HALCYON GLOBAL ADVISORS, LLC

ITEM 1 Cover Page Form ADV Part 2A Firm Brochure March 3, 2025 This Brochure provides information about the qualifications and business practices of Halcyon Global Advisors, LLC. If you have any questions about the contents of this Brochure, please contact us at 972-499-8275, or via email at jeff@jeffreyparkhurst.com. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission, or by any state securities authority. Halcyon Global Advisors, LLC is a registered investment advisory firm. Registration of an investment advisory firm does not imply a particular level of skill or training. Additional information about Halcyon Global Advisors, LLC is also available on the SEC’s website at www.adviserinfo.sec.gov. Halcyon Global Advisors, LLC IARD#170600 15660 Dallas Parkway, Suite 1425 Dallas, TX 75248 972.499.8275 jeff@jeffreyparkhurst.com www.halcyonga.com/  ITEM 2 Material Changes Annual Update The Material Changes section of this brochure will be updated annually, or when material changes occur since the previous release of our Firm Brochure. This Item discusses only specific material changes that are made to this Brochure and provides our clients with a summary of such changes. Material Changes since the Last Update Since the last amendment filed on Februay 7, 2024 , material changes have been made to the brochure. Item 5: Fees and Compensation – addition of performance fees • Full Brochure and Additional Information Full Brochure and additional information about Halcyon Global Advisors, LLC, are available via the SEC’s website www.adviserinfo.sec.gov. The SEC’s website also provides information about any persons affiliated with us who are registered or are required to be registered as investment adviser representatives (“IAR”). 2 Halcyon Global Advisors, LLC  ITEM 3 Table of Contents ITEM 1 Cover Page .................................................................................................................. 1 ITEM 2 Material Changes ......................................................................................................... 2 ITEM 3 Table of Contents ........................................................................................................ 3 ITEM 4 Advisory Business ........................................................................................................ 4 ITEM 5 Fees and Compensation ............................................................................................... 5 ITEM 6 Performance-Based Fees and Side-By-Side Management ................................................. 7 ITEM 7 Types of Clients ........................................................................................................... 7 ITEM 8 Methods of Analysis, Investment Strategies, and Risk of Loss ........................................... 8 ITEM 9 Disciplinary Information ............................................................................................... 9 ITEM 10 Other Financial Activities and Affiliations ........................................................................ 9 ITEM 11 Code of Ethics, Participation in Client Transactions and Personal Trading ......................... 10 ITEM 12 Brokerage Practices ................................................................................................... 11 ITEM 13 Review of Accounts .................................................................................................... 13 ITEM 14 Client Referrals and Other Compensation ..................................................................... 13 ITEM 15 Custody .................................................................................................................... 14 ITEM 16 Investment Discretion ................................................................................................ 14 ITEM 17 Voting Client Securities .............................................................................................. 14 ITEM 18 Financial Information ................................................................................................. 15 3 Halcyon Global Advisors, LLC  ITEM 4 Advisory Business FIRM INFORMATION Halcyon Global Advisors, LLC (“Halcyon,” “we,” “us,” “our”), a limited liability company formed in January 2014, is a registered investment advisory firm located in Dallas, Texas. We have been a registered investment advisory firm since February 2014. PRINCIPAL OWNERS Halcyon is owned and controlled by Jeff Parkhurst, its Chief Compliance Officer. INVESTMENT ADVISORY SERVICES Asset Management Services: We provide asset management services in which we manage your custodial accounts and provide you with continuous and ongoing supervision of your custodial accounts. Our services provide additional investment opportunities among stocks, bonds, mutual funds, exchange-traded funds (ETFs), Real Estate Investment Trusts (REITs), options, and additional securities. Financial Planning and Consulting Services: We provide various financial planning and consulting services that find ways to help you understand your overall financial situation and help you set financial objectives. We accomplish this by helping you review your financial goals, tax planning strategies, asset allocation, risk management, retirement planning, and other areas and objectives. Generally, such financial planning and consulting services will involve preparing a financial plan or rendering a financial consultation based on your financial goals and objectives. We will summarize our services to you in a written plan, which will typically include general recommendations for a course of action or specific actions to be taken by you. Implementation of the recommendations will be at your discretion. We provide our financial planning and consulting services on a project basis. CLIENT INVESTMENT OBJECTIVES/RESTRICTIONS Halcyon offers the same suite of services to all our clients. However, specific client financial plans and their implementation are dependent upon the individual client’s Investment Policy Statement, which outlines a client’s current financial situation such as income, net worth and risk tolerance levels. This information is essential in the development of a client-specific plan in the selection of investments that matches restrictions, needs, and targets. On a case by case basis, our clients may impose restrictions on investing in certain securities or types of securities in accordance with their values or beliefs. However, if the restrictions prevent us from properly servicing the client’s account, or if the restrictions would require us to deviate from our standard suite of services, we reserve the right to end the relationship. We may request additional information and documentation, such as current investments, tax returns, insurance policies, and estate plan. We will discuss your investment objectives, needs, and goals, but you must inform us of any changes. Unless directed by you, we do not independently verify any information provided to us by you or your attorney, accountant or other professionals. WRAP FEE PROGRAMS 4 Halcyon Global Advisors, LLC  Halcyon sponsors a wrap fee program, which is an investment program where the investor pays one stated fee that includes management fees, transaction costs, fund expenses, and other administrative fees. A portion of the fees paid to the wrap account program will be given to Halcyon as a management fee. Halcyon manages the investments in the wrap fee program and does not offer any non-wrap programs to clients. ASSETS UNDER MANAGEMENT As of December 31, 2024, Halcyon manages $186,705,352 on a discretionary basis and $7,283,363 on a non-discretionary basis. ITEM 5 Fees and Compensation ANNUAL FEES FOR ADVISORY SERVICES Halcyon is compensated for providing asset management services by charging a negotiable fee based on the total assets under management. The fees and billing will be pre-determined in writing in the Investment Advisory Agreement executed by you and Halcyon. The fees charged for financial planning services are negotiable and vary depending on the complexity of the process undertaken, the