# BLUESTONE GROWTH PARTNERS LLC X-17A-5 (2026-04-14) — Broker-dealer annual report - Company: BLUESTONE GROWTH PARTNERS LLC - Form: X-17A-5 - Filed: 2026-04-14 - Period: 2025-12-31 - Accession: 0001578388-26-000003 - CIK: 1578388 - File #: 8-69291 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville & Company - Auditor location: Dallas, TX - Contact: ROBERT A. MARIETTA - Phone: 9173092634 - Signed by: Robert A. Marietta (Executive Rep, CCO) Original filing: https://www.sec.gov/Archives/edgar/data/1578388/000157838826000003/bluestone_2025.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235{123 lxpires: Nov. 30, 2026 Estimated averaSe burden hours per response: 12 # ANNUAL REPORTS FORM X-17A-5 PART III | StC FItI NUMEER | |-----------------| | 8-69291 | | lnformation Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | | | | | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|-----------------------------|-------------------------------|--|--|--|--| | | 0110112025 | | | | | | | | FILING FOR THE PERIOD BEGINNING | MM/DD/YY | ANDENDTNG 1213112025 | MM/DD/YY | | | | | | | | | | | | | | | | A. RE6ISTRANT IDENTIFICATION | | | | | | | | NAME oF r,*r. BlueStone Growth Partners LLC (Jka Steward Securities Group LLC) | | | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
E Broker-dealer D Security-based swap dealer
E Major security-based swap participant
O Check here if respondent is also an oTc derivatives dealer | | | | | | | | | ADDRESS OF PRINCIPAL PLACI Oa BUSINESS: (Do not use a P.O. box no.) | | | | | | | | | 32 Gannet Dr | | | | | | | | | | (No. and Street) | | | | | | | | Commack | New York | | 11725 | | | | | | (city) | (Srate) | | (zip code) | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | Robert A. Marietta 917-309-2634 | | | bmarietta@ blueslonegroMh.com | | | | | | (Name) | (Area Code - Telephone Number) | (lmailAddress) | | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing+
Sanville & Company | | | | | | | | | | (Name if individual, state last, first, and middle name) | | | | | | | | 325 N St Paul St, Ste 3100 Dallas | | | Texas 75201 | | | | | | (Address) | (city) | (state) | (Zip code) | | | | | | 09/18/2003
169 | | | | | | | | | lfa
stration with PCAOB
(Date of R
icable | | stration Number if
PCAOB | icable | | | | | | | FOR OFFICIAL USE ON[Y | | | | | | | | r Claims for exemption from the .equirement that the annual reports be covered by the reports of a, independent public | | | | | | | | accountant must be supponed by a statement of facts and circumstances relied on as the basis of the exemption- See 17 ctR 2,to.17a-s(exlXii), if applicable. P.rsonswho ore to respond tothecollection of information cont.ined inthisform are not required to respond unl\$sthc form disphys ! currently valid OMB control number, {1}------------------------------------------------ #### OATH OR AFFIRMATION , swear (or affirm) that, to the best of my knowledge and belief, the I. Robert A. Manella i, Hooel A Maleta financial report pertaining to the firm of BlueStone Growlh Panners LC (Ika Sleward Securites Group LLC) 2 025 is true and correct. I further swear (or affirm) that neither the company nor any December 31 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. Signature: Title: Robert A. Manetta, Managing Director / CCO #### This filing \*\* contains (check all applicable boxes): - (a) Statement of financial condition. - [ (b) Notes to consolidated statement of financial condition. - @ (c) Statement of income (loss) or, if there is other comprehensive 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. - [i] Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 200.15c3-3. - [ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - [n] Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - [o] Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capible 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. - [ (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 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 240.170-5(c)(3) or 17 CFR 240.180-7(d)(2), as applicable. {2}------------------------------------------------ # BlueStone Grov'rth Partners LLC Formerly known as Steward Securities Group LLC Financial Statements and Supplemental Schedules Required by the Securities and Exchange Commission For the Year Ended December 31, 2025 (With Reports of lndependent Registered Public Accounting Firm Thereon) {3}------------------------------------------------ # CONTENTS | | Page | |--------------------------------------------------------------------|--------| | Report ol Independent Registered Public Accounting Firm | 1-2 | | FI\.- A \- CIAL STATEMENTS | | | Statement of Financial Condition | 3 | | Statement of Operations | 4 | | Statement of Changes of Member's Equity | 5 | | Statement of Cash Flows | 6 | | Notes to Financial Statements | 1
