# DEVON PARK SECURITIES, LLC X-17A-5 (2025-03-28) — Broker-dealer annual report - Company: DEVON PARK SECURITIES, LLC - Form: X-17A-5 - Filed: 2025-03-28 - Period: 2024-12-31 - Accession: 0001991819-25-000002 - CIK: 1991819 - File #: 8-71146 - Type: Broker-dealer - Material weakness: No - Auditor: YSL & Associates LLC - Auditor location: New York, NY - Contact: David Figur - Phone: (561) 834-2447 - Email: dfigur@devonparkadvisors.com - Website: devonparkadvisors.com - Signed by: David Figur (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1991819/000199181925000002/dppub.pdf --- {0}------------------------------------------------ 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 8-71146 # ANNUAL REPORTS FORM X-17A-5 PART III | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | | | | | | | |-------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|------|-----------------|--------------------------------------------|--|--|--|--|--| | filing for the period beginning 04/15/24
12/31/24
AND FNDING | | | | | | | | | | | | MM/DD/YY | | | MM/DD/YY | | | | | | | A. REGISTRANT IDENTIFICATION | | | | | | | | | | | NAME OF FIRM: Devon Park Securities, LLC | | | | | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
ച 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.) | | | | | | | | | | | 12012 South Shore Blvd., Suite 201 | | | | | | | | | | | | (No. and Street) | | | | | | | | | | Wellington | i | | | 33414 | | | | | | | (City) | (State) | | | (Zip Code) | | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | | | David Figur | (561) 834-2447 | | | Dfigur@devonparkadvisors.com | | | | | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | | | | | | B. Accountant Identification | | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
YSL & Associates LLC | | | | | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | | | | | 11 Broadway, Suite 700 | New York | | NY | 10004 | | | | | | | (Address) | (City) | | (State) | (Zip Code) | | | | | | | 06/06/2006 | | 2699 | | | | | | | | | (Date of Registration with PCAOB)(if applicable) | FOR OFFICIAL USE ONLY | | | (PCAOB Registration Number, if applicable) | | | | | | \* 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 | swear (or affirm) that, to the best of my knowledge and belief, the
financial report pertaining to the firm of Devon Park Securities, LLC | as of the manager of the county of as fof | | | | |----------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|--|--|--| | 12/31
, 2 024 , is true and correct. I further swear (or affirm) that neither the company nor any | | | | | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely | | | | | | as that of a customer. | | | | | | | | | | | | | Signature: | | | | | | | | | | | | ITCle: | | | | | | | | | | | | | | | | | Notary Public | | | | | | | NAEJA E LEWIS-SCO | | | | | This filing** contains (check all applicable boxes): | NOTARY PUBLIC | | | | | (a) Statement of financial condition. | STAE OF NEW JERSE
WY COMMISSION EXPIRES MARCH 31, 2028 | | | | | (b) Notes to consolidated statement of financial condition. | COMMISSION: #50208541 | | | | | [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. | | | | | | [] 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. | | | | | | [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. | | | | | | [ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. | | | | | | □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR | | | | | | 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. | | | | | | □ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net | | | | | | worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, 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-12, or 17 CFR 240.18a-7, as applicable. | | | | | | [r] Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. | | | | | | [s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. | | | | | | (t) Independent public accountant's report based on an examination of the statement of financial condition. | | | | | | □ (u) Independent public accountant's report based on an examination of the financial statements under 17 | | | | | | CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. | | | | | | □ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 | | | | | | CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. | | | | | | [w] Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 | | | | | | CFR 240.18a-7, as applicable. | | | | | | (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12,
as applicable. | | | | | | | | | | | | □ (y) Report describing any material inadequacies found to 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: | | | | | applicable. {2}------------------------------------------------ # Devon Park Securities, LLC Statement of Financial Condition Pursuant to Rule 17a-5 under the Securities Exchange Act of 1934 For the Period April 15, 2024 through December 31, 2024 {3}------------------------------------------------ # Devon Park Securities, LLC Table of Contents | Report of Independent Registered Public Accounting Firm | 1 | |---------------------------------------------------------|-----| | Statement of Financial Condition | 2 | | Notes to the Statement of Financial Condition | 3-9 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM # Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Devon Park Securities, LLC (the December 31, 2024, and the related notes (collectively referred to as the financial statement ). In our opinion, the financial statement 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 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 statement is 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 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 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. We have served as Devon Park Securities, LLC auditor since 2024. New York, NY March 27, 2025 {5}------------------------------------------------ # Devon Park Securities, LLC Statement of Financial Condition As of December 31, 2024 #### Assets | Devon Park Securities, LLC | | |-------------------------------------------------------------|-----------------| | Statement of Financial Condition
