# STUYVESANT SQUARE ADVISORS, INC. X-17A-5 (2026-06-16) — Broker-dealer annual report - Company: STUYVESANT SQUARE ADVISORS, INC. - Form: X-17A-5 - Filed: 2026-06-16 - Period: 2025-09-30 - Accession: 0001445842-26-000001 - CIK: 1445842 - File #: 8-68035 - Type: Broker-dealer - Material weakness: No - Auditor: Jerome Davies - Auditor location: Marietta, GA - Contact: David Tuvlin - Phone: 9174464940 - Email: dtuvlin@ssainc.us.com - Website: us.com - Signed by: David Tuvlin (President) Original filing: https://www.sec.gov/Archives/edgar/data/1445842/000144584226000001/SSA2025Audit.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL REPORTS FORM X-17A-5 PART Ill** FACING PAGE l"lMR APPROVAL **0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12** SEC FILE NUMBER 8-68035 **Information Required Pursuant to Rules 17a-S, 17a-12, and lSa-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING \_\_ **1\_0\_/\_1\_/2\_4 \_\_ AND** ENDING \_\_ **9\_/\_3\_0\_/\_25 \_ \_\_ MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION** NAME OF FIRM: Stuyvesant Square Advisors, Inc. TYPE OF REGISTRANT {check all applicable boxes): � Broker-dealer O Security-based swap dealer □ Major security-based swap participant 0 Check here if respondent is also an OTC derivatives dealer ADDRESS OF PR IN Ct PAL PLACE Of BUSINESS: (Do not use a P.O. box no.) 30 Old Kings Highway South, Suite 228 (No. and Street) Darien CT 06820 (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING David Tuvlin 917 -446-4940 dtuvlin@ssainc.us.com (Name) (Area Code-Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Jerome Davies, CPA, P.C. (Name -**if** individual, state last, first, and middle name) 3605 Sandy Plains Rd. Marietta GA 30066 (Address) (City) (State) (Zip Code) **4/25/20 17 6363 FOR OFFICIAL USE ONLY (PCAOB Reg;suaUoo Nombec, ;t applkable) I** \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(l)(ii), if applicable. **Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid 0MB c:ontrol number.** {1}------------------------------------------------ | OATH OR AFFIRMATION | | | | | | | |---------------------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--| | | | the best of a may a more swear (or affirm) that, to the best of my knowledge and belief, the
David Tuvlin
financial report pertaining to the firm of Stuyvesant Square Advisors, Inc. | | | | | | | 9/30 | as of as of as of as of
, 2025 , is true and correct. I further swear (or affirm) that neither the company nor any | | | | | | | | partner, office , or quivalent person, as the case may be, has any proprietary interest in any account classified solely | | | | | | | | as that of a customer. | | | | | | | | | | | | | | | | Signature:
Gregory Herman, Jr | | | | | | | | Notary Public
litle: | | | | | | | | President | | | | | | | | My Commission Expires: | | | | | | | | 05,31,2028 | | | | | | | | This filling ** 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.
