# BLAYLOCK VAN, LLC X-17A-5 (2026-03-04) — Broker-dealer annual report - Company: BLAYLOCK VAN, LLC - Form: X-17A-5 - Filed: 2026-03-04 - Period: 2025-12-31 - Accession: 0001413391-26-000003 - CIK: 1413391 - File #: 8-67721 - Type: Broker-dealer - Material weakness: No - Auditor: APRIO, LLP - Auditor location: New York, NY - Contact: Alexander Ciulla - Phone: 212-715-6642 - Signed by: Eric Standifer (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1413391/000141339126000003/blaylockpublicaudit.pdf --- {0}------------------------------------------------ | UNITED STATES | |------------------------------------| | SECURITIES AND EXCHANGE COMMISSION | | Washington, D.C. 20549 | ## ANNUAL REPORTS FORM X-17A-5 PART III | OMB APPROVAL | |---------------------------| | OMB Number: 3235-0123 | | Expires: Nov. 30, 2026 | | Estimated average burden | | hours per response:
12 | | | | | SEC FILE NUMBER 8-67721 FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 01/01/2025 12/31/2025 AND ENDING MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION name of firm: Blaylock Van, LLC FILING FOR THE PERIOD BEGINNING TYPE OF REGISTRANT (check all applicable boxes): മ Broker-dealer [ ] Check here if respondent is also an OTC derivatives dealer (Email Address) ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) ## 600 Lexington Avenue, 3rd Floor | (No. and Street) | | | | | |------------------|---------|------------|--|--| | New York | NY | 10022 | | | | (City) | (State) | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING ## Alexander Ciulla | (Name) | | |--------|--| |--------|--| (Area Code – Telephone Number) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* ## APRIO, LLP | (Name - if individual, state last, first, and middle name) | | | | | | |------------------------------------------------------------|----------|---------|--------------------------------------------|--|--| | 350 Fifth Avenue, Suite 4320 | New York | NY | 10118 | | | | (Address) | (City) | (State) | (Zip Code) | | | | 11/25/2003 | | 926 | | | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | \* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {1}------------------------------------------------ ### OATH OR AFFIRMATION | Eric Standifer , swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Blaylock Van, LLC as of as of 12/31 - -2 025 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: | | | |------------|--|--| | | | | | itle: | | | | CEO | | | | | | | Notary Public ### This filing\*\* contains (check all applicable boxes): - (a) Statement of financial condition. - (b) Notes to consolidated statement of financial condition. - [] {c} Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - 0 (d) Statement of cash flows. - [] (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - □ (f) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to consolidated financial statements. - [ ] (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - □ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - [] (j) Computation for determination of customer requirements pursuant to Exhibit A to 17 CFR 200.15c3-3. - □ {k} Computation for determination of security-based swap reserve requirement to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [] (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - [] (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - [] (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - [] (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net 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. - (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. - □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (t) Independent public accountant's report based on an examination of the statement of financial condition. - □ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - □ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable, - □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-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 240.17g-5(e)(3) or 17 CFR 240.18c-7(d)(2), as applicable. {2}------------------------------------------------ # BLAYLOCK VAN, LLC Statement of Financial Condition and Report of Independent Registered Public Accounting Firm As of December 31, 2025 {3}------------------------------------------------ ## BLAYLOCK VAN, LLC | Contents: | | |---------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm | ー | | Financial Statement: | | | Statement of Financial Condition | 2 | | Notes to Financial Statement | 3-12 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg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{5}------------------------------------------------ ## Assets | Cash and cash equivalents
