# CLARION PARTNERS SECURITIES, LLC X-17A-5 (2025-11-26) — Broker-dealer annual report

- Company: CLARION PARTNERS SECURITIES, LLC
- Form: X-17A-5
- Filed: 2025-11-26
- Period: 2025-09-30
- Accession: 0001563961-25-000021
- CIK: 1563961
- File #: 8-69204
- Type: Broker-dealer
- Material weakness: No
- Auditor: PriceWaterhouseCoopers LLC
- Auditor location: San Francisco, CA
- Contact: Kevin Rhodes
- Phone: 2128832532
- Email: dpatten@pattentraining.com
- Website: pattentraining.com
- Signed by: Evan Anderson (CEO)

Original filing: https://www.sec.gov/Archives/edgar/data/1563961/000156396125000021/cpsecuritiesauditfy25shortc.pdf

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#### **UNITED STATES SECURITIES ANO EXCHANGE COMMISSION Washington,** D.C. **20549**

0MB APPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12

# **ANNUAL REPORTS FORM X-17A-5 PART** Ill

| SEC FILE NUMBER |
|-----------------|
| 8-69204         |

| Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934                                                           | FACING PAGE                                                         |                                         |                            |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|-----------------------------------------|----------------------------|
|                                                                                                                                                                     | AND ENDING 09/30/2025<br>FILING FOR THE PERIOD BEGINNING 10/01/2024 |                                         |                            |
|                                                                                                                                                                     | MM/DD/YV                                                            |                                         | MM/DD/VY                   |
|                                                                                                                                                                     | A. REGISTRANT IDENTIFICATION                                        |                                         |                            |
| NAME oF FIRM: Clarion Partners Securities, LLC                                                                                                                      |                                                                     |                                         |                            |
| TYPE OF REGISTRANT (check all applicable boxes):<br>0 Broker-dealer<br>O Security-based swap dealer<br>0 Check here if respondent i~ also an OTC derivatives dealer |                                                                     | D Major security-based swap participant |                            |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                                                 |                                                                     |                                         |                            |
| One Madison Avenue                                                                                                                                                  |                                                                     |                                         |                            |
|                                                                                                                                                                     | (No. and Street)                                                    |                                         |                            |
| New York                                                                                                                                                            | NY                                                                  |                                         | 10010                      |
| (Cityl                                                                                                                                                              | (State)                                                             |                                         | (Zip Code)                 |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                        |                                                                     |                                         |                            |
| Deirdre Patten                                                                                                                                                      | 281-419-6030                                                        |                                         | dpatten@pattentraining.com |
| (Name)                                                                                                                                                              | (Area Code - Telephone Number)                                      | (Email Address)                         |                            |
| B. ACCOUNTANT IDENTIFICATION                                                                                                                                        |                                                                     |                                         |                            |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                                                                                           |                                                                     |                                         |                            |
| PricewaterhouseCoopers LLP                                                                                                                                          |                                                                     |                                         |                            |
|                                                                                                                                                                     | (Name - if individual, state last, first, and middle name)          |                                         |                            |
| 405 Howard Street, Suite 600 San Francisco                                                                                                                          |                                                                     | CA                                      | 94105                      |
| (Address)                                                                                                                                                           | {City)                                                              | (Statel                                 | {Zip Code)                 |
| 10/20/2003                                                                                                                                                          |                                                                     | 238                                     |                            |
| rte of Reg;,t,aUoo ,Mth PCAOB)(;f appHcable)                                                                                                                        |                                                                     |                                         |                            |
|                                                                                                                                                                     | FOR OFFICIAL USE ONLY                                               |                                         |                            |

• 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 e><emption. See 17 CFR 240.17a•S{e)(l)(ii), if applicable.

**Persons who are to respond to the collection of Information contained** rn **thfs form are not required to respond unless the form displays a currently valid 0MB control number.** 

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#### **OATH OR AFFIRMATION**

| I, Evans Anderson                                                           | swear (or affirm) that, to the best of my knowledge and belief, the |       |
|-----------------------------------------------------------------------------|---------------------------------------------------------------------|-------|
| financial report pertaining to the firm of Clarion Partners Securities, LLC |                                                                     | as of |

9/30 2~ is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer.

