# WESTERN STRATEGIC ASSETS, L.L.C. X-17A-5 (2026-03-03) — Broker-dealer annual report - Company: WESTERN STRATEGIC ASSETS, L.L.C. - Form: X-17A-5 - Filed: 2026-03-03 - Period: 2025-12-31 - Accession: 0001146300-26-000002 - CIK: 1146300 - File #: 8-53684 - Type: Broker-dealer - Material weakness: No - Auditor: Phillip V. George - Auditor location: Celeste, TX - Contact: Kallen Collier - Phone: 817-877-9980 - Email: kallen@western-companies.com - Website: western-companies.com - Signed by: Kallen Collier (CFO/FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1146300/000114630026000002/2025Auditreport.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL REPORTS FORM X-17A-5 PART** Ill **FACING PAGE** 0MB APPROVAL 0MB Number: 3235--0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER 8-53684 **Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING **O 1/01/2025** MM/DD/YY AND ENDING **12/31/2025** MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME oF FIRM: Western Strategic Assets, L.L.C. TYPE OF REGISTRANT (check all applicable boxes): ~Broker-dealer D Security-based swap dealer D Major security-based swap participant 0 Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 3100 W. 7th Street, Suite 300 (No. and Street) Fort Worth TX 76107 (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING Kallen Collier 817-877-9980 Kallen@western-companies.com (Name) (Area Code - Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Phillip V. George, PLLC (Name - if individual, state last, first, and middle name) 5179 Cr 1026 Celeste TX 75243 (Address) (City) (State) (Zip Code) 2/24/2009 3366 T'" pf ... ., • • , . **wnh PCAOB)(if appUcabl•I FOR OFFICIAL USE ONLY** • Claims for exemption from the requirement that the annual reports be covered by the 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 24-0.17a-5(e)(l)(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 0MB control number.** {1}------------------------------------------------ #### **OATH OR AFFIRMATION** I, Kallen Collier swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Western Strategic Assets, LLC as of December 31, 2025 2\_, 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~i£ Title:** CFO/FINOP #### **This filing•• contains (check all applicable boxes):** - Iii (a) Statement of financial condition. - □ (b) Notes to consolidated statement of financial condition. - Iii (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 5-X). - **!!I** (d) Statement of cash flows. - i!!i (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D {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. - D (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D U) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D (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. - D {I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - Iii (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (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. - Iii (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-l, 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. - D (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 240.17a-12, or 17 CFR 240.18a-7, as applicable. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - Iii (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (t) Independent public accountant's report based on an examination of the statement of financial condition. - ii!!ii (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - D (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. - Iii (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. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - D (y) Report describing any material inadequacies found to exist or 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). D (z) Other:---------- - - - --- - - ---------- ---- ------ - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e}(3) or 17 CFR 240.18a-7{d){2), as applicable. {2}------------------------------------------------ ## **CONTENTS** | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | | |------------------------------------------------------------------|-------|--| | FINANCIAL STATEMENTS | | | | Statement of financial condition | 2 | | | Statement of income | 3 | | | Statement of changes in member's equity | 4 | | | Statement of cash flows | 5 | | | Notes to financial statements | 6-9 | | | Schedule I -
Supplemental information pursuant to Rule l 7a-5 | 10-11 | | | | | | | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 12 | | | Exemption report | 13 | | | | | | {3}------------------------------------------------ # PHILLIP V. G EORGE, PLLC CERTIFIED PUBLIC ACCOUNTANT # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member Western Strategic Assets, L.L.C. #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Western Strategic Assets, L.L.C., as of December 31, 2025, the related statements of income, changes in member's equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Western Strategic Assets, L.L.C. as of December 31, 2025, and the results of its operations and its cash flows for the year then ended in confonnity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** These financial statements are the responsibility of Western Strategic Assets, L.L.C.'s management. Our responsibility is to express an opinion on Western Strategic Assets, L.L.C.' s financial statements based on our audit. We are a public accounting finn registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Western Strategic Assets, L.L.C. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. #### **Auditor's Report on Supplemental Information** The supplemental information contained in Schedule I has been subjected to audit procedures performed in conjunction with the audit of Western Strategic Assets, L.L.C. 