Receivables from clearing broker, including clearing deposit of \$615,440
Investment banking, commissions and other receivables, net
Securities owned at fair value
Right of use assets
Other assets | ക | 1,767,871
5,298,480
855,396
17,445,896
884,386
165,844 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---|-----------------------------------------------------------------------| | Total assets | ക | 26,417,873 | | Liabilities and Members' Equity | | | | Liabilities | | | | Accounts payable and accrued expenses
Lease liabilities | | 2,624,052
1,013,179 | | Total liabilities | | 3,637,231 | | Liabilities subordinated to claims of general creditors | | 2,500,000 | | Members' Equity | | | | Members' Equity | | 20,280,642 | | Total Members' equity | | 20,280,642 | | Total liabilities and members' equity | ക | 26,417,873 | See accompanying notes. {6}------------------------------------------------ #### ------- - -- ------ - -! "- #### +,--(./0\*..-&01-.(22&)3-+,-6+7/5/\*. #### 89:;<=->?-@;ABC=AA-9CD-EC- #\$%&'()\*-./40/,/5&0'-&55+(0'/04-H I- - -JK-L MHL--N OP----H-MH-QKK-Q-RS-T-K-Q--K- ----UK- V - !!WX-YK-MHZ-MH-----Q-I - -I - -- KR -[X-YK-MH--R---I\-QK-K-T--]^KR--JK- N]OP---KM--K--[TH-\_RT H-TK H -[X-JN[\_OP--- - !!W - --M --`TH- - !!aX- > Z-M > ---TR--TQR--bTH-T -TRc-IR - TM --^-^\ > -M > T --T > c > -QK-^M--RR\I -\ I -R > c-RH -M > -TM-bTH-TX- -M > H----Q-T - HMH--TM--M > -M > > --H-T-R-R--X--T-cT- ----RH--bTH -TM--^--TX- e/40/,/5&0'f55+(0'/04- ### d\$e(22&)3-+,g+7/5/\*. ### @9ABA->?h<=A=C:9:B>C- YK-MHR----M-iXX---Kc--MM---QK- TR-MM-RH-M--Ki----JNjkOPX- ### l9Am-9CDl9Amno;Bp9q=C:A- YK-MH--H-I-T----T --MTK-QK--R- TH----Kr!-H---KbTcX- ### s=t=Bp9uq=A-?<>vlq=9w=<- YK-MH-K--R-R-QKkKR--JK-NR-IOPX-YK-R-I--- T---K--K-MHX-YK-MH-bT----M c-QK-K- R-IX-T-T--K-I-H----K-^-K-KHc--M --T- -K X- {7}------------------------------------------------ ### - -- ------ - - ! "- #### +,-%-./-,-0(/1-200+&/1-/.-3+4-0-56-70+/1-/&589 ### --:;<=;>?@A-BCDEA?F=CG- #\$%&''()\*--HI-JK-LM-M-N --M- --K-JMI -I--K---- ----M-OIP--J --I-Q--R--I---J--- I--M-K--I-KS-T--US- ### VCD=W?>?CG-BW;AG;D>?@AG- H --M-----X-S-M-N-----LM -NI-I- MY-P----IP---LM--Y-P-----PY--I- --J --P---M-P-MS--LM-----NI- -Z ! -- M-[M ----M-I--LM-IIK-TL- - --U-- J L---S- ### \AD@]C-B;^CG- HI-JK----K-JK-----JIJ---O-J P-JMJ S-HI- \_-`LM--Ta\_`bU-J L-I-K-----J-I MPI--I----- --O-JMJ S-PK -I-JK-I--J L------OS-- HI-JK--Mc--I-N-R-Kd J -M-HO -K--R-M-HO -\_ - `J-HO --e P-J -HO--HO-I-HOS-- HI-JK-I-J-I-J L --fg!X!-MP-dK--\_ -HO-Tad- HOh bUSd-HOh -J-P -II -I-M-----O-J -- PY--I----J L-PM--X P - ---J - MP---J -M --Sdd-HOh --K-K-K-PY- -M--PY-O-J -I--a -RK-Ib-II S--- - ! " - P--I-I-JK-I--M-O-J -I-N MiM--- P S-HI---Mc--P P-LM ----M-KiMS-HI- JK--Mc-dSS- - ----O-M---J -MiM-- ! S- HI-JK-N-I-XK-I --MP----OS-HI----O- ---PY--I-JKP------M----- ----OJ--IL-K-MM-OiMS- {8}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{9}------------------------------------------------ ## 3. Fair Value (continued) To the extent that valuation is based on models or inputs that are less observable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for securities categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls, is determined based on the lowest level of input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entityspecific measure. Therefore, even when market assumptions are not readily available, the Company's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. The following table presents the Company's fair value hierarchy for securities owned, measured at fair value, as of December 31, 2025. | | | Level 1
Valuation | | Level 2
Valuation | Level 3
Valuation | | Balance as of