As of December 31, 2024 | | | Assets | | | Cash | \$
24,746 | | Short-Term Investments | 4,506,659 | | Accounts Receivable | 1,210,522 | | Due from Parent | 43,098 | | Other Assets | 1,455 | | Total Assets | \$
5,786,480 | | Liabilities and Member's Equity | | | Liabilities | | | Accrued Expenses | \$
17,899 | | Total Liabilities | 17,899 | | Member's Equity | 5,768,581 | | Total Liabilities and Member's Equity | \$
5,786,480 | The accompanying notes are an integral part of this Statement of Financial Condition. {6}------------------------------------------------ # Note 1—Organization Devon Park Securities, LLC (the "Company") is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and a member of the Financial Industry Regulatory Authority ("FINRA"). The Company commenced operations as a broker-dealer on April 15, 2024. The Company claims exemption under Footnote 74 of the SEC Release No. 34-70073 adopting amendments to SEC Rule 17a-5 from certain regulations concerning reserves and protection of client securities. Consequently, the Computation for Determination of Reserve Requirements and Information Relating to the Possession or Control Requirements pursuant to SEC Rule 15c3-3 are not required. The Company does not hold securities accounts for clients or trade in securities for its own account other than the investment in shortterm marketable debt securities to manage excess liquidity. See Note 2—Summary of Significant Accounting Policies for further information. The Company provides a range of a strategic private capital advisory and fund placement services to financial sponsors and institutional investors primarily in North America. The Company is based in Florida. As of December 31, 2024, the Company was registered as a broker dealer in 13 states and territories. The parent of the Company and the sole member is Devon Park Advisors, LLC ("DPA" or the "Parent") a Florida limited liability Company. # Note 2—Summary of Significant Accounting Policies # Basis of Presentation The Company prepared the accompanying Statement of Financial Condition in conformity with accounting principles generally accepted in the U.S. ("GAAP"). # Use of Estimates The preparation of the Statement of Financial Condition and related disclosures in conformity with GAAP 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. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary. In preparing the Statement of Financial Condition, management makes estimates regarding the recognition of revenue, adequacy of the allowance for credit losses, and other matters that affect the reported amounts and disclosures in the Statement of Financial Condition. # Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. The Company provides a range of strategic private capital advisory and fund placement services to financial sponsors and institutional investors primarily in North America. Private capital advisory services include providing General Partner solutions and investing solutions to clients seeking portfolio liquidity, unfunded commitment relief and investments in secondary markets. The Company's fund {7}------------------------------------------------ # Note 2—Summary of Significant Accounting Policies (Continued) # Revenue Recognition (Continued) placement services primarily serve a diverse range of investment strategies, including private equity, alternative credit, and real estate. At contract inception, the Company assesses the services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a service (or a bundle of services) that is distinct. To identify the performance obligations, the Company considers all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Additionally, the Company allocates the transaction price to the respective performance obligation(s) by estimating the amount of consideration in which the Company expects to be entitled to in exchange for transferring the promised services to the customer. The Company's primary performance obligation with respect to private capital advisory and placement services is to execute a transaction. Fees related to these performance obligations are recognized at a point in time when the transaction is completed as the customer is able to direct the use of, and obtain substantially all of the benefits from, the service at that point. The Company may also be engaged to provide general advice for a specified period of time or on an on-going basis. The Company has determined that the delivery of these services represents a separate performance obligation that represents a stand ready to perform performance obligation and is recognized over time using a time-based measure of progress. Additionally, the Company is typically reimbursed for certain professional fees and other expenses incurred that are necessary in order to provide services to the customer. # Determining the Timing of Satisfaction of Performance Obligations For performance obligations that are satisfied at a point in time, the Company has determined that the customer is able to direct the use of, and obtain substantially all of the benefits from, the output of the service at the time it is provided to the client. For performance obligations that are satisfied over time, determining a measure of progress requires management to make judgments that affect the timing of revenue recognized. The Company has determined that the methods described above provide a faithful depiction of the transfer of services to the customer. Additionally, at that point the Company has a present right to payment, the Company has transferred the output of the service and the customer has significant risks and rewards of ownership. # Contract Balances The timing of revenue recognition may differ from the timing of