# PRICEWATERHOUSECOOOPERS CORPORATE FINANCE LLC X-17A-5 (2025-09-30) — Broker-dealer annual report - Company: PRICEWATERHOUSECOOOPERS CORPORATE FINANCE LLC - Form: X-17A-5 - Filed: 2025-09-30 - Period: 2025-06-30 - Accession: 0001018444-25-000007 - CIK: 1018444 - File #: 8-49443 - Type: Broker-dealer - Material weakness: No - Auditor: Crowe LLP - Auditor location: New York, NY - Contact: Stephen Briden - Phone: 3129648279 - Signed by: Trip Wolfe (President) Original filing: https://www.sec.gov/Archives/edgar/data/1018444/000101844425000007/pwccffy2025S1.pdf --- {0}------------------------------------------------ # REPORT PURSUANT TO RULE 17a-5(d) AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM # **PRICEWATERHOUSECOOPERS CORPORATE FINANCE LLC** June 30, 2025 {1}------------------------------------------------ # **CONTENTS** | Report of Independent
Registered
Public Accounting Firm | | |---------------------------------------------------------------|-----| | Financial Statements | | | Statement
of
Financial
Condition | 2 | | Notes to Financial Statements | 3-6 | {2}------------------------------------------------ ![](_page_2_Picture_0.jpeg) # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member and Board of Managers of PricewaterhouseCoopers Corporate Finance LLC Chicago, Illinois ## **Opinion on the Financial Statement** We have audited the accompanying statement financial condition of PricewaterhouseCoopers Corporate Finance LLC (the "Company") as of June 30, 2025, and 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 June 30, 2025, in conformity with accounting principles generally accepted in the United States of America. # **Basis for Opinion** This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this 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 presentation of the financial statement. We believe that our audit of the financial statement provides a reasonable basis for our opinion. *Crowe LLP* Crowe LLP We have served as the Company's auditor since 2008. New York, New York September 16, 2025 {3}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS** June 30, 2025 ### **NOTE A** - **GENERAL BUSINESS** PricewaterhouseCoopers Corporate Finance LLC (the "Company") is registered with the Securities and Exchange Commission (the "SEC") as a broker-dealer and is a member of the Financial Industry Regulatory Authority ("FINRA"). The Company is 100% owned by PwC US Business Advisory LLP and its Partners and Principals. The Company was organized as a limited liability company under the laws of the state of Delaware. As such, its member liabilities in the Company's obligations and debts shall be limited to the amounts of their capital contributions. The Company engages in the investment banking business by providing financial advisory services to institutional customers, including advising on and arranging capital sourcing, and advising on mergers and acquisitions. #### **NOTE B** - **SUMMARY OF ACCOUNTING POLICIES** # *1. Cash and Cash Equivalents* Cash and cash equivalents include cash balances held in financial institutions. The Company is subject to credit risk at June 30, 2025, as the majority of all cash and cash equivalents are held at one financial institution, in excess of the federally insured amount of \$250,000. The Company has not experienced any losses related to these uninsured balances. # *2. Accounts Receivable and Allowance for Credit Losses* The Company accounts for estimated credit losses on financial assets measured at an amortized cost basis and certain off-balance sheet credit exposures in accordance with FASB ASC 326- 20, Financial Instruments - Credit Losses. FASB ASC 326-20 requires the Company to estimate expected credit losses over the life of its financial assets and certain off-balance sheet exposures as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. Accounts receivables are primarily related to financial advisory services. Substantially all of these receivables are accounted for at amortized cost, which generally approximates fair value. The Company evaluates collectability based upon evaluation of counterparty credit risk, historical losses, current conditions, and reasonable and supportable forecasts. At June 30, 2025, the Company reviewed its receivables from customers and recorded an allowance for credit losses of \$118,023 against such net amounts recorded in the financial statements. {4}------------------------------------------------ #### **STATEMENT OF FINANCIAL CONDITION** June 30, 2025 #### **ASSETS** | Cash
and
cash
equivalents | \$30,525,728 | | | |------------------------------------------------------------------------------|--------------|--|--| | Accounts
receivable,
net
of
allowance
for
credit
losses | 511,586 | | | | Other
assets | 1.676,505 | | | | Total
assets | \$32,713,819 | | | #### **LIABILITIES AND MEMBER'S CAPITAL** | Accounts
payable,
accrued
expenses
and
other
liabilities | \$4,954,453 | | | |----------------------------------------------------------------------------|--------------|--|--| | Deferred
