# BDA ADVISORS INC. X-17A-5 (2025-03-31) — Broker-dealer annual report - Company: BDA ADVISORS INC. - Form: X-17A-5 - Filed: 2025-03-31 - Period: 2024-12-31 - Accession: 0001542277-25-000003 - CIK: 1542277 - File #: 8-69049 - Type: Broker-dealer - Material weakness: No - Auditor: Wei Wei & Co. LLP - Auditor location: Flushing, NY - Contact: Bill Pullano - Phone: 2122655300 - Signed by: William Pullano (Senior Advisor - FinOp) Original filing: https://www.sec.gov/Archives/edgar/data/1542277/000154227725000003/afs_bdaadvisors_2024_edgar_s.pdf --- {0}------------------------------------------------ #### **BDA ADVISORS INC.** (SEC I.D. No. 8-69049) **FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE FOR THE YEAR ENDED DECEMBER 31, 2024** **AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND REVIEW REPORT REGARDING EXEMPTION PROVISIONS** {1}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** **OMB APPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12** ## **ANNUAL REPORTS FORM X-17A-5 PART III** | C F
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Ifurther 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_3.jpeg) **This filing\*\* contains (check all applicable boxes):** - **B** (a) Statement of financial condition. - (b) Notes to consolidated statement of financial condition. - **B** (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). - **B** (d) Statement of cash flows. - **B** (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - (f) Statement of changes in liabilities subordinated to claims of creditors. - **B** (g) Notes to consolidated financial statements. - **B** (h) Computation of net capital under ¹⁷ CFR 240.15c3-l or ¹⁷ CFR 240.18a-l, 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 24O.15c3 3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - (I) 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 24O.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. - **B** (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under ¹⁷ CFR 240.15c3-l, ¹⁷ CFR 240.18a-l, 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 mater-al 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. - **B** (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. - **B** (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. - **B** (u) Independent public accountant's report based on an exammation of the financial report or financial statements under ¹⁷ CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - (v) Independent public accountant's report based on an examination of certain statements in the compliance report under ¹⁷ CFR 240.17a-5 or ¹⁷ CFR 240.18a-7, as applicable. - **B** (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. - **B** (x) Supplemental reports on app'ying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or ¹⁷ CFR 240.17a-12, as applicable. - (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or ^a statement that no material inadequacies exist, under ¹⁷ CFR 240.17a-12(k). - (z) Other: - *\*\*To request confidential treatment of certain portions of this filing, see ¹⁷ CFR 240.17a-5(e)(3) or ¹⁷ CFR 240.18a-7(d)(2), as applicable.* Senior Advisor & FINOP {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) **133-10 39 ^h Avenge Flushing, NY 11354 Th. (718) 445-6308 Fa\*. (718) 445-6760** **•California Office 440 E Huniingion Dr. Sie 300 Arcadia, CA 91006 Th. (626) 282-1630 Fa\*. (626) 282-9726** ## **•Main Office REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Board of Directors and Shareholder of BDA Advisors Inc. #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of BDA Advisors Inc. as of December 31, 2024, the related statements of operations, changes in shareholder'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 presen^t fairly, in all material respects, the financial position of BDA Advisors Inc. as of December 31 , 2024, 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. #### **Basic for Opinion** These financial statements are the responsibility of BDA Advisors Inc.'s management. Our responsibility is to express an opinion on BDA Advisors Inc.'s 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 respec^t to BDA Advisors Inc. 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 statements are 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 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 Computation of Net Capital Under Rule 15c3-l has been subjected to audit procedures performed in conjunction with the audit of BDA Advisors Inc.'s financial statements. The supplemental information is the responsibility of BDA Advisors Inc.'s management. Our audit procedures included determining whether the supplemental {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) 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 in the supplemental 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. 1 7a-5. In our opinion, the Computation of Net Capital Under Rule 15c3-l is fairly stated, in all material respects, in relation to the financial statements as ^a whole. We have served as BDA Advisors Inc.'s auditor since 2015. Flushing, New York March 31, 2025 {5}------------------------------------------------ #### **BDA ADVISORS INC. STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2024** #### ASSETS | C