December 31, 2025 | |------------------------------------|----|----------------------|---|----------------------|----------------------|----|------------------------------------| | Securities owned, at fair value | | | | | | | | | U.S. government money market funds | ಳಾ | 8.883,242 | | | | ಕಾ | 8,883,242 | | State and municipal obligations | | | | 8.561.953 | | | 8.561.953 | | | | 8,883,242 | ക | 8,561,953 | l | e | 17.445.195 | {10}------------------------------------------------ ## 3. Fair Value (continued) The securities owned have a maturity of approximately 20 years for municipal securities. U.S. government money market funds typically hold very short-term, highly liquid securities of 90 days or less, with a weighted average maturity of 60 days or less per SEC regulations. Cash and cash equivalents, receivables from clearing organizations, deposits with clearing organizations, other receivables, right of use assets, accounts payable and accrued expenses, and liabilities are all recorded at the contractual amounts, which approximates fair value. These financial instruments are generally shortterm in nature and have approximate market rates. ## 4. Lease Commitments The Company leases two offices in Oakland and New York City under non-cancelable operating leases. The Company recognizes and measures its leases in accordance with FASB ASC 842, Leases. The Company recognizes a lease liability and right-of-use asset (ROU) on its balance sheet based on the present value of future lease payments. The Company uses an incremental borrowing rate of 8.5% based on what it would approximately have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar economic environment. The ROU asset is subsequently measured throughout the lease term at the remeasured lease liability (present value of the remaining lease payments). | NY Lease | | | | | |------------------------------------------------------------|-------|----------------------|--|--| | Year of Payment | | Amount | | | | 2026 | ક્તિ | 353.260 | | | | 2027 | | 353.260 | | | | 2028 | | 323,822 | | | | Total undiscounted cash flows | S | 1,030,342 | | | | Less: imputed interest
Present value of lease liability | લ્ત્ર | (120,624)
909,718 | | | | Weighted average discount rate | | 8.50% | | | | Oakland Lease | | | | | | Year of Payment | | Amount | | | | 2026 | ಲ್ಲಿ | 107.910 | | | Maturity of the office space lease liability under the non-cancelable operating lease is as follows: | Year of Payment | | Amount | |----------------------------------|----|---------| | 2026 | ಕಿ | 107,910 | | Total undiscounted cash flows | | 107.910 | | Less: imputed interest | | (4,449) | | Present value of lease liability | S | 103.461 | | Weighted average discount rate | | 8.50% | {11}------------------------------------------------ ## 4. Lease Commitments (continued) The Company's office space lease requires it to make variable payments for the Company's proportionate share of operating expenses (i.e. property taxes, insurance, and common area maintenance). These variable lease payments are not included in lease payments used to determine lease liability and are thus recognized as variable costs when incurred. Included in the statement of financial condition is approximately \$90,346 pledged as security deposits for office lease. ## 5. Fixed Assets As of December 31, 2025, the Company had fully depreciated property and equipment totaling \$401,150, while a portion of the undisposed property and equipment remain in use. ## 6. Liabilities Subordinated to Claims of General Creditors ## Subordinated Loan Agreements The Company has a subordinated loan with a counterparty evidenced by agreements approved by FINRA as acceptable net capital. On December 22, 2025, FINRA approved an amendment for a maturity date extension through December 31, 2029. The loan bears interest of approximately 8%, payable quarterly. As of December 31, 2025, the interest payable on this loan was \$20,000 included in accrued expenses. The Company has a second subordinated loan with another counterparty, as approved by FINRA. The loan automatically extends on July 21, 2026 for an additional year. The lender must terminate the loan 12 months before the next renewal date. The loan bears interest per the subordinated loan agreement on an annual basis, payable quarterly. As of December 31, 2025, the interest payable on this loan was \$29,906 included in accrued expenses. To the extent that such borrowings are required for the company's continued compliance with net capital, they may not be repaid. {12}------------------------------------------------ ## 7. Members' Equity As of December 31, 2025, the equity of the Company consisted of 3 class A, Class B and Class C shares. Class A members' voting interest is directly proportional to each member's Class A shares. As of December 31, 2025, Robert Van Securities, Inc. (RVSI) owns 99.8% of Class A shares, which represents approximately a 63% membership interest in the Company. The rest of the shares of Class A are owned by David & Alena Goeddel -0.1% and Kalispel – 0.1%. Class B and Class C members do