# THREE BROTHERS TRADING, LLC X-17A-5 (2025-03-26) — Broker-dealer annual report - Company: THREE BROTHERS TRADING, LLC - Form: X-17A-5 - Filed: 2025-03-26 - Period: 2024-12-31 - Accession: 0001576123-25-000001 - CIK: 1576123 - File #: 8-69279 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville & Company LLC - Auditor location: Dallas, TX - Contact: Douglas Sherman - Phone: 201 412 3298 - Signed by: Douglas Sherman (President) Original filing: https://www.sec.gov/Archives/edgar/data/1576123/000157612325000001/aexgaudit.pdf --- {0}------------------------------------------------ # ALTERNATIVE EXECUTION GROUP # FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION DECEMBER 31, 2024 {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 # ANNUAL REPORTS FORM X-17A-5 PART III | OMB APPROVAL | | |--------------------------|--| | OMB Number: 3235-0123 | | | Expires Nov. 30, 2026 | | | Estimated average burden | | | hours per response: 12 | | | | | | SEC FILE NUMBER | | |-----------------|--| | 8-69279 | | | | | FACINC DACE | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | PALING PHOE | | | | | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|------------|-----------------------------------------|-------------------|--| | FILING FOR THE PERIOD BEGINNING | 01/01/2024 | AND ENDING | | 12/31/2024 | | | | MM/DD/YY | | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME OF FIRM: Alternative Execution Group | | | | | | | 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.)
111 West 41st Street | Security-based swap dealer | | [ Major security-based swap participant | | | | | (No. and Street) | | | | | | Bayonne | NJ | | | 07002 | | | (City) | (State) | | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Douglas Sherman | 201 412 3298 | | | Dsherman@aexg,net | | | (Name) · | (Area Code - Telephone Number) | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing *
Sanville & Company LLC | | | | | | | | (Name - if Individual, state last, first, and middle name) | | | | | |--------------------------------------------------|------------------------------------------------------------|---------|--------------------------------------------|--|--| | 325 Saint Paul Street, Suite 3100 Dallas | | X | 75201 | | | | (Address) | (City) | (State) | (Zip Code) | | | | 09-18-2003 | | 169 | | | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | \* 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}------------------------------------------------ is up Hudson #### OATH OR AFFIRMATION I. Douglas Sherman swear (or affirm) that, to the best of my knowledge and belief, the financial Anernative Execution Group report pertaining to the firm of as as of December 31 2 024\_ 1s true and correct. I further swear (or affirm) that nelther 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_Figure_4.jpeg) This filing \*\* contains (check all applicable boxes): - (a) Statement of financial condition. - [ (b) Notes to consolidated statement of financial condition. - a (c) Statement of income (loss) or, if there is other comprehensive in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - (d) Statement of cash flows. - [e] Statement of changes in stockholders' or partners' or sole proprietor's equity. - [ (f) Statement of changes in liabilities subordinated to claims of creditors. - {g} Notes to consolidated financial statements. - (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [ (I) Computation of tangible net worth under 17 CFR 240,18a-2. - | () Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - [ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit 8 to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - [ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - [o] Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - [ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - [ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [ (t) Independent public accountant's report based on an examination of the statement of financial condition. - [u] Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - [] (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [w] Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - [ {y} Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacles exist, under 17 CFR 240.17a-12(k). - [ (z) Other: - \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.18c-7(d)(2), as applicable. {3}------------------------------------------------ # ALTERNATIVE EXECUTION GROUP #### DECEMBER 31, 2024 #### TABLE OF CONTENTS # Report of Independent Registered Public Accounting Firm | Financial Statements: | Page | |-------------------------------------------------------------------------------------------------------------------------------------|------| | Statement of Financial Condition | | | Statement of Operations | | | Statement of Changes in Members' Equity | | | Statement of Cash Flows | | | Notes to the Financial Statements | | | Supplemental Information: | | | I - Computation of Net Capital