types of issues addressed, the scope of services provided, and the frequency with which the services are rendered. All fees are agreed upon before entering into the Financial Planning and Consulting Agreement you sign. The below ranges are the standard fee ranges that are typically charged. Asset Management Fee Schedule Up to $500,000 2.50% $500,000 - $1,000,000 1.50% $1,000,000 - and up 1.25% Financial Planning and Consulting Fee Schedule Fixed Fee $1,500-$7,500 Halcyon may enter into arrangements where performance-based fees are assessed for advisory services. Performance-based fees are individually negotiated with clients. Adviser’s performance fee may only be utilized by the following types of clients: (i) A client that is a natural person who or a company that immediately after entering into an advisory agreement has at least $1,100,000 under the management of Adviser; (ii) A client that is a natural person who or a company that Adviser reasonably believes, immediately prior to entering into the advisory agreement, has a net worth (together, in the case of a natural person, with assets held jointly with a spouse and excluding the value of the clients residence) of more than $2,200,000 at the time the advisory agreement is entered into, or (iii) a client that is a natural 5 Halcyon Global Advisors, LLC  person who does not meet either definition as outlined above but who shall not be charged a performance fee based on the status of nonqualified or non-accredited. Performance Based Fees Management Fee Performance Allocation 1.00% 20% of returns exceeding a 5% net excess return FEE BILLING & PAYMENT Our asset management fees are annual fees and may be negotiable. Asset management fees are paid quarterly in advance. Payments are due on the first day of the calendar quarter. The total fee payable per quarter is based on the account’s asset value as of the last business day of the prior calendar quarter, multiplied by the applicable annual rate, divided by 365 days, and multiplied by the number of days in the quarter. We will deduct our asset management fee only when in receipt of your written authorization by executing an investment advisory agreement permitting the fees to be paid directly from your account. The qualified custodian will deliver an account statement to you at least quarterly, which will show all disbursements from your account. We urge you to review all statements for accuracy. Your account at the custodian may also be charged for certain additional assets managed for you by us but not held by the custodian (i.e., variable annuities, mutual funds, 401(k)s). Financial Planning will generally be offered on a fixed fee basis. Fixed fees will be determined on a case by case basis with the fee based on the complexity of the situation and the needs of the client. The fixed fee will be agreed upon before the start of any work. The fee is negotiable. The fee is due upon delivery of the financial plan. You are responsible for all third-party fees (i.e., custodian fees, mutual fund fees, transaction fees, etc.). These fees are separate and distinct from the fees and expenses charged by Halcyon. TERMINATION OF AGREEMENT Either party may terminate the investment advisory agreement by providing 30-day advance written notice. Upon termination of any account, any prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees will be due and payable up to and including the effective date of termination. Notwithstanding the above, if we do not deliver the appropriate disclosure statement to you at least 48 hours prior to you entering into any written or oral advisory contract with us, then you have the right to terminate the contract without penalty within five (5) business days after entering into the contract. OTHER EXPENSES AND FEES The fees discussed above include payment solely for the investment advisory services provided by us and are separate to certain fees or charges that are imposed by third parties in connection with investments made on your behalf for your account. Third-party fees may include markdowns, markups, brokerage commissions, other transaction costs, and/or custodial fees. 6 Halcyon Global Advisors, LLC  Also, all fees paid to us for asset management services are separate from the expenses charged by exchange-traded funds and mutual funds to their shareholders. These fees and expenses will be used to pay management fees for the funds, other fund expenses, account administration, and a possible distribution fee. Exchanged traded funds and mutual funds can be invested in directly by you without our services. However, you would not receive our services to assist you in determining which products or services are most suitable for your financial situation and objectives. You should review both the fees we charge and the fees charged by the fund(s) to understand the total fees to be paid fully. Halcyon may pay estate planning and/or tax preparation services on behalf of the client on a case-by- case basis. OTHER COMPENSATION Certain of our associated persons are also licensed insurance agents. In this capacity, the IARs may recommend insurance, advisory, or other products, and receive normal insurance commissions if products are purchased through the IAR(s) in this capacity. Thus, a conflict of interest exists between the interests of these individuals and those of the advisory clients, creating an incentive for the IAR(s) to recommend products based on the compensation received, rather than on a client’s needs. However, clients are under no obligation to act upon any of these recommendations. Although our recommendations may include products offered by third parties, these recommendations are not limited to such products as all financial planning advice provided is of a generic nature. Clients have the option to purchase insurance products recommended by the IAR through other agents not affiliated with our firm. Please refer to Item 10 of this Brochure for a more detailed explanation of how our firm handles and mitigates these conflicts of interest. ITEM 6 Performance-Based Fees and Side-By-Side Management Our Performance Allocation is a performance-based fee which is a fee based on a share of capital gains on or capital appreciation of the assets of a client. Our performance-based fee schedule is only available for those that meet the qualified client definition under federal and state securities rules and regulations. The specific Performance Allocations are outlined above in Item 5. The negotiable performance-based compensation is calculated as 20% of returns exceeding a 5% net excess return billed quarterly in arrears. For example, if in a given quarter we achieve total returns of 20%, then the maximum performance fee assessable would be 50% of the 20% excess return over the hurdle rate of 5%. If in a given year we achieve a total return equal to or less than the 5% hurdle rate, then no performance fee shall be assessed. Receiving a performance-based fee creates an incentive for Halcyon to make investments that are riskier or more speculative than would be the case in the absence of those performance-based arrangements. Such fee arrangements could also create an incentive to favor higher fee-paying accounts over other accounts in the allocation of investment opportunities. However, Halcyon has procedures designed and implemented to ensure that all clients are treated fairly and equally, and to mitigate this conflict from influencing the allocation of investment opportunities among clients. We do not charge any fees based on a share of capital gains on or capital appreciation of the assets of a client. ITEM 7 Types of Clients We provide our investment advisory services to: 7 Halcyon Global Advisors, LLC  - Individuals - High Net Worth Individuals - Corporations - Other business entities Our minimum account size requirements for opening an account with us are as follows: Our minimum account size is $200,000, which may be waived by Halcyon in its discretion. ITEM 8 Methods of Analysis, Investment Strategies, and Risk of Loss METHODS OF ANALYSIS We use various methods of analysis and investment strategies, including the following: Fundamental Analysis – We evaluate economic and financial factors to determine if a security may be underpriced, overpriced, or fairly priced. This method entails assessing a security by attempting to determine its intrinsic value by examining related financial, economic, and other qualitative and quantitative factors. Fundamental analysis requires an in-depth look at all factors that can affect the security's value, from macroeconomic factors (like the overall economy and industry conditions) to individually specific factors (like the financial situation and management of companies). The overall objective of performing the fundamental analysis is to determine a value that an investor can use to determine what sort of position to take with that security. This method of security analysis is contrary to technical analysis. Fundamental analysis involves using real data to evaluate a security's value. Although most analysts use fundamental analysis to value stocks, this method of valuation can be used for just about any type of security. Quantitative analysis - Deals with measurable factors as distinguished from qualitative considerations such as the character of management or the state of employee morale, such as the value of assets, the cost of capital, historical projections of sales, and so on. Modern Portfolio Theory - Modern portfolio theory (MPT) is a risk-averse theory that involves the construction of portfolios to maximize and optimize expected return based on a given level of market risk, emphasizing that risk is an inherent part of higher reward. According to the theory, it's possible to construct an "efficient frontier" of optimal portfolios offering the maximum possible expected return for a given level of risk. INVESTMENT STRATEGIES When formulating investment advice or managing client assets, we will use the following investment strategies. There are inherent risks associated with each of these strategies. Long-Term Strategy - A long-term strategy may not take advantage of short-term gains or may experience more volatility over the life of the portfolio. Your accounts are managed separately with your underlying investment strategies, restrictions, or investment limitations defined within the investment management agreement. 8 Halcyon Global Advisors, LLC  POTENTIAL RISKS Investing involves different levels of risk that can result in loss of any profits and/or principal you have not realized. We manage your account in a manner consistent with your pre-determined risk tolerance and suitability profile. However, we cannot guarantee that our efforts will be successful. Investing in securities involves the risk of loss clients should be prepared to bear. Investing involves the assumption of risk, including: Financial Risk: which is the risk that the companies we recommend to you perform poorly, which affect the price of your investment. Market Risk: which is the risk that the stock market will decline, decreasing the value of the securities we recommend to you with it. Inflation Risk: which is the risk that the rate of price increases in the economy deteriorates the returns associated with the stock. Political and Governmental Risk: which is the risk that the value of your investment will is affected by the introduction of new laws or regulations. Interest Rate Risk: which is the risk that the value of the investments we recommend to you will fall if interest rates rise. Call Risk: which is the risk that your investment will be called or purchased back from you when conditions are favorable to the bond issuer and unfavorable to you. Default Risk: which is the risk that issuer is unable to pay the contractual interest or principal on the investment promptly or at all. Manager Risk: which is the risk that an actively managed mutual fund’s investment adviser will fail to execute the fund’s stated investment strategy. Industry Risk: which is the risk that a group of stocks in a single industry will decline in price due to adverse developments in that industry, decreasing the value of mutual funds that are significantly invested in that industry. ITEM 9 Disciplinary Information As of the date of this brochure, we have not been subject to any disciplinary, legal, or regulatory events related to past or present investment clients. There has been no disciplinary, legal, or regulatory events related to us or any of our management persons. ITEM 10 Other Financial Activities and Affiliations FINANCIAL INDUSTRY ACTIVITIES Neither Halcyon nor its management persons are registered or has an application pending to register as a broker-dealer or a registered representative of a broker-dealer. Neither Halcyon nor its management persons are registered or has an application pending to register as a futures commission merchant, commodity pool operator or commodity trading advisor. 9 Halcyon Global Advisors, LLC  implement AFFILIATIONS Certain associates of the firm are also insurance agents licensed to sell insurance products. A conflict of interest exists in that these services pay a commission which conflicts with the IAR’s fiduciary duties. Halcyon does not require its IARs to encourage clients to implement investment advice through our insurance product recommendations. Clients have the right to insurance product recommendations through the insurance agency and agent of their choice. We require that all IARs disclose this conflict of interest when such recommendations are made. We also require IARs to disclose that the client has the right to purchase recommended products from individuals not affiliated with us. SELECTION OF OTHER INVESTMENT ADVISERS We do not recommend or select other investment advisers for our clients. ITEM 11 Code of Ethics, Participation in Client Transactions and Personal Trading CODE OF ETHICS Halcyon has developed a code of ethics that will apply to all of our supervised persons. Our IARs and we must act in a fiduciary capacity when providing investment advisory services to you. As a fiduciary, it is an investment adviser’s responsibility to provide fair and full disclosure of all material facts and to act solely in the best interest of each of our clients at all times. Halcyon has a fiduciary duty to all clients. This fiduciary duty is considered the core underlying principle of our code of ethics, which also covers our insider trading and personal securities transactions policies and procedures. We require all of our supervised persons to conduct business with the highest level of ethical standards and to comply with all federal and state securities laws at all times. Upon employment or affiliation and at least annually thereafter, all supervised persons will acknowledge that they have read, understand and agree to comply with our Code of Ethics. Our Code of Ethics is available to clients and prospective clients upon request. RECOMMENDATIONS INVOLVING A MATERIAL FINANCIAL INTEREST Neither we nor any related person recommend to clients or buys or sells for clients’ accounts, securities in which we or a related person has a material financial interest. PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS There may be instances where an IAR will recommend to investment advisory clients or prospective clients the purchase or sale of securities in which an IAR, its affiliates, or other clients may also have a position or interest. Certain affiliated accounts may trade in the same securities with client accounts on an aggregated basis. Generally, in such circumstances, the affiliated and client accounts will share execution costs equally. Completed trade orders will be allocated according to the instructions from the initial trade order. Partially filled trade orders will be allocated on a pro-rata basis. Any exceptions will be explained in the trade order. PERSONAL TRADING 10 Halcyon Global Advisors, LLC  Employees are permitted to have personal securities accounts as long as personal investing practices are in line with fiduciary standards and regulatory requirements, and do not conflict with their duty to Halcyon and our clients. Halcyon monitors and controls personal trading through pre-approval of all personal securities