# CROW HOLDINGS SECURITIES, L.L.C. X-17A-5 (2025-02-19) — Broker-dealer annual report - Company: CROW HOLDINGS SECURITIES, L.L.C. - Form: X-17A-5 - Filed: 2025-02-19 - Period: 2024-12-31 - Accession: 0002013816-25-000016 - CIK: 1841656 - File #: 8-70656 - Type: Broker-dealer - Material weakness: No - Auditor: BDO USA, P.C. - Auditor location: Chicago, IL - Contact: Elizabeth Attanasio - Phone: 2126688700 - Email: eattanasio@acisecure.com - Website: acisecure.com - Signed by: Jill Dernayo (CCO) Original filing: https://www.sec.gov/Archives/edgar/data/1841656/000201381625000016/crowpubaudit.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 8-70656 # ANNUAL REPORTS FORM X-17A-5 PART II 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 | 01/01/24 | AND ENDING | 12/31/24 | | | | MM/DD/YY | | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: | Crow Holdings Securities, LLC | | | | | TYPE OF REGISTRANT (check all applicable boxes):
☐ Broker-dealer
Check here if respondent is also an OTC derivatives dealer | Security-based swap dealer | Major security-based swap participant | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | 3819 Мaple Avenue | | | | | | | (No. and Street) | | | | | Dallas | T | X | | 75219 | | (City) | (State) | | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Elizabeth Attanasio | (212) 668-8700 | | | eattanasio@acisecure.com | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | В. ACCOUNTANT IDENTIFICATION | | | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | O USA, P.C.
B
D | | | | | | 330 N Wabash Avenue | (Name - if individual, state last, first, and middle name)
Chicago | | IL | 60611 | | (Address) | (City) | | (State) | (Zip Code) | | October 8, 2023 | | 243 | | | | | | | | (PCAOB Registration Number, if applicable) | | (Date of Registration with PCAOB)(if applicable) | | | | | 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}------------------------------------------------ | Jill Demayo | swear (or affirm) that, to the best of my knowledge and belief, the | |----------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of Crow Holdings Securities, LLC
12/31 | as of
, 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
ELIZABETH M. ATTANASIO
Notary Public, State of New Jersey
Comm. # 5012457
My Commission Expires 11/23/2025 | Signature: | | | Title:
CCO | | Notary Public | | | | | | This filing** contains (check all applicable boxes): | | | (a) Statement of financial condition. | | | (b) Notes to consolidated statement of financial condition. | | | comprehensive income (as defined in § 210.1-02 of Regulation S-X). | O (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of | | (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. | | | | | - - - - - - - - - - - - - - - - - {2}------------------------------------------------ # **CROW HOLDINGS SECURITIES, L.L.C.** **Financial Statement** **Report of Independent Registered Public Accounting Firm** **For the Year Ended December 31, 2024** This report is deemed PUBLIC in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934. {3}------------------------------------------------ # **CROW HOLDINGS SECURITIES, L.L.C. DECEMBER 31, 2024** #### **Table of Contents** **Page** | Report of Independent Registered Public Accounting Firm | | |---------------------------------------------------------|-----| | Financial Statement: | | | Statement of Financial Condition | 2 | | Notes to Financial Statement | 3-5 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) Tel: 817-738-2400 Fax: 817-738-1995 **www.bdo.com** #### **Report of Independent Registered Public Accounting Firm** The Manager of Crow Holdings Securities, L.L.C. Dallas, TX #### **Opinion on Financial Statement** We have audited the accompanying statement of financial condition of Crow Holdings Securities, L.L.C. (the "Company") as of 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 at 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 the Company's 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 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 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 the Company's auditor since 2022. February 18, 2025 BDO is the brand name for the BDO network and for each of the BDO Member Firms. BDO USA, P.C., a Virginia professional corporation, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. {5}------------------------------------------------ # **CROW HOLDINGS SECURITIES, L.L.C. STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2024** | ASSETS: | | |------------------------------------------------------------------------------------------|---------------| | Cash | \$
465,542 | | Due from Affiliate | 167,600 | | Prepaid expenses and other assets | 53,568 | | Security deposits | 4,472 | | TOTAL ASSETS | \$
691,182 | | LIABILITIES AND MEMBER'S EQUITY
LIABILITIES:
Accounts payable and accrued expenses | \$
19,234 | | TOTAL LIABILITIES | 19,234 | | MEMBER'S EQUITY | 671,948 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$
691,182 | See accompanying notes to the financial statement {6}------------------------------------------------ # **CROW HOLDINGS SECURITIES, L.L.C. NOTES TO FINANCIAL STATEMENT DECEMBER 31, 2024** # **NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS:** Crow Holdings Securities, L.L.C. (the "Company") was formed as a limited liability company in Delaware on March 16, 2020. The Company is a registered broker-dealer under the Securities Exchange Act of 1934 and is a member of both the Financial Industry Regulatory Authority, Inc. ("FINRA") and the Securities Investors Protection Corporation ("SIPC"). The firm was approved by FINRA and the SEC on February 10, 2022. Maple Avenue Capital Investors, L.P. is 100% owner, and sole member (the "Parent or Member"). The Company is limited to investment banking, as such, the Company does not, and will not, hold customer funds or securities. ### **NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:** #### **Basis of Presentation** The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") as detailed in the Financial Accounting Standards Board's Accounting Standards Codification. #### **Income Taxes** The Company is a disregarded entity for federal income tax purposes that is not treated as separate from the Parent, which is treated as a Partnership for U.S. income tax purposes. As such, no federal income taxes have been provided for by the Company in the accompanying financial statements as the Parent is individually responsible for reporting income or loss based upon its share of the Company's income