# WHITE OAK MERCHANT PARTNERS LLC X-17A-5 (2025-08-15) — Broker-dealer annual report

- Company: WHITE OAK MERCHANT PARTNERS LLC
- Form: X-17A-5
- Filed: 2025-08-15
- Period: 2025-06-30
- Accession: 0002013816-25-000096
- CIK: 1356558
- File #: 8-67283
- Type: Broker-dealer
- Material weakness: No
- Auditor: Spicer Jeffries LLP
- Auditor location: Denver, CO
- Contact: Won Rha
- Phone: (415) 644-4181
- Email: wrha@whiteoaksf.com
- Website: whiteoaksf.com
- Signed by: Andre Hakkak (CEO)

Original filing: https://www.sec.gov/Archives/edgar/data/1356558/000201381625000096/whiteoakaudit.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

# 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                           |                                                            |     |                 |                                            |  |
|-------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----|-----------------|--------------------------------------------|--|
| filing for the period beginning 07/01/24                                                                                            |                                                            |     |                 | AND ENDING 06/30/25                        |  |
|                                                                                                                                     | MM/DD/YY                                                   |     |                 | MM/DD/YY                                   |  |
|                                                                                                                                     | A. REGISTRANT IDENTIFICATION                               |     |                 |                                            |  |
| NAME OF FIRM: White Oak Merchant Partners, LLC                                                                                      |                                                            |     |                 |                                            |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>■ Broker-dealer<br>□ Check here if respondent is also an OTC derivatives dealer |                                                            |     |                 |                                            |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                 |                                                            |     |                 |                                            |  |
| 3 Embarcadero Center, Suite 540                                                                                                     |                                                            |     |                 |                                            |  |
|                                                                                                                                     | (No. and Street)                                           |     |                 |                                            |  |
| San Francisco                                                                                                                       | CA                                                         |     |                 | 941111                                     |  |
| (City)                                                                                                                              | (State)                                                    |     |                 | (Zip Code)                                 |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                        |                                                            |     |                 |                                            |  |
| Won Rha                                                                                                                             | (415) 644-4181                                             |     |                 | WRha@whiteoaksf.com                        |  |
| (Name)                                                                                                                              | (Area Code - Telephone Number)                             |     | (Email Address) |                                            |  |
|                                                                                                                                     | B. Accountant Identification                               |     |                 |                                            |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>Spicer Jeffries LLP                                    |                                                            |     |                 |                                            |  |
|                                                                                                                                     | (Name - if individual, state last, first, and middle name) |     |                 |                                            |  |
| 4601 DTC Blvd., Suite 700    Denver                                                                                                 |                                                            |     | CO              | 80237                                      |  |
| (Address)                                                                                                                           | (City)                                                     |     | (State)         | (Zip Code)                                 |  |
| October 20, 2003                                                                                                                    |                                                            | 349 |                 |                                            |  |
| (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.

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## OATH OR AFFIRMATION

| Andre Hakkak                                                               | swear (or affirm) that, to the best of my knowledge and belief, the                                                                                                |
|----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| tinancial report pertaining to the firm of White Oak Merchant Partners LLC | , as of                                                                                                                                                            |
| 6/30                                                                       | 2 025                                                                                                                                                              |
| as that of a customer.                                                     | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely<br>Signature:<br>Title:<br>CEO |

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 capible net 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 240.18a-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.
- | 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.

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Report on Audit of Financial Statement and report of independent registered public accounting firm For the year ended June 30, 2025

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|                                                         | Pag  |
|---------------------------------------------------------|------|
| Contents                                                |      |
| For the year ended June 30, 2025                        |      |
| Report of Independent Registered Public Accounting Firm |      |
| Financial Statement                                     |      |
| Statement of Financial Condition                        | 2    |
| Notes to Financial Statement                            | 3 -6 |

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{5}------------------------------------------------

## Statement of Financial Condition

June 30, 2025

### Assets

| Assets:                                        |       |         |
|------------------------------------------------|-------|---------|
| Cash                                           | ಕಿ    | 172,860 |
| Prepaid and other expenses                     |       | 3,607   |
| Total Assets                                   | ಕಾ    | 176,467 |
| Liabilities and Member's Equity                |       |         |
| Liabilities:                                   |       |         |
| Accounts payable and accrued expenses (Note 2) | ਉੱਚ   |         |
| Accrued PTO                                    |       | 8,078   |
| 401k Payable                                   |       | 408     |
| Due to Affiliate (Note 6)                      |       | 12,569  |
| Total Liabilities                              |       | 21,055  |
| Member's Equity                                |       | 155,412 |
| Total Liabilities and Member's Equity          | સ્ત્ર | 176,467 |

The accompanying notes are an integral part of this financial statement.

