# CREDICORP CAPITAL LLC X-17A-5 (2025-03-10) — Broker-dealer annual report - Company: CREDICORP CAPITAL LLC - Form: X-17A-5 - Filed: 2025-03-10 - Period: 2024-12-31 - Accession: 0001336040-25-000001 - CIK: 1336040 - File #: 8-67048 - Type: Broker-dealer - Material weakness: No - Auditor: Kaufman Rossin - Auditor location: Miami, FL - Contact: Steven Singer - Phone: 561-784-8922 - Email: ssinger@mavenstrategic.com - Website: mavenstrategic.com - Signed by: Carlos Coll (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1336040/000133604025000001/credicorpcappublic2024.pdf --- {0}------------------------------------------------ # Credicorp Capital, LLC Statement of Financial Condition December 31, 2024 {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Estimated average burden hours per response: 12 SEC FILE NUMBER 8-67048 Expires: Nov. 30, 2026 ## 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 | 12/31/24
filing for the period beginning 01/01/24
AND ENDING | | | | | | | |-------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|------------------------------|-----|-----------------|--------------------------------------------|--| | MM/DD/YY | | | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | | | | NAME OF FIRM: Credicorp Capital, 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.) | | | | | | | | 1111 Brickell Ave Suite 2825 | | | | | | | | | | (No. and Street) | | | | | | Miami | ﻠ | | | 33131 | | | | (City) | (State) | | | (Zip Code) | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | Steven Singer | | 561-784-8922 | | | ssinger@mavenstrategic.com | | | (Name) | (Area Code - Telephone Number) | | | (Email Address) | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | | Kaufman Rossin | | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | | 3310 Mary Street, Suite 501 Miami | | | | ้มี | 33133 | | | (Address) | | (City) | | (State) | (Zip Code) | | | 10/16/2003 | | | 137 | | | | | (Date of Registration with PCAOB)(if applicable) | | FOR OFFICIAL USE ONLY | | | (PCAOB Registration Number, if applicable) | | | | | | | | | | | * 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 | Carlos Coll | swear (or affirm) that, to the best of my knowledge and belief, the | |----------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of Credicorp Capital, 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 proprietary [hterest in any account classified soley | | as that of a customer. | | | | Joana Molina Diez | | Notary Public | Signature: | | of the of Flority | | | | Title: | | Expires 8/17/2028 | CEO | | | | | 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. | | | J (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. | | | L (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. | | | [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. | | | | L (o) Reconciliations, including apropriate explanations, of the FOCUS Report with computation of net capible net | | | worth under 17 CFR 240.18c3-1, 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 240.18a-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 certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {3}------------------------------------------------ | CONTENTS | | | | | |----------|--|--|--|--| | | | | | | | P
age | |----------| |----------| | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | |---------------------------------------------------------|-------| | FINANCIAL STATEMENT | | | Statement of Financial Condition | 2 | | Notes to Financial Statement | 3 - 9 | {4}------------------------------------------------ # KAUFMAN ROSSIN cpa + advisors ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Member of Credicorp Capital, LLC ### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Credicorp Capital, LLC 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 Credicorp Capital, LLC as of December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. ### Basis for Opinion This financial statement is the responsibility of Credicorp Capital, LLC's management. Our responsibility is to express an opinion on Credicorp Capital, LLC'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 Credicorp Capital, LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We 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 statements. 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 statements. We believe that our audit provides a reasonable basis for our opinion. Kaufman, Rossin & Co., P.A. We have served as Credicorp Capital, LLC's auditor since 2022. Miami, Florida March 7, 2025 ![](_page_4_Picture_13.jpeg) {5}------------------------------------------------ ### CREDICORP CAPITAL, LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2024 ### ASSETS | Cash and cash equivalents | S | 5,630,784 | |----------------------------------------------|---|-----------| | Securities owned, at fair value | | 1,202 | | Receivable from clearing broker | | 261,067 | | Due from affiliates | | 59,878 | | Deposit at clearing brokers, restricted cash | | 530,000 | | Right-of-use lease assets, net | | 1,317,484 | | Property and equipment, net | | 968,743 | | Other assets | | 468,835 | | TOTAL ASSETS | S | 9,237,993 | | LIABILITIES AND MEMBER'S EQUITY | | | | LIABILITIES | | | | Accounts payable and accrued liabilities | S | 813,892 | | Commissions payable | | 218,889 | | Due to affiliates | | 1,057,635 | | Lease liabilities | | 1,934,103 | | TOTAL LIABILITIES | | 4,024,519 | | COMMITMENTS AND CONTINGENCIES (NOTE 6 AND 8) | | | | MEMBER'S EQUITY | | 5,213,474 | | TOTAL LIABILITIES AND MEMBER'S FOUITY | ಳ | 9 237 993 | See accompanying notes. {6}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`7:>->;-G9LD9I9:=D>-67LJ?