# THE BALDWIN GROUP SECURITIES, LLC X-17A-5 (2025-04-15) — Broker-dealer annual report - Company: THE BALDWIN GROUP SECURITIES, LLC - Form: X-17A-5 - Filed: 2025-04-15 - Period: 2024-12-31 - Accession: 0001883828-25-000003 - CIK: 1883828 - File #: 8-70808 - Type: Broker-dealer - Material weakness: No - Auditor: Ohab & Co - Auditor location: Maitland, FL - Contact: Kim Estrada - Phone: 813-934-2743 - Email: trevor.harkness@baldwin.com - Website: baldwin.com - Signed by: Trevor Harkness (Chief Compliance Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1883828/000188382825000003/baldwin12312024.pdf --- {0}------------------------------------------------ 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 8-70808 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 03/20/2024 12/31/2024 AND ENDING MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION # NAME OF FIRM: The Baldwin Group Securities, LLC 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.) ## 6720-B Rockledge Drive, Suite 450 | | (No. and Street) | | | | | | | |------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------|------------|--|--|--|--| | Bethesda | MD | | 20817 | | | | | | (City) | (State) | | (Zip Code) | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | Trevor Harkness | 904-395-8039 | Trevor.Harkness@Baldwin.com | | | | | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing *
Ohab & Co | | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | | | | 100 E Sybelia | Maitland | ւ | 32751 | | | | | | (Address) | (City) | (State) | (Zip Code) | | | | | | 07/28/2024 | | 1839 | | | | | | | (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. {1}------------------------------------------------ #### OATH OR AFFIRMATION Notary Public ( #### 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. - □ (j) 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. - O (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. - | worth under 17 CFR 240.15c3-1, 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 240.15c3-1e or 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 inadequacies exist, under 17 CFR 240.17a-12(k). - O (z) Other: \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(2) or 17 CFR 240.18a-7(d)(2), as applicable. {2}------------------------------------------------ # The Baldwin Group Securities, LLC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION (Confidential Per Rule 17a-5(e)(3)) December 31, 2024 {3}------------------------------------------------ # The Baldwin Group Securities, LLC ## CONTENTS | | Page | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm 1 | | | Financial Statements | | | Statement of Financial Condition 2
Statement of Operations 3 | | | Statement of Changes in Member's Equity 4
Statement of Cash Flows 5 | | | Notes to Financial Statements 6-9 | | | Supplemental Schedules Required by Rule 17a-5 of the Securities Exchange Act of 1934 | | | Schedule I - Computation of Net Capital under Rule 15c3-1 of the | | | Securities and Exchange Commission 10
Schedule II – Computation for Determination of Reserve Requirements under Rule 15c3-3 | | | of the Securities and Exchange Commission (exemption) 11
Schedule III – Information Relating to Possession or Control Requirements under Rule 15c3-3
of
the Securities and Exchange Commission (exemption) 12 | | | Report of Independent Registered Public Accounting Firm ………………………………13
Management's Exemption Report 14 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) 100 E. Sybelia Ave. Suite 130 Maitland, FL 32751 Certified Public Accountants Email: pam@ohabco.com Telephone 407-740-7311 Fax 407-740-6441 #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Members of The Baldwin Group Securities, LLC #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of The Baldwin Group Securities, LLC for the period March 20, 2024 to 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 and schedules (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of The Baldwin Group Securities, LLC for the period March 20, 2024 to 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 Baldwin Group Securities, LLC's management. Our responsibility is to express an opinion on The Baldwin Group Securities, LLC'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 Baldwin Group Securities, LLC 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. #### Auditor's Report on Supplemental Information The Schedules | Il and III have been subjected to audit procedures performed in conjunction with the audit of The Baldwin Group Securities, LLC's financial statements. The supplemental information is the responsibility of The Baldwin Group Securities, LLC'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, Schedules I, II and III are fairly stated, in all material respects, in relation to the financial statements as a whole. Okal and Conpag. It We have served as The Baldwin Group Securities, LLC's auditor since 2024. Maitland, Florida April 15, 2025 {5}------------------------------------------------ ### STATEMENT OF FINANCIAL CONDITION #### DECEMBER 31, 2024 #### ASSETS | Cash | \$