's financial statements. The supplemental information is the responsibility of Western Strategic Assets, L.L.C. 's management. Our audit procedures included determining whether the supplemental infonnation reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental infonnation. In fanning our opinion on the supplemental infonnation, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240. I 7a-5. In our opinion, the supplemental information contained in Schedule I is fairly stated, in all material respects, in relation to the financial statements as a whole. *()),, V.~.PW,* PHILLIP V. GEORGE, PLLC We have served as Western Strategic Assets, L.L.C.'s auditor since 2024. Celeste, Texas February 18, 2026 ![](_page_3_Picture_14.jpeg) {4}------------------------------------------------ #### WESTERN STRATEGIC ASSETS, L.L.C. Statement of Financial Condition December 31, 2025 | ASSETS | | |---------------------------------------|---------------| | Cash | \$
159,705 | | Commissions receivable | 3,655 | | Prepaid facilities and services fees | 1,153 | | Total Assets | \$
164,513 | | LIABILITIES AND MEMBER'S EQUITY | | | Liabilities | \$
0 | | Member's equity | 164,513 | | Total Liabilities and Member's Equity | \$
164,513 | {5}------------------------------------------------ #### WESTERN STRATEGIC ASSETS, L.L.C. Statement of Income For the Year Ended December 31, 2025 #### REVENUES | Insurance commissions | 52,077
\$ | |------------------------------|--------------| | Mutual fund commissions | 6,709 | | Interest income | 1,258 | | Total Revenues | 60.044 | | EXPENSES | | | Facilities and services fees | 13,836 | | Professional fees | 17,500 | | Regulatory fees | 4,850 | | Total Expenses | 36,186 | | Net Income | 23,858
\$ | {6}------------------------------------------------ ### WESTERN STRATEGIC ASSETS, L.L.C. Statement of Changes in Member's Equity For the Year Ended December 31, 2025 | Balance at January 1, 2025 | 140,655
\$ | |------------------------------|---------------| | Net Income | 23,858 | | Balance at December 31, 2025 | \$
164.513 | {7}------------------------------------------------ #### WESTERN STRATEGIC ASSETS, L.L.C. Statement of Cash Flows For the Year Ended December 31, 2025 | CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income
Adjustments to reconcile net income to net cash provided by
operating activities: | \$
23,858 | |---------------------------------------------------------------------------------------------------------------------------------------------|---------------| | Changes in operating assets and liabilities | | | Decrease in commissions receivable | 1,485 | | Increase in prepaid facilities and services fees | (1,153) | | | | | Net cash provided by operating activities | 24,190 | | Net increase in cash | 24,190 | | Cash at beginning of year | 135,515 | | Cash at end of year | \$
159,705 | #### SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: There was no cash paid for income taxes or interest during the year. {8}------------------------------------------------ # 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ## (a) Organization and Nature of Business Western Strategic Assets, L.L.C. (the Company) was organized as a Texas limited liability company, in September 2002, resulting from a conversion from a Texas limited liability partnership. The Company is registered with the Securities and Exchange Commission (SEC) as a broker-dealer in securities and is a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). Effective December 31, 2025, the Company completed an internal reorganization that resulted in a change in its sole member. Prior to the reorganization, the Company was wholly owned by Western Commerce Group, LLC (WCG). Upon completion of the reorganization, The Western Company of Texas, LLC (WCT) became the Company's sole member. The reorganization did not result in any change in the Company's ultimate beneficial ownership or control, nor were there any changes to the Company's officers or management. The reorganization was affected for internal structuring purposes and did not impact the Company's operations, regulatory status, or financial position. The Company is considered a Non-Covered Firm exempt from 17 C.F.R. § 240.15c3-3 relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240. l 7a-5. The Company limits its business activities exclusively to: (1) effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; (2) receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients, referring securities transactions to other broker-dealers, or providing technology or platform services; and (3) participating in distributions of securities (other than firm commitment underwritings) in accordance with the requirements of paragraphs (a) or (b )(2) of Rule l 5c2-4. The Company's operations consist primarily in providing variable annuity insurance products and mutual fund brokerage to individuals in Texas. Insurance products are provided through a related party insurance agency. The Company may also provide business merger and acquisition services. (b) Management's Estimates and Assumptions The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The actual results could differ from these estimates. {9}------------------------------------------------ # ( c) Segment Reporting The Company is engaged in a single line of business as a securities broker-dealer, which is comprised primarily of providing variable annuity insurance products and mutual fund brokerage. The Company has identified its President 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, 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. Segment financial information is identical to that presented in the accompanying financial