# WOBD, LLC X-17A-5 (2025-03-03) — Broker-dealer annual report

- Company: WOBD, LLC
- Form: X-17A-5
- Filed: 2025-03-03
- Period: 2024-12-31
- Accession: 0001686091-25-000001
- CIK: 1686091
- File #: 8-69852
- Type: Broker-dealer
- Material weakness: No
- Auditor: CROWE LLP
- Auditor location: Cleveland, OH
- Contact: Cynthia Woolard
- Phone: 6147417743
- Email: mmenzer@whiteoakpartners.com
- Website: whiteoakpartners.com
- Signed by: MICHAEL J. MENZER (CEO AND GENERAL MANAGER)

Original filing: https://www.sec.gov/Archives/edgar/data/1686091/000168609125000001/EDGARWOBD2024Audit.pdf

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# WOBD, LLC

FINANCIAL STATEMENTS

DECEMBER 31, 2024

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# WOBD, LLC

# DECEMBER 31, 2024

# TABLE OF CONTENTS

| SEC Form X-17A-5, Part III 2                                                                                                                                              |  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|
| OATH OR AFFIRMATION 3                                                                                                                                                     |  |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 4 - 5                                                                                                             |  |
| STATEMENT OF FINANCIAL CONDITION<br>December 31, 2024 6                                                                                                                   |  |
| STATEMENT OF OPERATIONS<br>Year ended December 31, 2024 7                                                                                                                 |  |
| STATEMENT OF CHANGES IN MEMBER'S EQUITY<br>Year ended December 31, 2024 8                                                                                                 |  |
| STATEMENT OF CASH FLOWS<br>Year ended December 31, 2024 9                                                                                                                 |  |
| NOTES TO THE FINANCIAL STATEMENTS 10 - 12                                                                                                                                 |  |
| SUPPLEMENTAL SCHEDULES:<br>Schedule 1 - Computation of Net Capital Under Rule 15c3-1<br>of the Securities and Exchange Commission 13                                      |  |
| Schedule 2 - Computation for Determination of the Reserve Requirements,<br>and Information Relating to the Possession or Control Requirements<br>under SEC Rule 15c3-3 14 |  |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING<br>FIRM ON REVIEW OF MANAGEMENTS EXEMPTION REPORT<br>PURSUANT TO RULE 15c3-3 15                                        |  |
| MANAGEMENT'S EXEMPTION REPORT 16                                                                                                                                          |  |

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

OMB APPROVAL OMB Number: ϯϮϯϱͲϬϭϮϯ Expires: EŽǀ͘ϯϬ͕ϮϬϮϲ Estimated average burden hours per response:

SEC FILE NUMBER

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

**FACING PAGE** 

**Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** 

FILING FOR THE PERIOD BEGINNING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ AND ENDING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ MM/DD/YY MM/DD/YY 01/01/202 12/31/202

### **A. REGISTRANT IDENTIFICATION**

NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ WOBD, LLC

TYPE OF REGISTRANT (check all applicable boxes):

܆ Broker-dealer ܆ Security-based swap dealer ܆ Major security-based swap participant ܆ Check here if respondent is also an OTC derivatives dealer ■

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)

#### \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ 4960 EAST DUBLIN GRANVILLE ROAD, SUITE 500

|                                                                                                      | (No. and Street) |            |
|------------------------------------------------------------------------------------------------------|------------------|------------|
| WESTERVILLE<br>_____________________________________________________________________________________ | OH               | 43081      |
| (City)                                                                                               | (State)          | (Zip Code) |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                         |                  |            |

### \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ MICHAEL J. MENZER 614-741-7790 MMENZER@WHITEOAKPARTNERS.COM

(Name) (Area Code – Telephone Number) (Email Address)

# **B. ACCOUNTANT IDENTIFICATION**

INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\*

# C52:(//3

(Name – if individual, state last, first, and middle name)

| ϲϬϬ^ƵƉĞƌŝŽƌǀĞ͕^ƵŝƚĞϵϬϮ                                                                             | ůĞǀĞůĂŶĚ | OH      | 4                                          |
|----------------------------------------------------------------------------------------------------|----------|---------|--------------------------------------------|
| (Address)                                                                                          | (City)   | (State) | (Zip Code)                                 |
| 9/24/2003<br>_____________________________________________________________________________________ |          | 173     |                                            |
| (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 be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(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.** 

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#### OATH OR AFFIRMATION

I, MICHAEL J. MENZER J. MENZER SERVER SERVER BER BER BER BE swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of WOBD. LLC as of as as of 12/31\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ 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.

