# SUSQUEHANNA INVESTMENT GROUP X-17A-5 (2024-02-28) — Broker-dealer annual report

- Company: SUSQUEHANNA INVESTMENT GROUP
- Form: X-17A-5
- Filed: 2024-02-28
- Period: 2023-12-31
- Accession: 0000811229-24-000001
- CIK: 811229
- File #: 8-37520
- Type: Broker-dealer
- Material weakness: No
- Auditor: PricewaterhouseCoopers LLP
- Auditor location: New York, NY
- Contact: Robert Sack
- Phone: 610-617-2812
- Email: rob.sack@sig.com
- Website: sig.com
- Signed by: Robert C Sack (Treasurer)

Original filing: https://www.sec.gov/Archives/edgar/data/811229/000081122924000001/sigsfc.pdf

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

# **ANNUAL REPORTS FORM X-17A-S PART Ill**

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**SEC FILE NUMBER**  8-37520

FACING PAGE

**Information Required Pursuant to Rules 17a-S, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** 

FILING FOR THE PERIOD BEGINNING O **1/01/2023** 

**MM/DD/VY** 

AND ENDING 12/31/2023 **MM/DD/VY** 

**A. REGISTRANT IDENTIFICATION** 

# NAME OF FIRM: SUSQUEHANNA INVESTMENT GROUP

TYPE OF REGISTRANT (check all applicable boxes):

0 Broker-dealer D Security-based swap dealer D Major security-based swap participant **D Check here if respondent is also an OTC derivatives dealer** 

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)

# 401 CITY AVENUE, SUITE 220

|                | (No. and Street) |            |
|----------------|------------------|------------|
| BALA<br>CYNWYD | PA               | 19004      |
| (City)         | (State)          | (Zip Code) |

## PERSON TO CONTACT WITH REGARD TO THIS FILING

ROBERT SACK 610-617-2812 ROB.SACK@SIG.COM

### **(Name) (Area Code -Telephone Number) (Email Address)**

**B. ACCOUNTANT IDENTIFICATION** 

INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\*

# PricewaterhouseCoopers LLP

| (Name - if individual, state last, first, and middle name) |          |         |                                          |  |
|------------------------------------------------------------|----------|---------|------------------------------------------|--|
| 300 Madison Avenue                                         | New York | NY      | 10017                                    |  |
| (Address)                                                  | (City)   | (State) | (Zip Code)                               |  |
| 10/20/2003                                                 |          | 238     |                                          |  |
|                                                            |          |         | (P<AOB Regiruatioo N,mbe,. ;f appH<able) |  |
| FOR OFFICIAL USE ONLY                                      |          |         |                                          |  |
|                                                            |          |         | I                                        |  |

**• 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.l 7a-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.** 

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### **OATH OR AFFIRMATION**

| I |  |
|---|--|
|   |  |

, **ROBERT SACK** swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of **SUSQUEHANNA INVESTMENT GROUP** as of 12/31 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.

� ,t �+L Notary Public

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

- Iii (a) Statement of financial condition.
- ii (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.
- □ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- D (f) Statement of changes in liabilities subordinated to claims of creditors.
- D (g) Notes to consolidated financial statements.
- D (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.lSa-1, as applicable.
- **0** (i) Computation of tangible net worth under 17 CFR 240.lBa-2.
- **D {j) 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 B to 17 CFR 240.1Sc3-3 or Exhibit A to 17 CFR 240.lSa-4, as applicable.
- **0** (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 240.1Sc3-3.
- D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.1Sc3-3(p)(2) or 17 CFR 240.lSa-4, as applicable.
- **0** (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.1Sc3-1, 17 CFR 240.lSa-1, or 17 CFR 240.lSa-2, as applicable, and the reserve requirements under 17 CFR 240.1Sc3-3 or 17 CFR 240.lSa-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 (q) Oath or affirmation in accordance with 17 CFR 240.17a•S, 17 CFR 240.17a-12, or 17 CFR 240.18a•7, as applicable.
- D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, as applicable.
- D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, as applicable.
- ii (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-5, 17 CFR 240.lSa-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 complicrnce report under 17 CFR 240.17a-S or 17 CFR 240.lSa-7, as applicable.
- □ (w) Independent public accountant's report based on a re11iew of the exemption report under 17 CFR 240.17a-S or 17 CFR 240.lSa-7, as applicable.
- **0** (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-le 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 240.17o-S(e)(3) or 17 CFR 240.1Bo-7(d)(2}, os applicable.*

