# HIGHTOWER SECURITIES, LLC X-17A-5 (2025-02-19) — Broker-dealer annual report

- Company: HIGHTOWER SECURITIES, LLC
- Form: X-17A-5
- Filed: 2025-02-19
- Period: 2024-12-31
- Accession: 0001146169-25-000005
- CIK: 1146169
- File #: 8-53560
- Type: Broker-dealer
- Material weakness: No
- Auditor: Deloitte & Touche LLP
- Auditor location: Chicago, IL
- Contact: Matthew Karl
- Phone: 312-962-3821
- Email: mkarl@hightoweradvisors.com
- Website: hightoweradvisors.com
- Signed by: Matthew Karl (FinOp)

Original filing: https://www.sec.gov/Archives/edgar/data/1146169/000114616925000005/htsexemption.pdf

---

{0}------------------------------------------------

Statement of Financial Condition and Report of Independent Registered Public Accounting Firm as of December 31, 2024

Filed as PUBLIC information pursuant to Rule 17a-5(d) under the Securities Exchange Act of 1934.

{1}------------------------------------------------

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

OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12

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

sec file number 008-53560

FACING PAGE

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

AND ENDING\_12/31/24 filing for the period beginning \_01/01/24 MM/DD/YY MM/DD/YY

A. REGISTRANT IDENTIFICATION

## NAME OF FIRM: Hightower Securities, LLC

TYPE OF REGISTRANT (check all applicable boxes):

 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.)

### 200 W. Madison Street, Suite 2500

| Illinois                                                   |                                                                                                | 60606                                                                                                     |  |
|------------------------------------------------------------|------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|--|
| (State)                                                    |                                                                                                | (Zip Code)                                                                                                |  |
|                                                            |                                                                                                |                                                                                                           |  |
|                                                            | mkarl@hightoweradvisors.com                                                                    |                                                                                                           |  |
|                                                            | (Email Address)                                                                                |                                                                                                           |  |
|                                                            |                                                                                                |                                                                                                           |  |
| (Name - if individual, state last, first, and middle name) |                                                                                                |                                                                                                           |  |
|                                                            |                                                                                                |                                                                                                           |  |
| Chicago                                                    | -                                                                                              | 60606                                                                                                     |  |
| (City)                                                     | (State)                                                                                        | (Zip Code)                                                                                                |  |
|                                                            | 34                                                                                             |                                                                                                           |  |
|                                                            | PERSON TO CONTACT WITH REGARD TO THIS FILING<br>312-962-3821<br>(Area Code - Telephone Number) | B. ACCOUNTANT IDENTIFICATION<br>INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* |  |

\* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

{2}------------------------------------------------

### OATH OR AFFIRMATION

| Matt Karl |  |  |  | , swear (or affirm) that, to the best of my knowledge and belief, the |  |  |
|-----------|--|--|--|-----------------------------------------------------------------------|--|--|
|           |  |  |  |                                                                       |  |  |

PAUL R WRIGHT Notary Public State of Ohio

My Comm. Expires

April 17, 2026

financial report pertaining to the firm of Hightower Securities, LLC , as of 12/31 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_Picture_4.jpeg)

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.
- [] Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- [] (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
- [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- [ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- [ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- [] (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-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.
- (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- [] (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- [ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- (t) Independent public accountant's report based on an examination of the statement of financial condition.
- □ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- [] (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- [ [w] Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- [ {x] Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable.
- [] (y) Report describing any material inadequacies found to 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 this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable.

Signature; Title: Vice President/Finop

{3}------------------------------------------------

| Contents                                                |       |
|---------------------------------------------------------|-------|
| Report of Independent Registered Public Accounting Firm |       |
| Financial Statement                                     |       |
| Statement of Financial Condition                        | 2     |
| Notes to Statement of Financial Condition               | 3 - 7 |

{4}------------------------------------------------

# De oitte.

Deloitte & Touche LLP 111 South Wacker Drive Chicago, IL 60606-4301 USA

Tel: +1 312 486 1000 Fax: +1 312 486 1486 www.deloitte.com

### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Member and Board of Directors of Hightower Securities, LLC

### Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Hightower Securities, LLC (the "Company") as of December 31, 2024, 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 December 31, 2024, 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 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 РСАОВ.

