# GREENHILL & CO., LLC X-17A-5 (2022-02-28) — Broker-dealer annual report

- Company: GREENHILL & CO., LLC
- Form: X-17A-5
- Filed: 2022-02-28
- Period: 2021-12-31
- Accession: 0001006944-22-000002
- CIK: 1006944
- File #: 8-49000
- Type: Broker-dealer
- Material weakness: No
- Auditor: Ernst & Young LLP
- Auditor location: New York, NY
- Contact: Harold J. Rodriguez, Jr.
- Phone: 2123891516
- Email: hrodriguez@greenhill.com
- Website: greenhill.com
- Signed by: Harold J. Rodriguez, Jr. (Chief Financial Officer)

Original filing: https://www.sec.gov/Archives/edgar/data/1006944/000100694422000002/LLC_SOFC_PUBLIC.pdf

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Statement of Financial Condition

 Greenhill & Co., LLC (A Wholly-owned Subsidiary of Greenhill & Co., Inc.) December 31, 2021 With Report of Independent Registered Public Accounting Firm

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

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> SEC FILE NUMBER 8-49000

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

**FACING PAGE** 

**Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** 

FILING FOR THE PERIOD BEGINNING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ AND ENDING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ MM/DD/YY MM/DD/YY 01/01/2021 12/31/2021

**A. REGISTRANT IDENTIFICATION**

#### NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Greenhill & Co., LLC

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.)

#### \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ 1271 Avenue of the Americas

|                                                                                                                                                                                                           | (No. and Street)                                           |               |                                            |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|---------------|--------------------------------------------|--|
| New York<br>_____________________________________________________________________________________                                                                                                         | NY                                                         |               | 10020                                      |  |
| (City)                                                                                                                                                                                                    | (State)                                                    |               | (Zip Code)                                 |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                                                              |                                                            |               |                                            |  |
| Harold J. Rodriguez, Jr.<br>_____________________________________________________________________________________                                                                                         | 212-389-1516                                               |               | hrodriguez@greenhill.com                   |  |
| (Name)                                                                                                                                                                                                    | (Area Code – Telephone Number)                             |               | (Email Address)                            |  |
|                                                                                                                                                                                                           | B. ACCOUNTANT IDENTIFICATION                               |               |                                            |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>Ernst & Young LLP<br>_____________________________________________________________________________________                   | (Name – if individual, state last, first, and middle name) |               |                                            |  |
| One Manhattan West, 401 9th Avenue                                                                                                                                                                        | New York                                                   | NY            | 10001                                      |  |
| _____________________________________________________________________________________<br>(Address)<br>10/20/2003<br>_____________________________________________________________________________________ | (City)                                                     | (State)<br>42 | (Zip Code)                                 |  |
| (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 be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-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, \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, as of Harold J. Rodriguez, Jr. Greenhill & Co., LLC

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, 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. 12/31 <sup>021</sup>

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Under relief provided by the Securities Exchange Commission, the Company is making this filing without notarization due to difficulties arising from the COVID-19 pandemic.

Signature: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Title: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Chief Financial Officer

Notary Public

### **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.
- ܆) l) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- ܆) m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- ܆) n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- ܆) o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- ܆) p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- ܆) q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- ܆) r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- ܆) s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- ܆) t) Independent public accountant's report based on an examination of the statement of financial condition.
- ܆) u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- ܆) v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- ܆) w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- ܆) x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable.
- ܆) y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- ܆) z) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
- *\*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable.*

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# Greenhill & Co., LLC

# Statement of Financial Condition

December 31, 2021

# Contents

| Report of Independent Registered Public Accounting Firm |   |
|---------------------------------------------------------|---|
| Statement of Financial Condition                        | ( |
| Notes to Financial Statements                           |   |

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![](_page_4_Picture_0.jpeg)

Ernst & Young LLP One Manhattan West New York, NY 10001

Tel: +1 212 773 3000 Fax: +1 212 773 6350 www.ev.com

#### Report of Independent Registered Public Accounting Firm

The Member and the Board of Managers Greenhill & Co., LLC

#### Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Greenhill & Co., LLC (the "Company") as of December 31, 2021 and the related notes (the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company at December 31, 2021, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion

This 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 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 financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Company's auditor since 1997. February 28, 2022

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| %=2?.A6;492.@2?645A<br><3<br>B@2.@@2A                                                                                                                     | <br>                                 |
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| #2:/2?K@0.=6A.9<br>)<A.996./696A62@.;1#2:/2?K@0.=6A.9                                                                                                     | <br><br><br>                         |