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(a general partnership)

**ST ATEME T OF FINANCIAL CO 'DITIO** 

December 31, 2023

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![](_page_3_Picture_0.jpeg)

## **Report of Independent Registered Public Accounting Firm**

To the Partners of Susquehanna Investment Group

## *Opinion on the Financial Statement* **-** *Statement* **of** *Financial Condition*

We have audited the accompanying statement of financial condition of Susquehanna Investment Group (the "Company") as of December 31, 2023, induding the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

## *Basis for Opinion*

The financial statement is the responsibility of the Company'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 registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company 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 conducted our audit of this financial statement in accordance with the standards of the PCAOB. Those standards require that we plan and perform 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.

Philadelphia, Pennsylvania February 27, 2024

We have served as the Company's auditor since 2023.

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(a general partnership)

## **Statement of Financial Condition**

## **December 31, 2023**

(dollars in thousands)

| Assets                                              |                 |
|-----------------------------------------------------|-----------------|
| Receivable from clearing broker                     | 794,906<br>\$   |
| Securities owned - at fair value                    | 2,072,027       |
| Accrued trading receivables                         | 698             |
| Exchange memberships - at cost (fair value \$5,283) | 5,881           |
| Other asset                                         | 178             |
| Total assets                                        | 218731690<br>\$ |
| Liabilities and partners' capital                   |                 |
| Securities sold, not yet purchased - at fair value  | 2,141,216<br>\$ |
| Payable to affiliates                               | 614             |
| Accrued trading payables                            | 4,425           |
| Accrued compensation                                | 4,667           |
| Guaranteed payments to partner                      | 3,831           |
| Accrued expenses and other liabilities              | 477             |
| Total liabilities                                   | 2,155,230       |
| Partners' capital                                   | 718,460         |
| Total liabilities and partners' capital             | I<br>218731690  |

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(a general partnership)

## **Notes to Statement of Financial Condition**

**December 31, 2023** 

(dollars in thousands)

## **NOTE A - ORGANIZATION**

Susquehanna Investment Group (the "Entity") is a registered broker-dealer with the Securities and Exchange Commission (the "SEC"). The Entity's designated examining authority is the Chicago Board Options Exchange. The Entity engages in trading listed options as a market-maker on each of the exchanges operated by Miami International Holdings, Inc. The Entity is owned 99.9% by Susquehanna International Group, LLP ("SIG") and 0.1 % by Bodel, Inc.

## **NOTE B - SIGNIFICANT ACCOUNTING POLICIES**

## **Financial Instruments**

The Entity records purchases and sales of securities and related revenue and expense on a trade-date basis.

Interest income and expense are recorded on the accrual basis.

Dividend income and expense are recorded on the ex-dividend date.

## **Cash**

The Entity maintains a deposit account for cash, which at times, may exceed federally insured limits of \$250.

## **Current Expected Credit Losses ("CECL")**

The Entity assessed certain financial assets, as noted below, measured at amortized cost for credit losses using a CECL methodology to estimate expected credit losses over the life of the financial asset, as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts.

Receivable from clearing broker; the Entity has concluded that there are currently no expected credit losses based on the nature and contractual life or expected life of the financial assets held at the Entity's clearing broker. Certain trades and contracts are cleared through a centralized clearing organization and settled daily between the clearing organization and the Entity's prime broker, therefore limiting the amount of unsettled credit exposure. The Entity continually monitors the capital adequacy of such organizations.

## **Use of Estimates**

This statement of financial condition has been prepared in conformity with accounting principles generally accepted in the United States of America, which require the use of estimates by management. Actual results could differ from those estimates.

