (Date of Registration with PCAOB) (if applicable)                                               |                                                            |                     |                 | (PCAOB Registration Number, if applicable) |
|                                                                                                 | FOR OFFICIAL USE ONLY                                      |                     |                 |                                            |
|                                                                                                 |                                                            |                     |                 |                                            |

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.

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#### OATH OR AFFIRMATION

I. Anish Vora swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Casey Securities LLC firman for as of December 31 2 024 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.

![](_page_2_Figure_3.jpeg)

Notafy Public

#### This filing \*\* contains (check all applicable boxes):

- 2 (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.
- [ ( ) 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.
- [1] Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c -3(p)(2) or 17 CFR 240.18a-4, as applicable.
- [0] 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-2, 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.
- 8 (g) 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.
- 8 (t) Independent public accountant's report based on an examination of the statement of financial condition.
- [0] 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 240.17a-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).
- O (z) Other:
- \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.170-5(e)(3), as applicable.

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**RYAN &JURASKA LLP** 

Certified Public Accountants

141 West Jackson Boulevard Chicago, Illinois 60604

Tel : 3 f 2.922.0062 Fax: 312.922.0672

### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Member of Casey Securities, LLC

### **Opinion on the Financial Statement**

We have audited the accompanying statement of financial condition of Casey Securities, LLC (the "Company") as of December 31 , 2024, and the related notes (collectively referred to as the "financial statement"). In our opinion, the statement of financial condition presents fairly , in all material respects, the financial position of Casey Securities, LLC as of December 31 , 2024 in conformity with accounting principles generally accepted in the United States of America.

### **Basis for Opinion**

This financial statement is the responsibility of Casey Securities, LLC's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm reg istered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Casey Securities, LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We condue,ted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and pt"Hform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

We have served as Casey Securities, LLC's auditor since 2017. Chicago, Illinois February 26, 2025

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### **Statement of Financial Condition**

### **December 31, 2024**

| Assets                                                |                 |
|-------------------------------------------------------|-----------------|
| Cash                                                  | \$<br>4,469,917 |
| Deposits with clearing broker                         | 108,453         |
| Receivable from clearing broker                       | 737,297         |
| Commissions receivable, net of \$30,000 allowance     | 2,744,953       |
| Fixed assets, net of \$4,215 accumulated depreciation | 1,570           |
| Right of use asset                                    | 293,275         |
| Due from affiliates                                   | 66,799          |
| Prepaid expenses and other assets                     | 857,324         |
| Total Assets                                          | \$<br>9,279,588 |

### **Liabilities and Member's Equity**

| Liabilities                           |                 |
|---------------------------------------|-----------------|
| Accounts payable                      | \$<br>539,949   |
| Accrued expenses                      | 2,114,654       |
| Due to affiliates                     | 21 ,633         |
| Lease liability                       | 326,604         |
| Total Liabilities                     | \$<br>3,002,840 |
| Member's Equity                       | 6,276,748       |
| Total Liabilities and Member's Equity | \$<br>9,279,588 |

See accompanying notes.

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## **Notes to Financial Statement**

## **December 31, 2024**

### **1. Organization**

Casey Securities LLC (the "Company") was formed as a limited liability company on June 30, 2004; the Company succeeded the business and approvals of Casey Securities, Inc on September 24, 2004. Casey Securities, Inc had been a NYSE-ARCA and SEC approved broker dealer since 1976. The Company is registered as a broker-dealer with the Securities and Exchange Commission pursuant to Section 15c of the Securities Exchange Act of 1934 and is a now member of FTNRA, NYSE Arca, Cboe, BOX Exchange, Nasdaq PHLX, and MIAX Sapphire. Effective January I, 2017, the Company became a wholly owned subsidiary ofFCF Group Intermediate Holdings, LLC. The Company assumed all assets and liabilities of their affiliate, RF A Securities LLC, which withdrew as a broker-dealer, as of October 1, 2024. The Company's primary business is to provide options floor brokerage services to its institutional customers.