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.

oitta + Touche UP

February 19, 2025

We have served as the Company's auditor since 2022.

{5}------------------------------------------------

Statement of Financial Condition December 31, 2024

### Assets

| Cash<br>Deposits with clearing brokers<br>Receivables from clearing brokers<br>Fee and brokerage income receivable<br>Other assets | ക    | 8,031,230<br>725,000<br>350,594<br>159,786<br>287,897 |
|------------------------------------------------------------------------------------------------------------------------------------|------|-------------------------------------------------------|
| Total assets                                                                                                                       | ಕ್ಕಾ | 9,554,507                                             |
| Liabilities and Member's Equity                                                                                                    |      |                                                       |
| Liabilities                                                                                                                        |      |                                                       |
| Due to affiliates                                                                                                                  | ക    | 1,310,733                                             |
| Accounts payable and accrued expenses                                                                                              |      | 216,761                                               |
| Total liabilities                                                                                                                  |      | 1,527,494                                             |
| Member's Equity                                                                                                                    |      | 8,027,013                                             |
| Total liabilities and member's equity                                                                                              | ക    | 9,554,507                                             |

See Notes to Statement of Financial Condition.

{6}------------------------------------------------

#### -

### 

#### # \$
 %
&

 
 '()\*+,-./01/230),)/456678,+/7-9:;<=>5;<?@@)<-)4@)9),/A@);B)@),=2-9:;<=5)4; 0/\*)4,/0/AB0-C/0DA/;@/0.),+,+/1/230),)/4;<AEF2+;<\*/7-99)44)-<81E7>3<A/0,+/GH1H1/230),)/4 EF2+;<\*/I2,-JKL"M;<A)4;9/9B/0-J,+/N)<;<2);@?<A34,0=O/\*3@;,-0=I3,+-0),=8N?POI>HQ+/ 7-9:;<=)4;@4-;9/9B/0-J,+/1/230),)/4?<R/4,-0S0-,/2,)-<7-0:-0;,)-<81?S7>HQ+/7-9:;<=)4; .+-@@=D-.</A43B4)A);0=-J()\*+,-./0(-@A)<\*56678,+/S;0/<,>H

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 Q+/7-9:;<=:0-R)A/44/230),)/4B0-C/0;\*/4/0R)2/4,-0/,;)@;<A)<4,),3,)-<;@234,-9/045:0)9;0)@= ,+0-3\*+,+/4/0R)2/4:0-R)A/AB=),40/\*)4,/0/A0/:0/4/<,;,)R/4;<A;AR)4-04HS3043;<,,-2@/;0)<\* ;\*0//9/<,4B/,.//<,+/7-9:;<=;<A),42@/;0)<\*B0-C/045P;,)-<;@N)<;<2);@1/0R)2/456675S/04+)<\*5 6675;<ATSU-0\*;<1/230),)/45667H5;@@4/230),)/4,0;<4;2,)-<4;0/2@/;0/A-<;J3@@=A)42@-4/AB;4)4H

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
\ 'Q+/;22-9:;<=)<\*1,;,/9/<,-JN)<;<2);@7-<A),)-<+;4B//<:0/:;0/A)<

 ;22-0A;<2/.),+;22-3<,)<\*:0)<2):@/4\*/</0;@@=;22/:,/A)<,+/G<),/A1,;,/48GH1H]IIS>H

 ^ 'Q+/:0/:;0;,)-<-J;1,;,/9/<,-JN)<;<2);@7-<A),)-<)<2-<J-09),=.),+GH1H]IIS 0/X3)0/49;<;\*/9/<,,-9;C//4,)9;,/4;<A;4439:,)-<4,+;,;JJ/2,,+/0/:-0,/A;9-3<,4-J;44/,4;<A @);B)@),)/4;<AA)42@-430/-J2-<,)<\*/<,;44/,4;<A@);B)@),)/4;,,+/A;,/-J,+/1,;,/9/<,-JN)<;<2);@ 7-<A),)-<HI2,3;@0/43@,42-3@AA)JJ/0J0-9,+-4//4,)9;,/4H