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**(a general partnership)** 

## **Notes to Statement of Financial Condition December 31, 2023**

**(dollars in thousands)** 

## **NOTE C - FAIR VALUE OF FINANCIAL INSTRUMENTS**

**The Entity measures its financial instruments in accordance with the Financial Accounting Standards Board Accounting Standards Codification ("ASC") Section for Fair Value Measurements. This codification section clarifies the definition of fair value financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. Fair Value Measurements establishes a fair value hierarchy and specifies that a valuation technique used to measure fair value shall maximize the use of observable inputs and minimize the use of unobservable inputs. The objective of a fair value measurement is to determine 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 (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).** 

**The three levels of the fair value hierarchy under Fair Value Measurements are described below:** 

- **Level 1: Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Entity has the ability to access at the measurement date;**
- **Level 2: Inputs that are observable for substantially the full term of the asset or liability (other than quoted prices for the specific asset or liability in an active market), including quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in a nonactive market, inputs other than quoted prices, and inputs derived principally from or corroborated by observable market data by correlation or otherwise; and**
- **Level 3: Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).**

**As required by the Codification Section for Fair Value Measurements, financial instruments are classified within the level of the lowest significant input considered in determining fair value. Financial instruments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.** 

**The tables that follow set forth information about the level within the fair value hierarchy at which the Entity's financial instruments are measured at December 31, 2023.** 

**Assets measured at fair value:** 

|                                                       |        |           |           | Quoted Prices in<br>Active Markets for<br>Identical Assets |           | Significant Other<br>Observable<br>Inputs |  |
|-------------------------------------------------------|--------|-----------|-----------|------------------------------------------------------------|-----------|-------------------------------------------|--|
| Description                                           | Totals |           | (Level 1) |                                                            | (Level 2) |                                           |  |
| Equities/Options/Warrants:<br>Market Maker/Specialist | \$     | 2,072,027 | \$        | 1 ,086,665                                                 | \$        | 985,362                                   |  |
| (a) Exchange memberships                              |        | 5,283     |           |                                                            |           | 5,283                                     |  |

**(a) Exchange memberships reflected on the statement of financial condition at cost are valued in the above table at either the last reported sales price as of the valuation date or at the mean between the last bid and the last offer price as of the valuation date if the last reported sales price falls outside of this spread.** 

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**(a general partnership)** 

## **Notes to Statement of Financial Condition December 31, 2023**

**(dollars in thousands)** 

## **NOTE C - FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)**

**Liabilities measured at fair value:** 

|                                              |    |           | Quoted Prices in<br>Active Markets for<br>Identical Liabilities |            |    | Significant Other<br>Observable<br>Inputs |  |
|----------------------------------------------|----|-----------|-----------------------------------------------------------------|------------|----|-------------------------------------------|--|
| Description                                  |    | Totals    |                                                                 | (Level 1)  |    | (Level 2)                                 |  |
| Equities/Options:<br>Markel Maker/Specialist | \$ | 2,141,216 | \$                                                              | 1 ,652,989 | \$ | 488,227                                   |  |

**Equity securities owned, equity securities sold, not yet purchased, and exchange shares that are traded on a national securities exchange are valued at the last reported sales price on the last business day of the year. Options listed on a single exchange are valued at the mean between the last bid and the last ask prices on the last business day of the year. Options listed on multiple exchanges are priced using the National Best Bid Offer average, defined as the average of the lowest offer and highest bid on the last business day of the year.** 

## **NOTE D - SECURITIES OWNED AND SECURITIES SOLD, NOT YET PURCHASED**

**Securities owned and securities sold, not yet purchased, are summarized as follows:** 

|                   |                 | Securities<br>Sold, |
|-------------------|-----------------|---------------------|
|                   | Securities      | Not Yet             |
|                   | Owned           | Purchased           |
| Equity securities | \$<br>632,381   | \$<br>1 ,236,634    |
| Options           | 1 ,438,678      | 904,582             |
| Warrants          | 968             |                     |
|                   |                 |                     |
|                   | \$<br>2,072,027 | \$<br>2,141,216     |

## **NOTE E - RECEIVABLE FROM CLEARING BROKER AND CONCENTRATION OF CREDIT RISK**

**The clearing and depository operations for the Entity's securities transactions are provided by BofA Securities, Inc.** 

**At December 31, 2023, all of the securities owned and securities sold, not yet purchased, and the amounts receivable from clearing broker reflected on the statement of financial condition are securities positions with and amounts due from this clearing broker. The securities at this clearing broker serve as collateral for the amount payable to the broker. The clearing broker has the right to sell or repledge this collateral, subject to the clearing agreement with the Entity.** 

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(a general partnership)

**Notes to Statement of Financial Condition December 31, 2023** 

(dollars in thousands)

## **NOTE F - RELATED PARTY TRANSACTIONS**

The Entity is affiliated through common ownership with Susquehanna Technology Management, Inc. ("STMI") and Susquehanna Israel Technologies Ltd ("SITLTD").

