# PAVE SECURITIES, LLC X-17A-5 (2025-02-28) — Broker-dealer annual report

- Company: PAVE SECURITIES, LLC
- Form: X-17A-5
- Filed: 2025-02-28
- Period: 2024-12-31
- Accession: 0001958711-25-000001
- CIK: 1958711
- File #: 8-71031
- Type: Broker-dealer
- Material weakness: No
- Auditor: CohnReznick LLP
- Auditor location: New York, NY
- Contact: Christopher Ainsworth
- Phone: 949-662-2850
- Email: chris@pavefinance.com
- Website: pavefinance.com
- Signed by: Christopher Lee Ainsworth (CEO)

Original filing: https://www.sec.gov/Archives/edgar/data/1958711/000195871125000001/pspr.pdf

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

OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12

sec file number

8-71031

## 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

AND ENDING\_12/31/24 filing for the period beginning \_\_1/01/24

MM/DD/YY

MM/DD/YY

A. REGISTRANT IDENTIFICATION

# NAME OF FIRM: PAVE 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.)

# 171 MADISON AVE., SUITE 1500

| NY<br>(State)<br>PERSON TO CONTACT WITH REGARD TO THIS FILING |                       | 10016<br>(Zip Code)                                                                                                                     |  |
|---------------------------------------------------------------|-----------------------|-----------------------------------------------------------------------------------------------------------------------------------------|--|
|                                                               |                       |                                                                                                                                         |  |
|                                                               |                       |                                                                                                                                         |  |
|                                                               |                       |                                                                                                                                         |  |
| 949-662-2850                                                  | chris@pavefinance.com |                                                                                                                                         |  |
| (Area Code - Telephone Number)                                |                       | (Email Address)                                                                                                                         |  |
| B. ACCOUNTANT IDENTIFICATION                                  |                       |                                                                                                                                         |  |
|                                                               |                       |                                                                                                                                         |  |
| 1301 Avenue of the Americas  New York                         | NY                    | 10019                                                                                                                                   |  |
| (City)                                                        | (State)               | (Zip Code)                                                                                                                              |  |
|                                                               | 596                   |                                                                                                                                         |  |
|                                                               |                       |                                                                                                                                         |  |
|                                                               |                       | (PCAOB Registration Number, if applicable)                                                                                              |  |
|                                                               |                       | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>(Name - if individual, state last, first, and middle name) |  |

\* 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.

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#### OATH OR AFFIRMATION

|, Christopher Lee Ainsworth

\_, swear (or affirm) that, to the best of my knowledge and belief, the

Signature:

financial report pertaining to the firm of PAVE SECURITIES LLC as a comments as of 12/31 , 2024

partner, officer, director, or equivalent person, as the case may proprietary interest in any account classified solely as that of a customer.

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 income 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.
- | (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- □ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.18a-7, as applicable.
- □ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- ا (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.
- | 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:
- \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(2), as applicable.

Newport News Virigina Electronic Notary Public

Notarized remotely online using communication technology via Proof.

![](_page_1_Picture_37.jpeg)

August 31, 2027

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## STATEMENT OF FINANCIAL CONDITION

## Year Ended DECEMBER 31, 2024

Filed pursuant to Rule 17a-5(e)(3)

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## TABLE OF CONTENTS

|                                                         | Page No. |
|---------------------------------------------------------|----------|
| Report of Independent Registered Public Accounting Firm | -        |
| Financial Statements:                                   |          |
| Statement of Financial Condition                        | 2        |
| Notes to Financial Statements                           | 3 - 6    |

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![](_page_4_Picture_1.jpeg)

#### Report of Independent Registered Public Accounting Firm

Board of Directors and Member Pave Securities, LLC

#### Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Pave Securities, LLC (the "Company") as of December 31, 2024, and the related notes (collectively referred to as the "financial statement"). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of the Company as of December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement 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 Pave 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 statement is free of material misstatement, whether due to error or fraud.

Pave Securities, LLC 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 the effectiveness of the entity'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 statement, 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 statement. 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 statement. We believe that our audit provides a reasonable basis for our opinion.

We have served as Pave Securities, LLC's auditor since 2023.

Los Angeles, California February 27, 2025

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## Pave Securities, LLC Statement of Financial Condition December 31, 2024

## ASSETS

| Cash             | 38,265<br>ea |
|------------------|--------------|
| Clearing deposit | 3,053        |
| Prepaid expenses | 23           |
| Total Assets     | ಳ<br>41,341  |
|                  |              |

## LIABILITIES AND MEMBER'S EQUITY

| Liabilities:                             |             |
|------------------------------------------|-------------|
| Accounts payable and accrued liabilities | 22,600<br>S |
| Total Liabilities                        | 22,600      |
| Total Member's equity                    | 18.741      |
| Total Liabilities and Member's Equity    | B<br>41.341 |

The accompanying notes are an integral part of these financial statements.