### **2. Significant Accounting Policies**

### **Basi<; of Accounting**

The tinancial statements have been prepared on the accrual basis in accordance with accounting principles generally accepted in the United States.

### **Accounts Receivable**

The Company's receivables are due from various institutional companies, including broker dealers, under both verbal and contractual agreements. Management reviews accounts receivable based on an analysis of each customer andestablishes an allowance where collectability of all or part of a receivable becomes impaired.

### **Revenue Recognition**

The Company recognizes revenue in accordance with Financial Accounting Standards Board Accounting Standards Codification ("F ASB ASC") Topic 606, Revenue from Contracts with Customers effective in 2018. The recognition and measurement of revenue is based on assessment of individual contract terms. Significant judgement is required to determine whether performance obligations are satisfied at a point in time or over time.

The Company provides brokerage execution services to various customers whereby a customer requests the Company to transact or execute the purchase or sale of a specific listed option as instructed by the customer. The Company invoices these customers monthly for the various services in which the Company has purchased and sold pursuant to the customer requests. The Company believes that the performance obligation is met on the trade date of the trade execution as there are no further performance obligations once the transactions are executed by the Company.

#### **Exchange Rebates**

Rebates that are received for both open-outcry trades as well as Qualified Contingent Crosses are credited by the exchanges on a monthly basis.

#### **Use of Estimates**

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, ("GAAP") 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.

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## **Notes to Financial Statement**

## **Decem her 31, 2024**

### **2. Significant Accounting Policies (continued)**

### **Fair Value of Financial Instruments**

ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair val ue 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 thc. measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liabiiity occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by 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:

- Level I inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access.
- Level 2 inputs are inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly.
- Level 3 are unobservable inputs for the asset or liability and rely on management's own assumptions that market participants wou ld use in pricing the asset or I iabi I ity . The unobservable inputs should be developed based on the best information available in the circumstances and may include the Company's own data.

At December 31 , 2024, the Company held no Level I, Level 2 or Level 3 investments.

### **Depreciation**

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets of seven year'.. for furniture and five years for equipment and capitalized software.

#### **Income Taxes**

The Company, a limited liability company, is taxed as a partnership under the Internal Revenue Code and a similar state statute. In lieu of income taxes, the Company passes I 00% of its taxable income and expenses to its direct owner/sole member, FCF Group Intermediate Holdings, LLC, which subsequently passes I 00% of its taxable income and expenses to the ultimate holding company, FCF Group Holdings, LLC. Therefore, no provision or liability for federal or state income taxes is included in these financial statements. In accordance with U.S. GAAP, the Company is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Generally, the Company is no longer subject to examinations by major tax jurisdictions for years before 2021 . Based on its analysis, there were no tax positions identified by management which did not meet the "more likely than not" standard as of and for the year ended December 3 I, 2024.

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### **Notes to Financial Statement**

## **December 31, 2024**

#### **2. Significant Accounting Policies (continued)**

### **Accounting for Leases**

In February 2016, F ASB amended the guidance on accounting for leases. The new guidance required leases to recognize right-of-use (ROU) assets and lease liabilities on the balance sheet for the rights and obligations created by the qualifying leases. The recognition, measurement and presentation of the expenses and cash flows arising from a lease by a lessee remains substantially unchanged and depends on classification as a finance or operating lease. The Company adopted the new guidance during 2019 and elected to use the effective date as the date of initial application. As such, restated financial information and the additional disclosures required under the new standard will not be provided for the periods presented. The new guidance also requires quantitative and qualitative disclosures that provide information about the amounts related to leasing arrangements recorded in the financial statements. For further information, see Note 11 - Lease Commitment. The Company elected to apply the "package of practical expedients," which permits it to not reassess prior conclusions on existing leases regarding lease indemnification, lease classification and initial direct costs.