Notary Public

Signature: Title: CFO AND GENERAL MANAGER

#### CYNTHIA A. WOOLARD Notary Public, State of Ohia My Commission Expires 09.24 27

#### This filing \*\* contains (check all applicable

- = (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.
- [ {{) 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 B to 17 CFR 240.15c3-3 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 240.15c3-3.
- | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 240.18a-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 aplicable.
- | |r) Compliance report in accordance with 17 CFR 240.18a-5 or 17 CFR 240.18a-7, as applicable.
- (s) Exemption report in accordance with 17 CFR 240.18a-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.
- | as applicable.
- [ {y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- □ (z) Other:
- \*\*\* request confidential reacment of certain of this filmg, see 17 CFR 240.17a-5(c)(3) or 17 CFR 240.18a-7(d)(2), as applicable.

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# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Member of WOBD, LLC Westerville, Ohio

#### **Opinion on the Financial Statements**

We have audited the accompanying statement of financial condition of WOBD, LLC (the "Company") as of December 31, 2024, the related statements of operations, changes in member's equity, and cash flows for the year ended December 31, 2024, and the related notes (collectively referred to as 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, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, 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 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.

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#### **Supplemental Information**

Schedule 1 (Computation of net capital under rule 15c3-1 of the Securities and Exchange Commission) and Schedule 2 (Computation for determination of reserve requirements, and Information relating to possession or control requirements under rule 15c3-3 f the Securities and Exchange Commission) (collectively the "Supplementary Schedules") has been subjected to audit procedures performed in conjunction with the audit of WOBD, LLC's financial statements. The Supplementary Schedules are the responsibility of the Company's management. Our audit procedures included determining whether the Supplementary Schedules reconcile 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 Supplementary Schedules. In forming our opinion on the Supplementary Schedules, we evaluated whether the Supplementary Schedules, including its form and content is presented in conformity with 17 C.F.R. § 240.17a-5. In our opinion, the Supplementary Schedules are fairly stated, in all material respects, in relation to the financial statements as a whole.

Crowe LLP

We have served as WOBD LLC's auditor since 2024.

Cleveland, Ohio March 3, 2025

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# STATEMENT OF FINANCIAL CONDITION

# DECEMBER 31, 2024

|                                      | 2024                |  |
|--------------------------------------|---------------------|--|
| ASSETS                               |                     |  |
| Cash                                 | \$<br>63,224        |  |
| Prepaid expenses                     | 11,619              |  |
| Other receivables<br>Deposits        | -<br>8,680          |  |
|                                      |                     |  |
|                                      | \$<br>83,523        |  |
| LIABILITIES AND MEMBER'S EQUITY      |                     |  |
| LIABILITIES                          |                     |  |
| Accounts payable<br>Accrued expenses | \$<br>314<br>24,088 |  |
| Payable to broker                    | -                   |  |
|                                      | 24,402              |  |
| MEMBER'S EQUITY                      | 59,121              |  |
|                                      | \$<br>83,523        |  |

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# STATEMENT OF OPERATIONS

# YEAR ENDED DECEMBER 31, 2024

|                            | 2024            |  |
|----------------------------|-----------------|--|
| REVENUE                    |                 |  |
| Fee income                 | \$<br>1,277,107 |  |
| Other income               | 3,346           |  |
|                            | 1,280,453       |  |
| EXPENSES                   |                 |  |
| Commissions                | 1,500,904       |  |
| Professional fees          | 80,876          |  |
| General and administrative | 153,388         |  |
|                            | 1,735,168       |  |
| NET LOSS                   | \$<br>(454,715) |  |

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# STATEMENT OF CHANGES IN MEMBER'S EQUITY