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#### NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2024

#### 1.

#### Description of Business

Pave Securities, LLC was established in the State of Delaware on November 30, 2022, as a wholly owned subsidiary of Pave Finance, Inc. (the Parent Company), a New York headquartered investment holding company. Pave Investment Advisors, LLC and Pave Labs, LLC, are also subsidiaries of Pave Finance, Inc. and are affiliated entities to Pave Securities, LLC. EPI Holding, LLC, a Delaware limited liability company, is the majority owner of the Parent Company.

Pave Securities, LLC (the Company) is registered with the Securities and Exchange Commission ("SEC") and was approved on August 29, 2023 as a fully disclosed introducing securities broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Company acts as an introducing broker on behalf of Interactive Brokers, LLC (the Clearing Broker). The Clearing Broker acts as the custodian and clearing broker for all customer funds and securities. Customers receive solicited trades from the Company via the Company's software platform that personalizes consumer's investment portfolios based on their unique needs and circumstances. The customer maintains the sole discretion to approve or not approve trades in their respective accounts.

The Company generates revenue in the form of commissions, hypothecation and spreads on cash balances from customers. The Company started trading activity on February 9, 2024.

#### Liquidity

The Company has been fully supported by the Parent Company thus far, with an initial investment of \$100,000. The Parent Company anticipates continuing to support the Company from time to time and until it starts generating revenues from its own client base. The Parent Company has the ability and intent to provide support. In 2024 the Parent Company contributed additional capital in the amount of \$169,245.

#### Basis of presentation

The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America ("GAAP") and conform to practices within the broker-dealer industry.

#### Estimates

The Company prepares its financial statements in conformity with GAAP. The preparation of financial statements in accordance with such principles requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual amounts could differ from those estimates.

#### Cash

The Company maintains cash in a bank deposit account held at financial institutions. As of December 31st, 2024, the cash balance was \$38,265.

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### NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2024

#### 1. Organization and Summary of Significant Accounting Policies (continued)

#### Clearing Deposit

The Company has a \$3,053 clearing deposit with the Clearing Broker.

#### Accounts Receivable

There are no accounts receivable as of December 31, 2024.

#### Concentrations

#### Cash

The Company maintains a cash balance at two institutions. The accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to \$250,000. On December 31, 2024, the Company's cash balance did not exceed the FDIC insured limit.

#### Clearing deposit

The Company has a clearing deposit with the Clearing Broker. The account is insured by the Securities Investment Protection Corporation (SIPC) up to \$250,000. On December 31, 2024, the Company's clearing deposit balance did not exceed the SIPC insured limit.

#### Income Taxes

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, entities are not required to allocate income tax provisions to a legal entity that is both not subject to tax and a disregarded entity by the taxing authority. The Company does not have tax liabilities with respect to federal and state income taxes in the United States of America. The Company is a single member LLC which is disregarded for US federal and state tax purposes in accordance with the limited liability company agreement and no formal tax-sharing arrangement exists with the single member, Pave Finance, Inc. Furthermore, there are no commitments the Company has made to Pave Finance, Inc. that the Company would fund any tax liability of Pave Finance, Inc. with the earnings of the Company.

#### Uncertain tax positions

In accordance with the FASB ASC No. 740 ("ASC 740") Subtopic 05 "Accounting for Uncertainty in Income Taxes," the Company accounts for uncertain tax positions by determining whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeal or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company did not recognize any amounts from uncertain tax positions.

The Company's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analyses of tax laws, regulations and

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### NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2024

### 1.Organization and Summary of Significant Accounting Policies (continued)

interpretations thereof as well as other factors. Generally, federal, state and local authorities may examine the Company's tax returns for all tax years since inception.

### Newly implemented Accounting Standard

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-07 that focuses on improving reportable segment disclosures, particularly around significant segment expenses. Public entities are required to provide more detailed information about segment expenses to help readers better understand an entity's overall performance and assess potential future cash flows. The disclosures are required on an annual and interim basis, as applicable. ASU 2023-07 is effective for the Company for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.The Company adopted ASU 2023-07 (See Note 8).

#### 2. Member's Equity

The Company was initially capitalized by the contribution of cash from the Parent Company with a value of \$100,000 on January 26, 2023. In 2024, the Company received additional capital contributions from the Parent Company in the amount of \$169,245, of which \$69,745 was settled in-kind for shared allocated expenses.

#### Net Capital Requirements 3.

The Company is subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, defined as shall not exceed 15 to 1. On December 31, 2024, the Company had net capital of \$15,665, which was \$10,665 in excess of its required net capital of \$5,000. The Company's aggregate indebtedness to net capital ratio was 1.44 to 1.

#### 4. Related Party Transactions

In the ordinary course of business, the Company utilizes services from the Parent entity. The Parent Company allocates a share of its expenses pursuant to the Expense Sharing Agreement. Expenses allocated from parent are comprised of payroll related expenses, rent, software fees, technology expense, compliance, office expenses, utilities and other expenses from the parent entity. The Company had no amounts due from or to related parties at December 31, 2024.

#### 5. Subsequent Events

Management has evaluated subsequent events through the date of the report of independent registered public accounting firm on which the financial statements were available to be issued.

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