transactions or blackout periods imposed upon employees trading in the same securities as Halcyon. We forbid any officer or employee, either personally or on behalf of others, to trade on material, nonpublic information, or to communicate such information to others in violation of the law. ITEM 12 Brokerage Practices We recommend broker-dealers for our clients to use in order to custody their accounts. The firms we recommend will be independent SEC-registered broker-dealers and members of FINRA and SIPC. As a fiduciary, we are obligated to seek out the best execution of client transactions for that accounts that we manage. In general, the execution of securities transactions is at a total cost to process each transaction and are the most favorable under the circumstances. However, we do not limit the best execution to the lowest available price. Additional factors are taken into consideration when determining the arrangement and services in the selection of a broker-dealer or qualified custodian. Our review consists of reviewing the commission and fee structures of various broker-dealers, research platform, and execution services. Accordingly, while we do consider competitive rates, we do not necessarily obtain the lowest possible commission rates for account transactions. Therefore, the overall services provided by unaffiliated broker-dealers and qualified custodians are evaluated to determine the best execution. You may pay trade execution charges and higher commissions through the trading platforms approved by us than through platforms that have not been approved by us. Advisor participates in the Schwab Advisor Services program. Charles Schwab & Co. (“Schwab”) are members of FINRA/SIPC. Schwab is independent and unaffiliated SEC-registered broker-dealers. Schwab offer to independent investment Advisors services, which include custody of securities, trade execution, clearance, and settlement of transactions. Advisor receives some benefits from Schwab through its participation in their programs. (Please see the disclosure under Item 14 below.) RESEARCH AND OTHER BENEFITS Products & Services Available to Us from Schwab Schwab Advisor Services (formerly called Schwab Institutional) is Schwab’s business serving independent investment advisory firms like ours. They provide us and our clients with access to its institutional brokerage – trading, custody, reporting, and related services – many of which are not typically available to Schwab retail customers. Schwab also makes available various support services. Some of those services help us manage or administer our clients’ accounts, while others help us manage and grow our business. Schwab’s support services are generally available on an unsolicited basis and at no charge to us as long as we maintain a total of at least $10 million of our clients’ assets in accounts at Schwab. Services that Benefit Client Schwab’s institutional brokerage services include access to a broad range of investment products, execution of securities transactions, and custody of client assets. The investment products available through Schwab include some to which we might not otherwise have access, or that would require a 11 Halcyon Global Advisors, LLC  significantly higher minimum initial investment by our clients. Schwab’s services described in this paragraph generally benefit clients or their account(s). Services that May Not Directly Benefit Clients Schwab also makes available to us other products and services that benefit us but may not directly benefit the client or their account(s). These products and services assist us in managing and administering our clients’ accounts. They include investment research, both Schwab’s own and that of third parties. We may use this research to service all or some substantial number of our clients’ accounts, including accounts not maintained at Schwab. In addition to investment research, Schwab also makes available software and other technology that: • provides access to client account data (such as duplicate trade confirmations and account statements); • facilitates trade execution and allocate aggregated trade orders for multiple client accounts; • provides pricing and other market data; • facilitates payment of our fees from our clients’ accounts; and • assists with back-office functions, recordkeeping, and client reporting. Schwab also offers other services intended to help us manage and further develop our business enterprise. These services include: • educational conferences and events • technology, compliance, legal, and business consulting; • publications and conferences on practice management and business succession; and • access to employee benefits providers, human capital consultants, and insurance providers. Schwab may provide some of these services itself. In other cases, it will arrange for third-party vendors to provide the services to us. Schwab may also discount or waive its fees for some of these services or pay all or a part of a third party’s fees. Irrespective of direct or indirect benefits to our client through Schwab, we strive to enhance the client’s experience, help reach their goals and put their interests before that of our firm or its associated persons. BROKERAGE FOR CLIENT REFERRALS We do not receive client referrals from broker-dealers. DIRECTED BROKERAGE Clients will be permitted to select any broker-dealer of their choosing. In these situations, we may be unable to achieve most favorable execution for client transactions. Directing brokerage may cost clients more money in that the client may pay higher brokerage commissions because we may not be able to aggregate orders to reduce transaction costs, or the client may receive less favorable prices. 12 Halcyon Global Advisors, LLC  TRADE AGGREGATION We attempt to allocate trade executions in the most equitable manner possible, taking into consideration current asset allocation and availability of funds using price averaging, proration, and consistently non- arbitrary methods of allocation. We may aggregate orders in order to obtain best execution, to negotiate more favorable commission rates or to allocate equitably among our clients’ differences in prices and commission or other transaction costs. In aggregated orders, transactions will be price-averaged and allocated among our clients in proportion to the purchase and sale orders placed for each client account on any given day. ITEM 13 Review of Accounts PERIODIC REVIEWS We review asset management, and retirement plan accounts no less than annually. These accounts will be reviewed by Jeffrey W. Parkhurst. Accounts are reviewed to evaluate asset allocation, investment strategy and objectives, cash balance, and performance as well as the general economic outlook and current investment trends. Project-based financial planning clients are provided a one-time plan or consulting session and receive no additional reviews unless a new financial planning and consulting agreement is executed. REVIEW TRIGGERS We conduct periodic reviews to evaluate current market, economic, and political events and how these may affect client accounts. Additional reviews may be triggered by these events or by events in the client’s financial or personal status. REGULAR REPORTS Asset management clients will receive advisory account reports no less than quarterly. These reports show asset value by cash balances, security, unit cost, total cost, current per-share values, etc. Clients are urged to review the quarterly reports provided by us with those provided by their custodian and notify us of any differences. Clients are encouraged to phone or email us as often as they deem necessary to receive information regarding the investment tactics and strategies being followed. Project-based financial planning and consulting clients are provided a one-time written financial plan concerning their financial situation. After the presentation of the plan, there are no further reports. ITEM 14 Client Referrals and Other Compensation We receive an economic benefit from Schwab in the form of the support products and services it makes available to us and other independent investment advisors