{6}------------------------------------------------

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{7}------------------------------------------------

#### Notes to Financial Statement

#### For the year ended June 30, 2025

#### 2. Summary of Significant Accounting Policies (Concluded)

#### f) Revenue Recognition

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"). The revenue recognition guidance 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 or 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, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the antisfies a 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 guidance does not apply to revenue associated with financial instruments, interest income and expense, leasing and insurance contracts.

Commission related transactions, as well as the resulting revenues and expenses, are recorded on a trade date basis, when the service is provided to the customer and the performance obligations have been met.

Advisory fee revenues are recorded over the period during which they were earned.

The Company had no contract assets or liabilities as of and for the year ended June 30, 2025.

Revenue from contracts with customers includes commission income and advisory fees. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events.

#### g) Income Taxes

The Company is a limited liability company and is not a tax paying entity for federal or state income of the Company is taxed to the member in its respective return. Therefore, no provision or liability for federal or state income taxes has been included in the financial statements.

Management is responsible for evaluating the Company's uncertain tax positions in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 740, Income Taxes. The Company has evaluated its tax positions taken for all open tax years since 2022 and has not identified any uncertain tax positions which would require disclosure in the financial statements as of June 30, 2025.

There were no interest or penalties recognized in the Statement of Operations for the year ended June 30, 2025.

#### h) Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and contingent assets and liabilities at the financial statements, and the reported anounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

{8}------------------------------------------------

## Notes to Financial Statement

#### For the year ended June 30, 2025

#### 3. Net Capital Requirement

The Company is subject to the Securities and Exchange Commission 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, both as defined, shall not exceed 15 to 1. At June 30, 2025, the Company had net capital of \$151,805 in excess of its required net capital of \$5,000. The Company's aggregate indebtedness to net capital ratio was .1387 to 1.

#### 4. Lease Accounting

During February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, "Leases (Topic 842)." ASU No. 2016-02 requires lesses to recognize the assets and liabilities that arise from leases on the statement of financial condition. A lessee should recognize in the statement of financial condition a liability to make the lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. As of June 30, 2025, the Company does not maintain any leases of a one year term. As such, the Company does not have an obligation to record a right to use asset or an offsetting lease obligation.

#### 5. Guarantees

FASB ASC 460, Guarantees, requires the Company to disclose information about its obligations under certain guarantee arrangements. FASB ASC 460 defines guarantees 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 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 others. For the year ended June 30, 2025, the Company did not enter into any guarantee agreements.

#### 6. Related Party Transactions

During the year, the Company received \$770,000 of contributions from White Oak Financial LLC, its sole shareholder. As of June 30, 2025 the Due to Affiliate account had a balance of \$12,569 and is reflected in the Statement of Financial Condition. The balance in the account is due to the firm's affiliate, White Oak Global Advisors, LLC, having paid for of the Company.

#### 7. Contingency

On March 5, 2016, Intrepid Investments, LLC ("Intrepid") instituted an action in the Court of Chancery of the State of Delaware captioned Intrepid Investments, LLC - V. - London Bay Capital, LLC, London Bay Fund I, LLC, London Bay -TSS Acquisition Company, LLC, London Bay - TSS Holding Company, LLC, Olayan America Corporation, Crel Investments Limited, CREDOak, LLC, KHL Limited Lone Star SPV I, LLC, LS Holdings Group, LLC, LBCDLF, LLC, Selling Source Investment Company, LLC, Derek Craig Lafavor Living Trust, DLF Services, Inc., White Oak Global Advisors, LLC, White Oak Merchant Partners, LLC, White Oak Strategic Master Fund, L.P., Full Circle Capital Corporation, Sam Humphreys, Alton Irby, Douglas Tulley, Michael Levin, David Kostman, Glenn Mckay, Derek Lafavor, and Michael Brant, Civil Action No. 12077-VCS.

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