Pursuant to Rule 15c3-1 of the Securities and Exchange Commission | | | Other Information | | | II - Computation for Determination of Reserve Requirements
Under Rule 15c3-3 of the Securities and Exchange Commission | | | III - Information Relating to the Possession or Control Requirements
Under Rule 15c3-3 of the Securities and Exchange Commission | | | Report of Independent Registered Public Accounting Firm | | | Exemption Report
Pursuant to Rule 17a-5 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) Report of Independent Registered Public Accounting Firm To the Members and Those Charged With Governance of Alternative Execution Group #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Alternative Execution Group (the Company) as of December 31, 2024, the related statements of operations, changes in member's equity, and cash flows for the year then ended, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material position of the Company 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. #### Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company'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 respect to the Company in accordance with 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. 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 misstatements, 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. #### Supplemental Information The supplementary information on The Schedule I, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for Determination of Reserve Requirements Under Rule SEC 15c3-3 and Schedule III, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 have 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 and other records, as applicable, and performing procedures to test the completeness and accuracy of the information the > 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {5}------------------------------------------------ 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. §240.17a-5. In our opinion, the supplementary information contained in the Schedule I, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for Determination of Reserve Requirements Under SEC Rule 15c3-3 and Schedule III, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 are fairly stated, in all material respects, in relation to the financial statements as a whole. Sanville & Company, LLC This is the initial year we have served as the Company's auditor. Dallas, Texas March 23, 2025 {6}------------------------------------------------ #### ALTERNATIVE EXECUTION GROUP STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2024 #### ASSETS | | S | | |---------------------------------------------------|----|-----------| | Cash and cash equivalents | | 538,537 | | Due from broker-dealers and clearing firm | | 2,054,418 | | Clearing firm deposit | | 426,070 | | Securities owned, at fair value | | 1,341,236 | | Loan receivable, short term | | 1,046,778 | | Accounts receivable | | 348,808 | | Other assets | | 11,515 | | Total assets | ಳಿ | 5,767,362 | | LIABILITIES AND MEMBERS' EQUITY
Liabilities: | | | | | ക | 2,055,079 | | Accounts payable and accrued expenses | | | | Securities sold, not yet purchased, at fair value | | 920,818 | | Total liabilities | | 2,975,897 | | Members' equity | | 2,791,465 | | Total liabilities and members' equity | ക | 5,767,362 | {7}------------------------------------------------ #### ALTERNATIVE EXECUTION GROUP STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2024 | Revenues: | | | |------------------------------------|----|-----------| | Execution fees | ക | 884,045 | | Principal trading | | 329,190 | | Commissions | | 248,647 | | Interest and dividends | | 202,674 | | Other income | | (13,956) | | Total revenues | | 1,650,600 | | Expenses: | | | | Employee compensation and benefits | | 442,304 | | Trading and execution | | 469,848 | | Clearance fees | | 259,771 | | Professional | | 99,986 | | Loss on currency exchange | | 33,144 | | Regulatory | | 22,376 | | Technology and data | | 11,746 | | Other expenses | | 15,794 | | Total expenses | | 1,354,969 | | Net income | ಕಿ | 295,631 | {8}------------------------------------------------ #### ALTERNATIVE EXECUTION GROUP STATEMENT OF CHANGES IN MEMBERS' EQUITY FOR THE YEAR ENDED DECEMBER 31, 2024 | Balance - January 1, 2024 | ಕೆ | 2,895,834 | |-----------------------------|----|-----------| | Distributions | | (400,000) | | Net income | | 295,631 | | Balance - December 31, 2024 | a | 2,791,465 | {9}------------------------------------------------ ### ALTERNATVIE EXECUTION GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2024 | Cash flows from operating activities: | | | |-----------------------------------------------------------|------|-------------| | Net income | ക | 295,631 | | Adjustments to reconcile net income to net cash