statements. ## ( d) Current Expected Credit Losses The Company accounts for estimated credit losses on financial assets measured at an amortized cost basis and certain off-balance sheet credit exposures in accordance with F ASB ASC 326- 20, Financial Instruments - Credit Losses. F ASB ASC 326-20 requires the Company to estimate expected credit losses over the life of its financial assets and certain off-balance sheet exposures as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. The Company records the estimate of expected credit losses as an allowance for credit losses. For financial assets measured at an amortized cost basis the allowance for credit losses is reported as a valuation account on the balance sheet that adjusts the asset's amortized cost basis. Changes in the allowance for credit losses are reported in Credit Loss expense. ( e) Revenue Recognition The Company enters into arrangements with pooled investment vehicles (funds) to distribute shares to investors and insurance companies to issue variable annuity contracts. The Company may receive distribution and variable annuity fees paid by the funds and insurance companies up front, over time, upon the investor's exit from the fund and annuity contracts (that is, a contingent deferred sales charge), or as a combination thereof. The Company believes that its performance obligation is the sale of securities or variable annuity contracts to investors and as such this is fulfilled on the trade date or variable annuity contract funding date. Any fixed amounts are recognized on the trade date and variable amounts are recognized to the extent it is probable that a significant revenue reversal will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty is dependent on the value of the shares or annuity contracts at future points in time as well as the length of time the investor remains in the fund and annuity contracts, both of which are highly susceptible to factors outside the Company's influence, the Company does not believe it can overcome this constraint until the market value of the fund and annuity contracts and the investor activities are known, which are usually monthly or quarterly. Distribution and variable annuity fees recognized in the current period are primarily related to performance obligations that have been satisfied in prior periods. {10}------------------------------------------------ # (f) Income Taxes The Company is a disregarded entity for federal income taxes and is included **in** the individual federal income tax return of its Parent's sole member, resulting in all federal tax liabilities or benefits relating to the operations of the Company passing through to the sole member of the Parent, therefore, there is no provision for federal income taxes. The Company is included in a combined Texas state return. # (g) Recent Accounting Pronouncements The Company's management has evaluated the recently issued accounting pronouncements through the date these financial statements were available to be issued and has determined the application of these pronouncements will have no material impact on the Company's financial position and results of operations. # 2. NET CAPITAL REQUIREMENTS The Company is subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-l), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Rule l 5c3-l also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. At December 31, 2025, the Company had net capital of \$159,705, which was \$154,705 in excess of the required net capital of \$5,000. The Company's net capital ratio was Oto 1. #### 3. RELATED PARTY TRANSACTIONS/ECONOMIC DEPENDENCY/CONCENTRATION OF SERVICES The Company is under the control of and economically dependent on its sole member. The Company has a concentration of services provided by its sole member. The existence of that control, dependency and concentration creates operating results and financial position significantly different than if the companies were autonomous. Transactions between the Company and its sole member were not consummated on terms equivalent to arm's-length transactions. The Company earned \$52,077 in insurance commissions through representatives dually licensed with the Company and a related party insurance agency, of which \$2,500 is due from the related party at December 31, 2025 and is included in commissions receivable. The Company entered into a Facilities and Services Agreement (Agreement) with WCG, effective January 1, 2016 for a one-year term, automatically renewable, unless cancelled by either party. Under this Agreement, WCG allocates shared expenses incurred by WCG to the Company, including rent, office equipment and supplies, telephone, salaries, and other administrative and overhead expenses. The expense allocation is based on the relative revenue of WCG and the Company, is determined annually, and reviewed quarterly. For the year ended December 31, 2025, the Company incurred and paid \$13,836 in fees to WCG related to this Agreement, and has \$1,153 in prepaid fees at December 31, 2025. Effective January 1, 2026, the Agreement was renewed and amended to replace WCG with WCT. {11}------------------------------------------------ # 4. CONTINGENCIES There are currently no asserted claims or legal proceedings against the Company, however, the nature of the Company's business subjects it to various claims, regulatory examinations, and other proceedings in the ordinary course of business. The ultimate outcome of any such action against the Company could have an adverse impact on the financial condition, results of operations, or cash flows of the Company. #### 5. SUBSEQUENT EVENTS Management has evaluated the Company's events that occurred subsequent to December 31, 2025, and through February 18, 2026, the date which the financial statements were available to be issued. In January 2026, the Agreement with WCG was renewed and amended to replace WCG with WCT. See Note 3. {12}------------------------------------------------ #### **Schedule I WESTERN STRATEGIC ASSETS, L.L.C. Supplemental Information Pursuant to Rule 17a-5 December 31, 2025** # **Computation of Net Capital** | Total member's equity qualified for net capital | 164,513