payment. The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. The Company may receive non-refundable up-front fees in its contracts with customers, which are recorded as revenues as the performance obligation is satisfied. The Company may receive payment of certain retainer or work fees before the performance obligation has been fully satisfied. Such fees give rise to a contract liability and are recorded as Deferred Revenue in the Statement of Financial Condition. {8}------------------------------------------------ # Note 2—Summary of Significant Accounting Policies (Continued) # Revenue Recognition (Continued) The Company had no contract assets and no contract liabilities as of April 15, 2024 and December 31, 2024. Interest Income – Interest Income is typically earned on cash and short-term investments. # Fair Value of Financial Instruments The carrying value of financial instruments, including Accounts Receivable, Due from Parent, Other Assets, and Accrued Expenses approximates their fair value. The carrying value of Cash and Short-Term Investments are reported at fair value. # Cash and Cash Equivalents Cash and cash equivalents include cash held at banks. The Company maintains its cash with a major bank with a high credit rating and it can be withdrawn without restriction. As of December 31, 2024, the Company did not hold any cash equivalents. The Company maintains cash deposits with financial institutions and therefore are subject to the credit risk at the financial institutions and may at times exceed amounts insured by the Federal Deposit Insurance Corporation ("FDIC"). It also maintains cash in a mutual fund money market account that is not insured. The Company has not experienced any losses in such accounts and does not believe there to be any significant credit risk with respect to these deposits. # Investments in Short-Term Marketable Debt Securities The Company invests in short-term marketable debt securities to manage excess liquidity. As of December 31, 2024, these investments consisted solely of a money market fund which invests in U.S. Treasury securities and other securities guaranteed by the U.S. Government and were carried at fair value. These investments are not insured by the FDIC. The Company has not experienced any losses in such accounts and does not believe there to be any significant credit risk with respect to these deposits. These investments are recorded on the Statement of Financial Condition within Short-Term Investments. # Accounts Receivable and Allowance for Credit Losses Accounts Receivable are presented net of allowance for credit losses based on the Company's assessment of collectability. The Company regularly reviews its accounts receivable for collectability and an allowance is recognized for expected credit losses, if required. The Company maintains an allowance for credit losses that, in management's opinion, provides for an adequate reserve to cover estimated losses on accounts receivable. The Company determines the adequacy of the allowance by reviewing specific client receivables, as well as estimating the probability of loss on total client receivables based on the Company's historical credit loss experience and taking into consideration current market conditions and supportable forecasts that affect the collectability of the reported amount. The Company updates its expected credit loss rates periodically and maintains a quarterly allowance review process to consider current factors that would require an adjustment to the credit loss allowance. After concluding that a {9}------------------------------------------------ # Note 2—Summary of Significant Accounting Policies (Continued) # Accounts Receivable and Allowance for Credit Losses (Continued) reserved accounts receivable is no longer collectible, the Company reduces both the gross receivable and the allowance for credit losses. As this is the Company's first year of operations, there was no accounts receivable balance at the beginning of the period. As of December 31, 2024, the accounts receivable balance was \$1,210,522. For the period from April 15, 2024 through December 31, 2024, management determined that there is no allowance for credit loss that need be recorded and there was no change in the allowance for credit losses during the period. # Income Taxes The Company is treated as a disregarded entity for state and federal income tax purposes. The Company is a single-member limited liability company and, accordingly, no income taxes are incurred by the Company as all earnings and losses flow directly to the Parent. Management has determined that the Company had no uncertain tax positions that would require financial statement recognition. This determination will always be subject to ongoing reevaluation as facts and circumstances may require. #### Recently Adopted Accounting Pronouncements Segment Reporting—Effective for the year ended December 31, 2024, the Company adopted Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which amends the guidance in ASC Topic 280, Segment Reporting ("ASC 280"). ASU 2023-07 requires enhanced disclosures about reportable segments on an annual and interim basis and clarifies that an entity with a single reportable segment is subject to all existing and amended disclosure requirements in ASC 280. Refer to Note 9—Segment Reporting for the Company's segment disclosures. # Note 3—Fair Value Measurements and Investments Fair value is generally based on quoted prices; however, if quoted market prices are not available, fair value is determined based on other relevant factors, including dealer price quotations, price activity for equivalent instruments and valuation pricing models. The Company established a fair value hierarchy which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of instrument, the characteristics specific to the instrument and the state of the marketplace (including the existence and transparency of transactions between market