# MD VANILLA B.V. X-17A-5 (2025-09-29) — Broker-dealer annual report - Company: MD VANILLA B.V. - Form: X-17A-5 - Filed: 2025-09-29 - Period: 2025-06-30 - Accession: 0001837758-25-000003 - CIK: 1837758 - File #: 8-70645 - Type: Broker-dealer - Material weakness: No - Auditor: RSM US LLP - Auditor location: Chicago, IL - Contact: Remko Huibers - Phone: 0031612993496 - Email: legal@maverickderivatives.com - Website: maverickderivatives.com - Signed by: Remko Huibers (CCO) Original filing: https://www.sec.gov/Archives/edgar/data/1837758/000183775825000003/20250923MD_1.pdf --- {0}------------------------------------------------ ## Financial Statements and Supplemental Schedules Public Per Rule 17A-5(e)(3) For the Year Ended June 30, 2025 {1}------------------------------------------------ # Financial Statements and Supplemental Schedules Public Per Rule 17a-5(e)(3) For the Year Ended June 30, 2025 # CONTENTS | OATH OR AFFIRMATION 4 | | |------------------------------------------------------------------------|--| | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 5 | | | STATEMENT OF FINANCIAL CONDITION 7 | | | STATEMENT OF OPERATIONS 8 | | | STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY 9 | | | STATEMENT OF CASH FLOWS 10 | | | NOTES TO FINANCIAL STATEMENTS 11 | | | SCHEDULE I - COMPUTATION OF NET CAPITAL PURSUANT TO RULE 15C3-1 OF THE | | | SECURITIES AND EXCHANGE COMMISSION 19 | | | | | ## SCHEDULE II - COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS AND THE POSSESSION OR CONTROL REQUIREMENTS PURSUANT TO SEC UNDER RULE 15C3-3 20 {2}------------------------------------------------ ![](_page_2_Picture_0.jpeg) ![](_page_2_Picture_4.jpeg) {3}------------------------------------------------ | UNITED STATES | | | | |------------------------------------|--|--|--| | SECURITIES AND EXCHANGE COMMISSION | | | | | Washington, D.C. 20549 | | | | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | AND ENDING 6/30/2025 | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|----------------------| | | חוק/חמ/חמ/אומ | MM/DD | | World Trade Center, Strawinskylaan 1941 | | | | | | |-----------------------------------------------|---------------|------------|--|--|--| | (No. and Street) | | | | | | | Amsterdam | NH | 1077XX | | | | | (City) | (State) | (Zip Code) | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | - Carlos Control - Chicago Control Concession | nan and one a | | | | | CCOU | | (Name - if individual, state last, first, and middle name) | | | |--------------------------------------------------|------------------------------------------------------------|---------|--------------------------------------------| | 30 S Wacker Drive, Suite 3300 Chicago | | | 60606 | | (Address) | (City) | (State) | (Zip Code) | | 09/24/2003 | | 49 | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | FOR OFFICIAL USE ONLY | | | | | | | | {4}------------------------------------------------ | Signature: | | | |------------|--|--| | Title: | | | - - - - - - - - - - - - - CFR - - - - - - - - - - - - - {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) #### **Report of Independent Registered Public Accounting Firm** To the Stockholder and Board of Managing Directors of MD Vanilla B.V. d/b/a Maverick Derivatives #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of MD Vanilla B.V. d/b/a Maverick Derivatives (the Company) as of June 30, 2025, the related statements of operations, changes in stockholder's equity, and cash flows for the year then ended, and the related notes to the financial statements. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 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. #### **Emphasis of Matter** As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations and is reliant on the Parent for continued financial support. Our opinion is not modified with respect to this matter. #### **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. 1 {6}------------------------------------------------ #### **Supplemental Information** The supplementary information contained in Schedule I and Schedule II (the Supplemental Information) has 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 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 Supplemental Information 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 2024. New York, New York September 23, 2025 {7}------------------------------------------------ ### Statement of Financial Condition #### ASSETS | | MD Vanilla B.V. d/b/a/ Maverick Derivatives | | |------------------------------------|-----------------------------------------------|-------------------------| | | Statement of Financial Condition | | | | As of June 30, 2025 | | | | Cash | \$
125 | | | Receivables From Broker Dealer | 1,438,848 | | | Interest Receivable | 4,580 | | | Nonmarketable Securities | 10,000 | | | Prepaid expenses | 4,011 | | | Other Assets | 3,194 | | TOTAL ASSETS | | \$ 1,460,758 | | LIABILITIES & STOCKHOLDER'S EQUITY | | | | | | | | | Payable And Accrued Expenses
Due To Parent | \$
37,477
453,211 | | TOTAL LIABILITIES | | \$
490,688 | | | | | #### LIABILITIES & STOCKHOLDER'S EQUITY #### LIABILITIES | | Other Assets | 3,194 | |----------------------|--------------------------------------------------------------------------------------------------|---------------| | | TOTAL ASSETS | \$ 1,460,758 | | | | | | | LIABILITIES & STOCKHOLDER'S EQUITY | | | LIABILITIES | | | | | Payable And Accrued Expenses | \$