=>9;D-HE->B7-7:J69>97G-=D8-X:B=DL7- ;CC9GG9;D-AF-=D8-KN-J:B-67LJ?=>9;D-9D:?J87G@-=C;DL-;>B76->B9DLG@-<769;89:- 7X=C9D=>9;DG-HE->B7G7-67LJ?=>;6E-H;897G->;-87>76C9D7-OB7>B76->B7-;C<=DE-9G-:;D8J:>9DL-=D8- 67<;6>9DL-9>G-;<76=>9;DG-9D-=::;68=D:7-O9>B->B7-=<G-;I->B7G7-;6L=D9P=>9;DGN- #### a1&\-1-2a1&\bc0)Z1^%-+&- B7-;C<=DE-:;DG9876G-=??-B9LB?E-?9QJ98-87H>-9DG>6JC7D>G-B=T9DL-C=>J69>97G-;I->B677-C;D>BG- ;6-?7GG-=>->B7-8=>7-;I-=:QJ9G9>9;D->;-H7-:=GB-7QJ9T=?7D>GN--B7-;C<=DE-C=E@-8J69DL->B7-;689D=6E- :;J6G7-;I-HJG9D7GG@-C=9D>=9D-=::;JD>-H=?=D:7G-9D-7X:7GG-;I-I7876=??E-9DGJ678-?9C9>GN--G-;I- 7:7CH76d@efeg@-=::;JD>-H=?=D:7G-7X:77878->B7G7-?9C9>GN--B7-;C<=DE-8;7G-D;>-7X<7:>- =DE-69GM-;I-?;GG-67?=>9DL->;->B7G7-87<;G9>GN- ]%&+()'+%2- #### a1&\- K7G>69:>78-:=GB-9G-GJH`7:>->;-?7L=?-;6-:;D>6=:>J=?-67G>69:>9;D-HE->B968-<=6>97G-=G-O7??-=G-=- 67G>69:>9;D-=G->;-O9>B86=O=?-;6-JG7@-9D:?J89DL-67G>69:>9;DG->B=>-67QJ967->B7-IJD8G->;-H7-JG78-I;6-=- G<7:9I9:-69:>9;DG->B=>-?9C9>->B7-B7-IJD8G-:=D-H7-JG78N--B7- ;C<=DE-:;DG9876G->B7-:=GB-B7?8-;D-87<;G9>-HE-9>G-:?7=69DL-H6;M76->;-H7-67G>69:>78-:=GBN- #### - - ]%'%)Z1h^%&ijklmnopqrstukvkwxpyzkt-{umnw|tvzkpuwq}yum~kuwqvzktpnmq|tukvkwxpyzk-{umn- JDG7>>?78->6=87G@-9D:?J89DL-=C;JD>G-67?=>78->;-=::6J78-9D>767G>-67:79T=H?7G-=D8-:=GB-87<;G9>GN- ijklmnopqrst-|upktpukvzkpuk-|jum}jw|tvzkpuwq}yum~kupqtk||zkpwzE-H7>O77D->B7- :?7=69DL-H6;M76-=D8->B7-;C<=DEN-V7:=JG7-;I->B9G-8=9?E-G7>>?7C7D>@->B7-=C;JD>-;I-JDG7>>?78- :6789>-7X<;GJ67-9G-?9C9>78->;->B7-=C;JD>-;O78->B7-;C<=DE-I;6-=-T76E-GB;6>-<769;8-;I->9C7N- B7-;C<=DE-:;D>9DJ=??E-67T97OG->B7-:6789>-QJ=?9>E-;I-9>G-:;JD>76<=6>97GN- {7}------------------------------------------------ #### ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 1. ### Due from Affiliates Amounts due from affiliates consist primarily of trade receivables due under normal trade terms. The carrying amount may be reduced by an allowance that reflects management's best estimate of the amounts that will not be collected. As management believes that the amounts are fully collectible and are therefore stated at net realizable value, management has not recorded an allowance for doubtful accounts. ### Property and Equipment Property and equipment is recorded at cost. Expenditures for major betterments and additions are charged to the asset accounts while replacements, maintenance and repairs which do not improve or extend the lives of the respective assets are charged to expense currently. ### Depreciation and Amortization Depreciation of property and equipment and amortization of leasehold improvements are computed using the straight-line method at various rates based upon the estimated useful lives of the assets. The range of estimated useful lives is summarized as follows: | Furniture and fixtures | 7 years | |------------------------|----------------------------------------| | Leasehold improvements | Lesser of useful life or term of lease | | Office equipment | 2 - 5 years | | Website development | 3 years | ### Leases Under ASC 842 - Leases, the Company records a right-of-use asset and related lease liability on the statement of financial condition. Such amounts are based on the net present value of future lease obligations, using an incremental borrowing rate to determine the Company's effective cost of capital (see Note 6). ### Defined Contribution Plan The Company maintains a 401(k) plan covering substantially all employees, with the Company matching up to 6% of employee payroll deferrals. ### Income Taxes The Company is a disregarded entity for federal income tax purposes. Instead, its taxable income or loss is reflected on the Parent's income tax return and therefore, there is no provision for income taxes included in the accompanying financial statement, as the Parent does not allocate income taxes to the Company. The Company assesses its tax positions in accordance with "Accounting for Uncertainties in Income Taxes" as prescribed by the Accounting Standards Codification, which provides guidance for financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return for open tax years (generally a period of three years from the later of each return's due date or the date filed) that remain subject to examination by the Company's major tax jurisdictions. The Company assesses its tax positions and determines whether it has any material unrecognized liabilities for uncertain tax positions. The Company records these liabilities to the extent it deems them more likely than not to be incurred. {8}------------------------------------------------ #### ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 1. The Company believes that it does not have any significant uncertain tax positions requiring recognition or measurement in the accompanying financial statement. ### Use of Estimates in the Preparation of the Financial Statement The preparation of the statement of financial condition in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statement. Actual