# H & L EQUITIES, LLC X-17A-5 (2026-03-12) — Broker-dealer annual report - Company: H & L EQUITIES, LLC - Form: X-17A-5 - Filed: 2026-03-12 - Period: 2025-12-31 - Accession: 0001143598-26-000002 - CIK: 1143598 - File #: 8-53371 - Type: Broker-dealer - Material weakness: No - Auditor: Rubio CPA, PC - Auditor location: Atlanta, GA - Contact: Paul S. Caron - Phone: 404-892-3300 - Email: pcaron@reit-funding.com - Website: reit-funding.com - Signed by: Lori Mayfield (Chief Financial Officer & FinOP) Original filing: https://www.sec.gov/Archives/edgar/data/1143598/000114359826000002/Public2.pdf --- {0}------------------------------------------------ | OMB APPROVAL | | |--------------------------|----| | OMB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: | 12 | | | | | 8-53371 | |------------------------------|---------------------------|----------|-------------------------| | | | | | | | 01/01/25 | 12/31/25 | | | | | | | | H
&
L | Equities,
LLC | | | | 1175
Peachtree
St. | N.E.,
Suite
2200 | | | | | | | | | Atlanta | GA | | 30361 | | | | | | | | | | | | Paul
Caron | (404)
892
-
3300 | | pcaron@reit-funding.com | | | | | | | | | | | | | | | | | | | | | | RUBIO
CPA,
PC | | | | | | | | | | 3500
Lenox
Road
NE, | Atlanta
Suite
1500 | GA | 30326 | | | | | | | 05/05/09 | | 3514 | | | | | | | {1}------------------------------------------------ #### OATH OR AFFIRMATION , swear (or affirm) that, to the best of my knowledge and belief, the |, Lori Mayfield financial report pertaining to the firm of H & L Equities, LLC as and the same of the same as of December 31 2 025 , is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. Signature: ore May Title: Chief Financial Officer & FinOP #### 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 in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - [ (d) Statement of cash flows. - [e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [ (f) Statement of changes in liabilities subordinated to claims of creditors. - [ (g) Notes to consolidated financial statements. - [ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - [] Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - | | | | Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - [ [m] Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - [n] Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - | |o] Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - [p] Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - | | Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - [ [r] Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | | |ndependent public accountant's report based on an examination of the statement of financial condition. - [ [u] Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - [ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | |w|Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17-12, as applicable. - [ (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - [z) Other: - \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.170-5(e)(3), or 17 CFR 240.18n-7(d)(2), as applicable. {2}------------------------------------------------ # RUBIO CPA, PC CERTIFIED PUBLIC ACCOUNTANTS 3500 Lenox Road NE Suite 1500 Atlanta, GA 30326 770-690-8995 # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of H & L Equities, LLC #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of H & L Equities, LLC (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025, 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 free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement, 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 2013. March 11, 2026 Atlanta, Georgia ![](_page_2_Picture_13.jpeg) {3}------------------------------------------------ #### H&L Equities, LLC STATEMENT OF FINANCIAL CONDITION December 31, 2025 #### ASSETS | Cash | ಳ | 303,784 | |------------------|---|------------| | Prepaid Expenses | | 2.297 | | Total Assets | | \$ 306,081 | # LIABILITIES AND MEMBER'S EQUITY | Liabilities | | |---------------------------------------|------------| | Commissions Payable | 179.250 | | Due to Related Party | 64,234 | | Accounts Payable and Accrued Expenses | 3,500 | | Total Liabilities | 246,984 | | Member's Equity | 59,097 | | Total Liabilities and Member's Equity | \$ 306,081 | See Accompanying Notes to the Financial Statements {4}------------------------------------------------ #### H&L Equities, LLC NOTES TO FINANCIAL STATEMENTS December 31, 2025 #### NOTE 1: NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Nature of Business: H&L Equities, LLC (the "Company"), formed on May 30, 2001, operates as a broker-dealer in the private placements of Real Estate Investment Trusts ("REITs"). The Company is registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"). As a limited liability company, the member's liability is limited to his investment. #### Income Taxes: The Company is a single member limited liability company and is considered a disregarded entity for federal income tax reporting purposes and as such, does not file a separate income tax return. The income or losses of the Company flow through to and are taxable to its member. Therefore, no income taxes are reflected in the accompanying financial statements. The Company has adopted the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 740-10, Accounting for Uncertainty in Income Taxes. Under FASB ASC 740-10, the Company is required to evaluate each of its tax positions to determine if they are more likely than not to be sustained if the taxing authority examines the respective position. A tax position includes an entity's status, including its status as a pass-through entity, and the decision not to file a return. The Company has evaluated each of its tax positions and has determined that it has no uncertain tax positions for which a provision or liability for income taxes is necessary. #### Revenue Recognition: Revenue from contracts with customers includes commissions from private placements of REITs. 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 appropriate measure of the Company's progress under the contract; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration should be applied due to uncertain future events. The Company recognizes commissions revenue from private placements of REITs upon the closing of an offering with funds remitted to the REIT customer as this satisfies the only performance obligation identified by the Company. ### Cash: The Company maintains its cash in a high credit quality bank. Balances at times may exceed federally insured limits. The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on cash. {5}------------------------------------------------ #### Use of Estimates: The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires reliance on accounting information based on estimates which may or may not reflect actual results. #### Subsequent Events: Subsequent events were evaluated through the date the financial statements were issued. #### NOTE 2: RELATED PARTY TRANSACTIONS The Company has an expense allocation agreement with a company partially owned by its member. Under the agreement, the Company pays the related company monthly fees for personnel services, the use of office facilities, including office furniture and equipment, supplies, technology costs, and other administrative services. The amount expensed by the Company for 2025 under this agreement is approximately \$671,217. The balance due to related party of \$64,234 arises from this agreement. In addition, the Company earns its revenues from private placements of REITs referred to it by the company partially owned by its member. Financial position and results of operations could differ from the amounts in the accompanying financial statements if these related party transactions did not exist. ### NOTE 3: NET CAPITAL REQUIREMENTS The Company is subject to the Securities and Exchange Commission 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. At December 31, 2025, the Company had net capital of \$56,800, which was \$40,334 in excess of its required net capital of \$16,466 and the ratio of aggregate indebtedness to net capital was 4.35 to 1.00. #### NOTE 4: CONTINGENCIES The Company is subject to litigation in the normal course of business. The Company has no litigation in progress as of December 31, 2025. #### NOTE 5: SEGMENT REPORTING The Company has one reportable segment: private placements of REITs. The Company has identified its Chief Executive Officer as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 3), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay distributions. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.