participants). Financial instruments with readily available, actively quoted prices or for which fair value can be measured from actively quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories (from highest to lowest) based on inputs: Level 1—Unadjusted quoted prices are available in active markets for identical financial instruments as of the reporting date. {10}------------------------------------------------ # Note 3—Fair Value Measurements and Investments (Continued) Level 2—Pricing inputs are observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3—Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which level within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the instrument. Money Market Funds \$4,506,659 - - \$4,506,659 Total \$4,506,659 - - \$4,506,659 The fair values of cash and cash equivalents, accounts receivable, receivables to and payables from affiliates, and accrued expenses approximate their carrying amounts due to the short-term nature of these items. # Fair Value of Financial Instruments The following table summarizes the categorization and fair value estimate of the Company's financial instruments that are measured on a recurring basis pursuant to the above fair value hierarchy levels as of December 31, 2024: | December 31, 2024 | | | | |-------------------|----------|-----------|-------| | Level I | Level II | Level III | Total | | | | | | | | | | | The Company had no transfers between fair value levels during the period ended December 31, 2024. # Note 4—Related Party Transactions # Affiliate Expense Allocation The Company receives administrative services including, but not limited to, legal, accounting, information technology, human resources, incentive compensation plans and other support provided by the Parent. Where feasible to specifically attribute such expenses to the activities of the Company, the amounts have been expensed directly by the Company. Allocations from the Parent not directly attributable to the Company reflect the utilization of services provided to, benefits received by, or share of losses incurred by the Company presented on a consistent basis based on the most relevant measure, such as relative usage, pro-rata basis of headcount, or square footage. {11}------------------------------------------------ # Note 4—Related Party Transactions (Continued) # Outstanding Receivables and Payables As of December 31, 2024, the Company has outstanding receivables from Parent related to the above transactions which is shown separately on the Statement of Financial Condition. The Company typically settles receivables and payables with cash within 12 months of incurrence. # Note 5—Net Capital Requirements The Company is a registered broker-dealer through which advisory and placement services are conducted in the U.S. and is subject to the net capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company computes net capital based upon the aggregate indebtedness standard, which requires the maintenance of minimum net capital, as defined, which shall be the greater of \$5,000 or 6 2/3% of aggregate indebtedness, as defined, and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 8 to 1 during the first year of operation and then 15 to 1 thereafter. The Company had net capital of \$4,423,373 as of December 31, 2024 which exceeded the minimum net capital requirement by \$4,418,373. The Company does not carry customer accounts and does not otherwise hold funds or securities for, or owe money or securities to, customers and, accordingly, has no obligations under the SEC Customer Protection Rule (Rule 15c3-3) #### Note 6—Member's Equity The Company is a limited liability company and as such, no member shall have any personal liability to the Company or any creditor of the Company for the debts of the Company beyond the amount contributed by the member to the Company. Contributions and withdrawals by the member may be made from time to time with the consent and approval of the sole managing member as set forth in the Company's LLC Agreement. # Note 7—Commitments and Contingencies In the normal course of its operations, the Company enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote. # Note 8—Concentration of Credit Risk The Company maintains cash deposits with banks which from time to time may exceed federally insured limits. Management periodically assesses the financial condition of these institutions and believes that risk of loss is remote. Accounts receivable represent amounts due from various clients. As of December 31, 2024, certain client receivables in the aggregate amount of \$1.1 million were individually greater than 94% of the Company's gross accounts receivable as of that date and were concentrated with one client. {12}------------------------------------------------ # Note 9—Segment Reporting The Company's activities of providing strategic private capital advisory and fund placements and financial advisory services constitute a single business segment. The Company is organized as one operating segment in order to maximize the value of advice to clients by drawing upon the diversified expertise and broad relationships of its senior professionals across the Company. The Company's chief operating decision maker ("CODM"), who is the Company's Managing Partner, reviews the financial performance of the Company on a consolidated basis to make decisions about resource allocation and assess performance. As such, the Company operates as a single reportable segment in Accordance with ASC 280, Segment Reporting. The Company derived 81% of its total revenues from three external customers for the period from April 15, 2024 through December 31, 2024. # Note 10—Subsequent Events The Company has performed an evaluation of subsequent events through December 31, 2024 to the date the Statement of Financial Condition was issued. There were no subsequent events requiring disclosure. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.