37,477 | | | Due To Parent | 453,211 | | | TOTAL LIABILITIES | \$
490,688 | | STOCKHOLDER'S EQUITY | | | | | Common Stock
(€1.00 par value per share; 100
shares authorized, issued and
outstanding) | \$
104 | | | Additional Paid-in Capital | 1,665,030 | | | Accumulated Deficit | (695,064) | | | TOTAL STOCKHOLDER'S EQUITY | \$
970,070 | | | TOTAL LIABILITIES & STOCKHOLDER'S EQUITY | \$ 1,460,758 | {8}------------------------------------------------ ## Statement of Operations | | MD Vanilla B.V. d/b/a/ Maverick Derivatives | | |---------------|---------------------------------------------|-----------------| | | Statement of Operations | | | | For the Year Ended June 30, 2025 | | | Income | | | | | Interest income | \$
63,263 | | Total Income | | \$
63,263 | | Expense | | | | | Clearing fee | 150,000 | | | Regulatory | 74,844 | | | Professional fees | 65,200 | | | Personnel expenses | 38,820 | | | Development expenses | 11,091 | | | Administrative expenses | 8,873 | | | Bank service charges | 1,162 | | | Training expenses
Other | 21,230
62 | | | | | | Total Expense | | \$
371,282 | | | | | | Net Loss | | \$
(308,019) | {9}------------------------------------------------ ## Statement of Changes in Stockholder's Equity | | MD Vanilla B.V. d/b/a/ Maverick Derivatives | | | | | |--------------------------|----------------------------------------------|---------------------------|--------------------------------------------|----------------------------------|--------------------------------------------| | | Statement of Changes in Stockholder's Equity | | | | | | | | | For the Year Ended June 30, 2025 | | | | | Common
Shares | Common
Stock
Amount | Additional
Paid-in
Capital
Amount | Accumulated
Deficit
Amount | Total
Stockholder's
Equity
Amount | | Balance at July 1, 2024 | 100 | \$
104 | \$
1,665,030 | \$
(387,045) | \$
1,278,089 | | Net Loss | - | - | - | (308,019) | (308,019) | | Balance at June 30, 2025 | 100 | \$
104 | \$
1,665,030 | \$
(695,064) | \$
970,070 | {10}------------------------------------------------ ## Statement of Cash Flows #### For the Year Ended June 30, 2025 | MD Vanilla B.V. d/b/a/ Maverick Derivatives | | |-----------------------------------------------------------------------------|-----------------| | Statement of Cash Flows | | | | | | For the Year Ended June 30, 2025 | | | OPERATING ACTIVITIES | | | Net Loss | \$
(308,019) | | Adjustments to reconcile net loss to net cash used in operating activities: | | | Changes in operating assets and liabilities: | | | Receivables From Broker Dealer | 125,788 | | Interest Receivable | 1,892 | | Prepaid expenses | (4,011) | | Other Assets | 1,065 | | Payable And Accrued Expenses | 16,027 | | Due To Parent | 149,844 | | Net cash used in operating activities | (17,414) | | Net cash increase / (decrease) for year | (17,414) | | Cash at beginning of year | 17,539 | | Cash at end of year | \$
125 | {11}------------------------------------------------ ## Notes to Financial Statements ## For the Year Ended June 30, 2025 #### NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES #### Description of Business MD Vanilla B.V. d/b/a/ Maverick Derivatives (the "Company"), a wholly owned subsidiary of Maverick Derivatives Coöperatief U.A. (the "Parent") - is a private limited liability company organized and existing under the laws of the Netherlands. The Company is a proprietary trading company that trades on its own account. The Company is registered as a broker-dealer with the Securities and Exchange Commission ("SEC") and is a member of the Chicago Board Options Exchange ("CBOE"). The Company will perform proprietary trading of exchange-listed securities. The Company does not refer to other broker-dealers and does not hold or maintain funds or securities or provide clearing services for other broker-dealers. Although the Company is not exempt from Rule 15c3-3, it does not transact business in securities with or for customers and it does not carry margin accounts, credit balances of securities for any person defined as a customer under Rule 17a-5(c)(4). The Company affects transactions only with other broker-dealers and carries its trading accounts with a registered clearing partner. #### Summary Of Accounting Policies Accounting principles followed by the Company and the methods of applying those principles which materially affect the determination of financial position, results of operation and cash flows are summarized below. #### Clearing fees Clearing fees are the Company's most significant expenses, which include the direct expenses of executing and clearing transactions that we consummate in the course of our market making activities. Clearing fees primarily consist of fees charged by third parties. Clearing fees are paid to clearing houses and clearing agents. #### Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, which amends the disclosure requirements for income taxes. The amendments primarily include new requirements to disclose additional information as part of the reconciliation of the effective tax rate to statutory tax rate, provide the amount of income taxes paid, net of refunds received, and income tax expense disaggregated between federal, state and foreign jurisdictions and provide income before income taxes disaggregated between