whose clients maintain their accounts a Schwab. In addition, Schwab have also agreed to pay for certain products and services for which we would otherwise have to pay once the value of our clients’ assets in accounts at Schwab reaches a certain size. In some cases, a recipient of such payments is an affiliate of ours or another party which has some pecuniary, financial or other interests in us (or in which we have such an interest). You do not pay more for assets maintained at Schwab as a result of these arrangements. However, we benefit from the arrangement because the cost of these services would otherwise be borne directly by us. You should 13 Halcyon Global Advisors, LLC  consider these conflicts of interest when selecting a custodian. The products and services provided by Schwab, how they benefit us, and the related conflicts of interest are described above (see Item 12 – Brokerage Practices). We do not pay a referral fee to third party solicitors. ITEM 15 Custody We are deemed to have custody of client funds and securities due to our ability to deduct management fees from clients’ accounts. We will not take physical custody of clients’ funds and will not assign or transfer trading authorization to another advisor. Clients will receive account statements from the qualified custodian(s) holding their funds and securities at least quarterly. The custodian’s account statements will indicate the amount of our advisory fees deducted from the clients’ account(s) each billing period. These statements should be carefully reviewed by the client for accuracy. Item 5 – Fees and Compensation has additional information regarding our ability to deduct management fees from clients’ accounts. ITEM 16 Investment Discretion DISCRETIONARY AUTHORITY FOR TRADING If you are participating in our asset management services, upon receiving your written authorization via our executed investment advisory agreement, we will maintain trading authorization over your designated account and may also implement trades on a discretionary basis. When discretionary authority is granted, we will have the limited authority to determine the type of securities to be purchased, sold, or exchanged and a number of securities that can be bought, sold, or exchanged for your portfolio without obtaining your consent for each transaction. If you do not grant this limited investment discretion, your IAR will be required to contact you and get affirmation regarding our investment recommendations, such as the security being recommended, the number of shares, whether the security should be bought or sold before implementing changes in your account. Once the above factors are agreed upon, we will be responsible for making decisions regarding the timing of buying or selling an investment and the price at which the investment is bought or sold. If your accounts are managed on a non-discretionary basis, it is critical that you respond promptly. If we do not receive a response to our request immediately, the timing of trade implementation may lead to an adverse impact where we may not achieve the optimal trading price. On a case by case basis, you may place reasonable restrictions on the types of investments that may be purchased or sold in your account so long as the restrictions are explicitly set forth or included as an attachment to the investment advisory agreement. ITEM 17 Voting Client Securities We do not have the authority to vote proxies as it pertains to the issuers of securities held in your account. The responsibility for voting your securities places increased liability to us and does not add enough value 14 Halcyon Global Advisors, LLC  to the services provided to you to justify the additional compliance and regulatory costs associated with voting your securities. Therefore, you are responsible for voting all proxies for securities held in accounts managed by us. Typically, our qualified custodian will forward you your proxy information. Although we do not vote your proxies, you can contact us if you have a question about a particular proxy. ITEM 18 Financial Information We are not required to include a balance sheet for our most recent fiscal year. We are not subject to a financial condition that is reasonably likely to impair our ability to meet contractual commitments to our clients. We are currently not in, nor have been historically in a financially precarious situation or the subject of a bankruptcy petition. 15 Halcyon Global Advisors, LLC 

ITEM 1 Cover Page Part 2A Appendix 1 of Form ADV: Wrap Fee Program Brochure March 3, 2025 This wrap fee program brochure provides information about the qualifications and business practices of Halcyon Global Advisors, LLC. If you have any questions about the contents of this brochure, please contact us at 972.499.8275 , or via email at jeff@jeffreyparkhurst.com. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission, or by any state securities authority. Halcyon Global Advisors, LLC is a registered investment advisory firm. Registration of an investment advisory firm does not imply a particular level of skill or training. Additional information about Halcyon Global Advisors, LLC is also available on the SEC’s website at www.adviserinfo.sec.gov. Halcyon Global Advisors, LLC IARD# 170600 15660 Dallas Parkway, Suite 1425 Dallas, TX 75248 972.499.8275 jeff@jeffreyparkhurst.com www.halcyonga.com/  ITEM 2 Material Changes Annual Update The Material Changes section of this Wrap Fee Brochure (“Brochure”) will be updated annually, or when material changes occur since the previous release of this brochure. This Item discusses only specific material changes that are made to this brochure and provides our clients with a summary of such changes. Material Changes since the Last Update Since the last amendment filed on Februay 7, 2024 , material changes have been made to the brochure. Item 5: Fees and Compensation – addition of performance fees • Additional Information Additional information about Halcyon Global Advisors, LLC, is available via the SEC’s website www.adviserinfo.sec.gov. The SEC’s website also provides information about any persons affiliated with us who are registered or are required to be registered as investment adviser representatives (“IAR”). 2 Halcyon Global Advisors, LLC  ITEM 3 Table of Contents ITEM 1 Cover Page .................................................................................................................. 1 ITEM 2 Material Changes ......................................................................................................... 2 ITEM 3 Table of Contents ........................................................................................................ 3 ITEM 4 Services, Fees, and Compensation ................................................................................. 4 ITEM 5 Account Requirements and Types of Clients ................................................................... 6 ITEM 6 Portfolio Manager Selection and Evaluation ................................................................... 6 ITEM 7 Client Information Provided to Portfolio Managers .......................................................... 9 ITEM 8 Client Contact with Portfolio Managers .......................................................................... 9 ITEM 9 Additional Information ................................................................................................. 