results could differ from those estimates. ### Fair Value of Financial Instruments FASB ASC 820, Fair Value Measurement, establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows: Level I- Valuations for assets and liabilities traded in active exchange markets, or interest in open-end mutual funds that allow a company to sell its ownership interest back at net asset value ("NAV") on a daily basis. Valuations are obtained from readily available pricing sources for market transactions involving identical assets, liabilities or funds. Level 2- Valuations for assets and liabilities traded in less active dealer, or broker markets, such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active. Level 2 includes U.S. Treasury, U.S. government and agency debt securities, and mortgage-backed securities. Valuations are usually obtained from third party pricing services for identical or comparable assets or liabilities. Level 3- Valuations for assets and liabilities that are derived from other valuation methodologies, such as option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The availability of observable inputs can vary from instrument and in certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement of an instrument requires judgement and consideration of factors specific to the instrument. The following describes the valuation methodologies the Company uses to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. U.S Treasuries are valued based on quoted market prices. All U.S. Treasuries trade in active markets and are classified within Level 2. {9}------------------------------------------------ #### ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 1. ### Segment Reporting The Company's operations constitute a single operating segment and, therefore, a single reportable segment as defined by Accounting Standards Codification 280, as it conducts its business activities and reports financial results using information of the Company as a whole. The Executive Team of the Company serves as Chief Operating Decision Maker, which makes decisions about allocating resources and assessing performance in a manner consistent with the way the Company operates its business and presents its financial results. #### NOTE 2. NET CAPITAL REQUIREMENTS As a registered broker-dealer, the Company is subject to the Uniform Net Capital Rule of the Securities and Exchange Commission, which requires that "Net Capital", as defined, shall be at least the greater of \$250,000 or 6-2/3% of "Aggregate Indebtedness", as defined. At December 31, 2024, the Company's "Net Capital" was \$3,657,081 which exceeded requirements by \$3,407,081. The ratio of "Aggregate Indebtedness" to "Net Capital" was 0.74 to 1 at December 31, 2024. #### NOTE 3. FAIR VALUE MEASUREMENTS The following table sets forth by level, within the fair value hierarchy, the Company's securities owned at fair value on a recurring basis as of December 31, 2024: | | l evel l | Level 2 | Level 3 | | Total | | |---------------|----------|---------|---------|--|------------|--| | U.S. Equities | | | | | - - - - \$ | | #### NOTE 4. RISK CONCENTRATIONS ### Clearing and Depository Concentrations The clearing and depository operations for the Company's securities transactions are provided by a brokerage firm located in Jersey City, New Jersey and a brokerage firm in Babcock Ranch, Florida. At December 31, 2024, deposit at clearing brokers, the receivable from clearing broker and \$5,192,611 of cash and cash equivalents are held by and due from these brokerage firms. ### Other Risk Concentrations In the normal course of business, the Company's customer activities involve the execution, settlement, and financing of various customer securities transactions. These activities may expose the Company to off-balance sheet risk in the event the customer or other broker is unable to fulfill its contracted obligations and the Company has to purchase or sell the financial instrument underlying the contract at a loss. The Company's customer securities are transacted on either a cash or margin basis. In margin transactions, the Company's clearing brokers extend credit to its customers, subject to various regulatory and internal margin requirements, collateralized by cash and the securities in the customers' accounts. In connection with these activities, the Company executes customer transactions involving the sale of securities not yet purchased, substantially all of which are transacted on a margin basis subject to individual exchange regulations. Such transactions may expose the Company to significant off-balance-sheet risk in the event margin requirements are not sufficient to fully {10}------------------------------------------------ #### Other Risk Concentrations (continued) cover losses that customers may incur. In the event the customer fails to satisfy its obligations, the Company may be required to purchase or sell which are transacted on a margin basis subject to individual exchange regulations. Such transactions may expose the Company to significant off-balance-sheet risk in the event margin requirements are not sufficient to fully cover losses that customers may incur. In the event the customer fails to satisfy its obligations, the Company may be required to purchase or sell financial instruments at