Slgnatu~~ Title: CEO

- **iii** (a) Statement of financial condition.
- **iii** (b) Notes to consolidated statement of financial condition.
- D (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 (d) Statement of cash flows.
- D (e) Statement of changes in stockholders' or partners' or sore proprietor's equity.
- D {f) Statement of changes in liabilities subordinated to claims of creditors.
- D {g) Notes to consolidated financial statements.
- D (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.lBa-l, as applicable.
- D (i) Computation of tangible net worth under 17 CFR 240.lBa-2.
- D (J) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- D (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.lSa-4, as applicable.
- □ (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3.
- D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- D (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.lSa-4, as applicable.
- D (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.lSa-1, or 17 CFR 240.lSa-2, as applicable, and the reserve requirements under 17 CFR 240.1Sc3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- **iii** (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.lSa-7, as applicable.
- 0 (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.l 7a-5 or 17 CFR 240.lSa-7, as applicable.
- Ii!!!! (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 report or financial statements under 17 CFR 240.17a-S, 17 CFR 240.lSa-7, or 17 CFR 240.17a-12, as applicable.
- D (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.lSa-7, as applicable.
- D (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, as applicable.
- 0 (x) Supplemental reports on applying 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). D (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-l(d)(2), as applicable.

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# Clarion Partners Securities, LLC

Statement of Financial Condition Pursuant to Rule 17a-5 under the Securities Exchange Act of 1934 September 30, 2025

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|                                                         | Page(s) |
|---------------------------------------------------------|---------|
| Report of Independent Registered Public Accounting Finn | 1       |
| Financial Statement                                     |         |
| Statementof Finarcial Qmdition                          | 2       |
| Notes to Financial Statement                            | 3       |

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## **Report of Independent Registered Public Accounting Firm**

To the Member of Clarion Partners Securities, LLC

# *Opinion on the Financial Statement* **-** *Statement of Financial Condition*

We have audited the accompanying statement of financial condition of Clarion Partners Securities, LLC (the "Company") as of September 30, 2025 including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

### *Basis for Opinion*

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company'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 the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of this financial statement in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

November 24, 2025

We have served as the Company's auditor since 2006.

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# **Clarion Partners Securities, LLC Statement of Financial Condition September 30, 2025**

| Assets:                               |                 |
|---------------------------------------|-----------------|
| Cash and cash equivalents             | \$<br>1,521,009 |
| Prepaid expenses                      | 22,009          |
| Other assets                          | 8,545           |
| Total assets                          | \$<br>1,551,563 |
|                                       |                 |
| Liabilities and Member's Equity:      |                 |
| Liabilities:                          |                 |
| Accounts payable and accrued expenses | 237,964         |
| Accounts payable - parent             | 382,160         |
| Total liabilities                     | 620,124         |
|                                       |                 |
| Member's equity:                      | 931,439         |
| Total liabilities and member's equity | \$<br>1,551,563 |

The accompanying notes are an integral part of this financial statement.

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#### **1. Organization**

Clarion Partners Securities, LLC (the "Company'') is a limited liability company established in the state of Delaware. Toe Company is registered as a securities broker-dealer with the Securities a,d Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"). Toe Company is a wholly owned subsidiary of Clarion Partners, LLC ("CP LLC"). Toe Company acts as agent in the private placement of real estate investment funds. CP LLC is a registered investment adviser with the Securities and Exchange Commission and provides real estate investment consulting, advisory, and management services, primarily to institutional investors including pension funds.

Toe Company does not carry securities accounts for customers or perform custodial services and, accordingly, claims exemption from Rule 15c3-3 of the Securities Exchange Act of 1934.

#### **2. Summary of Significant Accounting Policies**

#### **Basis of Presentation**

Toe Company's financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GMP").

Toe following is a summary of the significant accounting policies followed by the Company.