A)40/\*;0A/A/<,),=J-0J/A/0;@)<2-9/,;F:30:-4/4HI22-0A)<\*@=5),A-/4<-,J)@/;<=,;F0/,30<45B3,),4 ,;F;B@/)<2-9/)40/:-0,/A;4:;0,-J),4S;0/<,[4,;F0/,30<4HQ+/S;0/<,)4;@)9),/A@);B)@),=2-9:;<= .+-4/)<2-9/-0@-44)4)<2@3A;B@/)<,+/,;F0/,30<4-J),49/9B/04H

\_ ` 'Q+/7-9:;<=)4;4)<\*@/9/9B/0@)9),/A@);B)@),=2-9:;<=;<A)4,0/;,/A;4; Q+/7-9:;<=0/2-\*<)a/4;<A9/;430/4),43<0/2-\*<)a/A,;FB/</J),4)<;22-0A;<2/.),+I22-3<,)<\* 1,;<A;0A47-A)J)2;,)-<8I17>YMZ5bcdefghijgkHl+/<,;F0/,30<4;0/J)@/A5),)4+)\*+@=2/0,;)<,+;, 4-9/:-4),)-<4,;C/<.-3@AB/434,;)</A3:-</F;9)<;,)-<B=,+/,;F)<\*;3,+-0),)/45.+)@/-,+/04;0/ 43Bm/2,,-3<2/0,;)<,=;B-3,,+/9/0),4-J,+/:-4),)-<,;C/<-0,+/;9-3<,-J,+/:-4),)-<,+;,.-3@AB/ 3@,)9;,/@=434,;)</AHQ+/B/</J),-J;,;F:-4),)-<)40/2-\*<)a/A)<,+/1,;,/9/<,-JN)<;<2);@7-<A),)-<)< ,+/:/0)-AA30)<\*.+)2+5B;4/A-<;@@;R;)@;B@//R)A/<2/59;<;\*/9/<,B/@)/R/4),)49-0/D@)C/@=D,+;<D<-, ,+;,,+/:-4),)-<.)@@B/434,;)</A3:-</F;9)<;,)-<5)<2@3A)<\*,+/0/4-@3,)-<-J;::/;@4-0@),)\*;,)-< :0-2/44/45)J;<=HQ;F:-4),)-<4,;C/<;0/<-,-JJ4/,-0;\*\*0/\*;,/A.),+-,+/0:-4),)-<4HQ;F:-4),)-<4 ,+;,9//,,+/9-0/D@)C/@=D,+;<D<-,0/2-\*<),)-<,+0/4+-@A;0/9/;430/A;4,+/@;0\*/4,;9-3<,-J,;F B/</J),,+;,)49-0/,+;<WZn@)C/@=-JB/)<\*0/;@)a/A3:-<4/,,@/9/<,.),+,+/;::@)2;B@/,;F)<\*;3,+-0),=H

{7}------------------------------------------------

#### -

### 

### #

 \$
 %
& '
 ( )\*+,-./012\*0345+16474+51-819+:604160;/-3464-136\*:-8<\*=+9+.>+:?@ABCB"A015A099-:541<D2A \*031-6:+9-:5+50D40>4D4627-:6\*+/02.+16-7012416+:+36-:/+10D64+3E

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

)\*+F0:+1643<+1+:0DD21-638>G+966-+;0.41064-1>2HEIE7+5+:0D-:3606+60;41<086\*-:464+37-:60;2+0:3 >+7-:+BCB@E

### #

 ,03\*419D85+3903\*41>01J099-816306KLMN0::43K01JOEPE015903\*>0D019+3069D+0:41<>:-J+:3 O064-10DQ4101940DI+:R49+3ASS,AF+:3\*41<ASS,015TEFEL-:<01,D+0:41<,-:/E:+/:+3+1641< 9-..4334-130157++3+0:1+50159-DD+96+5>26\*+,-./012E

#### # UV  W \$ X

 P6=+9+.>+:?@ABCB"A5+/-3463Y46\*9D+0:41<>:-J+:3419D85+3903\*3+98:4625+/-34636-60D41<Z[B\ACCC 6\*060:+:+]84:+56->+.0416041+541099-:5019+Y46\*6\*+,-./012^39D+0:41<>:-J+:0<:++.+163E