At adoption, the Company recognized lease liabilities of \$743,520, representing the present value of the remaining fixed lease payments based on the incremental borrowing rates as of December 31 , 2018. Changes in lease liabilities are based on current period interest expense and cash payments. The Company also recognized ROU assets of \$727,965 at adoption, which represents the measurement of the lease liabilities, initial direct costs incurred by the Company and lease incentives received. The Company entered into a new lease during the year 2022 and recognized an additional lease liability of \$65,431 , representing the present value of the remaining fixed lease payments based on incremental borrowing rates at December 31 , 2021. Changes in lease liabilities are based on current period interest expense and cash payments. The Company also recogniwd an additional ROU asset of\$65,43 I which represents the measurement of the lease liabilities, initial direct cost incurred by the Company and the lease incentives received.

### **Measurement of Credit Losses**

ln June 2016, the F ASB issued ASU 2016-13, Measurement of Credit Losses on Financial Jnstruments. The main objective of ASU 20 I 6-13 is to provide financial statement users with more decision-useful information about an entity's expected credit losses on financial instruments and other commitments to extend credit at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to develop credit loss estimates. Expected credit losses are measured based on historical experience, current conditions, and forecasts that affect the collectability of the reported amount, and are generally recognized earlier than under previous standards. The adoption of this standard on January 1, 2020 did not have a material impact on the Company's financial statements. At December 31 , 2024 the Company had recorded \$30,000 for allowance for uncollectable receivables.

### **Segment Reporting**

The Company is engaged in a single line of business as a securities broker-dealer, which includes providing options execution services to its institutional customers. 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 forecasting 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 distributions. The Company 's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. The Company derived over 50% of its total revenues from five external customers in 2024.

#### **3. Net Capital Requirements**

The Company is subject to the Securities and Exchange Commission's uniform net capital rule (Rule I 5c3-1). This rule requires the Company to maintain a minimum net capital equal to the greater of 6-2/3% of aggregate indebtedness or \$5,000. Further, the rule requires that the ratio of aggregate indebtedness to net capital shall not exceed 15 to I. At December 31 , 2024, the Company's net capital was \$3,992,714 which was \$3,812,076 in excess of the required net capital of \$180,638. The Company 's aggregated indebtedness to net capital ratio was .68 at December 31 , 2024.

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# **Notes to Financial Statement**

# **December 31, 2024**

### **4. Risk Concentration**

The Company's cash consists of cash held at a financial institution where it may, at times, exceed government insurance limits during the year. At December 31 , 2024 the Company had uninsured cash balances totaling approximately \$60,000.

### **5. Deposit with Clearing Organization**

The Company's clearing organization, Wedbush Securities, Inc ("Clearing firm"), requires that it maintain at least \$100,000 in deposits.

### **6. Financial Instruments with Off-Balance-Sheet Credit Risk**

As a secL·rities floor broker, the Company acts in an agency only capacity for counterparties such as broker dealers, banks and other financial institutions. The Company does not commit capital or otherwise engage in proprietary trading activities. The Company maintains a fully disclosed clearing agreement with Clearing firm . The agreement between the Company and Clearing firm provides that the Company is obligated to assume any exposure related to nonperformance by its customers. These activities may expose the Company to off-balance- sheet risk in the event the customer is unable to fulfill its contracted obligations. In the event the customer fails to satisfy its obligations, the Company may be required to purchase or sell financial instruments at the prevailing market price in order to fulfill the customer's obligation. The Company seeks to control off-the-balance-sheet credit risk by monitoring its customer transaction and reviewing information it receives from its clearing broker on a daily basis and reserving for doubtful accounts when necessary.

### **7. Guarantees**

Accounting Standards Codification Topic 460 ("ASC 460"), Guarantees, requires the Company to disclose information about its obligations under certain guarantee arrangements. ASC 460 defines guarantees as contracts and indemnification agreements that contingently require a guarantor to make payments to the guaranteed party based on changes in an underlying (such as an interest or foreign exchange rate, security or commodity price, anindex or the occurrence or nonoccurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. This guidance also defines guarantees as contracts that contingently require the guarantor to make payments to the guaranteed party based on another entity's failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others.