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95 | | {9}------------------------------------------------ #### **L ORGANIZATION AND NATURE OF BUSINESS** BDA Advisors Inc. (the "Company") is registered as ^a broker-dealer with the Securities and Exchange Commission (SEC) and is ^a member of the Financial Industry Regulatory Authority (FINRA). The Company has 200 shares authorized and 20 shares issued and outstanding. The Company is engaged in merger and acquisition ("M&A") advisory services and is licensed to do private placements. The Company acts as ^a broker-dealer and is exemp^t from Securities and Exchange Commission Rule 15c3-3 under paragraph k(2)(i). The Company is not required to have any arrangemen^t with ^a clearing broker. ## **2. SIGNIFICANT ACCOUNTING POLICIES** #### **Basic of Presentation** The Company's financial statements are prepared using the accrual method of accounting, in accordance with accounting principles generally accepted in the United States of America. #### **Revenue Recognition** The Company recognizes revenue in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2014-09 "Revenue from Contracts with Customers" and all subsequent amendments to the ASU (collectively, Accounting Standards Codification ("ASC") Section 606), which is ^a single framework for recognizing revenue from contracts with customers that fall within its scope. ASC 606 requires entities to recognize revenue for the transfer of goods or services in an amount that reflects the consideration which the entity expects it is entitled to receive from customers in exchange for those goods or services. A customer is defined as ^a party that has contracted with an entity to obtain goods or services in the ordinary course of business in exchange for consideration. The following steps are to be applied: - 1) Identify the contract(s) with ^a customer; - 2) Identify the performance obligation(s) in the contract; - 3) Determine the transaction price; - 4) Allocate the transaction price to the performance obligation(s) in the contract; - 5) Recognize revenue when (or as) the entity satisfies ^a performance obligation. The Company's revenues from contracts with its clients are recognized when the performance obligations are satisfied at an amount that reflects the consideration expected to be received in exchange for such services. The majority of the Company's performance obligations are satisfied at ^a point in time and are typically collected from the client after such obligations are satisfied. {10}------------------------------------------------ #### **2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)** #### **Cash and Cash Equivalents** TheCompany considers all demand and time deposits and all highly liquid financial instruments purchased with original maturities of three months or less to be cash equivalents. #### **Use of Estimates** The financial statements are presented in accordance with accounting principles generally accepted in the United States of America and prevailing industry practices, both of which require managemen^t to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at December 31 , 2024, as well as the reported amounts of revenues and expenses during the year then ended. Estimates, by their nature, are based on judgment and available information. Management believes that the estimates utilized in the preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates. #### **Receivables** Receivables are stated at cost, net of allowance for doubtful accounts if required. The Company reviews the accounts receivable periodically to assess collectability of the outstanding balances. The Company records an allowance for doubtful accounts when ^a client fails to make required payments and there is doubt about the collectability of individual balances. As of December 31, 2024, managemen^t determined that no bad debt allowance was required. #### **Reportable Segments** In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which increased disclosure requirements regarding ^a public entity's reportable segments. ASU No. 2023-07 also require incremental line-item disclosures about each reportable segment's expenses and other segmen^t items. Additionally, it requires disclosure about the title and position of the Chief Operating Decision Maker (CODM). ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023. The Company is engaged in ^a single line of business as ^a securities broker-dealer. The Company has identified its President as the Chief Operation Decision Maker ("CODM"). who uses net income to evaluate the results of the business. Additionally, the CODM uses excess net capital (see Note 3), which is not ^a measure of profit and loss, to make operational decisions while maintaining capital adequacy. The Company's operations constitute ^a single operating segmen^t and therefore, ^a single reportable segment, because {11}------------------------------------------------ #### **2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)** the CODM manages the business activities using information of the Company as ^a whole. The accounting policies used to measure profit and loss of the segmen^t are the same as those described in the summary of significant policies. #### **3. NET CAPITAL REQUIREMENTS** The Company is ^a member of FfNRA and subject to the Securities and Exchange Commission's Uniform Net Capital Rule (Rule 1 5c3-1(a)(2)(vi)), which requires the maintenance of minimum net capital of the greater of \$5,000 or 6-2/3% of aggregate indebtedness. The ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31, 2024 the Company had net capital of \$171,295, which was \$164,586 in excess of its minimum capital requirement. ## **4. INCOME TAXES** The Company is ^a C corporation and files federal Form 1 120 U.S. Corporation Income Tax Return, NYS CT-4 General Business Corporation Franchise Tax Return, and New York City Corporation Tax Return. The Company recorded income taxes of \$2,298 in 2024. This included Federal taxes of \$1,270 and the minimum taxes for NYS and NYC totaling \$1,150, partly offset by prior year overpayments. As ^a result of the loss incurred in 2024, the Company has ^a deferred tax asset for the net operating loss carry forward of approximately \$31,000, which was fully reserved by ^a 100% valuation allowance due to the uncertainty of future taxable