{ 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. | | | | | | | | O (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. | | | | | | | | O (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 240.15c3-1e or 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. {2}------------------------------------------------ ### FINANCIAL STATEMENTS # SEPTEMBER 30, 2025 {3}------------------------------------------------ 3605 Sandy Plains Rd. Suite 240-480 Marietta, GA 30066 (347) 512-6085 ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholder of Stuyvesant Square Advisors, Inc. #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Stuyvesant Square Advisors, Inc. (the Company) as of September 30, 2025, and the related statements of operations, changes in stockholder's equity, and cash flows for the year then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material position of Stuyvesant Square Advisors, Inc. as of September 30, 2025, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements 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 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 statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. #### Auditor's Report on Supplemental Information The supplemental information contained in schedules I through IV has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In our opinion, the supplemental information contained in schedules I through IV is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2018. Marietta, Georgia November 13, 2025 {4}------------------------------------------------ ## STATEMENT OF FINANCIAL CONDITION ### SEPTEMBER 30, 2025 ## ASSETS | Cash | \$ 140,014 | |---------------------|------------| | Accounts receivable | 43.850 | | Prepaid expenses | 3.955 | | Total assets | \$ 187,819 | ### LIABILITIES AND STOCKHOLDER'S EQUITY | Accounts payable | | 415 | |-----------------------------------------------|------------|---------| | Total liabilities | | 475 | | Stockholder's equity: | | | | Common stock, no par value, shares authorized | | | | 200; 100 issued and outstanding shares | | | | Additional paid-in capital | | 15,000 | | Retained earnings | | 172,344 | | Total stockholder's equity | | 187,344 | | Total stockholder's equity and liabilities | \$ 187,819 | | {5}------------------------------------------------ ### STATEMENT OF OPERATIONS # FOR THE YEAR ENDED SEPTEMBER 30, 2025 | Revenues: | | |--------------------------|-----------------| | Financial advisory fees | 14,252,331
S | | Consulting fees | 55,000 | | Reimbursed expenses | 52,261 | | Interest income | 2,741 | | Total revenues | 14,362,333 | | Expenses: | | | Employee compensation | 7,150,000 | | Occupancy | 24,000 | | Professional fees | 28,499 | | Other operating expenses | 271,432 | | Total expenses | 7,473,931 | | Net income | S
6,888,402 | The accompanying notes are an integral part of these financial statements. {6}------------------------------------------------ ## STATEMENT OF CASH FLOWS # FOR THE YEAR ENDED SEPTEMBER 30, 2025 | Cash flows from operating activities: | | | |-----------------------------------------------|----------|-------------| | Net income | | \$6,888,402 | | Adjustments to reconcile net income | | | | to net cash provided by operating activities | | | | (Increase) decrease in operating assets: | | | | Accounts receivable | 17,059 | | | Prepaid expenses | 2,380 | | | Increase (decrease) in operating liabilities: | | | | Accounts payable | (35,746) | | | Total adjustments | | (16,307) | | Net cash provided by operating activities | | 6,872,095 | | Cash flows from financing activities: | | | | Stockholder distribution | | (6,936,970) | | Net cash used by financing activities | | (6.936.970) | | Net decrease in cash | | (64,875) | | Cash at beginning of the year | | 204,889 | | Cash at end of the year | | 140,014 | {7}------------------------------------------------ ### STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY ### FOR THE YEAR ENDED SEPTEMBER 30, 2025 | | Common
Stock | Additional
Paid In
Capital | Retained
Earnings | Total | | |----------------------------------|-----------------|----------------------------------|----------------------|------------------|--| | Balance at beginning of the year | S | ಳಿ
15,000 | ಳಿ
220,912 | ಳು
235,912 | | | Net income | | | 6,888,402 | 6,888,402 | | | Stockholder distribution | | | (6,936,970) | (6,936,970) | | | Balance at year end | S | S
15,000 | S
172,344 | 187,344
સ્ત્ર | | {8}------------------------------------------------ # STUYVESANT SQUARE ADVISORS, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30. 