# BROADOAK PARTNERS, LLC X-17A-5 (2025-04-02) — Broker-dealer annual report - Company: BROADOAK PARTNERS, LLC - Form: X-17A-5 - Filed: 2025-04-02 - Period: 2024-12-31 - Accession: 0001392669-25-000003 - CIK: 1392669 - File #: 8-67574 - Type: Broker-dealer - Material weakness: No - Auditor: Keiter - Auditor location: Geln Alen, VA - Contact: Lars Hanan - Phone: 3013582693 - Email: lhanan@broadoak.com - Website: broadoak.com - Signed by: Lars Hanan (Partner) Original filing: https://www.sec.gov/Archives/edgar/data/1392669/000139266925000003/broadoakpartnerspublic2024d.pdf --- {0}------------------------------------------------ **UNITED STATES' SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** | 0MB APPRflVAI | | | |---------------------------|--|--| | 0MB Number: 3235-0123 | | | | Expires: Nov. 30, 2026 | | | | Estimated average burden | | | | hours per response:
12 | | | | | | | # **ANNUAL REPORTS FORM X-17A-5 PART Ill** **FACING PAGE** **A. REGISTRANT IDENTIFICATION** | SEC FILE NUMBER | | |-----------------|--| | 8-67574 | | (Zip Code) **Information Required Pursuant to Rules 17a-s, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** 01/01/2024 12/31/2024 FILING FOR THE PERIOD BEGINNING \_\_\_\_\_\_\_\_ AND ENDING \_\_\_\_\_\_\_ \_ MM/DD/VY MM/DD/VY BroadOak Partners, LLC NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ TYPE OF REGISTRANT (check all applicable boxes): 0 Broker-dealer □ Security-based swap dealer D Check here if respondent is also an OTC derivatives dealer D Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 4800 Montgomery Lane, Suite 230 | | (No. and Street) | | | | | | |-------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------|---------------------|--|--|--| | Bethesda, MD 20814 | | | | | | | | (City) | (State) | | (Zip Code) | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | Lars Hanan | (301 )717-1251 | | lhanan@broadoak.com | | | | | (Name) | (Area Code -Telephone Number) | (Email Address) | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Keiter | | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | | 4401 Dominion Boulevard | Glen Allen | VA | 23060 | | | | (Address) (City) (State) 80 T"' of Reg;,t,aboo w;th PCAOB )(ff appHcab~) **FOR OFFICIAL USE ONLY** (PCAOB Reg;,t,atloo Numbe,, • applkable)I • 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 240.17a-S(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** | 1, Lars Hanan | swear (or affirm) that, to the best of my knowledge and belief, the | |-------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of BroadOak Partners, LLC | as of | | 2_,
March 31, 2024 | 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:
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Title: | 0 513( (J...n.5 BETHESDA, MONTGOMERY COUNTY ---------------+-- MARYLAND Notary Public MY COMMISSION EXPIRES AUGUST 4, 2027 # **This filing\*\* contains (check all applicable boxes):** - ii (a) Statement of financial condition. - ii (b) Notes to consolidated statement of financial condition. - D (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation S-X). **ENRIQUE LUNA** NOTARY PUBLIC • - D (d) Statement of cash flows. - D (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - □ (f) Statement of changes in liabilities subordinated to claims of creditors. - D (g) Notes to consolidated financial statements. - □ (h) Computation of net capital under 17 CFR 240.1Sc3-1 or 17 CFR 240.18a-1, as applicable. - □ (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. - □ (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. - □ (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. - D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.1Sc3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.1Sc3-3 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. - □ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - iiiii (t) Independent public accountant' s report based on an examination of the statement of financial condition. - D (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. - □ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-le or 17 CFR 240.17a-12, as applicable. - D (y) Report describing any ~at\_erial 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). □ (z) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - \*"'To r~quest 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 app/Jcable. ' {2}------------------------------------------------ Statement of Financial Condition and Report of Independent Registered Public Accounting Firm December 31, 2024 SEC ID 8-67574 Filed pursuant to Rule 17a-5(e)(3) as a PUBLIC DOCUMENT. {3}------------------------------------------------ # **December 31, 2024** | | Page | |---------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm | 2 | | Financial Statement | | | Statement of Financial Condition | 3 | | Notes to Financial Statement | 4 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member of BroadOak Partners, LLC # **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of BroadOak Partners, LLC. (the "Company") as of December 31 , 2024, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31 , 2024 in conformity with accounting principles generally accepted in the United States of America. # **Basis for Opinion** The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud . Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud , and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2024. Glen Allen, Virginia March 31 , 2025 > ) **Certified Public Accountants** & **Consultants** 4401 Dominion Boulevard Glen Allen, VA 23060 T:804.747.0000 F:804.747.3632 www.keitercpa.com {5}------------------------------------------------ #### **Statement of Financial Condition** #### **December 31, 2024** | Cash | \$
537,046 | |---------------------------------|---------------| | Due from related party | 61 ,931 | | Prepaid expenses | 14,871 | | Total assets | \$
613,848 | | Liabilities and Member's Equity | | | Liabilities: | | | Accrued expenses | \$