generated | | | | by operating activities: | | | | Trading losses, net of gains | | (329,190) | | Due from broker dealer and clearing firm | | 112,392 | | Securities owned, at fair value | | (381,841) | | Accounts receivable | | (339,778) | | Other assets | | (1,468) | | Securities sold, not yet purchased, at fair value | | 564,039 | | Accounts payable and accrued expenses | | 131,934 | | Net cash generated by operating activities | | 51,719 | | Cash flows from financing activities: | | | | Loans issued | | (1,046,777) | | Member distributions | | (400,000) | | Net cash utilized in financing activities | | (1,446,777) | | | | | | Net decrease in cash and cash equivalents | | (1,395,058) | | Cash and cash equivalents, beginning of year | | 1,933,595 | | Cash and cash equivalents, end of year | ಕ್ಕಿ | 538,537 | {10}------------------------------------------------ #### 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Alternative Execution Group (the "Company") became a registered securities broker-dealer on December 4, 2013 with the Securities and Exchange Commission (the "SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"), Securities Investors Protection Corporation ("SIPC"), and New York Stock Exchange Archipelago Exchange ("NYSE Arca"). The Company, under Rule 15c3-3(k)(2)(ii), is exempt from the reserve and possession or control requirements of Rule 15c3-3 of the Securities and Exchange Commission. The Company does not carry or clear customer accounts. Accordingly, all customer transactions are executed and cleared on behalf of the Company by its clearing organization on a fully disclosed basis. The Company's agreement with its clearing firm provides that as clearing organization, that firm will make and keep such records of the transactions effected and cleared in the customer accounts as are customarily made and kept by a clearing organization pursuant to the requirements of Rules 17a-3 and 17a-4 of the Securities and Exchange Act of 1934, as amended (the "Act"). The clearing organization also prepares and distributes customer's confirmation and statements, as well as performing maintenance margin requirements under the Act and the rules of the Self-Regulatory Organizations of which the Company is a member. The Company's primary revenue streams derive from principal trading and market making services in over-the-counter equity securities to other broker-dealers as well as trading execution services to institutional investors and high net worth individuals. The Company maintains markets in over-the-counter equities, including but not limited to National Association of Securities Dealers Automated Quotations ("NASDAQ") and non-NASDAQ securities. The Company also earns commissions from executing client transactions. # 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES # Basis of Presentation Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions in determining reported amounts of assets, liabilities, revenues, and expenses, as well as the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Securities transactions and related spread and commission revenues are recorded on a trade date basis, since that is when the underlying financial instrument is identified, the pricing is agreed upon, and the risks and returns of ownership have been transferred. Realized and unrealized trading gains and losses are reported in the statement of operations. {11}------------------------------------------------ ### ALTERNATIVE EXECUTION GROUP NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024 #### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) ## Cash and Cash Equivalents The Company maintains a checking and savings account at the same institution. The Company also maintains deposit accounts and highly liquid investments at custodian banks. These accounts are insured by the Federal Deposit Insurance Corporation up to \$250,000. The Company's accounts at these institutions may, at times, exceed the federally insured limits. Cash deposited with a single brokerage institution are insured up to \$500,000 by the Securities Investors Protection Corporation ("SIPC"). The Company has not experienced any losses in these accounts. ## Due from Broker-Dealers and Clearing Firm At December 31, 2024, the amount due from broker-dealers and clearing firm represents both cash maintained in a segregated account in the name of the Company as well as trading and commission income receivable at the clearing organization, Apex Clearing Corporation. The balance also includes cash maintained at another broker- dealer. ## Clearing Firm Deposit The Company is required to maintain a deposit of \$250,000 under the terms of its fully disclosed clearing agreement with Apex Clearing Corporation. #### Income Taxes The Company is organized as a New York Limited Liability Company ("LLC") and all tax effects of the Company are passed through to the