8 | | Schedule I: Computation ofNet Capital Under Rule l5c3-l | 9 | | Schedule II & Ill: Computation of Requirements Under l5c3-3 | | | & Information Relating to the Possession Requirements Under l5c3-3 | t0 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### **Report of Independent Registered Public Accounting Firm** To the Member and Those Charged With Governance BlueStone Growth Partners LLC #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of BlueStone Growth Partners LLC (the Company) as of December 31, 2025, 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 respects, the financial position of the Company as of December 31, 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 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 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. #### **Supplemental Information** The supplementary information contained in 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 has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the > 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {5}------------------------------------------------ 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 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. § 240.17a-5. In our opinion, the supplementary information contained in 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 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 2019. Sanville & Company, LLC Dallas, Texas April 9, 2026 {6}------------------------------------------------ # BlueStone Growth Partners LLC Statement of Financial Condition December 31, 2025 ### ASSETS | Cash and cash equivalents
Accounts receivable
Prepaid expenses | S | 31,842
4,951
5,442 | |----------------------------------------------------------------------|---|--------------------------| | TOTAL ASSETS | S | 42,235 | | | | | | LIABILITIES AND MEMBER'S EQUITY | | | | LIABILITIES | | | | Accounts Payable | | 2,718 | | TOTAL LIABILITIES | | 2,718 | | MEMBER'S EQUITY | | | | Member's equity | | 39.517 | | TOTAL MEMBER'S EQUITY | | 39,517 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | S | 42.235 | The accompanying notes are an integral part of these financial statements. {7}------------------------------------------------ ## BlueStone Growth Partners LLC Statement of Operations For the year ending December 31, 2025 | Revenue | | |---------------------------|--------------| | Commission income | A
198,021 | | Interest income | 2 | | Total Income | 198,023 | | | | | Operating Expenses | | | Clearing and brokerage | 116,086
A | | Professional fees | 32,551 | | Compensation | 25,156 | | Regulatory fees | 7,122 | | Technology/commumications | 147 | | Insurance | 48 | | Other expenses | 1,617 | | Total Expenses | 182,727 | | Net Income | 15,296 | The accompanying notes are an integral part of these financial statements. {8}------------------------------------------------ ## BlueStone Growth Partners LLC Statement of Changes in Member's Equity For the year ending December 31, 2025 | | Total
Member's
Equity | | | |----------------------------------|-----------------------------|----------|--| | Balances at
December 31, 2024 | S | 43,221 | | | Distributions | | (19,000) | | | Net income | | 15,296 | | | Balances at
December 31, 2025 | S | 39,517 | | The accompanying notes are integral part of these financial statements. {9}------------------------------------------------ ## IllueStone Grorvth Partners LLC Statemcnt of Cash Flows For the year ending December 31,2025 | Cash Flows From Operating Activities: | | |----------------------------------------------------|------------| | Net Income | \$ 15.296 | | Adjustments to reconcile net loss to | | | nel cash used in operaling activities: | | | (Increase) decrease in accounts receivable | 3.806 | | (Increase) decrease prepaid expenses | 823 | | Increase (decrease) in accounts payable | ( 17,683 ) | | Net cash provided (used) in Operating Activities | I ),1 -) | | Cash Flows From lnvesting Activitics: | | | | | | Net cash provided (used) in Investing Activities | | | Cash Flows From Financing Activities: | | | Contributions | | | Distributions | (1e.000) | | Net cash provided (used) in Financing Activities | ( 19.000) | | Net decrease in cash and cash equivalents | (16,758) | | Cash and cash equivalents at beginning ofyear | ,+8.600 | | Ctrsh and cash equiralents at end ol'1,car | \$ 31 ,842 | | Supplemcntal Disclosurcs of Cash Flon Information: | | | Cash paid during the year lbr: | | | Inlcrcst | \$ | | lnconlc taxes | \$ | The accompanying notes are an integral part ofthese financial statements. {10}------------------------------------------------ #### BLUESTONE GROWTH PAIITNERS, LLC NOTES TO FINANCIAL STATEMENTS DeccmberJl,2025 ### NOTE l: BASIS OF PRESENTATION AND SUMMARY OF SICNIFICANT ACCOTJNTING POI-lClES Bluestone Growth Partners. LLC ('1he Company") maintains its accounts on the accrual basis of accounting in accordance with accounting principlcs generally accepted in the Unitcd States of America (CAAP). Accounting principles fbllowed by the Company and the methods ol applying those