domestic and foreign jurisdictions. The amendments also discontinue certain other disclosure requirements. The amended guidance is effective for the Company on July 1, 2025, with early adoption permitted, and is to be applied prospectively, with retrospective application permitted. The Company is currently evaluating the impact of ASU 2023-09 on the consolidated statement of financial condition. {12}------------------------------------------------ ## Notes to Financial Statements For the Year Ended June 30, 2025 ## Basis of Accounting The accompanying financial statements are presented in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are stated in U.S. dollars. The financial statements of the Company have been prepared on the accrual basis of accounting and accordingly reflect all significant receivables, payables, and other liabilities. Management prepared the financial statements on a going concern basis. The continued losses in the period are considered attributable to the Company still being in its growth phase. Where necessary, the Company will continue to receive support from the Parent. ### Going concern As the Company has not yet begun trading operations, the Company is dependent upon available liquidity resources provided by the Parent. Absent further support from the Parent, there is substantial doubt about the Company's ability to continue as a going concern. The directors of the Company have received a letter of support from the Parent confirming that the Parent will continue to provide financial support to enable the Company to continue its business operations as a going concern, through October 1, 2026. The Company's management plans to make use of this support to meet any liquidity shortfalls as they arise for a period of one year from the date the financial statements are issued. As a result, the doubt regarding the Company's ability to continue as a going concern is alleviated and the Company's financial statements as of and for the year ended June 30, 2025, have been prepared on a going concern basis. ### Cash and Cash Equivalents The Company considers highly liquid instruments purchased with an original maturity of three months or less and that are not held in the ordinary course of its trading business to be cash equivalents. Cash consists of non-interest-bearing bank accounts and interest-bearing bank accounts. At June 30, 2025, the Company has no cash equivalents. The Company places its cash with financial institutions, and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation (FDIC) insurance limits. The Company monitors such credit risks and has not experienced any losses related to such risks. {13}------------------------------------------------ ## Notes to Financial Statements For the Year Ended June 30, 2025 #### Estimates The preparation of U.S. GAAP financial statements require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Management believes that the estimates utilized in preparing its financial statements are reasonable and prudent. Actual results could differ from those estimates. #### Revenue Recognition Financial instruments are initially recognized in the statement of financial condition at cost and subsequently are remeasured at their fair value. Fair values are obtained from quoted market prices. Changes in the fair values are included in the statement of operations. Gains and losses are treated as realized for financial statement purposes on the trade date of the transaction closing or offsetting the open position. Unrealized gains and losses are the difference between the value recognized on the reporting date and cost of open positions. All gains and losses are recognized in the profit and loss account. Interest income is recognized on accrual basis. #### Non-Marketable Securities Non-marketable securities consist of equity investments in privately-held stock. This non-marketable equity security does not have a readily determinable fair value. The Company accounts for this non-marketable security at cost less impairment. ### Current Expected Credit Losses (CECL) Accounting Policy for Receivables from Clearing Broker The Company accounts for its receivables using the incurred loss methodology with the current expected credit loss ("CECL") methodology. The guidance applies to financial assets measured at amortized cost, held-maturity debt securities and off-balance sheet credit exposures. For balance sheet assets, an allowance must be recognized at the origination or purchase of in-scope assets and represents the expected credit losses over the contractual life of those assets. Expected credit loss on off-balance sheet credit exposures must be estimated over the contractual period the Company is exposed to credit risk as a result of a present obligation to extend credit. Due to the short duration of the financial assets, there are no material estimates of credit losses related to these financial assets as of June 30, 2025. The Company is subject to credit risk to the extent that any broker with which it conducts business is unable to fulfill contractual obligations on its behalf. The Company's management monitors the financial condition of the broker and does not anticipate any losses from this counterpart. {14}------------------------------------------------ ## Notes to Financial Statements For the Year Ended June 30, 2025 ## Receivables