revenue | 324,246 | | | | Due
to
affiliates | 16,353,488 | | | | Total
liabilities | \$21.632,187 | | | | Member's
capital | 11.081,632 | | | | Total
liabilities
and
member's
capital | \$32,713.819 | | | {5}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENTS** June 30, 2025 # **NOTE B** - **SUMMARY OF ACCOUNTING POLICIES** (continued) The Company records the estimate of expected credit losses as an allowance for credit losses. For financial assets measured at an amortized cost basis the allowance for credit losses is reported as a valuation account on the balance sheet that is deducted from the asset's amortized cost basis. The following table presents the aging of the recorded past-due account receivables as of June 30, 2025: | | 0-30 | 31 - 60 | 61 - 90 | 91 - 180 | > 181 | | |-------------------------|-----------|---------|----------|----------|-------------|-----------| | | Days | Days | Days | Days | Days | Total . | | Financial Advisory Fees | \$350,527 | -0- | \$14,850 | \$72,532 | \$ I 91,700 | \$629,609 | Accounts receivable of \$544,754 were due from member firms of PwC Network or PwC. # *3. Foreign Currency* Transactions denominated in foreign currency are translated into U.S. dollars based on exchange rates in effect at the dates of the transactions. Foreign currency transactions are remeasured at each reporting date. # *4. Income Taxes* No provision for Federal, state, or city income taxes has been made since the Company is not a taxable entity and the members are individually liable for the taxes on their shares of the Company's income or loss. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. # *5. Use of Estimates* The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. {6}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENTS** June 30, 2025 # **NOTE C-RELATED PARTY TRANSACTIONS** #### *I. Intercompany Transactions* Expenditures are processed by PwC US Business Advisory LLP (PwC), the Company's parent, on behalf of the Company. At June 30, 2025, the amount due to PwC was \$16,353,488, which represents the net amount of expenditures paid and allocated by PwC. Between July 1, 2024 and June 30, 2025 the Company paid PwC \$10,000,000. #### *2. Employee Benefit Plans* PwC maintains a defined contribution plan covering all employees of PwC and certain related entities, including the Company (Plan). The Plan provides that employees who have attained age 21 voluntarily contribute from 1% to 100% of their pre-tax compensation to the Plan and/or from 1% to 100% of post-tax compensation to the Plan, with the total amount of contributions not to exceed 100% of compensation. The Company matches employee contributions in the amount of 25% of the first 6% of compensation contributed to the Plan. The Company also makes a profit sharing contribution of 5% (8% for Managing Directors, and 7% for grandfathered Directors) of compensation regardless of the employees' contributions. The Company also participates in PwC's Retirement Benefit Accumulation Plan (RBAP), which was frozen effective June 30, 2008. No one who was not a participant on June 1, 2008 can thereafter become a participant and benefits do not consider compensation or service after June 30, 2008. #### *4. Retirement Wealth Builder Plan* The Company also participates in PwC's Retirement Wealth Builder Plan, which began making contributions to the plan on July 1, 2008 for all employees, except for student interns or employees on international assignment but not on the payroll in the United States of America. The Company will pay 100% of the contributions made to the plan as well as all of the administrative and recording keeping fees. The Company will make contributions for each employee on a bi-monthly basis. Special one-time contributions may also be made depending on the circumstances. The amount of contribution for each employee is based on the employee's benefit service and position. {7}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENTS** June 30, 2025 # **NOTED - NET CAPITAL REQUIREMENT** As a registered broker-dealer under the Securities Exchange Act of 1934 (the "Act") and member of FINRA, the Company is subject to the SEC's Uniform Net Capital Rule 15c3-I under the Act. The Company is required to maintain minimum net capital, as defined, of 6-2/3% of aggregate indebtedness or \$5,000, whichever is greater. Net capital and aggregate indebtedness change from day to day, but, as of June 30, 2025, the Company had net capital of\$12,039,092, which exceeded minimum net capital requirements by \$10,806,650. ### **NOTE E - CONTINGENT LIABILITIES** During the ordinary course of business, the Company is a party to claims and legal actions for which loss contingencies may arise. Loss contingencies are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. As of June 30, 2025, the Company is not involved with any outstanding actions. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.