principles which materially affect the determination offinancial position. results ofoperations and cash flows are summarized beloll'; Nature of Business - l'he Cornpany is located in Commack, New York. During 2025, the Company referred clients who had transactional needs to another registered broker dealer and received a portion ofthe commission eamed on the clients transactions (a referral fee) pursuant to commission sharing agreements they have uith those broker dealers. The Company is registered as a Broker-Dealer with the SEC, and a member ofthe Financial Industry Regulatory Authority (FINRA). StatemeIlt Preseltation - An unclassified Balance Sheet is presented in accordance with industry standards. Revenue Recognition - 'fhe Company introduces private investment funds to other broker/dealer counterparties who are able to facilitate their transactional needs. For those arrangements. the Compan,v enters into a Commission Sharing Agreement u,ith the providing broker,/dealer. The revenue recognition is subject to the number ofclients and the nunrber oftransactions conducted on a monthly basis. lncome Taxes - The Company has elected to be taxed as a Limited Liability Company, a disregarded entib-, and therefore, no provision has been made lbr federal income tax since these taxes are the responsibility ofthe member. The Company believes that all tax positions will more likely than not be sustained upon examination. As of Deccmber 31. 2025. the tax years that remain subject to examination b)' the rnajor tax jurisdictions under the Statute of Limitations are from the year 20 l3 (1ear of inception) lbrward (with limited exceptions). Tax penalties and interest, if any, would be accrued as incurred and would be classified as a tax expense in the Statement ofOperations. Estimates - l'he preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and Iiabilities and disclosure of contingent assets and liabilities at the date ofthe linancial statements and thc repofied amounts ofrevenues and expenses during the reporting period. Actual results could differ lrom those estitnates. Subsequent Events - The Company has evaluated subsequent events through February XX 2026, the date the financial statements were available to be issued. No subsequent events occured, which require adjustment or disclosure to the financial statements on l)ecember 3 l, 2025. Segment Reporting - The Accounting Standards Update (ASU) 2023-07 issued by the Financial Accounting Standards Board (FASB) introduced enhancements to segment repofting requirements for public entities, including broker-dealers. The update aimed to improye the transparency and usefulness of financial disclosures lbr investors and other stakeholders. ASU 2023-07 disclosure requirements are effective for fiscal years starting after December 15,2023. The chief operating decision maker is the Managing Directorof the Company and determined that no additional disclosures are required as the Company has only one reportable segment. {11}------------------------------------------------ #### I}LUESTONE GROWTH PARTNEITS, LLC NOTES TO FINANCIAL STATEMENTS December 31, 2025 #### NOTE 2: NII I CAPIl AL. I{liQt-rlRl'M liN l S Pursuant to the net capital prov isions of Ru le I 5c3 - I of the Securities Exchange Act of I 934, the Company is required to maintain a minimum net capital. as defined under such provisions. Net capital and the related net capital ratio may fluctuate on a daily basis. On December 31, 2025, the Company had net capital ol\$29,124 and a net capitai requirement of 55.000 for the year. The Company's ratio ofaggregate indebtedness to net capital was 0.09 to I on December 31,2025. The Securities and Exchange Commission pennits a rutio of aggregate indebtedness to net capital for the Company at this time ofno greater than l5 to l. #### NOTE 3: FINANCIAL COMMI IMENI S The company does not have any financial commitments, contingencies, pending legal mafters as of December 31- 2025. ### NOTE .I: RH-ATED PAR I Y TRANSACI IONS The Company's parent (Hyperpath Technologies LLC) provides monthly support for corporate govemance! financial statement review, and general operational services. The Company incurred \$3,000 in expense for these services during the year which are reflected in prof'essional fees. The Company's Executive Management team provides compliance. operational oversight, and administrative services to the Company monthly. The Company incurred \$7,000 in expense lor these services during the year \ryhich are reflected in professional fees. {12}------------------------------------------------ ### Schedule I Bluestone Growth Partners LLC Supplemental Information Pursuant to Rule 17a-5 For the year ending December 31, 2025 #### Computation of Net Capital | Total Member's equity qualified for net capital | S | 39,517 | |-----------------------------------------------------------------|------|----------| | | | | | Deductions / charges