from Broker-Dealer In the normal course of business, substantially all of the Company's securities transactions, money balances, and security positions are transacted with the Company's broker, ABN AMRO. As of June 30, 2025, receivables from broker-dealer represents the balance held by the broker-dealer in the amount of \$1,438,848. Pursuant to the clearing agreements, the Company is obligated to maintain minimum deposits in the aggregate amounts of \$1,000,000. ## NOTE 2 – NET CAPITAL REQUIREMENT Pursuant to the net capital provisions of Rule 15c3-1 of the Securities and Exchange Act of 1934, the Company is required to maintain a minimum net capital equal to \$100,000 or 6-2/3 percent of aggregate indebtedness, whichever is greater, as these terms are defined and that the rate of aggregate indebtedness to net capital, both as defined, not to exceed 15 to 1. Rule 15c3-1 also provides that equity capital may not be withdrawn if the resulting net capital ratio would exceed 10 to 1. At June 30, 2025, the Company had net capital of \$952,861 which was \$852,861 in excess of its minimum required net capital of \$100,000. The percentage of aggregate indebtedness to net capital is 51.50. ## NOTE 3 – SIGNIFICANT GROUP CONCENTRATION OF RISK As of the reporting date, the Company has not identified any concentration of credit risk that would require specific disclosure. The Company will continue to monitor its credit risk exposure and make appropriate disclosures if material changes occur in the future. ### NOTE 4 – COMMITMENTS The Company currently has no outstanding commitments or contingent liabilities. ### NOTE 5 – LITIGATION In the normal course of business, the Company may be involved in litigation matters. The Company does not believe that any current litigation or other matters to which it is a party will have a material adverse effect on its financial position or results of operations. {15}------------------------------------------------ ## Notes to Financial Statements For the Year Ended June 30, 2025 #### NOTE 6 – INDEMNIFICATIONS The Company enters into contracts that contain a variety of indemnifications. The Company's maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. The Company does not believe that any current indemnification or other matters to which it is a party will have a material adverse effect on its financial position or results of operations. #### NOTE 7 – GUARANTEES The Company has issued no guarantees. #### NOTE 8 – CLEARING AGREEMENT The Company has a Joint Back Office ("JBO") clearing agreement with ABN AMRO. This agreement allows JBO participants to receive favorable margin treatment compared to the full margin requirements of Regulation T. As part of this agreement, the Company has invested \$10,000 Preferred shares of ABN AMRO, which are reflected under Non-Marketable Securities on the Statement of Financial Condition. The agreement requires the Company to maintain a minimum net liquidity equity of \$1 million with ABN AMRO. ### NOTE 9 – RELATED-PARTY TRANSACTIONS The Company has a Services and Expenses Agreement with the Parent under which the Company reimburses the Parent for various costs the Parent may cover for the Company related to office, technology and administrative services as is mentioned in the services agreement. Total expense allocations to the Company for the year ended June 30, 2025, were \$71,455, and were comprised of allocated compensation costs of \$38,820 personnel expenses, \$12,671 regulatory, \$11,091 development expense and \$8,873 administrative expenses, which are reflected in the statement of operations. As of June 30, 2025, \$453,211 was payable to the Parent related to these expenses and is reflected in due to parent on the statement of financial conditions. ## NOTE 10 – REGULATORY AND OTHER CONTINGENCIES In the ordinary course of business, the Company is subject to regulatory investigations and other regulatory and legal proceedings. A substantial adverse judgement or other resolution regarding the proceedings could have a material adverse effect on the Company's statement of financial condition, results of operations, and cash flows. The Company does not have regulatory investigations and other regulatory and legal proceedings. {16}------------------------------------------------ ## Notes to Financial Statements For the Year Ended June 30, 2025 #### NOTE 11 – INCOME TAX Income taxes are accounted for in accordance with the provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 740 ("ASC 740") "Accounting for Income Taxes" under the asset and liability method. As required under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and the respective tax basis amounts. Deferred tax assets and liabilities are measured at the tax rate expected to apply in the years in which these differences are expected to be realized. The effect of a change in tax rate on deferred tax assets and liabilities is recognized in the period of the tax change. A valuation allowance is recorded when it is determined that it is more-likely-than-not, based upon all available evidence, both positive and negative, that a portion or all its deferred tax assets will not be realized. Uncertain tax positions are recorded using a more-likely-than-not threshold, which is based on the technical merits of the tax position taken. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefits determined on a cumulative probability basis, which are morelikely-than-not to be realized upon ultimate settlement in the financial statements. Interest and penalties are recognized as part of income tax expense. For the year ended June 30, 2025, the Company had a net loss of \$308,019, which resulted in the recognition of a deferred tax asset. However, due to a history of operating losses and the uncertainty regarding future taxable income, the Company concluded it is more-likely-than-not that the deferred tax asset will not be realized. Accordingly, a full valuation allowance has been recorded, resulting in no net tax benefit in the accompanying financial statements. The provisions for income tax were as follows for the year ended June 30, 2025: | Current Expense | \$