1,254,341 | |---------------------|-----------------| | Accounts receivable | 62,086 | | Prepaid expense | 1,264 | | Total Assets | \$
1,317,691 | ### LIABILITIES AND MEMBER'S EQUITY | Commissions payable | 73,234 | |---------------------------------------|-----------------| | Due to affiliate | 173,832 | | Total liabilities | 247,066 | | Member's equity | 1,070,625 | | Total Liabilities and Member's Equity | \$
1,317,691 | The accompanying notes are an integral part of these financial statements. {6}------------------------------------------------ #### STATEMENT OF OPERATIONS #### FROM INCEPTION MARCH 20, 2024 TO DECEMBER 31, 2024 | Revenues: | Revenue sharing
Interest income | \$1,433,960
9,956 | | |-----------------|------------------------------------|----------------------|-----------| | | Total revenue | | 1,443,916 | | Expenses: | | | | | | Advisor Commission expense | 312,583 | | | | BD Partner expense | 111,494 | | | | General and administrative expense | 80,715 | | | | Professional fees | 33,799 | | | | Occupancy | 16,500 | | | | Regulatory fees | 12,743 | | | Total expenses: | | | 567,834 | | Net profit | | | \$876,083 | The accompanying notes are an integral part of these financial statements. {7}------------------------------------------------ ## STATEMENT OF CHANGES IN MEMBER'S EQUITY ## FROM INCEPTION MARCH 20, 2024 TO DECEMBER 31, 2024 | Balance - March 20, 2024 | \$194,542 | |-----------------------------|-------------| | Net income | 876,083 | | | | | Balance - December 31, 2024 | \$1,070,625 | The accompanying notes are an integral part of these financial statements. {8}------------------------------------------------ ## STATEMENT OF CASH FLOWS ## FROM INCEPTION MARCH 20, 2024 TO DECEMBER 31, 2024 | Cash flows from operating activities: | | |-------------------------------------------------|-------------| | Net profit | \$876,083 | | Adjustments to reconcile net profit to net cash | | | used in operating activities: | | | Increase in accounts receivable | (62,086) | | Increase in prepaid expense | (1,202) | | Increase in commissions payable | 73,234 | | Increase in due to affiliate | 173,832 | | Net cash used in operating activities | 1,059,861 | | Net increase in cash | 1,059,861 | | Cash - March 20, 2024 | 194,480 | | Cash - December 31, 2024 | \$1,254,341 | Non Cash Items Interest \$0 Taxes \$0 The accompanying notes are an integral part of these financial statements. {9}------------------------------------------------ ## THE BALDWIN GROUP SECURIITES LLC NOTES TO FINANCIAL STATEMENTS FROM INCEPTION MARCH 20, 2024 TO DECEMBER 31, 2024 ## NOTE 1 – ORGANIZATION AND NATURE OF THE BUSINESS The Baldwin Group Securities, LLC (The "Company"), was organized on April 12, 2019, in the state of Florda as a limited liability company. The Company was approved as a broker-dealer on March 20, 2024. The Company is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority, Inc. (FINRA) and the Securities Investors Protection Corp ("SIPC"). The term of the Company shall continue in perpetuity, unless sooner terminated in accordance with the provisions of its operating agreement. The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of a commission sharing arrangement with other FINRA member broker-dealers on mutual fund, annuity and other security transactions. ## NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES #### Basis of Presentation The Company prepares its financial statements on an accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Revenue Recognition ASC 606, Revenue from Contracts with Customers requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The guidance requires an entity to follow a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price and (d) allocate the transaction price to the performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The Company derives revenue through a revenue sharing agreement with two broker dealers who engage in the securities business. The Company receives a portion of the other two broker-dealers' commissions and fees pursuant to the agreement, from the purchase and sale of securities, direct business and advisory fees generated by representatives of the two respective broker dealers in exchange for providing infrastructure including support personnel and rent. Revenue is recognized on the trade date of the securities transaction as that is when the Company believes all performance obligations have been satisfied. {10}------------------------------------------------ ## THE BALDWIN GROUP SECURITIES LLC NOTES TO FINANCIAL STATEMENTS FROM INCEPTION MARCH 20, 2024 TO DECEMBER 31, 2024 ## NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED) Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2024, the Company had no cash equivalents. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Segment reporting The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of a commission sharing arrangement with other FINRA member broker-dealers on mutual fund, annuity, and other security transactions. The Company has identified its Chief Executive Officer as the chief operating decision maker ("CODM"), who in conjunction with the parent company evaluates 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 the profit and loss of the segment are the same as those described in the summary of significant accounting policies. ### NOTE 3 - NET CAPITAL REQUIREMENTS The Company is subject to the SEC Uniform Net Capital Rule ("SEC Rule 15c3-1"), under which the Company is required to maintain a minimum net capital of \$5,000 and requires that the ratio of aggregate indebtedness to net capital, as defined, shall not exceed 8 to 1 for its first year of operations. At December 31, 2024, the Company had net capital of \$1,007,274, which exceeded the required net capital by \$976,391 and a total aggregate indebtedness of \$247,066. The Company's aggregate indebtedness to net capital ratio was .2453 to 1 at December 31, 2024. {11}------------------------------------------------ ## THE BALDWIN GROUP SECURITIES, LLC NOTES TO FINANCIAL STATEMENTS FROM INCEPTION MARCH 20, 2024 TO DECEMBER 31, 2024 #### NOTE 4 – SEA RULE 15C3-3 EXEMPTION The Company is not claiming e x e m p t i o n under paragraph (k) of 17 C.F.R. §240. I5c3-3 for the year ended December 31, 2024. The Firm is in reliance on footnote 74 of the 2013 SEC Release 34- 70073. ## NOTE 5 - RELATED PARTY TRANSACTIONS The Company has entered an expense sharing agreement with Baldwin Group Financial Service Holdings, LLC (F/N/A) BRP Financial Services Holdings, LLC, the parent company. The agreement provides that the Company will provide administrative services and facilities at the Company's office space located in Bethesda, MD. The Company affiliate, The Baldwin Group Financial Services Holdings, has paid some of the Company's regulatory and other operational expenses during its approximately nine months of operations which amounted to \$173,832 which is due to the related party as of December 31, 2024. The Company is party to an administrative services agreement with entities under common ownership under which it paid \$16,500 in rent and \$13,667 in administrative costs. ## NOTE 6 – FAIR VALUE Certain financial instruments are carried at cost on the balance sheet, which approximately fair value due to their short term, highly liquid nature. These instruments include cash, accounts payable and accrued expenses. #### NOTE 7 – CONCENTRATIONS AND CREDIT RISK Financial instruments that subject the Company to credit risk consist principally of cash. The Company performs certain credit evaluation procedures and does not require collateral for financial instruments subject to credit risk. The Company maintains checking in a financial institution. Accounts at the banks are insured by the Federal Deposit Insurance Corporation ("FDIC"). At times, cash may be uninsured or in deposit accounts that exceed the FDIC insurance limit. The Company has not experienced any losses in the accounts. The Company believes it is not exposed to any significant risk on cash. Management periodically assesses the financial condition of the banks and believes that any potential credit loss is minimal. At December 31, 2024, all the Company's cash is held at one financial institution. {12}------------------------------------------------ ## THE BALDWIN GROUP SECURITIES, LLC NOTES TO FINANCIAL STATEMENTS FROM INCEPTION MARCH 20, 2024 TO DECEMBER 31, 2024 ### NOTE 8 – INCOME TAXES The Company is a Florida LLC. The members of LLC are taxed on their proportionate share of the Company's federal and state taxable income. Accordingly, no provision for federal or state income taxes has been included in the financial statements. The Company files an income tax return in its federal, state and local jurisdiction. The Company is not subject to federal, state and local income tax examinations by tax authorities for years prior to 2024. ### NOTE 9 – COMMITMENTS AND CONTINGENCIES From time to time, the Company may be involved in ordinary routine litigation incidental to its business. Currently, there are no litigations against the Company. Certain conditions may exist as of the date financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company, or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un asserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought therein. During the normal course of business, the Company is subject to routine examinations by regulatory authorities. As of December 31, 2024, there are no outstanding issues as a result of these examinations that could have a material impact to the financial statements. #### NOTE - 10 Subsequent Events The Company has evaluated events subsequent to December 31, 2024, to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were available to be issued. Based upon this evaluation, it was determined that no subsequent