9 3 Halcyon Global Advisors, LLC  ITEM 4 Services, Fees, and Compensation FIRM INFORMATION Halcyon Global Advisors, LLC (“Halcyon,” “we,” “us,” “our”), a limited liability company formed in January 2014, is a registered investment advisory firm located in Dallas, Texas. We have been a registered investment advisory firm since February 2014. PRINCIPAL OWNERS Halcyon is owned and controlled by Jeff Parkhurst, its Chief Compliance Officer. WRAP FEE PROGRAM Our Wrap Fee Program is designed to provide ongoing asset management services and investment execution for one all-inclusive fee. This program enables clients to pursue their investment objectives with us as a manager all in one consolidated model portfolio. As part of this service, a portfolio is created, consisting of individual stocks, bonds, exchange-traded funds (“ETFs”), options, mutual funds, and other public securities or investments. Portfolios will be designed to meet a particular investment goal, determined to be suitable for the client’s circumstances. Once the appropriate portfolio has been determined, portfolios are continuously and regularly monitored, and if necessary, rebalanced based upon the client’s individual needs, stated goals and objectives. Clients’ accounts may be managed on a discretionary or non-discretionary basis. Furthermore, we may determine that opening an account with a third-party manager or sub-advisor is in the client’s best interests. Utilizing a third-party may allow clients to obtain portfolio management services that typically require higher minimum account sizes outside of the program. The manager selected will have the discretion to determine the securities they buy and sell within the account, subject to reasonable restrictions imposed by you. Due to the nature of these programs, each manager is required to provide clients with a separate disclosure document. Clients should carefully review this document for important and specific program details, including details on the charges and fees they will incur. Fee Schedule We are compensated for providing our Wrap Fee Program by charging an asset management fee. The asset management fee is based on total assets under management. The below ranges are the standard fee ranges that are typically charged. Wrap Fee Program Fee Schedule Up to $500,000 2.50% $500,000 - $1,000,000 1.50% $1,000,000 - and up 1.25% The fee billing will be pre-determined in writing in the investment advisory agreement that is executed by you and Halcyon. Wrap Fee Program fees are payable quarterly in advance. Our Wrap Fee Program fees are annual fees and may be negotiable. Payments are due on the first day of the calendar quarter. The total fee payable per quarter is based on the account’s asset value as of the last business day of the prior 4 Halcyon Global Advisors, LLC  calendar quarter, multiplied by the applicable annual rate, divided by 365 days, and multiplied by the number of days in the quarter. The fee for the subsequent quarter is billed and payable within ten (10) days after the end of the prior quarter, based on the value your account on the last business day of that quarter. We will deduct our asset management fee only when in receipt of your written authorization by executing an investment advisory agreement permitting the fees to be paid directly from your account. The qualified custodian will deliver an account statement to you at least quarterly, which will show all disbursements from your account. We urge you to review all statements for accuracy. Halcyon may enter into arrangements where performance-based fees are assessed for advisory services. Performance-based fees are individually negotiated with clients. Adviser’s performance fee may only be utilized by the following types of clients: (i) A client that is a natural person who or a company that immediately after entering into an advisory agreement has at least $1,100,000 under the management of Adviser; (ii) A client that is a natural person who or a company that Adviser reasonably believes, immediately prior to entering into the advisory agreement, has a net worth (together, in the case of a natural person, with assets held jointly with a spouse and excluding the value of the clients residence) of more than $2,200,000 at the time the advisory agreement is entered into, or (iii) a client that is a natural person who does not meet either definition as outlined above but who shall not be charged a performance fee based on the status of nonqualified or non-accredited. Performance Based Fees Management Fee Performance Allocation 1.00% 20% of returns exceeding a 5% net excess return When utilizing a third-party manager or sub-adviser, they may receive a portion of the fees described above. Either party may terminate the investment advisory agreement by providing 30-day advance written notice. Upon termination of any account, any prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees will be due and payable up to and including the effective date of termination. Notwithstanding the above, if we do not deliver the appropriate disclosure statement to you at least 48 hours prior to you entering into any written or oral advisory contract with us, then you have the right to terminate the contract without penalty within five (5) business days after entering into the contract. WRAP FEE PROGRAM COSTS A wrap fee program allows our clients to pay a specified fee for investment advisory services and the execution of transactions. Your fee is bundled with our costs for executing transactions in your account(s). This may result in a higher advisory fee to you. We do not charge our clients higher advisory fees based on their trading activity, but you should be aware that we may have an incentive to limit our trading activities in your account(s) because we are charged for executed trades. By participating in a wrap fee program, you may end up paying more or less than you would through a non-wrap fee program where a lower advisory fee is charged, but trade execution costs are passed directly through to you by the executing broker. 5 Halcyon Global Advisors, LLC  OTHER TYPES OF FEES AND EXPENSES You may pay custodial fees, charges imposed directly by a mutual fund, index fund, or exchange-traded fund which shall be disclosed in the fund’s prospectus (i.e., fund management fees and other fund expenses), mark-ups and mark-downs, spreads paid to market makers, wire transfer fees, fees for trades executed away from custodian, and other fees and taxes on brokerage accounts and securities transactions. These fees are not included within the wrap-fee you are charged by our firm. Halcyon may pay estate planning and/or tax preparation services on behalf of the client on a case by case basis. ITEM 5 Account Requirements and Types of Clients We provide our investment advisory services to: - Individuals - High Net Worth Individuals - Corporations - Other business entities There is an account minimum of $200,000, which may be waived by the investment advisor, based on the needs of the client and the complexity of the situation. ITEM 6 Portfolio Manager Selection and Evaluation PORTFOLIO MANAGERS Our Wrap Fee Program is managed by Halcyon and will not utilize a subadvisor or other third-party manager. We will use an industry standard to calculate portfolio manager performance. ADVISORY BUSINESS Asset Management Services: We provide asset management services in which we manage your custodial accounts and provide you with continuous and ongoing supervision of your custodial accounts. Our services provide additional investment opportunities among stocks, bonds, mutual funds, exchange-traded funds (ETFs), Real Estate Investment Trusts (REITs), options, and additional securities. TAILORING OF ADVISORY SERVICES Halcyon offers the same suite of services to all our clients. However, specific client financial plans and their implementation are dependent upon the individual client’s Investment Policy Statement, which outlines a client’s current financial situation such as income, net worth and risk tolerance levels. This information is essential in the development of a client-specific plan in the selection of investments that matches restrictions, needs, and targets. On a case by case basis, our clients may impose restrictions on 6 Halcyon Global Advisors, LLC  investing in certain securities or types of securities in accordance with their values or beliefs. However, if the restrictions prevent us from properly servicing the client’s account, or if the restrictions would require us to deviate from our standard suite of services, we reserve the right to end the relationship. We may request additional information and documentation, such as current investments, tax returns, insurance policies, and estate plan. We will discuss your investment objectives, needs, and goals, but you must inform us of any changes. Unless directed by