39,100 | | Total Liabilities | 39,100 | \$ 574,748 613,848 Member's equity Total liabilities and member's equity See notes to financial statement. {6}------------------------------------------------ #### **Notes to Financial Statement** ## **December 31, 2024** #### **1. Organization and Summary of Significant Accounting Policies** BroadOak Partners, LLC (the "Company"), a Delaware corporation, formed on January 31, 2007, is a wholly-owned subsidiary of BroadOak Capital Partners, LLC ("BroadOak Capital"). The Company is registered as a broker-dealer with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA). Focused on the life sciences industry, the Company is engaged in the investment banking business and acts as a financial advisor on behalf of corporations, partnerships and other entities which sell assets and/or issue securities in private placements. #### **Risks and Uncertainties** Since inception, the Company has received a majority of its financial support from its sole member, BroadOak Capital. In addition, by agreement, BroadOak Capital provides operating and administrative support for which BroadOak Capital receives reimbursement and fees. Management plans to continue to develop its client base and service offerings and believes that there are a number of opportunities currently in process with its client base that may lead to the generation of fees from advisory and placement services that will be sufficient to continue to fund on-going operations. In addition, the Company plans to continue to invest in its marketing and business development efforts to ensure that its client base continues to grow as its revenue streams mature. Management believes these actions will enable the Company to operate profitably and provide cash flow to fund its continuing operations. #### **Basis of Accounting** The accompanying financial statement is provided under the accrual basis of accounting using accounting principles generally accepted in the United States of America (U.S. GAAP). #### **Use of Estimates** The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. #### **Current Expected Credit Losses** The Company applies the guidance prescribed by Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326) as it relate to their accounts receivable and unbilled services. The allowance for credit losses is based on the Company's expectation of the collectability of financial instruments, including accounts receivable and unbilled services. The Company considers factors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company's expectation of the collectability in determining the allowance for credit losses. The expectation is that the credit risk associated with accounts receivable and unbilled services is not significant. Accordingly, the Company has not provided an allowance for credit losses at December 31 , 2024. {7}------------------------------------------------ #### **Notes to Financial Statement** #### **December 31 , 2024** #### **Income Taxes** The Company has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. For tax purposes, the Company is included in the consolidated BroadOak Capital tax return and does not file a separate federal or state tax return. All items of taxable income, deductions and tax credits are passed through to and are reported by members of BroadOak Capital on their respective income tax returns. The Company's federal tax status as a pass-through entity is based on its legal status as a limited liability corporation. Accordingly, the Company is not required to take any tax positions in order to qualify as a pass-through entity. While these financial statements do not reflect a provision for income taxes, under the agreement with BroadOak Capital (see Note 2), the Company was allocated \$61 ,931 of income tax benefit for the year ended December 31 , 2024. The Company has no uncertain tax positions which must be considered for disclosure. Income tax returns filed by BroadOak Capital are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2021 remain open. #### **2. Related Party Transactions** Under an agreement with BroadOak Capital, the Company pays monthly management fees, occupancy and salary reimbursement costs to BroadOak Capital. The agreement is renewed annually and revised as needed. Under the agreement, the management fee includes certain operating and administrative costs incurred on behalf of the Company. In addition, the agreement stipulates that the Company will reimburse BroadOak Capital for any additional operating and administrative costs paid by BroadOak Capital on behalf of the Company. The Company currently occupies office space leased by BroadOak Capital, the expense for which is allocated as part of the agreement. Management has reviewed the agreement and concluded that this contract does not contain any leases under the scope of ASU 2016-02-Leases (Topic 842). #### **3. Net Capital Requirements** The Company is in compliance with the net capital requirements of the SEC as well as FINRA. The Company is subject to the SEC "Uniform Net Capital Rule," which requires the maintenance of minimum net capital, as defined, of the greater of 6 2/3% of aggregate indebtedness and \$5,000 and requires that the ratio of aggregate indebtedness to net capital, as defined, not to exceed 15-to-1. Net capital and the related net capital ratio may fluctuate on a daily basis. At December 31 , 2024, the Company had net capital of \$482,946 which is \$477,946 in excess of its required net capital of \$5,000. The Company's net capital ratio was .08 to .1. The Company has no obligation under Rule 15c3-3 to prepare the Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3. #### **4. Subsequent Events** Management has evaluated subsequent events through March 31 , 2025, the date the financial statements were issued, and has determined there are no subsequent events to be reported in the accompanying financial statements. #### **5. Concentration of Credit Risk and Major Customers** The Company maintains its cash in a bank deposit account, which, at times , may exceed federally insured amounts. The Company believes it is not exposed to any significant credit risk on cash. {8}------------------------------------------------ ### **Notes to Financial Statement** ### **December 31, 2024** #### **6. Recently Adopted Accounting Guidance** In November 2023, the FASB issued ASU 2023-07: Improvements to Reportable Segment Disclosures. This ASU, which amends Topic 820: Segment Reporting, improves disclosure requirements for reportable segments and enhances disclosures for companies with single reportable segments. The Company has a single reportable segment based on the nature of its services and regulatory environment under which it operates. The nature of business and the accounting policies of the segment are the same as described throughout Note 1. The Company's Chief Operating Decision Maker ("CODM") is its Executive Team. The CODM assesses the reportable segment's performance and allocates resources for the reportable segment based on net income (loss) and total assets. Total assets are the in all material respects as reported on the statement of financial condition. The Company adopted the standard on January 1, 2024. The adoption did not have a material impact on the Company's financial statement. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.