members. No provision or liability for Federal income taxes is included in these financial statements. #### Translation of Foreign Currencies Assets and liabilities denominated in foreign currencies are translated at year-end rates of exchange, whereas the income statement accounts are translated at average rates of exchange for the year. Gains or losses resulting from foreign currency transactions are included in net income. #### Fair Value Measurements Generally accepted accounting principles ("GAAP") establishes a framework for measuring fair value and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by GAAP, are used to measure fair value. {12}------------------------------------------------ ### ALTERNATIVE EXECUTION GROUP NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024 # 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) #### Fair Value Measurements (continued) The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1. Quoted prices in an inactive market for identical assets or liabilities. Level 2. Observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model derived prices whose inputs are observable or whose significant value drivers are observable; Level 3. Assets and liabilities whose significant value drivers are unobservable, that reflect management's own assumptions. #### Fair Value Hierarchy The Company provides market making and trade execution services in liquid, over-thecounter equity securities that have a ready market. The following table presents the Company's fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2024: | Assets | Fair Value | | | Level 1 | | Level 2 | | Level 3 | |-------------------|------------|------------|----|------------------------------|---------------------------------------------|---------|----|---------| | Equity Securities | | | | \$ 1,341,236 \$ 1,341,236 | প্রকৃতি পার্টির প্রকাশ করে পারে। তথ্যসূত্র | | A | | | | | | | \$ 1,341,236 \$ \$ 1,341,236 | D | | S | | | | | | | | | | | | | Liabilities | | | | | | | | | | Equity Securities | | \$ 920,818 | | \$ 920,818 | ದಿ | | ಕಿ | | | | ക | 920,818 | ಕಿ | 920,818 | ತಿ | | ಕಿ | | #### Segment reporting The FASB issued (ASU) 2023-07, "Segment Reporting" (Topic 280) which increased disclosure requirements regarding a public entity's reportable segments effective for fiscal years beginning after December 15, 2023. ASU 2023-07 requires incremental line-item disclosures about each reportable segment's expenses as well as profit and losses. The Company has evaluated the guidance there under and has determined that The Company operates as one operating segment. For further discussion refer to Footnote 5, Reportable Segments. {13}------------------------------------------------ # 3. REGULATORY REQUIREMENTS As a registered broker-dealer, the Company is subject to the SEC's uniform net capital Rule (Rule 15c3-1), which requires the maintenance of a minimum amount of net capital and requires that 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, as defined, of \$2,192,356, which exceeded the required minimum net capital by \$2,036,856. Aggregate indebtedness at December 31, 2024 totaled \$2,055,079. The Company's ratio of aggregate indebtedness to net capital was .93 to 1. The Company is exempt from Rule 15c3-3 of the Securities and Exchange Commission under paragraph (k)(2)(ii). # 4. FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND UNCERTAINTIES In the normal course of business, the Company's activities through its clearing organization 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 a customer fails to satisfy its obligations, the Company may be required to purchase or sell financial instruments at prevailing market prices in order to fulfil the customer's obligations. In addition, the Company bears the risk of financial failure by its clearing organization. If the clearing organization should cease doing business, the Company's receivable from this clearing organization could be the subject to forfeiture. The Company's financial instruments, including cash equivalents, receivables, prepaid expenses and other assets, accounts payable and accrued expenses, commissions and salaries payable and due to broker are carried at amounts that approximate fair value, due to the short-term nature of the instruments. # 5. ARRANGEMENT WITH EMPLOYEE As of December 31, 2024, the Company maintains an arrangement with a registered representative. The employee's trading commissions are partially retained as a reserve (\$810,000) to cover potential regulatory or legal liabilities attributable to their activities, with adjustments recorded against compensation expense. The Company advanced \$1,000,000 to the employee, bearing interest at 0.5% per month, recorded as a loan receivable of \$1,046,777 (net of repayments from earnings). Total accrued payroll owed to the employee is \$1,878,009, reflecting unpaid commissions