SIG acts as a common payment agent ror the Entity ror various direct and indirect operating expenses. The Entity pays for the indirect costs at an amount agreed upon between the Entity and SIG based on allocations determined at SIG's discretion. SIG also provides assistance, maintenance, advice, and other similar services to the Entity in respect of certain intellectual property. The Entity pays for these intellectual property related services pursuant to a formula agreed upon between the Entity and SIG. Included in payable to affiliates is \$338 related to the foregoing costs and services.

SIG also provides infrastructure support services to the Entity. The Entity pays a monthly fee for these services based on allocations determined at SIG's discretion. Included in payable to affiliates is \$6 related to these services.

STMI and SITLTD provide administrative and technology services to the Entity. The Entity pays a monthly management fee for these services based on allocations determined at STMl's and SITLTD's discretion, as applicable. Included in payable to affiliates are \$24 and less than \$1, respectively, related to these services.

Affiliated broker-dealers execute trades for the Entity for which it pays a fee based on monthly trading and execution charges, plus a surcharge to cover other costs. Included in payable to affiliates is \$246 related to these services.

Guaranteed payments in 2023 are determined based on a stated rate on a certain portion of the partners' contributed capital.

Because of its short-term nature, the fair value of the payable to affiliates approximates its carrying amount.

The Entity and various other entities operate under common ownership and control. As a result, management can exercise its discretion when determining which entity will engage in new or current business activities and/or trade new products. Due to the nature of certain trading activities it may be necessary or advantageous to execute trades in one entity for the purpose of hedging risk related to the trading activity of another entity. Therefore, the financial position presented herein may not necessarily be indicative of that which would be obtained had these entities operated autonomously.

## **NOTE G - EXCHANGE MEMBERSHIPS**

The amounts included in exchange memberships on the statement of financial condition that represent the right to conduct business on an exchange, but not an ownership interest in the exchange, are accounted for as intangible assets at cost with potential impairment determined under ASC 350, Intangibles - Goodwill and Other. Management believes there is no material impairment to recognize on these exchange memberships as of December 31, 2023.

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(a general partnership)

## **Notes to Statement of Financial Condition December 31, 2023**

(dollars in thousands)

## **NOTE H - FINANCIAL INSTRUMENTS AND RISK**

In the normal course of its business, the Entity trades various financial instruments and enters into various financial transactions where the risk of potential loss due to market risk, interest rate risk, credit risk, liquidity risk and other risks could exceed the related amounts recorded. In general, the Entity hedges its positions to mitigate these risks based on certain models. These models take into consideration the types of risks mentioned above in an attempt to identify arbitrage opportunities associated with various types of financial instruments held by the Entity. Losses may occur when the underlying assumptions on which the Entity's trading is based are not completely representative of actual market conditions. The success of any trading activity is influenced by general economic conditions that may affect the level and volatility of equity prices, credit spreads and interest rates for both equity and interest rate sensitive instruments. Unexpected volatility or illiquidity in relevant markets could adversely affect the Entity's operating results.

Market risk represents the potential loss that can be caused by increases or decreases in the fair value of financial instruments resulting from market fluctuations.

Interest rate risk is the risk that the fair value or future cash flows of fixed income or rate sensitive financial instruments will increase or decrease because of changes in interest rates. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the fair value of fixed income securities tends to decrease. Conversely, as interest rates fall, the fair value of fixed income securities tends to increase. This risk is generally greater for long-term securities than for short-term securities.

Credit risk represents the potential loss that would occur if counterparties fail to perform pursuant to the terms of their obligations. In addition to its financial instruments and related transactions, the Entity is subject to credit risk to the extent a custodian or broker with whom it conducts business is unable to fulfill contractual obligations.