2025 # NOTE 1- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES ### Organization and Nature of Business Stuyvesant Square Advisors, Inc. (the "Company") was incorporated in New York on April 28, 2008. The Company is a broker/dealer in securities and a member of the Financial Industry Regulatory Authority ("FINRA"). The Company provides investment banking, consulting and private placement services to its clients. ### Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. ### Accounts Receivable Accounts receivable consist of non-interest bearing receivables from customers at year end. The Company regularly reviews its accounts receivable for any uncollectible amounts. The review for the uncollectible amounts is based on an analysis of the Company's collection experience, customer credit worthiness, and current economic trends. To the extent the collection of a receivable is uncertain an allowance for credit loss is established, no allowance for credit loss was necessary for the year ended September 30, 2025. The balance of accounts receivable as of September 30, 2025 is \$43,850. # Revenue Company revenue consists primarily of investment banking financial advisory fees and consulting fees. Investment banking financial advisory fees includes advice regarding mergers and acquisitions, debt restructuring, debt origination and debt refinancing. Consulting fees may include fees for advisory services not related to investment banking, corporate finance or securities. Pursuant to FASB ASC 606 Revenue from Contracts with Customers, the Company recognizes revenue from contracts with customers when it satisfies its performance obligations by transferring control over goods or services to customers. Revenue from contracts with customers includes fees from investment banking financial advisory services and from consulting services. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgement is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. {9}------------------------------------------------ Revenue from investment banking financial advisory services and from consulting services is generally recognized at the point in time that performance under the arrangement is completed or the contract is cancelled. However, for certain contracts, revenue is recognized over time in which the performance obligations are simultaneously provided by the Company and consumed by the customer. Retainers and other fees received from customers prior to recognizing revenue would be reflected as contract liabilities (unearned revenue). # Management's Review for Subsequent Events Management evaluated subsequent events through the date which the financial statements were issued. # NOTE 2- INCOME TAXES The Company elected to be subject to the S corporation provisions of the Internal Revenue Code. Accordingly, all income or losses and applicable tax credits are reported on the stockholder's individual income tax returns. As a result, the accompanying financial statements do not include any provision for federal or state income taxes. The Company has adopted the provisions of FASB ASC 740-10, Accounting for Uncertainty in Income Taxes. Under these provisions, the Company is required to evaluate each of its tax positions to determine if they are more likely than not to be sustained if the taxing authority examines the respective position. A tax position includes an entity's status, including its status as a pass-through entity. The Company has evaluated each of its tax positions and has determined that no provision or liability for uncertain tax positions is necessary. #### NOTE 3-NET CAPITAL As a securities broker dealer, the Company is subject to the Securities and Exchange Commission's regulations and operating guidelines, which require the Company to maintain a specified amount of net capital as defined, and a ratio of aggregate indebtedness to net capital as derived, not exceeding 15 to 1. The Company's net capital as computed under 15c3-1, was \$139,539 at September 30, 2025, this exceeded required net capital of \$5,000 by \$134,539. The ratio of aggregate indebtedness to net capital at September 30, 2025 was .003 to 1. # NOTE 4- RELATED PARTY TRANSACTIONS The Company has an expense sharing agreement with the sole stockholder, to cover the costs of office expenses, including rent, utilities and related services. This agreement will remain in effect until terminated by either the Company or the stockholder. The agreement states that the stockholder will be reimbursed \$2,000 per month to cover these expenses. The total payments made to the stockholder under this agreement for the year ended September 30, 2025 was \$24,000. The above payments to the stockholder are included in occupancy expense. Operating results or financial position may differ from the amounts in the financial statements if the above agreement was with an unrelated party. {10}------------------------------------------------ # NOTE 5- CONCENTRATIONS For the year ended September 30, 2025, one customer accounted for 99% of total revenue and two customers accounted for 100% of accounts receivable (77% and 23%, respectively). At times during the year ended September 30, 2025, the Company had amounts in excess of federally insured limits on deposit with a bank. The Company has not experienced any losses in such accounts and management believes it is not subject to any significant credit risk on its cash. # NOTE 6- COMMITMENTS AND CONTINGENCIES The Company had no commitments or contingencies that require disclosure in the financial statements or Notes thereto. # NOTE 7- SEGMENT REPORTING The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of investment banking, consulting and private placement services. The Company has identified its President as the chief operating decision maker ("CODM"), who uses revenue to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital, which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay shareholder distributions. The Company's operations constitute 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. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. {11}------------------------------------------------ ## SUPPLEMENTARY SCHEDULES # FOR THE YEAR ENDED SEPTEMBER 30, 2025 {12}------------------------------------------------ ### SCHEDULE I ### STUYVESANT SQUARE ADVISORS, INC. # COMPUTATION OF AGGREGATE INDEBTEDNESS AND NET CAPITAL PURSUANT TO RULE 15c3-1 #### SEPTEMBER 30, 2025 | Total ownership equity from statement of financial condition | S | 187,344 | |----------------------------------------------------------------------------------------------------------|---|----------| | Total non-allowable assets from statement of financial condition | | (47,805) | | Net capital | | 139,539 | | Aggregate indebtedness:
Total A.I. liabilities from statement of financial condition | S | 475 | | Total aggregate indebtedness | S | 475 | | Percentage of aggregate indebtedness to net capital | | 0.3% | | Computation of basic net capital requirement:
Minimum net capital required (6-2/3% of A.I.) | S | 32 | | Minimum dollar net capital requirement of reporting broker or dealer | S | 5,000 | | Net capital requirement | S | 5,000 | | Excess net capital | S | 134,539 | | Net capital less greater of 10% of total aggregate indebtedness
or 120% of minimum dollar net capital | S | 133,539 | There is no material difference between the above computation and the Company's net capital as reported in the Company's Part IIA (unaudited) FOCUS report as of September 30, 2025. {13}------------------------------------------------ ### SCHEDULE II ### STUYVESANT SQUARE ADVISORS, INC. # INFORMATION RELATING TO POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15c3-3 #### SEPTEMBER 30, 2025 With respect to the Information Relating to Possession or Control Requirements under Rule 15c3-3, the Company does not claim an exemption from Rule 15c3-3 in reliance upon Footnote 74 to SEC Release 34-70073 and as discussed in question #8 of the related FAQ issued by SEC staff. The Company does not hold customer funds or securities. {14}------------------------------------------------ ### SCHEDULE III ### STUYVESANT SQUARE ADVISORS, INC. # SCHEDULE OF SEGREGATION REQUIREMENTS AND FUNDS IN SEGREGATION FOR CUSTOMERS' REGULATED COMMODITY FUTURES AND OPTION ACCOUNTS #### SEPTEMBER 30, 2025 The Company claims exemption from the segregation requirements of the Commodities Futures Act since it has no commodity customers as the term is defined in Regulation 1.3(k). {15}------------------------------------------------ #### SCHEDULE IV #### STUYVESANT SQUARE ADVISORS, INC. # COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS FOR BROKER/DEALER UNDER RULE 15c3-3 OF THE SECURITIES EXCHANGE ACT OF 1934 #### SEPTEMBER 30, 2025 With respect to the Computation for Determination of Reserve Requirements under Rule 15c3-3, the Company does not claim an exemption from Rule 15c3-3 in reliance upon Footnote 74 to SEC Release 34-70073 and as discussed in question #8 of the related FAQ issued by SEC staff. The Company does not hold customer funds or securities. {16}------------------------------------------------ ![](_page_16_Picture_0.jpeg) 3605 Sandy Plains Rd. Suite 240-480 Marietta, GA 30066 (347) 512-6085 #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholder of Stuyvesant Square Advisors, Inc. We have reviewed management's statements, included in the accompanying Broker Dealers Annual Exemption Report, in which (1) Stuyvesant Square Advisors, Inc. (the Company) did not claim an exemption from SEC Rule 15c3-3 in reliance upon Footnote 74 to SEC Release 34-70073 and as discussed in question #8 of the related FAQ issued by SEC staff, and (2) the Company stated that the Company met the identified conditions for such reliance throughout the year ended September 30, 2025 without exception. The Company's management is responsible for compliance with the exemption provisions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in Footnote 74 to SEC Release 34-70073 and as discussed in question #8 of the related FAQ issued by SEC staff. Marietta, Georgia November 13, 2025 {17}------------------------------------------------ # Stuyvesant Square Advisors, Inc. ### EXEMPTION REPORT September 30, 2025 Stuyvesant Square Advisors, Inc. (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R & 240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states thefollowing: The Company does not claim an exemption from 17 C.F.R. § 240.15c3-3 under paragraph (k) in reliance upon Footnote 74 of SEC Release No. 34-70073, and as discussed in Question 8 of the related FAQ released by SEC staff. During the reporting period: - 1. The Company conducted business activities involving consulting services and financial advisory services to customers involving capital raising activity throughout the year ended September 30, 2025 without exception. - 2. The Company did not hold any customer funds or securities at any time throughout the year ended September 30, 2025 without exception. Management reviewed the provisions of Rule 15c3-3 and the related guidance in Footnote 74 of SEC release No. 34-70073 and as discussed in Question 8 of the related FAQ released by SEC staff. The Company