 \_+9+4R0>D+37:-.9D+0:41<>:-J+:39-13436-70.-816358+6-6\*+,-./0127:-.4639D+0:41<>:-J+:37-: 9-..4334-130157++3+0:1+5>26\*+,-./012EP/-:64-1-76\*+,-./012^36:05+30159-16:09630:+ 9D+0:+56\*:-8<\*9D+0:41<-:<014`064-130150:+3+66D+5504D2>+6Y++16\*+9D+0:41<-:<014`064-10156\*+ ,-./012EK+9083+-76\*43504D23+66D+.+16A6\*+,-./0125-+31-6:+9-:5010DD-Y019+7-:9:+546D-33+3 815+:PI,?BaAbcdedfceghdijklmndjiopknqcjrsiiniA036\*+0.-816-7813+66D+59:+546+;/-38:+343 D4.46+56-6\*+0.-816-Y+56\*+,-./0127-:0R+:23\*-:6/+:4-5-764.+E)\*+,-./0129-164180DD2 :+R4+Y36\*+9:+546]80D462-74639-816+:/0:64+3E

{8}------------------------------------------------

#### -

### 

#### # \$%  & ( )
 \*

 +,-./00/12345670-89-:-35:9-;-2<670-:.9/=;0-6923479/>-9:7?;0-6923479/>-963@76063;-5?8-A

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

| <br><br><br> |                                                                                                     |   |        |                                      |  |
|--------------|-----------------------------------------------------------------------------------------------------|---|--------|--------------------------------------|--|
| <br>         | <br>                                                                                                |   |        |                                      |  |
| #            | !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!<br>\$%		&<br> | ' | (      | ) 	*                                |  |
|              | +,-./00/12345670-89-:-35:9-;-2<670-:.9/=;0-6923479/>-9:7?;0-6923479/>-963@76063;-5?8-A              |   |        |                                      |  |
|              | %		&<br><br><br>(<br>                                                                              |   | BCBD   | BCBE                                 |  |
|              | FGH/9463I-;J9252-:KLLM                                                                              |   |        |                                      |  |
|              | H/3-?=69>-59-765-:                                                                                  |   | B N    | "DKDBE NDOKDPD<br>E                  |  |
|              | Q5,-9;0-692349-;-2<670-:                                                                            |   | B      | BKORC DKPTE<br>S                     |  |
|              | +/560FGH/9463I-;J9252-:KLLM                                                                         |   | B      | PPKBOE REKBRP<br>E                   |  |
|              | U652/360V2363;260I-9<2;-:KLLM                                                                       |   |        |                                      |  |
|              | V--:63@;/==2::2/3:9-;-2<670-                                                                        |   | D      | OKESS "KBED<br>D                     |  |
|              | +96@-@65-6@WJ:5=-35                                                                                 |   | <br>X  | B KECC                               |  |
|              | +/560U652/360V2363;260I-9<2;-:KLLM                                                                  |   | D      | OKESS PK"ED<br>D                     |  |
|              |                                                                                                     |   |        |                                      |  |
|              |                                                                                                     |   |        |                                      |  |
|              | G-9:,234KLLM                                                                                        |   |        |                                      |  |
|              | Y33J60;6:,;/==25=-3523;-352<-<br>+/560G-9:,234KLLM                                                  |   | B<br>B | "KCCC "KCCC<br>B<br>"KCCC "KCCC<br>B |  |

#### # % [

 \J-5/6..20265-:;/3:2:5:/.5963:6;52/3:125,-35252-:6..20265-@125,5,-M/=863?5,9/J4,;/==/3 /13-9:,28A+,-M/=863?,6:63-]8-3:-:,69234649--=-35125,5,-G69-351,2;,600/;65-:;-95623 :-9<2;-::J;,6:9-35K89/.-::2/360.--:K5-;,3/0/4?63@5-0-;/==J32;652/3K596<-063@-35-95623=-35K @-89-;2652/363@/5,-9<692/J:-]8-3:-:A+,-:,69-@-]8-3:-600/;652/32:76:-@/3=-5,/@/0/42-:23 :J88/95/.9-4J065/9?;/=80263;-63@125,49/1234K/8-96523463@:-9<2;2345,-7J:23-::63@25:;02-35:A Y;/9--0-=-3523;0J@-:600/;65234-]8-3:-:63@/5,-9;/:5:239-0652/35/5,-3J=7-963@8-9;-3564-/. 6;;/J35:7-234:-9<2;-@7?5,-M/=863?AY:/.\-;-=7-9ESKBCBDK5,-M/=863?,6:686?670-125, 5,-G69-359-065-@5/5,-:-:,69-@-]8-3:-:/.NSKCEDKRR"K1,2;,2:23;0J@-@23@J-5/6..20265-:/35,- I565-=-35/.V2363;260M/3@252/3A