income. Management has determined that the Company had no uncertain tax positions that would require financial statement recognition. The 2022, 2023, and 2024 tax years are open and subject to examination by the taxing authorities. The Company is not currently under audit nor has the Company been contacted by any of the taxing authorities. ## **5. RELATED PARY TRANSACTIONS** #### **Expense Sharing Agreement** The Company extended its expense sharing agreemen^t as of October 1, 2023 with BDA Partners Inc. ("Affiliate"). The Affiliate will continue to pay for the following expenses (salaries, benefits, IT, information and telecom, equipment, office supplies, travel and entertainment, furnishings, leasehold improvements, postage and delivery) on behalf of the Company. The value of these expenses cannot be easily determined. {12}------------------------------------------------ #### 5. **RELATED PARTY TRANSACTIONS (CONTINUED)** The expense agreemen^t is continuous until amended in writing by either party at their sole discretion. The expenses paid by the Affiliate are billed directly to the Affiliate by the vendor or other parties and any contracts or leases will be between the Affiliate and the vendor or other party. The Company has no obligation, directly or indirectly, to reimburse or otherwise compensate the Affiliate for paying these expenses. From time to time, the Company receives client expense reimbursements and employee payroll withholdings related to benefits that were originally paid by the Affiliate. The Company also settles out-of-pocket travel and other expenses incurred by its employees and is reimbursed by the Affiliate for these in accordance with the Expense Sharing Agreement. The Company and the Affiliate settle any balances owed by one party to the other through periodic payments. As of December 31, 2024, there was an amount receivable from the Affiliate of \$263,000, which has been shown as ^a receivable on the statement of financial condition. This amount receivable is unsecured and non-interest bearing. #### **Lease Agreement** The Company entered into ^a month-to-month lease agreemen^t with the Affiliate on October 1, 2013, which stipulates the Company will pay rent to the Affiliate of \$7,000 per month. Rent expense was \$84,000 for the year ended December 31, 2024. As the lease agreemen^t is on ^a month-to-month basis and there are no legally enforceable obligations of the Company, the Company elected not to recognize ^a right-of-use asset and ^a lease liability under the lease accounting standard in accordance with FASB ASC 842-20-25-2. #### **Consulting Arrangements with Related Parties** The Company has ^a consulting agreemen^t with BDA Partners Ltd., its Hong Kong based Parent. The Parent, in connection with its subsidiaries, will perform work in Asia and Europe, from time to time, in connection with the Company's M&A engagements. A fee is paid to the Parent by the Company in relation to the volume of work performed by the Parent and subsidiaries, and the global profitability of the BDA group of companies, as determined each year. The fees, if any, are included in statement of operations as "Allocated expenses to related parties." For the year ended December 31, 2024, no expenses were allocated to the Company. The Company performs M&A advisory work in the United States and, from time to time, in connection with the Parent's M&A engagements. A fee is paid to the Company from the {13}------------------------------------------------ #### **5. RELATED PARTY TRANSACTIONS (CONTINUED)** Parent in relation to the volume of work performed by the Company and the BDA group of companies, as determined each year. The M&A advisory revenue, if any, is included in the statement of operations as par^t of revenue. The Company earned \$725,829 from the Parent during the year ended December 31, 2024. #### **6. CREDIT RISK CONCENTRATION** Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains its cash with ^a financial institution. The Company monitors the credit quality of the financial institution and does not anticipate any exposure. The cash balance in each financial institution is insured by the FDIC up to \$250,000. There was approximately \$21,000 in excess of insured limits as of December 31, 2024. ## **7. FAIR VALUE MEASUREMENTS** The Company follows FASB ASC Section 820 for fair value measurements which defines fair value and establishes ^a fair value hierarchy organized into three levels based upon the input assumptions used in valuing assets and liabilities. As of December 31, 2024, none of the assets and liabilities were required to be reported at fair value on ^a recurring basis. Carrying values of non-derivative financial instruments, including cash, receivables, accounts payable and accrued expenses, approximate their fair values due to the short term nature of these financial instruments. There were no changes in methods or assumptions during the year ended December 31, 2024. #### **8. RETIREMENT PLAN** The Company offers ^a defined contribution qualified 401(k) plan ("Plan") for all employees who are at least 20 years of age. Employees are eligible upon commencement of their employment with the Company, and may contribute to the ^plan ^a percentage of their compensation or ^a fixed dollar amount, up to ^a maximum of \$23,000 for 2024. Participants who will have reached the age of 50 before the close of the plan year are eligible to make up to \$7,500 of additional contributions. The Company provides ^a matching contribution of 100% of the first 3% of employee contributions for the year, plus 50% of employee deferrals that exceed 3% but do not exceed 5% of total compensation for the year. Employee contributions and Company matching contributions are invested at the direction of the employee into one or more of the Plan's investment funds. The Company's total matching contributions were \$14,394 for the year ended December 31, 2024. {14}------------------------------------------------ ## **9. SUBSEQUENT EVENTS** The Company has evaluated subsequent events through March 28, 2025, the date on which these statements were available to be issued. The Company did not identify any material subsequent events requiring adjustment to or disclosure in its financial statements. {15}------------------------------------------------ ## **BDA ADVISORS INC. COMPUTATION OF NET CAPITAL UNDER RULE 15c3-l OF THE SECURITIES AND EXCHANGE COMMISSION DECEMBER 31, 2024** | N