net of the reserve and advances. The reserve serves as collateral for the loan, and the arrangement is periodically adjusted based on the employee's trading production. {14}------------------------------------------------ #### ALTERNATIVE EXECUTION GROUP NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024 #### 6. REPORTABLE SEGMENTS The Company is engaged in a single line of business as a securities broker-dealer, which comprised of multiple classes of services, including principal trading, market making services, and execution services. The Company has identified its President as its chief operating decision maker ("CODM"). The CODM predominately uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 3), 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 dividends. 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 profit and loss of the segment as the same as those described in Footnote 2, summary of significant accounting policies. ## 7. SUBSEQUENT EVENTS Management of the Company has performed an evaluation of events that have occurred since December 31, 2024 and through March X, 2025, the date these financial statements were available to be issued and determined that there are no material events that would require disclosures in this report or would be required to be recognized in the financial statements as of December 31, 2024. {15}------------------------------------------------ # ALTERNATIVE EXECUTION GROUP # SUPPLEMENTAL INFORMATION DECEMBER 31, 2024 {16}------------------------------------------------ #### ALTERNATIVE EXECUTION GROUP COMPUTATION OF NET CAPITAL PURSUANT TO RULE 15c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION DECEMBER 31, 2024 #### Schedule I: | Total members' equity | | 2,791,465 | |-----------------------------------------------------------------|------|------------------------| | Deductions and/or charges: | | | | Accounts receivable | | (348,808) | | Prepaid expenses and other assets | | (51,897 | | Net capital before haircuts on securities positions | | 2,390,760 | | Haircuts and undue concentrations | | 198,404 | | Net capital | ಕ್ಕಿ | 2,192,356 | | | | | | Computation of Aggregate Indebtedness: | | | | Accounts payable and accrued expenses
Aggregate indebtedness | | 2,055,079
2,055,079 | | | | | | Computation of Basic Net Capital Requirement: | | | | Minimum net capital requirement, greater of 6-2/3% | | | | of aggregate indebtedness | ക | 137,005 | | Statutory minimum net capital required | ക | 155,500 | | Net capital requirement (greater of the minimum calculation or | | | | the statutory amount) | ക്ക | 155,500 | | Excess net capital | ಕ್ಕಿ | 2,036,856 | | | | | | Ratio: aggregate indebtedness to net capital | | 0.93 to 1 | There were no material differences existing between the above computation and the computation included in the Company's corresponding unaudited Form X-17A-5 Part IIA filing, as of December 31, 2024. Accordingly, no reconciliation is necessary. See report of independent registered public accounting firm. {17}------------------------------------------------ ### ALTERNATIVE EXECUTION GROUP OTHER INFORMATION DECEMBER 31, 2024 #### Schedule II: ### Computation for Determination of the Reserve Requirements Under Rule 15c3-3 of the Securities and Exchange Commission: The Company operates under the exemptive provisions of paragraph (k)(2)(ii) of SEC Rule 15c3-3. #### Schedule III: #### Information Relating to Possession or Control Requirements Under Rule 15c3-3 of the Securities and Exchange Commission: The Company is subject to the exemptive provisions of paragraph (k)(2)(ii) of SEC Rule 15c3-3 and did not maintain possession or control of any customer funds or securities at December 31, 2024. {18}------------------------------------------------ ![](_page_18_Picture_0.jpeg) 34567879:7;<=>? 364<7@6=;A7?BC56D4E7;>=>F74G HI57;>=5CE7JK7FL5C4>D;4LM B76=E7;7EC7N7?9=>=A797>5O<<5=5797>5FIL?7?C>567=FF49M=>QC>AJK79M5C4>R7M4;5PC>N6CF6S=THI57;>=5CE7 JK7FL5C4>D;4LMC?7>5CGC7?567G4II4NC>AM;4EC<4GUV@WXWRWYZ[\WU]F^\_^S`TL>?7;N6CF6HI57;>=5CE7JK7FL5C4>D;4LM FI=C97?=>7K79M5C4>G;49UV@WXWRWYZ[\WU]F^\_^ab=;=A;=M6S`TSZTSCCTS5677K79M5C4>M;4EC?S:THI57;>=5CE7JK7FL5C4> D;4LM<5=57?56=5HI57;>=5CE7JK7FL5C4>D;4LM975567C?7>5CGC7?7K79M5C4>M;4EC<56;4LA64L556794<5;7F7>5GCWHI57;>=5CE7JK7FL5C4>D;4LMO<9=>=A797>5C<;7F7NC565677K79M5C4>M;4EC<=>? C5<<5=5797>5?LF57?C>=FF4;?=>F7NC56567<5=>?=;?<4G567bL:ICF@49M=>QHFF4L>5C>AcE7;C57?f5=57?P=FF4;?C>AIQPC>FIL?7?C>gLC;C7<=>?4567;;7gLC;7?M;4F7?L;7<544:5=C>7EC?7>F7=:4L5HI57;>=5CE7JK7FL5C4>D;4LMO< F49MIC=>F7NC565677K79M5C4>M;4EC5C=IIQI7<=>7K=9C>=5C4>P5674:h7F5CE74GN6CF6C< 5677KM;7<4G=>4MC>C4>4>9=>=A797>5O<<5=5797>5AIQPN7?4>457KM;7<<4MC>C4>W d=<7?4>4L;;7EC7NPN7=;7>45=N=;74G=>Q9=57;C=I94?CGCF=5C4><56=5<64LI?:79=?7549=>=A797>5O<<5=5797>5<;7G7;;7? 54=:4E7G4;567954:7G=C;IQ<5=57?PC>=II9=57;C=I;7567M;4EC<<75G4;56C>M=;=A;=M6S`TSZTSCCT4GUV@WXWRW YZ[\WU]F^\_^W i=II=