met the identified conditions for reliance on Footnote 74 of SEC release No. 34-70073 and as discussed in Question 8 of the related FAQ released by SEC staff throughout the year ended September 30, 2025, without exception. I, David Tuvlin, swear (or affirm) that to the best of my knowledge and belief, this Exemption Report is true and correct. David Tuvlin, President Date {18}------------------------------------------------ ![](_page_18_Picture_0.jpeg) 3605 Sandy Plains Rd. Suite 240-480 Marietta, GA 30066 (347) 512-6085 #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPLYING AGREED-UPON PROCEDURES To the Stockholder of Stuyvesant Square Advisors, Inc. We have performed the procedures included in Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 and in the Securities Investor Protection (SIPC) Series 600 Rules, which are enumerated below on the accompanying General Assessment Reconciliation (Form SIPC-7) for the year ended September 30, 2025. Management of Stuyvesant Square Advisors, Inc. (the "Company") is responsible for its Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7. Management of the Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Company's complicable instructions on Form SIPC-7 for the year ended September 30, 2025. Additionally, SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. This report may not be suitable for any other purpose. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. The procedures we performed and our associated findings are as follows: - 1) Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records entries, noting no differences; - 2) Compared the Total Revenue amount reported on the Annual Audited Report Form X-17A-5 Part III for the year ended September 30, 2025 with the amount reported in Form SIPC-7 for the year ended September 30, 2025, noting no material differences: - 3) Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers, noting no differences: - 4) Recalculated the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related schedules and working papers supporting the adjustments, noting no differences. We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the AICPA and in accordance with the standards of the Public Company Accounting Oversight Board (United States). We were not engaged to and did not conduct an examination or a review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7 for the year ended September 30, 2025. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. This report is intended solely for the information and use of the Company and SIPC and is not intended to be and should not be used by anyone other than these specified parties. Marietta, Georgia November 13, 2025 {19}------------------------------------------------ ### GENERAL ASSESSMENT FORM For the fiscal year ended 9/30/2025 | | Determination of "SIPC NET Operating Revenues" and General Assessment for:
MEMBER NAME
STUYVESANT SQUARE ADVISORS INC
For the fiscal period beginning 10/1/2024
and ending | SEC No.
8-68035
9/30/2025 | | |----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|------------------| | 1 | Total Revenue (FOCUS Report - Statement of Income (Loss) - Code 4030) | | \$ 14,362,334.00 | | 2 | Additions: | | | | | a Total revenues from the securities business of subsidiaries (except foreign
subsidiaries) and predecessors not included above. | | | | | b Net loss from principal transactions in securities in trading accounts. | | | | | c Net loss from principal transactions in commodities in trading accounts. | | | | | d Interest and dividend expense deducted in determining item 1. | | | | | e Net loss from management of or participation in the underwriting or
distribution of securities. | | | | | f Expenses other than advertising, printing, registration fees and legal fees
deducted in determining net profit management of or participation in
underwriting or distribution of securities. | | | | | g Net loss from securities in investment accounts. | | | | | h Add lines 2a through 2g. This is your total additions. | | \$ 0.00 | | 3 | Add lines 1 and 2h | | \$ 14,362,334.00 | | 4 | Deductions: | | | | | a Revenues from the distribution of shares of a registered open end investment
company or unit investment trust, from the sale of variable annuities, from the
business of insurance, from investment advisory services rendered to
registered investment companies or insurance company separate accounts
and from transactions in security futures products. | | | | | b Revenues from commodity transactions. | | | | | Commissions, floor brokerage and clearance paid to other SIPC members
in connection with securities transactions. | | | | | d Reimbursements for postage in connection with proxy solicitations. | | | | | e Net gain from securities in investment accounts. | | | | | f 100% commissions and markups earned from transactions in (1) certificates
of deposit and (ii) Treasury bills, bankers acceptances or commercial paper
that mature nine months or less from issuance date. | | | | | g Direct expenses of printing, advertising, and legal fees incurred in connection
with other revenue related to the securities business (revenue defined by
Section 16(9)(L) of the Act). | | | | | h Other revenue not related either directly or indirectly to the securities business.