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59 | There are no material differences between the preceding computation and the Company's amended corresponding unaudited Part II of Form X-17A-5 as of December 31, 2024 filed on March 28, 2025. See repor^t of independent registered public accounting firm. {16}------------------------------------------------ ![](_page_16_Picture_0.jpeg) **Tn. (718) 445-6308** **Sit 300** ## •Mam **Office REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPLYING AGREED-UPON PROCEDURES** Fax. **(718) 445-6760** yQ gQar(j Qf Djrectors and **\*440'X°X D«.** Shareholder of BDA Advisors Inc. We have performed the procedures included in Rule 17a-5(e)(4) under the Securities fax. **(626) 282-9726** Exchange Act of 1934 and in the Securities Investor Protection Corporation (S1PC) Series 600 Rules, which are enumerated below on the accompanying General Assessment Reconciliation (Form SIPC-7) for the year ended December 31, 2024. Management of BDA 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 compliance with the applicable instructions on Form SIPC-7 for the year end December 31, 2024. Additionally, SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. This repor^t may not be suitable for any other purpose. The procedures performed may not address all the items of interest to ^a user of this repor^t and may not meet the needs of all users of this repor^t and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. 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 repor^t 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 December 31, 2024 with the Total Revenue amount reported in Form SIPC-7 for the year ended December 31, 2024, noting no 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; and {17}------------------------------------------------ ![](_page_17_Picture_0.jpeg) 5. Compared the amount of any overpaymen^t applied to the current assessment with the Form SIPC-7 on which it was originally computed, noting no differences. We were engaged by the Company to perform this agreed-upon procedures engagemen^t and conducted our engagemen^t 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 December 3 1 , 2024. 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 repor^t 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. i*Co . ^l*qp Flushing, New York March 31, 2025 {18}------------------------------------------------ #### **GENERAL ASSESSMENT FORM** For the fiscal year ended 12/31/2024 | | | "S
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ss | Completion of the "Authorized Signatory" line will be deemed ^a signature. *This form and the assessment payment are due SO days after the end of the fiscal year.* {20}------------------------------------------------ ![](_page_20_Picture_0.jpeg) **133-10 39'" Avenue Flushing, NY 11354** **Til. (718) 445-6308 Fax. (718) 445-6760** **•California Office 440 E Huneincion Dr. See 300 Arcadia, CA 91006 Tee. (626) 282-1630 Fa\*. (626) 282-9726** #### **•Main Ofeii REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Board of Directors and Shareholder of BDA Advisors Inc. We have reviewed management's statements, included in the accompanying Exemption Report, in which (I) BDA Advisors Inc. identified the following provision of 17 C.F.R. §15c3-3(k) under which BDA Advisors Inc. claimed an exemption from 17 C.F.R. §240.15c3-3: (k)(2)(i) (exemption provision) and (2) BDA Advisors Inc. stated that BDA Advisors Inc. met the identified exemption provision throughout the most recent fiscal year without exception. BDA Advisors Inc.'s managemen^t 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 BDA Advisors Inc.'s compliance with the exemption provision. 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 provision set forth in paragraph (k)(2)(i) of Rule 15c3-3 under the Securities Exchange Act of 1934. Flushing, New York March 31, 2025 {21}------------------------------------------------ # BIDIA #### **Assertions Regarding Exemption Provisions** We, as members of managemen^t of BDA Advisors Inc. (the "Company"), are responsible for compliance with the annual reporting requirements under Rule 17a-5 of the Securities Exchange Act of 1934. Those requirements require ^a broker or dealer to file annuals reports with the Securities Exchange Commission (SEC) and the broker or dealer's designated examining authority (DEA). One of the reports to be included in the annual filing is ^a review repor^t prepared by an independent registered public accounting firm based upon ^a review of assertions provided by the broker or dealer. Pursuant to that requirement, the managemen^t of the Company hereby makes the following assertions: #### **Identified Exemption Provision:** The Company claims exemption from the custody and reserve provisions of Rule I5c3-3 by operating under the exemption provided by Rule 15c3-3, Paragraph (k)(2)(i). #### **Statement Regarding Meeting Exemption Provision:** The Company met the identified exemption provision without exception throughout the period ending January 1, 2024 through December 31, 2024. BDA Advisors Inc. William R. Pullano, FinOp March 31, 2025 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.