prevailing market prices to fulfill customer's obligations. The Company seeks to control the risks associated with its customer activities by requiring customers to maintain margin collateral in compliance with various regulatory and internal guidelines. The Company monitors required margin levels daily and pursuant to such guidelines, requires customers to deposit additional collateral or to reduce positions when necessary. #### NOTE 5. PROPERTY AND EQUIPMENT Property and equipment at December 31, 2024 consisted of the following: | Furniture and fixtures | S | 108.656 | |-------------------------------------------------|---|-----------| | Office equipment | | 238,017 | | Leasehold improvements | | 775,293 | | Website development | | 222,743 | | Artwork | | 20,040 | | | | 1,364,749 | | Less: accumulated depreciation and amortization | | (396,006) | | | S | 968,743 | | | | | #### NOTE 6. LEASE COMMITMENTS ASC 842, Leases ("ASC 842") requires substantially all leases (with the exception of leases with a term of one year or less) to be recorded on the statement of financial condition using the right-of-use ("ROU") asset approach. The average discount rate used to calculate the present value of future minimum lease payments was 6.50%. As of December 31, 2024 the ROU asset was \$1,317,484 and the lease liability was \$1,934,103. The Company is obligated under a non-cancelable operating lease for its office facility in Miami, Florida, expiring in 2030. The Company has a security deposit held by the landlord in the amount of approximately \$120,000. This amount is included in other assets in the accompanying statement of financial condition. The approximate minimum annual lease payments required under the Company's operating lease liability together with their present value as of December 31, 2024 are as follows: | 2025 | S | 383,000 | |------------------------------------------------------|---|-----------| | 2026 | | 394,000 | | 2027 | | 406.000 | | 2028 and after | | 1,145,000 | | Total payments due under operating lease liabilities | | 2,328,000 | | Less discount to present value | | 393.897) | | Total operating lease liabilities | S | 1,934,103 | {11}------------------------------------------------ #### LEASE COMMITMENTS NOTE 6. The weighted average remaining lease term for the operating leases is approximately 68 months. The weighted average discount rate as of December 31, 2024 was 6.50%. #### NOTE 7. RELATED PARTY TRANSACTIONS #### Referral Fee Agreement The Company has sub-clearing agreements with a Colombian broker dealer affiliate and a Chilean broker dealer affiliate in which the Company acts as a principal. The affiliates introduce foreign customers to the Company in exchange for 70% of the gross revenue generated by the Company in the trading accounts of the foreign customers. At December 31, 2024, the Company owed the affiliates \$278,843 which is included in due to affiliates in the statement of financial condition. ### Investment Advisor Affiliate The Company is an affiliate of Credicorp Capital Advisors LLC, an investment advisor registered in the State of Florida (CCA). CCA maintains a brokerage account with the Company's clearing firm for which activity is reflected on the Company's statement of financial condition and may result in a balance due to or from the Company. At December 31, 2024, the Company owes CCA \$716,952, which is included in due to affiliates in the statement of financial condition. #### Chaperoning and Non-Chaperoning - Affiliates The Company provides chaperoning and non-chaperoning services to its affiliates in Colombia, Peru and Chile. At December 31, 2024, the affiliates owed \$18,162 to the Company, which is included in due from affiliates in the statement of financial condition. #### Service Agreements The Company is provided with management, administrative, accounting, and compliance support services from various affiliates. At December 31, 2024 the Company owed \$29,653 to affiliates, and is included in due to affiliates in the statement of financial condition and \$28,436 is due from affiliates as of December 31, 2024, and is included in due from affiliates in the statement of financial condition. In 2024, the Company provided IT services to an affiliate, of which \$13,280 is due to the Company as of December 31, 2024, and is included in due from affiliates in the statement of financial condition. ### Expense Sharing Agreements The Company has an agreement for an affiliate to pay certain expenses on behalf of the Company. At December 31, 2024, the Company owed \$32,187 to the affiliate, and is included in due to affiliates in the statement financial condition. {12}------------------------------------------------ #### NOTE 8. CONTINGENCIES During the normal course of operations, the Company, from time to time, may be involved in lawsuits, arbitrations, claims, and other legal or regulatory proceedings. The Company does not believe that these matters will have a material adverse effect on the Company's financial position. #### SUBSEQUENT EVENTS NOTE 9. The Company has evaluated subsequent events through March 7, 2025, the date this financial statement was issued, and determined that no additional financial statement recognition or disclosure is necessary. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.