#### YEAR ENDED DECEMBER 31, 2024

| BALANCE - JANUARY 1, 2024   | 88,708       |
|-----------------------------|--------------|
| NET LOSS                    | (454,715)    |
| MEMBER CONTRIBUTIONS        | 425,128      |
| BALANCE - DECEMBER 31, 2024 | \$<br>59,121 |

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#### STATEMENT OF CASH FLOWS

#### YEAR ENDED DECEMBER 31, 2024

|                                                                                                                                                                         |          | 2024                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------------------------------------------------------------------------|
| CASH FLOWS USED IN OPERATING ACTIVITIES<br>Net loss<br>Adjustments to reconcile net loss to net cash                                                                    | \$       | (454,715)                                                                |
| provided from (used in) operating activities:<br>Noncash contributions for shared service expenses<br>Increase (decrease) in cash caused by changes in operating items: |          | 130,128                                                                  |
| Prepaid expenses<br>Other receivables<br>Deposits<br>Accounts payable<br>Accrued expenses<br>Payable to broker<br>Net cash flow used in operating activities            |          | 6,785<br>2,959<br>(2,833)<br>(3,712)<br>11,088<br>(472,536)<br>(782,836) |
| CASH FLOWS FROM INVESTING ACTIVITIES<br>Net cash flow from investing activities                                                                                         |          | -                                                                        |
| CASH FLOWS FROM FINANCING ACTIVITIES<br>Contributions from member<br>Net cash flow provided from financing activities                                                   |          | 295,000<br>295,000                                                       |
| DECREASE IN CASH                                                                                                                                                        |          | (487,836)                                                                |
| CASH, BEGINNING OF YEAR                                                                                                                                                 |          | 551,060                                                                  |
| CASH, END OF YEAR                                                                                                                                                       | \$       | 63,224                                                                   |
| SUPPLEMENTAL CASH FLOW DISCLOSURE:<br>Cash paid for interest<br>Cash paid for income taxes                                                                              | \$<br>\$ | -<br>-                                                                   |
| SUPPLEMENTAL NONCASH DISCLOSURE:                                                                                                                                        |          |                                                                          |
| Capital contributions                                                                                                                                                   | \$       | 130,128                                                                  |

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# NOTES TO THE FINANCIAL STATEMENTS

#### DECEMBER 31, 2024

#### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

#### Revenue Recognition

- Revenue from contracts with customers includes fee income from raising capital in connection with acquisitions and re-capitalizations of multi-family rental communities by the Parent. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration should be applied due to uncertain future events. Revenue for the capital raising arrangements is generally recognized at the point in time that performance under the arrangement is completed (the closing date of the transaction).
- Commission expenses are recognized at a point in time when they represent success fees payable to other broker-dealers for closed transactions. Commission expenses are recognized over time when they are for advisory services provided over the term of a contract.

#### Segment Reporting

- The Company is engaged in a single line of business as a broker-dealer, exclusively private placements. The Company has identified the Parent as the chief operating decision makers ("CODM"), who use net income and excess net capital to evaluate the results of the business, predominantly to determine the need for capital contributions, to manage the Company.
- 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. Revenue and expenses are noted in the Statement of Operations.

#### 3. NET CAPITAL REQUIREMENTS

The Company is subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-1), which requires that the Company maintain minimum net capital as defined under the rule. At December 31, 2024, the Company had net capital of \$38,822, which was \$33,822, in excess of its required minimum net capital of the greater of \$5,000 or 6-2/3% of aggregate indebtedness. The Company's ratio of aggregated indebtedness to net capital at December 31, 2024 was approximately 0.63 to 1, as compared to a maximum allowed ratio of 15 to 1.

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# NOTES TO THE FINANCIAL STATEMENTS

### DECEMBER 31, 2024

#### RELATED PARTY TRANSACTIONS ব

- The Company's related parties include the Parent and entities affiliated with the Parent. Under the terms of the shared services agreement, the Parent charges the Company a monthly fee representing an allocable share of rent, utilities, communications and office equipment, various supplies, and employee salaries. For the year ended December 31, 2024, the Company incurred fees of \$130,128. In lieu of payment, the Company reflects these amounts as non-cash capital contributions.
- The Company's fee income is derived from a percentage of equity raised in connection with acquisitions of multi-family rental communities and is paid by the Parent to the Company.