you, we do not independently verify any information provided to us by you or your attorney, accountant or other professionals. PARTICIPATION IN WRAP FEE PROGRAMS Our wrap fee and non-wrap fee accounts are managed on an individualized basis according to the client’s investment objectives, financial goals, risk tolerance, etc. Generally, we do not manage wrap fee accounts in a different fashion than non-wrap fee accounts; however, certain client accounts may be managed differently based on the size and nature of the account and/or the client’s investment objectives and risk tolerance. In our wrap fee program, your fee is bundled with our costs for executing transactions in your account(s). This may result in a higher advisory fee to you. We do not charge our clients higher advisory fees based on their trading activity, but you should be aware that we may have an incentive to limit our trading activities in your account(s) because we are charged for executed trades. By participating in a wrap fee program, you may end up paying more or less than you would through a non-wrap fee program where a lower advisory fee is charged, but trade execution costs are passed directly through to you by the executing broker. PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT We do not charge any performance-based fees, which are fees based on a share of capital gains on or capital appreciation of your assets. METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS We use various methods of analysis and investment strategies, including the following: Fundamental Analysis – We evaluate economic and financial factors to determine if a security may be underpriced, overpriced, or fairly priced. This method entails assessing a security by attempting to determine its intrinsic value by examining related financial, economic, and other qualitative and quantitative factors. Fundamental analysis requires an in-depth look at all factors that can affect the security's value, from macroeconomic factors (like the overall economy and industry conditions) to individually specific factors (like the financial situation and management of companies). The overall objective of performing the fundamental analysis is to determine a value that an investor can use to determine what sort of position to take with that security. This method of security analysis is contrary to technical analysis. Fundamental analysis involves using real data to evaluate a security's value. Although most analysts use fundamental analysis to value stocks, this method of valuation can be used for just about any type of security. Quantitative Analysis- Quantitative Analysis deals with measurable factors as distinguished from qualitative considerations such as the character of management or the state of employee morale, such as the value of assets, the cost of capital, historical projections of sales, and so on. 7 Halcyon Global Advisors, LLC  Modern Portfolio Theory - Modern portfolio theory (MPT) is a risk-averse theory that involves the construction of portfolios to maximize and optimize expected return based on a given level of market risk, emphasizing that risk is an inherent part of higher reward. According to the theory, it's possible to construct an "efficient frontier" of optimal portfolios offering the maximum possible expected return for a given level of risk. Investment Strategies When formulating investment advice or managing client assets, we will use the following investment strategies. There are inherent risks associated with each of these strategies. Long-Term Strategy - A long-term strategy may not take advantage of short-term gains or may experience more volatility over the life of the portfolio. Your accounts are managed separately with your underlying investment strategies, restrictions, or investment limitations defined within the investment advisory agreement. POTENTIAL RISKS Investing involves different levels of risk that can result in loss of any profits and/or principal you have not realized. We manage your account in a manner consistent with your pre-determined risk tolerance and suitability profile. However, we cannot guarantee that our efforts will be successful. Investing in securities involves the risk of loss clients should be prepared to bear. Investing involves the assumption of risk, including: Financial Risk: which is the risk that the companies we recommend to you perform poorly, which affect the price of your investment. Market Risk: which is the risk that the stock market will decline, decreasing the value of the securities we recommend to you with it. Inflation Risk: which is the risk that the rate of price increases in the economy deteriorates the returns associated with the stock. Political and Governmental Risk: which is the risk that the value of your investment will is affected by the introduction of new laws or regulations. Interest Rate Risk: which is the risk that the value of the investments we recommend to you will fall if interest rates rise. Call Risk: which is the risk that your investment will be called or purchased back from you when conditions are favorable to the bond issuer and unfavorable to you. Default Risk: which is the risk that issuer is unable to pay the contractual interest or principal on the investment promptly or at all. Manager Risk: which is the risk that an actively managed mutual fund’s investment adviser will fail to execute the fund’s stated investment strategy. Industry Risk: which is the risk that a group of stocks in a single industry will decline in price due to adverse developments in that industry, decreasing the value of mutual funds that are significantly invested in that industry. 8 Halcyon Global Advisors, LLC  VOTING CLIENT SECURITIES We do not have the authority to vote proxies as it pertains to the issuers of securities held in your account. The responsibility for voting your securities places increased liability to us and does not add enough value to the services provided to you to justify the additional compliance and regulatory costs associated with voting your securities. Therefore, you are responsible for voting all proxies for securities held in accounts managed by us. Typically, our qualified custodian will forward you your proxy information. Although we do not vote your proxies, you can contact us if you have a question about a particular proxy. ITEM 7 Client Information Provided to Portfolio Managers We are required to describe the information about you that we communicate to your portfolio manager(s), and how often or under what circumstances we provide updated information. Our firm communicates with your portfolio manager(s) on a regular basis as needed (daily, weekly, monthly, etc.) to ensure your most current investment goals and objectives are understood by your portfolio manager(s). In most cases, we will communicate such information as part of our regular investment management duties. Nevertheless, we will also communicate information to your portfolio manager(s) when you ask us to when market or economic conditions make it prudent to do so, etc. ITEM 8 Client Contact with Portfolio Managers Clients are always free to directly contact us with any questions or concerns they have about their portfolios or other matters. ITEM 9 Additional Information DISCIPLINARY INFORMATION As of the date of this brochure, we have not been subject to any disciplinary, legal, or regulatory events related to past or present investment clients. There has been no disciplinary, legal, or regulatory events related to us or any of our management persons. OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS Financial Industry Activities Neither Halcyon nor its management persons are registered or has an application pending to register as a broker-dealer or a registered representative of a broker-dealer. Neither Halcyon nor its management persons are registered or has an application pending to register as a futures commission merchant, commodity pool operator or commodity trading advisor. Affiliations Certain associates of the firm are also insurance agents licensed to sell insurance products. A conflict of interest exists in that these services pay a commission which conflicts with the IAR’s fiduciary duties. 