events occurred that require recognition or disclosure in the financial statements. {13}------------------------------------------------ ## THE BALDWIN GROUP SECURITIES, LLC COMPUTATION OF NET CAPITAL UNDER RULE 15c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION DECEMBER 31, 2024 | Net Capital | | | |--------------------------------------------------------|---------|---------------| | Total member's equity | | \$ 1,070,625 | | Deductions and Charges | | | | Non-allowable assets: | | | | Recievable | 62,086 | | | Prepaid expense | 1,264 | | | Total Deductions and Charges | | 63,350 | | Net Capital | | \$ 1,007,275 | | Aggregate Indebtedness (A.I.) | | | | Accounts payable and accrued expenses | 247,066 | | | Total Aggregate Indebtedness | | \$
247,066 | | Computation of Basic Net Capital Requirement | | | | (a) Minimum net capital required (12.5% of total A.I.) | | \$
30,883 | | (b) Minimum net capital required of broker dealer | | \$
5,000 | | Net Capital Requirement (Greater of (a) or (b)) | | \$
30,883 | | Excess Net Capital | | \$
976,392 | | Ratio of A.I. to Net Capital | | .2453 to 1 | ## STATEMENT PURSUANT TO PARAGRAPH (d)(4) OF RULE 17a-5 There are no material differences between the above computation and the computations included in the Company's corresponding unaudited Form X - 17A - 5 Part A that was most recently filed. See Report of Independent Registered Public Accounting Firm and Notes to Financial Statements {14}------------------------------------------------ ## THE BALDWIN GROUP SECURITIES LLC COMPUTATION FOR THE DETERMINATION OF RESERVE REQUIREMENTS UNDER 15c3-3 OF THE SECURITIES AND EXCHANGE COMMISSION (EXEMPTION) DECEMBER 31, 2024 *The Company is not claiming exemption under paragraph (k) of 17 C.F.R. §240. I5c3-3 for the year ended December 31, 2024. The Firm is in reliance on footnote 74 of the 2013 SEC Release 34-70073. Therefore, the Computation for Determination of the Reserve Requirements under Exhibit A of Rule 15c3- 3 and the Information Relating to the Possession or Control Requirements under Rule 15c3-3 have not been provided.* See report of independent registered public accounting firm. {15}------------------------------------------------ ## SCHEDULE III THE BALDWIN GROUP SECURITIES LLC INFORMATION RELATING TO POSSESION OR CONTROL REQUIREMENTS UNDER RULE 15c3-3 OF THE SECURITIES AND EXCHANGE COMMISSION (EXEMPTION) DECEMBER 31, 2023 *The Company is not claiming exemption under paragraph (k) of 17 C.F.R. §240. I5c3-3 for the year ended December 31, 2024. The Firm is in reliance on footnote 74 of the 2013 SEC Release 34-70073. Therefore, the Computation for Determination of the Reserve Requirements under Exhibit A of Rule 15c3- 3 and the Information Relating to the Possession or Control Requirements under Rule 15c3-3 have not been provided.* See report of independent registered public accounting firm. {16}------------------------------------------------ ![](_page_16_Picture_0.jpeg) 100 E. Sybelia Ave. Suite 130 Maitland, FL 32751 Certified Public Accountants Email: pam@ohabco.com Telephone 407-740-7311 Fax 407-740-6441 #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Members of The Baldwin Group Securities, LLC We have reviewed managements, included in the accompanying Rule 15c3-3 Exemption Report pursuant to SEC Rule 17a-5, in which (1) The Baldwin Group Securities, LLC (the Company) did 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 revenue sharing with two other broker-dealers. In addition, the Company did not directly 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; did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. The Baldwin Group Securities, LLC's management is responsible for compliance with the provisions contemplated by Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 and related SEC Staff Frequently Asked Questions 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 The Baldwin Group Securities, LLC's compliance with the exemption provisions. 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 upon the Company's business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5, and related SEC Staff Frequently Asked Questions. Ohab and Company, PA Maitland, Florida April 15, 2025 {17}------------------------------------------------ #### Baldwin Group Securities, LLC Exemption Report SEC Rule 17a-5 (d) (4) #### April 2025 The Baldwin Group Securities (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 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 SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to: (1) The Company's business activity is limited to revenue sharing with two other broker-dealers; (2) and 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); and 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 without exception. Baldwin Group Securities LLC I, Trevor Harkness, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. Trevor Harkness, Chief Compliance Officer Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.