not have any voting rights. Class B and Class C shares represent only an economic interest in the profits and losses of the Company, except for other such rights that may expressly be granted to such Class C members in accordance with the Operating Agreement (the "Agreement"), as amended. As of December 31, 2025, Blaylock & Co. ("B&C") owns 100% of Class B shares, which represents approximately a 36% membership interest in the Company. Jamaica Money Market Bank ("JMMB") owns 100% of Class C shares, which represents approximately a 1% membership interest of the Company. For Class A, B, and C, net profits are first allocated to members in reverse order and in proportion to any net losses previously allocated, until the cumulative net profits are allocated equal to the cumulative net losses previously allocated to such members. Thereater, net profits are allocated to the members in the same ratio and order, as distributions are required to be made. Net losses are first allocated to Class A, B, and C members in proportion to the respective share percentage interests. In the event that a Class A, B, or C member has a negative balance in its capital account at the time such net loss is allocated, such member will not be allocated a net loss. Furthermore, the remaining Class A. B. and C members that have positive balances in their capital accounts will be allocated the remaining net loss in proportion to the amount of their respective capital accounts. The Company makes distributions from net profits in such amounts and at such times as its manager determines for each year as follows: 100% of distributions are made to Class A, B and C members in proportion to their share percentage interest until such time as such members have received an amount per share equal to the fixed preferred distribution; distributions are then made equally among all members in proportion to their respective share percentage interest. For the year ended December 31, 2025, the Company made distributions to Class A in the amount of \$600,000. {13}------------------------------------------------ ## 8. Benefit Plans ## Defined Contribution Plan The Company sponsors a 401(k) defined contribution plan ("DC Plan") that provides for a dollar-for-dollar employer matching contribution of 50% of the employee's contribution up to a maximum employee contribution of 10%. Employees are eligible after 90 days of employment and become fully vested on a graded in employer matching contributions after five years of employment. The Company has elected discretionary matching contributions equal to a uniform percentage of employee salary deferrals to be determined each year and to be adjusted quarterly in terms of determination, calculation and frequency. There were no Company 401(k) matching contributions for the year ended December 31, 2025. In 2025 employees were able to defer up to \$23,500 (plus \$7,500 for employees over the age of 50) of their yearly pay as a pre-tax investment in the 401(k) plan, in accordance with limits set by the IRS. ## 9. Net Capital Requirement and Computation The Company is subject to SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital, as defined, shall not exceed 15 to 1. Additionally, equity capital may not be withdrawn, nor cash dividends paid if the resulting net capital ratio would exceed 10 to 1. As of December 31, 2025, the Company's net capital was approximately \$20,699,870 which was approximately \$20,516,347 in excess of its minimum requirements of \$183,523. ### 10. Exemption from SEC Rule 15c3-3 The Company is exempt from the SEC Rule 15c3-3 pursuant to the exemptive provisions of subparagraph (K)(2)(ii) and, (1) does 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 Exchange Act Rule 15c2-4 ("Rule 15c2-4"); (2) does not carry accounts of or for customers; and (3) does not carry PAB accounts (as defined in Rule 15c3-3). ### 11. Off-Balance Sheet Risk Pursuant to its clearance agreements, the Company introduces all customer security transactions to the Clearing Broker on a fully disclosed basis. All customer money balances and long and short security positions are carried on the books of the Clearing Broker. In accordance agreements, the Company has agreed to indemnify the Clearing Broker for losses, if any, which the Clearing Broker may sustain from carrying securities transactions introduced by the Company. In accordance with industry practice, the Company and the Clearing Broker monitor collateral on the