 +,-M/=863?60:/,6::-9<2;-649--=-35:125,5,-G69-355/;/00-;5;/==2::2/3:63@.--:9-0652345/ 5,-291-605,=6364-=-35896;52;-:AY@@252/3600?K.--:69-;/00-;5-@./9/5,-96..20265-@-35252-:5,9/J4, ;/==/3/13-9:,28125,5,-G69-35AY:/.\-;-=7-9ESKBCBDK5,-M/=863?,6:686?670-5/5,- G69-359-0652345/5,-;/==2::2/3:63@.--:/.NBSTKRO"63@686?670-5//5,-96..20265-@-35252-:/. N"RKEOEK7/5,69-23;0J@-@23@J-5/6..20265-:/35,-I565-=-35/.V2363;260M/3@252/3A

{9}------------------------------------------------

Notes to Statement of Financial Condition December 31, 2024

#### Off-Balance Sheet Risk, Concentration of Credit Risk, Commitments, Note 5. Contingencies and Indemnifications

From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on the Statement of Financial Condition.

Credit risk is the amount of accounting loss the Company would incur if the counterparty failed to perform its obligations under contractual terms. Substantially all of the clearing and depository operations of the Company are performed by its clearing brokers pursuant to clearance agreements. The Company's exposure to credit risk associated with the nonperformance of counterparties in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile securities markets, credit markets, and regulatory changes.

In the normal course of business, the Company's clearing brokers make margin loans to the Company's customers, which are collateralized by customer securities. In permitting the customers to purchase securities on margin, the clearing brokers are exposed to the risk of a market decline that could reduce the value of the collateral held below the customers' indebtedness before the collateral can be sold, which could result in losses to the clearing brokers. The Company's agreements with the clearing brokers require the Company to reimburse the clearing brokers for certain losses incurred related to customers introduced by the Company. The Company seeks to control the risk associated with customer activities by monitoring customer trading activity and margin balances and by sharing in the commissions and fees earned by the registered representatives servicing those customers.

The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Management believes that the Company is not exposed to any significant credit risk on bank deposits.

In the normal course of business, the Company indemnifies and quarantees certain service providers. such as clearing brokers, against specified potential losses in connection with their acting as an agent of, or providing services to, the Company. The maximum potential amount of future payments that the Company could be required to make under these indemnifications cannot be estimated. However, the Company believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the Statement of Financial Condition for these indemnifications.

Additionally, the Company enters into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company expects the risk of any future obligations under these indemnifications to be remote.

{10}------------------------------------------------

### Notes to Statement of Financial Condition December 31, 2024

#### Note 6. Net Capital Requirements

The Company is a broker-dealer subject to the SEC Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934, as amended, which requires the maintenance of minimum net capital. Rule 15c3-1 requires the Company to maintain net capital equal to the greater of 6-2/3% of aggregate indebtedness or \$250,000 and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Rule 15c3-1 also provides that equity capital may not be withdrawn or cash distributions paid if the resulting net capital ratio would exceed 10 to 1.

At December 31, 2024, the Company had regulatory net capital of \$7,544,755 which was \$7,294,755 in excess of its required net capital of \$250,000. The Company's ratio of aggregate indebtedness to net capital was .20 to 1.

#### Note 7. Segment Reporting

The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including providing securities brokerage to its retail and institutional customers through its clearing brokers, effecting securities transactions via subscriptions on a subscription way basis and identifying potential merger and acquisition opportunities. The Company has identified its Chief Financial 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 6), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy. The Company's operations constituted 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.

#### Note 8. Subsequent Events

The Company has evaluated subsequent events for potential recognition and/or disclosure through February 19, 2025, the date the Statement of Financial Condition was issued. There have been no material subsequent events that occurred during such period that would require disclosure in this report or recognition in the Statement of Financial Condition as of December 31, 2024.


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