Liquidity risk is the risk stemming from the lack of marketability of a position that cannot be bought or sold quickly enough to prevent or minimize a loss.

While the use of certain forms of leverage, including margin borrowing and derivative instruments, can substantially improve the return on invested capital; such use may also increase the adverse impact to which the portfolio of the Entity may be subject.

Short selling, or the sale of securities not owned by the Entity, exposes the Entity to the risk of loss in an amount greater than the initial proceeds. Such losses can increase rapidly, and in the case of equities, without effective limit. The firm limits the risk associated with the short selling of equities by hedging with other financial instruments.

The Entity purchases and sells options on securities.

The seller of a call option which is covered (e.g., the seller has a long position in the underlying instrument) assumes the risk of a decline in the market price of the underlying instrument below the value of the underlying instrument, less the premium received, and gives up the opportunity for gain on the underlying instrument above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying instrument above the exercise price of the option. The buyer of a call option assumes the risk of losing its entire investment in the call option. If the buyer of the call sells short the underlying instrument, the loss on the call will be offset, in whole or in part, by any gain on the short sale of the underlying instrument.

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**(a general partnership)** 

## **Notes to Statement of Financial Condition December 31, 2023 (dollars in thousands)**

## **NOTE H - FINANCIAL INSTRUMENTS AND RISK (CONTINUED)**

**The seller of a put option which is covered (e.g., the seller has a short position in the underlying instrument) assumes the risk of an increase in the market price of the underlying instrument above the sales price (in establishing the short position) of the underlying instrument, plus the premium received, and gives up the opportunity for gain on the underlying instrument below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying instrument below the exercise price of the option. The buyer of a put option assumes the risk of losing its entire investment in the put option. If the buyer of the put holds the underlying instrument, the loss on the put will be offset, in whole or in part, by any gain on the underlying instrument.** 

## **NOTE I - DERIVATIVE FINANCIAL INSTRUMENTS**

**Derivative financial instruments may be used to manage market risk and to take an active long or short position in the market. Should interest rates or credit spreads move unexpectedly, anticipated benefits may not be achieved and a loss realized. Furthermore, the use of derivative financial instruments involves the risk of imperfect correlation in movements in the price of the instruments, interest rates and the underlying assets.** 

**Derivatives used for risk management include options and warrants.** 

**The following table sets forth the annual volume of the Entity's de,ivative financial inst,uments by majo, ptoduct type on a gross basis for the year ended December 31, 2023:** 

|          | Annual       |  |            |                       |         | Statement of                                            |  |
|----------|--------------|--|------------|-----------------------|---------|---------------------------------------------------------|--|
|          | Volume       |  | Fair Value |                       |         | Financial Condition                                     |  |
|          | (Contracts)* |  |            | Assets<br>Liabilities |         | Location                                                |  |
| Options  | 77,195 \$    |  | 1,438,678  | \$                    | 904,582 | Securities owned; Securities<br>sold, not yet purchased |  |
| Warrants |              |  | 968        |                       |         | Securities owned                                        |  |

**\*Annual volume of contracts shown is in thousands.** 

## **NOTE J - INCOME TAXES**

**No provision for federal income taxes has been made because the Entity is a partnership and, therefore, is not**  subject to federal income taxes. The Entity is currently not subject to state or local income taxes.

**The Entity's U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State and local tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction.** 

**The Entity is presently associated with an open tax examination in Philadelphia for tax years 2016 - 2018.** 

**At December 31, 2023 management has determined that there are no material uncertain income tax positions.** 

{11}------------------------------------------------

(a general partnership)

## **Notes to Statement of Financial Condition**

**December 31, 2023** 

(dollars in thousands)

## **NOTE K - NET CAPITAL REQUIREMENT**

As a registered broker-dealer, the Entity is not subject to the SEC's Uniform Net Capital Rule 15c3-1 because the Entity is exempt from Rule 15c3-1 pursuant to paragraph (b)(1 )(i).

## **NOTE L - SUBSEQUENT EVENTS**

The Entity evaluated subsequent events to consider if the impact of such events needed to be reflected or disclosed on the statement of financial condition. Such evaluation was performed through February 27, 2024, the date that this statement of financial condition was issued.


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