Non-allowable assets: | | | | Commission receivable | | | | Other assets | | 4,951 | | | | 5,442 | | Total deductions / charges | | 10,393 | | Net Capital before haircuts on securities positions | | 29,124 | | Haircuts on securities: | | | | Mutual funds | | | | Money market funds | | | | | | | | Net Capital | S | 29,124 | | Aggregate indebtedness | | | | Accounts payable | S | 2.718 | | Accrued expenses | | | | | | | | Total aggregate indebtedness | S | 2,718 | | | | | | Computation of basic net capital requirement | | | | Minimum net capital required (greater of \$5,000 or | | | | 12.5% of aggregate indebtedness) | S | 5,000 | | Net capital in excess of minimum requirement | ಕ್ಕಿ | 24,124 | | | | | | Ratio of aggregate indebtedness to net capital | | .09 to 1 | | Reconciliation of Computation of Net Capital | | | | Net capital per filed 12/31/2025 Focus Report
no differences | S | 29.124 | | Net capital per 12/31/2025 audit | | 29,124 | See accompanying report of independent registered public accounting firm. {13}------------------------------------------------ # Schedulc II & III ## Bluestone (lrorvth Partners LLC Computation for Detcrmination of Reserve Requirements and Information Relating to Possession or Control Requirements Under Rule l5c3-3 ofthe Sccurities and Exchange Commission Dcccmbcr 31,2025 The Company is considered exempt from Securities Exchange Commission ('SEC") by relying on footnote 74 to SEC Release 34-70073 and theretbre is not required to maintain a special reserve bank account for the Exclusive benefit of customers.'' {14}------------------------------------------------ ![](_page_14_Picture_0.jpeg) ### Report of lndependent Registered Public Accounting Firm To the N4ember and Those Charged With Governance BlueStone Growth Partners LLC We have reviewed the accompanying Exemption Report of BlueStone GroMh Partners LLC (the Company) as ol and for the tiscal year ended December 31, 2025, in which management asserts that: 1. The Company did not claim an exemption under any paragraph ot 17 C.F.R. S 240.15c3-3(k); 2. The Company is filing this Exemption Report in reliance on Footnote 74 of SEC Release No. 34-70073 because,t limited its securilies business activities to providing referral services - receive commissions and/or referral fees for accounts referred to other broker dealers throughout the fiscal year ended December 31, 2025 exclusively to the activities described in that footnote; and 3. Throughout the fiscal year ended December 37,2075, the Company: (i) did not receive, hold, or owe funds or securities lor or to customers (except amounts received and promptly transmitted in accordance with 17 C.F.R. S 240.15c2-4(a) or (bX2))i (ii) did not carry accounts of or lor customers; a:!d (iii) did not carry proprietary accounts of other brokerdealers. 4. The Company met all of the conditions and requirements of the exemption described above without exception throughout the fiscal year ended December 3l-, 2025. Nianagement of the Company is responsible for the assertions in the Exemption Report and for compliance with the applicable requirements. We conducted our review in accordance with attestation standards established by the Public Company Accounting Oversight Board (United States). A review is substantially less in scope than an examination, lhe ob.iective of which is the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion. Based on our review, nothing came to our attention that caused us to believe that management's assertions relerred to above are not fairly stated, in all material respects, based on the requiremenls set fonh in Footnote 74 of SEC Release No. 34-70073 and relaled provisions ol Rule l-7a-5. Srr-//- / &T\*'7 / //) /\_11-./ Sanville & Company, LLC Dallas, Texas April 9, 2026 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 21,4.738.1998 {15}------------------------------------------------ ### BlueStone Growth Partners, LLC Exemption Report BlueStone GroMh Partners, LLC (the "Company') is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. 5240.17a-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 the following: - (1) The Company is considered "Non-Covered Firm" exempt from 17 C.F.R. 5240.15c3-3 and is filing an Exemption Report relying on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by the SEC staff. The Company limits its business activities exclusively to: (1) providing referral services - receive commissions and/or referral fees for accounts referred to other broker dealers. - (2) The Company (1) did not directly or indirectly receive, hold or othenrise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as delined in Rule 15c3-3), throughout the most recent liscal year without exception. l, Robert Marietta, swear (or affirm) that, to my besl knowledge and belief, this exemption report is true and conect Regards, # Robe,?tA. Mo-t'Lettw Managing Director/CCO Date of Report: April 9, 2025 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.