Deductions in excess of \$100,000 require documentation | \$ 2,742.00 | | | | 5 a Total interest and dividend expense (FOCUS Report - Statement
of Income (Loss) - Code 4075 plus line 2d above) but
not in excess of total interest and dividend income | | | | | b 40% of margin interest earned on customers securities accounts
(40% of FOCUS Report - Statement of Income (Loss) -
Code 3960) | | | | | c Enter the greater of line 5a or 5b | \$ 0.00 | | | ರಿ | Add lines 4a through 4h and 5c. This is your total deductions. | | \$ 2,742.00 | {20}------------------------------------------------ SECURITIES INVESTOR PROTECTION CORPORATION #### GENERAL ASSESSMENT FORM For the fiscal year ended 9/30/2025 | 7 | Subtract line 6 from line 3. This is your SIPC Net Operating Revenues. | | \$ 14,359,592.00 | |--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|------------------| | 8 | Multiply line 7 by .0015. This is your General Assessment. | | \$ 21,539.00 | | 9 | Current overpayment/credit balance, if any | | \$ 0.00 | | 10 | General assessment from last filed 2025 SIPC-6 or 6A | \$ 21,378.00 | | | 11 | a Overpayment(s) applied on all 2025 SIPC-6 and 6A(s)
\$ 0.00
\$ 0.00
b Any other overpayments applied
\$ 21,378.00
c All payments applied for 2025 SIPC-6 and 6A(s)
d Add lines 11a through 11c | \$ 21,378.00 | | | 12 | LESSER of line 10 or 11d. | | \$ 21,378.00 | | 13 | a Amount from line 8
b Amount from line 9
c Amount from line 12 | \$ 21,539.00
\$ 0.00
\$ 21,378.00 | | | | d Subtract lines 13b and 13c from 13a. This is your assessment balance due. | | \$ 161.00 | | 14 | Interest (see instructions) for __ 0 days late at 20% per annum | | \$ 0.00 | | 15 | Amount you owe SIPC. Add lines 13d and 14. | | \$ 161.00 | | 16 | Overpayment/credit carried forward (if applicable) | | \$ 0.00 | | SEC No.
8-68035 | Designated Examining Authority
FYE
DEA: FINRA
2025
MEMBER NAME
STUYVESANT SQUARE ADVISORS INC | Month
Sep | | MAILING ADDRESS 30 OLD KINGS HIGHWAY SO STE 228 DARIEN, CT 06820 UNITED STATES Subsidiaries (S) and predecessors (P) included in the form (give name and SEC number) V By checking this box, you certify that you have the authority of the SIPC member to sign this form; that all information in this form is true and complete; and that on behalf of the SIPC member, you are authorized, and do hereby consent, to the storage and handling by SIPC of the data in accordance with SIPC's Privacy Policy | STUYVESANT SQUARE ADVISORS INC | Jeffrey Heller | | | |--------------------------------|-------------------------|--|--| | (Name of SIPC Member) | (Authorized Signatory) | | | | 11/12/2025 | jphellercpa@comcast.net | | | | (Date) | (e-mail address) | | | | | | | | Completion of the "Authorized Signatory" line will be deemed a signature. This form and the assessment payment are due 60 days after the end of the fiscal year. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.