and expenses as reported for income tax purposes. The Company applies the provisions of ASC 740, "Income Taxes", which clarifies the accounting and disclosure of uncertainty in tax positions. The Company analyzed its tax filing positions in the federal, state, and foreign tax jurisdictions where it is required to file income tax returns for all open tax years. Based on this review, no liabilities for uncertain income tax positions were required to be recorded pursuant to ASC 740. As of December 31, 2024, the Company did not have a liability recorded for payment of interest and penalties associated with uncertain tax positions. The Company's income and expense has been included in the tax returns of the Parent as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Parent is subject to examination by federal and certain state and local tax regulators for open tax years, 2023-2025. The Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months. #### **Use of Estimates** The preparation of this financial statement and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statement. Accordingly, actual results could differ from those estimates, and such differences could be material. #### **Cash** The Company maintains principally all cash balances in one financial institution which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. The exposure to the Company is solely dependent upon daily bank balances and the respective strength of the financial institution. The Company has not incurred any losses on this account. At December 31, 2024, there was no amount in excess of the insured limit. {7}------------------------------------------------ # **CROW HOLDINGS SECURITIES, L.L.C. NOTES TO FINANCIAL STATEMENT DECEMBER 31, 2024** # **NOTE 3 – NET CAPITAL REQUIREMENTS:** The Company is subject to the Securities Exchange Act of 1934 ("SEA") Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital, and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Rule 15c3-1 also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. At December 31, 2024, the Company had net capital of \$446,308 which was \$441,308 in excess of its required net capital of \$5,000. The Company's ratio of aggregate indebtedness to net capital was 4.31%. The Company does not claim an exemption from SEA Rule 15c3-3 in reliance on footnote 74 to SEC Release 34-70073. The Company does not and will not, (a) directly or indirectly , receive, hold or otherwise owe funds or securities for or to customers, (b) does not and will not carry accounts of or for customers and (c) does not and will not carry PAB accounts. The Company does not hold customers' cash or securities and, has no requirements under SEC Rule 15c3-3 and therefore does not claim an exemption under paragraph (k). #### **NOTE 4 – SEGMENT REPORTING:** The Company follows ASC 280, Segment Reporting (including adoption of ASU 2023-07), which requires companies to disclose segment data based on how management makes decisions about allocating resources to segments and evaluating performance. The Company conducts its business activities and reports financial results as a single reportable segment, broker dealer services. Using the management approach, qualitative and quantitative criteria established by ASC 280, the Company is considered to be a single reportable segment. The Chief Operating Decision Maker ("CODM"), the CEO, makes decisions about allocating resources and assessing performance in a manner consistent with the way the Company operates its business and presents their financial results. The nature of business and accounting policies of the broker dealer services segment are the same as described in the organization and nature of business and summary of significant accounting policies. #### **NOTE 5 – RELATED PARTY TRANSACTIONS:** The Company operates under a cost plus agreement dated March 1, 2023 with its affiliate, Crow Holdings Capital Partners, L.L.C. ("Adviser") as discussed in Note 2. Under the terms of this agreement, the Company is allocated, on a monthly basis, certain shared expenses such as compensation expenses, rent and other general overhead, shared technology costs incurred in the normal course of business. Amounts due to and from the Adviser are offset on a monthly basis and at December 31, 2024, the Company has a net receivable from the Adviser of \$167,600 which is included in due from affiliate on the statement of financial condition. The Company nets the amounts due to or from the affiliate as there is a legally enforceable right to set off the balances and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. 4 {8}------------------------------------------------ # **DECEMBER 31, 2024 CROW HOLDINGS SECURITIES, L.L.C. NOTES TO FINANCIAL STATEMENT** # **NOTE 6 – GUARANTEES:** ASC Topic 460, Guarantees, requires the Company to disclose information about its obligations under certain guarantee arrangements. ASC Topic 460 defines guarantees as contracts and indemnification agreements that contingently require a guarantor to make payments to the guaranteed party based on changes in an underlying factor (such as an interest or foreign exchange rate, security or commodity price, an index or the occurrence or nonoccurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. This guidance also defines guarantees as contracts that contingently require the guarantor to make payments to the guaranteed party based on another entity's failure to perform under an agreement as well as indirect guarantees of indebtedness of others. The Company has issued no guarantees at December 31, 2024, or during the year then ended. # **NOTE 7 – EXEMPTIVE PROVISION:** The Company is exempt from SEA Rule 15c3-3 as a non-covered firm because its business activities are limited to investment banking. As a result, the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the year ended December 31, 2024. # **NOTE 8 – COMMITMENTS AND CONTINGENCIES:** The Company had no commitments and no contingent liabilities and had not been named as a defendant in any lawsuit at December 31, 2024, or during the year then ended. ## **NOTE 9 – SUBSEQUENT EVENTS:** The Company has performed an evaluation of events that have occurred subsequent to December 31, 2024, and through February 18, 2025, the date of the filing of this report. There have been no material subsequent events that occurred during such period that would require disclosure in this report or would be required to be recognized in the financial statement as of December 31, 2024. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.