### **8. Occupancy**

Occupan~y expenses are for costs related to maintaining trading position on the floor of the YSE-ARCA, CBOE, BOX, and NASDAQ PHLX as well as costs related to the Company's off-floor offices.

### **9. Related Party Transactions**

The Company maintains an expense sharing agreement with its affiliates under common control (FCF Securities & Derivatives LLC (Doing business as FOG Equities ("FOG")), Hamilton Executions LLC ("Hamilton")) and FCF Group Holdings, LLC ("FCF"). Effective May I, 2023, the Company revised its expense sharing agreement to include a broker-dealer acquired and under common control (Hamilton Executions LLC). In addition, effective October I, 2024, the Company revised its expense sharing agreement to exclude RF A Securities LLC ("RF A"), a broker dealer that was previously under common control but ceased operations.

During the year ending December 31, 2024, the Company charged FOG a total of\$ IO 1,831 for shared employees and other expenses according to the agreement. The Company was charged a total of \$188 by FOG for execution services/passthrough NYSE Chicago fees. At December 31 , 2024, the Company owed \$17,265 to FOG which is included in due to affiliates on the statement of financial condition.

During the year ending December 31 , 2024, the Company charged RF A a total of \$160,469 for services provided l:y shared personnel and other expenses according to the agreement.

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### **Notes to Financial Statement**

### **December 31, 2024**

### **9. Related Party Transactions (continued)**

During the year ending December 31 , 2024, the Company charged Hamilton a total of \$309,935 for services provided by shared personnel and other expenses according to the agreement. At December 31, 2024, the Com;,any was owed \$66,799 from Hamilton which is included in due from affiliates on the statement of financial condition.

During the year ending December 31 , 2024, the Company, in the ordinary course of its business, forwards equity trades tied to its options business to its affiliate, FOG. No amounts are due from this affiliate as it relates to equity trades. As such, there is no market risk related to this business that could cause losses to be incurred.

During the year ended December 31 , 2024, the Company charged FCF a total of \$52,579 for shared office space and other expenses according to the agreement. At December 31 , 2024, the Company owed \$4,368 to FCF which is included in due to affiliates on the statement of financial condition.

#### **10. Employee Benefit Plan**

The Company has established a 40 I (k) plan for qualified employees. During the year ended December 31, 2024, employee contributions totaled \$193,381 . The company subscribes to a profit-sharing plan that provides for nonelective contributions to non-highly compensated employees of the Company. During the year ended December 31 , 2024, non-elective contributions made by the Company totaled \$44,804.

#### **11. Lease Commitment**

The Company conducts its operations in leased office facilities and annual rentals are charged to current operations. The Company also leases computer equipment and annual rentals are charged to current operations. Rent expense for the year ended December 31 , 2024 totaled \$212,835, which is included in occupancy expense on the statement of operations. The Company has obligations under the operating leases with non- cancelable terms. Annual rentals for office space and computer equipment at December 31 , 2024 are approximately as listed below:

| Year Ending |                                  |           |
|-------------|----------------------------------|-----------|
| December 31 |                                  | Amount    |
|             |                                  |           |
| 2025        |                                  | \$179,305 |
| 2026        |                                  | 162,339   |
|             |                                  |           |
|             | Total Lease Payments             | 341,644   |
|             | Less Imputed Interest            | (15,040)  |
|             |                                  |           |
|             | Present Value of Lease Liability | \$326,604 |
|             |                                  |           |

#### **12. Subsequent Events**

The Company has evaluated the subsequent events through February 26, 2025 , the date which the financial statements were available to be issued, noting no material events requiring disclosure except as noted below.

During the months of January and February, 2025, the Company had member's equity withdrawals totaling \$2,500,000.


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.