\$ | |-----------------------------------------------------------------------------------------------------|---------------| | Deductions/charges
Non-allowable assets: | | | Commissions receivable | 3,655 | | Prepaid facilities and services fees | 1 153 | | Total deductions/charges | 4,808 | | Net capital before haircuts on securities positions | 159 705 | | Haircuts on securities: | | | Net Capital | | | Aggregate indebtedness | \$ | | Total aggregate indebtedness | \$ | | Computation of basic net capital requirement
Minimum net capital required (greater of \$5,000 or | | | 6 2/3% of aggregate indebtedness | | | Net capital in excess of minimum requirement | | | ' Ratio of aggregate indebtedness to net capital | 0 to 1 | # **Reconciliation of Computation of Net Capital** The above computation does not differ from the computation of net capital under Rule 15c3-1 as of December 31, 2025 as filed by Western Strategic Assets, L.L.C. on form X-17A-5. Accordingly, no reconciliation is deemed necessary. #### **Statement Regarding Changes in Liabilities Subordinated to Claims of General Creditors** No statement is required as no subordinated liabilities existed at any time during the year. See accompanying report of independent registered public accounting firm. {13}------------------------------------------------ ## **Schedule** I, **continued WESTERN STRATEGIC ASSETS, L.L.C. Supplemental Information Pursuant to Rule 17a-5 December 31, 2025** #### **Statement Regarding Reserve Requirements and Possession or Control Requirements** The Company is considered a Non-Covered Finn exempt from 17 C.F.R. § 240.15c3-3 relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.l 7a-5. The Company limits its business activities exclusively to: (1) effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; (2) receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients, referring securities transactions to other broker-dealers, or providing technology or platfonn services; and (3) participating in distributions of securities (other than finn commitment underwritings) in accordance with the requirements of paragraphs (a) or (b)(2) of Rule 15c2-4. The Company does not hold customer funds or securities. As a Non-Covered Firm, the Computation of the Determination of the Reserve Requirements and Information Relating to the Possession or Control Requirements are not required. {14}------------------------------------------------ # **PHI LLIP V. GEORGE, PLLC** CERTIFIED PUBLIC ACCOUNTANT # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member Western Strategic Assets, L.L.C. We have reviewed management's statements, included in the accompanying Rule 15c3-3 Exemption Report pursuant to SEC Rule 17a-5, in which (1) Western Strategic Assets, L.L.C. (the Company), did not claim an exemption under paragraph (k) of 17 C.F.R. §240.15c3-3, and (2) the Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients, referring securities transactions to other broker-dealers, or providing technology or platform services; and/or participating in distributions of securities (other than firm commitment underwritings) in accordance with the requirements of paragraphs (a) or (b)(2) of Rule **l** 5c2-4. In addition, the Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. Western Strategic Assets, L.L.C. 's management is responsible for compliance with the provisions contemplated by Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240. l 7a-5 and related SEC Staff Frequently Asked Questions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about Western Strategic Assets, L.L.C. 's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based upon the Company's business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240. l 7a-5, and related SEC Staff Frequently Asked Questions. *(} V. ~PU£* PHILLIP V. GEORGE, PLLC Celeste, Texas February 18, 2026 {15}------------------------------------------------ #### **Western Strategic Assets, L.L.C. Exemption Report December 31, 2025** Western Strategic Assets, L.L.C. (the Company) is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. § 240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5(d)(l) and (4). To the best of its knowledge and belief, the Company states the following: - ( 1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240.15c3-3, and - (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34- 70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits it business activities exclusively to: ( 1) effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; (2) receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients, referring securities transactions to other broker-dealers, or providing technology or platform services; and (3) participating in distributions of securities ( other than firm commitment underwritings) in accordance with the requirements of paragraphs (a) or (b)(2) of Rule 15c2-4, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, ( other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company); (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. Western Strategic Assets, L.L.C. I, Kallen Collier, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. *r* By: *Ju~~* Title: Financial and Operations Principal (FinOp) February 13, 2026 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.