customers' accounts. In addition, the receivables from the Clearing Broker are pursuant to these clearance agreements and include clearing deposits of approximately \$615,440. {14}------------------------------------------------ ## 11. Off-Balance Sheet Risk (continued) In the normal course of its operations, the Company may enter into contracts and agreements that contain indemnifications and warranties. The Company's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. ## 12. Concentrations of Credit Risk In the normal course of business, the Company's customer activities involve the execution, settlement, and financing of various customer securities transactivities may expose the Company to off-balance sheet risk in the event the customer or other is unable to fulfill its contracted obligations, and the Company has to purchase or sell the financial instrument underlying the contract at a loss. The Company maintains its cash balances in various financial institutions. These balances are insured by the Federal Deposit Insurance Corporation up to \$250,000 per deposition per institution. At certain points during the year, account balances may have exceeded insured limits, but the Company has not incurred any associated credit losses. ## 13. Commitments, Contingencies, and Indemnifications ## Commitments The Company has contractual commitments for certain market data services for periods not to exceed three years from the balance sheet date. Amounts committed are approximately \$1,151,735, \$647,697 for the years ended December 31, 2026, 2027, and 2028, respectively. ## Contingencies In the normal course of business, the Company has been named as a defendant in various legal and regulatory matters, including employment related disputes, customer complaints, and regulatory inquiries or examinations. The Company evaluates these matters in accordance with ASC 450, Contingencies, recognizing a liability when a loss is considered probable, and the amount can be reasonably estimated. Management believes that, based on currently available information, the ultimate resolution of these matters is not expected to have a material impact on the Company's financial statement. However, the outcomes of such matters are inherently uncertain, and additional losses could occur. No liabilities have been recorded for matters where a loss is not considered probable or cannot be reasonably estimated. {15}------------------------------------------------ ## 13. Commitments, Contingencies, and Indemnifications (continued) ## Indemnifications In the normal course of its business, the Company indemnifies and guarantees certain service providers against specified potential losses in connection with their acting as an agent of, or providing services to, the Company. The maximum potential amount of future payments that the Company could be required to make under these indemnifications cannot be estimated. However, the Company believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statement for these indemnifications. The Company provides representations and warranties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. The Company may also provide standard indemnifications to some counterparties to protect them in the event additional taxes are owed, or payments are withheld, due either to a change in or adverse application of certain tax laws. These indemnifications generally are standard contractual terms and are entered into during normal course of business. ## 14. Segment Reporting The Company conducts its business activities and reports financial results as multiple reportable segments based on geographic locations, New York ("NY") and Oakland, California ("Oakland"). The Company has appointed the Chief Executive Officer as the Chief Operating Decision Maker ("CODM"). The CODM reviews financial information presented on a consolidated basis, accompanied by disaggregated information about revenues, expenses, and net income by segment, for the purposes of allocating resources and evaluating financial performance. The nature of business and accounting policies of the same as described in the organization and nature of business and summary of significant accounting policies. ## 15. Subsequent Events The Company has evaluated and noted no events or transactions between the period of December 31, 2025, through March 4, 2026, that would require recognition or disclosure in the financial statement. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.