#### **Cash and Cash Equivalents**

Cash and cash equivalents consist of cash in banks, primarily held at one financial institution which at times may exceed federally insured limits. Deposits with this financial institution exceeded local regulatory insured limits by a total of \$1,271,009 at September 30, 2025, representing a concentration of credit risk.

#### **Other Assets**

Other assets consist of cash held in the Company's flex-funding account at FINRA for filing fees and other FIN RA-related charges. Toe Company may choose to withdraw funds from its flex-funding account due to various circumstances (e.g., renewal refund).

#### **Accounts Receivable** - **Parent**

Accounts receivable- parent is stated at its net realizable value representing the current balance.

#### **Accounts Payable** - **Parent**

Accounts payable - parent includes amounts owed to our parent company for various intercompany transactions, which are netted against related Accounts receivable - parent, and are settled on a monthly basis.

#### **Income Taxes**

Toe Company was formed as a single member limited liability company and as such is not itself subject to federal, state or local income taxes. Toe sole member, CP LLC, is responsible for the tax liability, if any, related to the Company's taxable income or loss.

#### **Use of Estimates**

Toe preparation of financial statements in conformity with US GMP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statement. Actual results could differ from those estimates.

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#### **Recently Adopted Accounting Guidance**

In November 2023, the Financial Accounting Standards Board ("FASB") issued an amendment to the existing segment reporting guidance. Toe amendment requires disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") by reportable segment and clarifies that single reportable segment entities are required to apply all existing segment d isdosures in the guidance. Toe amendment was effective on October 1, 2024. See Note 5 - Segment Information.

#### **3. Related Party Transactions**

On March 5, 2013, the Company and CP LLC entered into a Service Level Agreement ("SLA") under which the Company shall be paid an annual service fee in the amount of all costs and expenses incurred by the Company in connection with the performance under the SLA, plus 15%.

On March 5, 2013, the Company and CP LLC also entered into a Services Agreement to establish terms and conditions under which the parties will allocate shared costs and expenses. CP LLC and the Company share the same office space, equipment, technology and supplies and the agreement allows CP LLC to provide office equipment and staffing for the Company's operations. For these services, the Company pays fees to CP LLC.

Toe net amount due from the Company under these arrangements amounted to \$382,160 at September 30, 2025 and is included in accounts payable - parent on the accompanying statement of financial condition.

#### **4. Regulatory Requirements**

Toe Company, as a member of the FINRA, is subject to the SEC Uniform Net Capital Rule 15c3-1 (the "Rule"). Toe Rule requires the maintenance of minimum net capital, as defined, equal to the greater of \$5,000 or 6.67% of aggregate indebtedness, as defined. In addition, the Rule requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At. September 30, 2025, the Company's net capital was \$900,885, which was \$859,543 in excess of its minimum requirement of \$41,342. Toe ratio of aggregate indebtedness to net capital was 0. 7 to 1.

#### **5. Segment Information**

Toe Company is engaged in a single line of business as a securities broker-dealer, focused on investment management and capital raising activities. Toe Company has identified its Chief Executive Officer as the Chief Operating Decision Maker ("CODM"), who uses net income to evaluate the performance of the business to determine which areas of the business need additional resources. Additionally, the CODM uses trends in assets under management ("AUM") and committed capital, which are not measures of profit and loss, to make operational decisions. Toe Company's operations constitute a single operating segment, and therefore, a single reporting segment, because the CODM manages business activities using information of the Company as a whole. Other items, including significant expenses, reported to the CODM include, and are limited to, those reported in the Company's primary financial statements. Toe Company derived 100% of its total revenues from a single customer in the year ended September 30, 2025.

#### **6. Subsequent Events**

On October 1, 2025, the Company and CP LLC amended the Service Level Agreement ("SLA') referenced in Note 3 to reduce the service fee markup from 15% to 5%. This change applies prospectively and has no impact on the financial statements for the year ended September 30, 2025.

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Management has evaluated subsequent events through November 24, 2025, the date the financial statements were available to be issued and determined that no other events require disclosure.


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