 *-*

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# Greenhill & Co., LLC

# Notes to Statement of Financial Condition

### December 31, 2021

# 1. Organization

Greenhill & Co., LLC ("G&Co" or the "Company"), a wholly-owned subsidiary of Greenhill & Co., Inc. ("Parent"), is a registered broker-dealer under the Securities Exchange Act of 1934 and is registered with the Financial Industry Regulation Authority ("FINRA"). The Company, a New York limited liability company, is engaged in the investment banking business providing advisory services to corporations, institutions and governments in connection with mergers, acquisitions, restructuring and similar corporate finance matters, as well as private capital advisory services. The Company has offices in New York, Chicago, Houston and San Francisco.

# 2. Summary of Significant Accounting Policies

# Basis of Financial Information

The financial statement is prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP"), which requires management to make estimates and assumptions regarding future events that affect the amounts reported in the financial statement and these footnotes, including compensation accruals and other matters. Management believes that the estimates utilized in preparing its financial statement are reasonable and prudent. Actual results could differ materially from those estimates.

## Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity date of three months or less, when purchased, to be cash equivalents.

The Company maintains its cash and cash equivalents with financial institutions with high credit ratings. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institution in which those deposits are held.

Cash equivalents primarily consist of money market funds and other short-term highly liquid investments with original maturities of three months or less and are carried at cost, plus accrued interest, which approximates the fair value due to the short-term nature of these investments.

# Deferred Revenue

As a result of the deferral of certain fees, deferred revenue (also known as contract liabilities) was \$3.4 million and \$3.2 million at January 1, 2021 and December 31, 2021, respectively. Deferred revenue is included in accounts payable and accrued expenses in the statement of financial condition.

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

# Greenhill & Co., LLC Notes to Statement of Financial Condition (continued)

# 10. Commitments and Contingencies

All of the Company's leases are operating leases and have remaining lease terms ranging from slightly more than 1 year to 14 years.

As of December 31, 2021, the approximate aggregate minimum future rental payments for the leased space used by the Company and its portion of the lease payments allocated by the Parent or funded directly by the Company were as follows:

| 2022                                                                                                                       | S | 8,008,976    |
|----------------------------------------------------------------------------------------------------------------------------|---|--------------|
| 2023                                                                                                                       |   | 7,799,458    |
| 2024                                                                                                                       |   | 7,658,573    |
| 2025                                                                                                                       |   | 7,537,944    |
| 2026                                                                                                                       |   | 7,549,074    |
| Thereafter                                                                                                                 |   | 69,284,748   |
| Total                                                                                                                      |   | 107,838,773  |
| Less: Rental payments made to the Parent                                                                                   |   | (6,789,487)  |
| Total lease payments for which Company has a right-of-use asset and                                                        |   |              |
| corresponding liability                                                                                                    |   | 101,049,286  |
| Less: Interest                                                                                                             |   | (38,312,945) |
| Present value of operating lease liabilities for which the Company has a right-of-use<br>asset and corresponding liability |   | 62,736,341   |

Minimum future rental payments in 2021 are reduced by payments of \$6.8 million made to the Parent for the use of the space during the Parent's free rent period.

The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows:

As of December 31, 2021

| Weighted Average remaining lease term in years | 3 4   |
|------------------------------------------------|-------|
| Weighted Average Discount Rate                 | 6.8 % |

The Company is involved from time to time in certain legal proceedings arising in the ordinary course of its business. The Company does not believe any such proceedings will have a material adverse effect on its results of operations.

{12}------------------------------------------------

# Greenhill & Co., LLC Notes to Statement of Financial Condition (continued)

## 11. Regulatory Requirements

The Company is subject to the Securities and Exchange Commission's Uniform Net Capital requirements under Rule 15c3-1 (the "Rule") which specifies, among other requirements, minimum net capital requirements for registered brokers. The Rule requires the Company to maintain a minimum net capital of the greater of \$5,000 or 1/15 of aggregate indebtedness, as defined in the Rule. As of December 31, 2021, the Company's net capital was \$21.2 million, which exceeded its requirement by \$20.0 million. The Company's aggregate indebtedness to net capital ratio was 0.9 to 1.

Certain distributions and other capital withdrawals are subject to certain notifications and restriction provisions of the Rule.

## 12. Subsequent Events

Management of the Company has evaluated subsequent events through the financial statement is issued.


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