9 Halcyon Global Advisors, LLC  implement Halcyon does not require its IARs to encourage clients to implement investment advice through our insurance product recommendations. Clients have the right to insurance product recommendations through the insurance agency and agent of their choice. We require that all IARs disclose this conflict of interest when such recommendations are made. We also require IARs to disclose that the client has the right to purchase recommended products from individuals not affiliated with us. Selection of Other Investment Advisers We do not recommend or select other investment advisers for our clients. CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING Code of Ethics Halcyon has developed a code of ethics that will apply to all of our supervised persons. Our IARs and we must act in a fiduciary capacity when providing investment advisory services to you. As a fiduciary, it is an investment adviser’s responsibility to provide fair and full disclosure of all material facts and to act solely in the best interest of each of our clients at all times. Halcyon has a fiduciary duty to all clients. This fiduciary duty is considered the core underlying principle of our code of ethics, which also covers our insider trading and personal securities transactions policies and procedures. We require all of our supervised persons to conduct business with the highest level of ethical standards and to comply with all federal and state securities laws at all times. Upon employment or affiliation and at least annually thereafter, all supervised persons will acknowledge that they have read, understand and agree to comply with our Code of Ethics. Our Code of Ethics is available to clients and prospective clients upon request. Recommendations Involving a Material Financial Interest Neither we nor any related person recommend to clients or buys or sells for clients’ accounts, securities in which we or a related person has a material financial interest. Participation or Interest in Client Transactions There may be instances where an IAR will recommend to investment advisory clients or prospective clients the purchase or sale of securities in which an IAR, its affiliates, or other clients may also have a position or interest. Certain affiliated accounts may trade in the same securities with client accounts on an aggregated basis. Generally, in such circumstances, the affiliated and client accounts will share execution costs equally. Completed trade orders will be allocated according to the instructions from the initial trade order. Partially filled trade orders will be allocated on a pro-rata basis. Any exceptions will be explained in the trade order. Personal Trading Employees are permitted to have personal securities accounts as long as personal investing practices are in line with fiduciary standards and regulatory requirements, and do not conflict with their duty to Halcyon and our clients. Halcyon monitors and controls personal trading through pre-approval of all personal securities transactions or blackout periods imposed upon employees trading in the same securities as Halcyon. We forbid any officer or employee, either personally or on behalf of others, to trade on material, nonpublic information, or to communicate such information to others in violation of the law. 10 Halcyon Global Advisors, LLC  REVIEW OF ACCOUNTS Periodic Reviews We review wrap fee program accounts no less than annually. These accounts will be reviewed by Jeffrey W. Parkhurst. Accounts are reviewed to evaluate asset allocation, investment strategy and objectives, cash balance, and performance as well as the general economic outlook and current investment trends. Review Triggers We conduct periodic reviews to evaluate current market, economic, and political events and how these may affect client accounts. Additional reviews may be triggered by these events or by events in the client’s financial or personal status. Regular Reports Wrap fee program clients will receive advisory account reports no less than quarterly. These reports show asset value by cash balances, security, unit cost, total cost, current per-share values, etc. Clients are urged to review the quarterly reports provided by us with those provided by their custodian and notify us of any differences. Clients are encouraged to phone or email us as often as they deem necessary to receive information regarding the investment tactics and strategies being followed. CLIENT REFERRALS AND OTHER COMPENSATION Products & Services Available to Us from Schwab Schwab Advisor Services (formerly called Schwab Institutional) is Schwab’s business serving independent investment advisory firms like ours. They provide us and our clients with access to its institutional brokerage – trading, custody, reporting, and related services – many of which are not typically available to Schwab retail customers. Schwab also makes available various support services. Some of those services help us manage or administer our clients’ accounts, while others help us manage and grow our business. Schwab’s support services are generally available on an unsolicited basis and at no charge to us as long as we maintain a total of at least $10 million of our clients’ assets in accounts at Schwab. Services that Benefit Client Schwab’s institutional brokerage services include access to a broad range of investment products, execution of securities transactions, and custody of client assets. The investment products available through Schwab include some to which we might not otherwise have access, or that would require a significantly higher minimum initial investment by our clients. Schwab’s services described in this paragraph generally benefit clients or their account(s). Services that May Not Directly Benefit Clients Schwab also makes available to us other products and services that benefit us but may not directly benefit the client or their account(s). These products and services assist us in managing and administering our clients’ accounts. They include investment research, both Schwab’s own and that of third parties. We may use this research to service all or some substantial number of our clients’ accounts, including accounts not maintained at Schwab. In addition to investment research, Schwab also makes available software and other technology that: • provides access to client account data (such as duplicate trade confirmations and account statements); 11 Halcyon Global Advisors, LLC  • facilitates trade execution and allocate aggregated trade orders for multiple client accounts; • provides pricing and other market data; • facilitates payment of our fees from our clients’ accounts; and • assists with back-office functions, recordkeeping, and client reporting. Schwab also offers other services intended to help us manage and further develop our business enterprise. These services include: • educational conferences and events • technology, compliance, legal, and business consulting; • publications and conferences on practice management and business succession; and • access to employee benefits providers, human capital consultants, and insurance providers. Schwab may provide some of these services itself. In other cases, it will arrange for third-party vendors to provide the services to us. Schwab may also discount or waive its fees for some of these services or pay all or a part of a third party’s fees. Irrespective of direct or indirect benefits to our client through Schwab, we strive to enhance the client’s experience, help reach their goals and put their interests before that of our firm or its associated persons. We do not pay a referral fee to third party solicitors. FINANCIAL INFORMATION We are not required to include a balance sheet for our most recent fiscal year. We are not subject to a financial condition that is reasonably likely to impair our ability to meet contractual commitments to our clients. We are currently not in, nor have been historically in a financially precarious situation or the subject of a bankruptcy petition. 12 Halcyon Global Advisors, LLC