- | |------------------|---------| | Deferred Expense | - | | | \$
- | {17}------------------------------------------------ ## Notes to Financial Statements For the Year Ended June 30, 2025 The deferred tax assets were as follows as of June 30, 2025: | Deferred tax asset
Net operating loss carryforward | \$
149,041 | |-------------------------------------------------------|---------------| | Less valuation allowance | (149,041) | | Net deferred tax asset | -
\$ | As of June 30, 2025, the provision for income taxes differs from that computed by applying the statutory rate of 25.8% to income before provision for income tax, as indicated in the following analysis: | Loss before benefit from income tax | \$
79,469 | |-------------------------------------|--------------| | Valuation allowance | (79,469) | | | \$
- | As of June 30, 2025, the Company has \$577,678 of net operating loss carryforwards available to offset future taxable income. These carryforwards are indefinite-lived and thus do not expire. The Company is not under audit by any tax authority. FY24 and FY25 are open tax years. ### NOTE 12 – SEGMENT REPORTING The Company is engaged in a single line of business as a securities broker-dealer. The Company has identified its Principal as the Chief Operating Decision Maker ("CODM"), who 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 2), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or make distributions. 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 the profit and loss of the segment are the same as those described in the summary of significant accounting policies. At June 30, 2025, total assets presented in the Company's statement of financial condition represents total assets of the Company's single reportable segment. In addition, for the year ended June 30, 2025, segment revenue and significant expenses, including those expense categories and amounts that are regularly provided to the CODM, and segment net income are included in the Company's statement of operations. {18}------------------------------------------------ ## Notes to Financial Statements For the Year Ended June 30, 2025 #### NOTE 13 – SUBSEQUENT EVENTS Management has evaluated events subsequent to the statement of financial condition date for items requiring recording or disclosure in the financial statements as of September 23, 2025. Based upon this review, the Company has determined that there were no events which took place that would have a material impact on its financial statements. {19}------------------------------------------------ # Schedule I - Computation of Net Capital Pursuant to Rule 15c3-1 of the Securities and Exchange Commission | | Schedule I - Computation of Net Capital Pursuant to Rule 15c3-1 of the Securities and
Exchange Commission | | | | | |--------------------|--------------------------------------------------------------------------------------------------------------|--------|----|-----------|--| | | As of June 30, 2025 | | | | | | Net Capital | | | | | | | | Stockholder's Equity | | \$ | 970,070 | | | | Non-Allowable Assets | | | | | | | Nonmarketable Securities | 10,000 | | | | | Prepaid expenses | | 4,011 | | | | | Other assets | | 3,194 | | | | | | Total Non-Allowable Assets | 17,205 | | | | | Other deductions | | 4 | | | | | | Total Non-Allowable Assets and Other deductions | | | 17,209 | | | | Net Allowable Capital | | | 952,861 | | | | Aggregate Indebtedness | | | | | | | Payable and Accrued Expenses | | | 37,477 | | | Due to Parent | | | | 453,211 | | | | Total Aggregate Indebtedness | | | 490,688 | | | | Computation of Basic Net Capital Requirement | | | | | | (a) | Minimum Net Capital Required (6-2/3% of Total A.I) | | | 32,713 | | | (b) | Minimum Net Capital Requiremed of Broker-Dealer | | | 100,000 | | | | Net Capital Requirement (Greater of (a) or (b)) | | | 100,000 | | | Excess Net Capital | | | | \$852,861 | | | | Percentage of Aggregate Indebtedness to Net Capital | | | 51.50 | | {20}------------------------------------------------ # Schedule II - Computation for Determination of Reserve Requirements and the Possession or Control Requirements Pursuant to SEC Under Rule 15c3-3 For the Year Ended June 30, 2025 Although the Company is not exempt from Rule 15c3-3, it does not transact business in securities with or for customers and it does not carry margin accounts, credit balances or securities for any person defined as a customer under Rule 17a-5(c)(4). Accordingly, there are no amounts reportable under these sections. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.