#### 5. CONTINGENT LIABILITY

The Company has entered into multiple participating broker dealer agreements with a third party to provide assistance with the offer and sale of limited partnership interests in private placements. The agreements provide for a synthetic interest payment due to the participating broker dealer at the conclusion of each partnership. The amount due to the participating broker dealer is contingent upon the performance of each partnership and the final equity multiple achieved. At this time, it is not possible to estimate a range of amounts to be owed and accordingly, no liability has been recorded at December 31, 2024 in the accompanying financial statements.

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# SCHEDULE 1 - COMPUTATION OF NET CAPITAL UNDER RULE 15c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION

# YEAR ENDED DECEMBER 31, 2024

|                                                                                              | 2024         |
|----------------------------------------------------------------------------------------------|--------------|
| NET CAPITAL                                                                                  |              |
| TOTAL EQUITY                                                                                 | \$<br>59,121 |
| DEDUCT NON-ALLOWABLE ASSETS                                                                  | (20,299)     |
| NET CAPITAL                                                                                  | \$<br>38,822 |
|                                                                                              |              |
| COMPUTATION OF NET CAPITAL REQUIREMENT:                                                      |              |
| AGGREGATE INDEBTEDNESS                                                                       |              |
| Accounts payable and accrued expenses                                                        | \$<br>24,402 |
|                                                                                              | 6.67%        |
| MINIMUM NET CAPITAL REQUIRED (the greater of \$5,000<br>or 6-2/3% of aggregate indebtedness) | 5,000        |
| EXCESS NET CAPITAL                                                                           | \$<br>33,822 |
|                                                                                              |              |
| Net Capital less greater of 10% of total aggregate                                           |              |
| indebtedness or 120% of the Net Capital Requirement                                          | \$<br>32,822 |
|                                                                                              |              |
| Ratio: Aggregate indebtedness to net capital                                                 | 0.63 to 1    |

Note: There are no material differences between the amounts presented above and the amounts reported on the unaudited Part IIA of Form X-17A-5 as originally filed as of December 31, 2024.

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# SCHEDULE 2 - COMPUTATION FOR DETERMINATION OF THE RESERVE REQUIREMENTS, AND INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS UNDER SEC RULE 15c3-3

DECEMBER 31, 2024

The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3 but claims exemption in accordance with Footnote 74 of the SEC Release No. 34-70073. In addition, the Company's business activities are limited exclusively to private placements; and the Company (1) did not directly or indirectly receive, hold, or otherwise 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 defined in Rule 15c3-3) throughout the year ended December 31, 2024. Accordingly, there are no items to report under the requirements of this rule.

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#### Report of Independent Registered Public Accounting Firm

We have reviewed management's statements included in the accompanying WOBD LLC Exemption Report, in which (1) WOBD, LLC (the "Company") did not claim an exemption under paragraph (k) of 17 C.F.R. § 240.15c3-3, and (2) identified the following conditions pursuant to Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240. 17a-5 under which the Company is eligible to file an Exemption Report because the Company limits its business activities exclusively to effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company, and the Company (i) did not directly or indirectly receive, hold, or otherwise 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; (ii) did not carry accounts of or for customers; and (iii) did not carry PAB accounts (as defined in Rule 15c3-3) (the "identified conditions") for the period January 1, 2024 through December 31, 2024 without exception. WOBD, LLC's management is responsible for compliance with the identified conditions 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 WOBD, LLC's compliance with the identified conditions. 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 conditions set forth in Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17 a-5.

Crowe LLP

Cleveland, Ohio March 3, 2025

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# **WOBD, LLC's EXEMPTION REPORT**

WOBD, LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following:

- (1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240.15c3-3 and
- (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to private placements, and the Company (1) did not directly or indirectly receive, hold, or otherwise 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 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company); (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year.

# **WOBD, LLC**

I, Michael J. Menzer, affirm that, to my best knowledge and belief, this Exemption Report is true and correct.

**By: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_**

Title: CEO & GENERAL MANAGER

**March 3, 2025**


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