# CORSAIR ADVISORS LLC X-17A-5 (2024-02-27) — Broker-dealer annual report - Company: CORSAIR ADVISORS LLC - Form: X-17A-5 - Filed: 2024-02-27 - Period: 2023-12-31 - Accession: 0001428740-24-000002 - CIK: 1550920 - File #: 8-69103 - Type: Broker-dealer - Material weakness: No - Auditor: WithumSmith Brown PC - Auditor location: Whippany, NY - Contact: Shari Rothenberg - Phone: 908-743-1307 - Signed by: Amy Knapp (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1550920/000142874024000002/Cors23s.pdf --- {0}------------------------------------------------ ## **Corsair Advisors LLC** Statement of Financial Condition December 31, 2023 {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 0MB APPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours oer response: 12 SEC FTLE NUMBER 8-69 103 ## **ANNUAL REPORT FORM X-17 A-5 PART 111** # **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-I2, and 18a-7 under the Securities Exchange 1934** | FILING FOR THE PERIOD BEGTNNING~O"-'-'l/c::cO!.! | l/=2=--3---- | AND ENDING | __
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.!,012=/3"--'l.!"/2=3- | |---------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|------------------------------------| | | MM/DD/YY | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | NAME OF FIRM: Corsair Advisors LLC | | | | | TYPE OF REGISTRANT (check all applicable boxes): | | | | | | IRI Broker-dealer D Security-based swap dealer D Major security-based swap participant
D Check here if respondent is also an OTC derivatives dealer | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | | | | 7
1 7 Fifth A venue, 24 Floor | | | | | (No. and Street) | | | | New York | NY | | 10022 | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FlLTNG | | | | Shari Rothenberg | (908) 743-1307 | srothenberg@integrated.so1utions | | | (Name) | (Area Code -
Telephone Number) | (Email Address) | | | | 8. ACCOUNT ANT IDENTIFlCATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | WithumSmith+Brown P.C. | | | | | | (Name - if individual, state last, first, middle name) | | | | 200 Jefferson Park, Suite 400 | Whippany | NJ | 0798
1 | | (Address) | (Ctty) | (State) | (Zip Code) | | I 0/08/03 | | 100 | | | (Date of Registration with PCAOB) (if applicable) | | (PCAOB Registration Number. if applicable) | | | | | | | | | FOR OFFICIAL USE ONLY | | | \* *Claims for exemption from the req11ire111ent 1hat the annual reports be covered by lhe reports of an independent public acco11nta111 must be suppor1ed by a statement of facls and circ11111stances relied on as the basis for the exe111ption. See 17 CFR 2-IO. I 7a-5(e)( I )(ii), ((applicable.* Persons who are to respond to the collection of information contained in this fo rm are not required to respond unless the fo rm displays a currently valid 0MB control number. {2}------------------------------------------------ #### AFFIRMATION I, Amy Knapp , swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to Corsair Advisors LLC as of 12/31/23 , 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, bas any proprietary interest in any account classified solely as that of a customer. Signature Chief Financial Officer Title State of New York County of Kings Subscribed to and sworn before me this 22nd day of February, 2024 'vJ~JvJi-- Notary Public ![](_page_2_Picture_8.jpeg) {3}------------------------------------------------ ## **CORSAlR ADVISORS LLC** ## **TABLE OF CONTENTS** ## Tbis filing\*\* contains (check all applicable boxes): - [E] (a) Statement of financial condition. - [E] (b) Notes to unconsolidated or consolidated statement offinancial condition, as applicable. - 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). - D (d) Statement of cash flows. - D (e) Statement of changes in stockholders' or partners· or members' or sole proprietor's equity. as applicable. - D (f) Statement of changes in I iabilities subordinated to claims of creditors. - D (g) Notes to unconsolidated or consol idated fi nancia I statements, as applicable. - D (h) Computation of net capital under 17 CFR 240. l 5c3-l or 17 CFR 240. I 8a-l. as applicable. - D (i) Computation of tangible net worth under 17 CFR 240. I 8a-2. - D U) Computation for detennination or customer reserve requirements pursuant to Exhibit A to 17 CFR 240. l 5c3-3. - D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240. I 5c3- 3 or Exhibit A to 17 CFR 240. I 8a-4, as applicable. - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240. l 5c3-3. - D ( 111) Information relating to possession or control requirements for customer:, under 17 CFR 240. I 5c3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240. I 5c3- 3(p)(2) or 17 CFR 240. l 8a-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. I 5c3-I. 17 CFR 240. I 8a- l. or 17 CFR 240. I 8a-2. as applicable, and the reserve requirements under 17 CFR 240. I 5c3-3 or 17 CFR 240. l 8a-4, as applicable, if material differences exist. or a statement that no material differences exist. - D (p) Summar) of financial data for subsidiaries not consolidated in the statement of financial condition. - [E] (q) Oath or affirmation in accordance with 17 CFR 240.17a-5. 17 CFR240.17a-12, or 17 CFR 240.18a-7, as applicable. - D (r) Compliance report in accordance\\ ith 17 CrR 240. l 7a-5 or 17 CFR 240. l 8a-7, as applicable. - D (s) faemption report in accordance with 17 CFR 240. l 7a-5 or 17 CFR 240. I 8a-7, as applicable. - [E] (t) Independent public accountant's report based on an examination of the statement of financial condition. - D (u) Independent public accountant's repon based on an c>.amination of the financial rcpor1 or financial statements under 17 CFR 240. I 7a-5, 17 CFR 240. I 8a-7. or 17 CFR 240. I 7a-I 2. as applicable. - 0 (v) Independent public accountant's report based on an examination of certain statements in the compli ance report under 17 CFR 240. I 7a-5 or 17 CFR 240. I 8a-7. as applicable. - D (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240. I 7a-5 or 17 CFR 240. l 8a-7, as applicable. - D (x) Supplemental reports on applying agreed-upon procedures. in accordance with 17 CFR 240. I 5c3- I e or 17 CrR 240. l 7a- I 2, as applicable. - 0 (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. I 7a- l 2(k). Other:--------------------------------- - D (z) *\*\*To request conjide111ial treatment of certain portions of this.filing, see I* 7 *CFR 240.* J *7a-5(e}(3) or 17 CFR 2-I0.18a- 7{d}(2). as applicable.* {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Managing Member and Those Charged with Governance of Corsair Advisors LLC: #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Corsair Advisors LLC (the "Company") as of December 31 , 2023, 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 , 2023, 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 this 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. NiL0if~1fL We have served as the Company's auditor since 2018. February 22, 2024 Whippany, New Jersey {5}------------------------------------------------ ## **CORSAIR ADVISORS LLC** ## **Statement of Financial Condition** *December 31, 2023* #### **ASSETS** | Cash | \$
593, 14 1 | |--------------------------------------------|-----------------| | Prepaid expenses | 4,253 | | TOTAL ASSETS | \$
597,394 | | LIABILITI
ES AND MEMBER'S EQUITY | | | Accrued expenses | \$
30,028 | | Due to related parties | 273,96 1 | | TOTAL LIABILITIES | 303,989 | | COMMITM
ENTS AND CONTINGENCIES (Note 4) | | | MEMBER'S EQUITY | 293,405 | | TOTAL LIABILITIES AND MEMBER'S EQUlTY | \$
597,394 | The accompanying notes are an integral part of this Statement of Financial Condition. {6}------------------------------------------------ ## **CORSAJR ADVISORS LLC** # **NOTES TO STATEMENT OF FINANCIAL CONDITION December 31, 2023** #### **1. ORGANIZATION** Corsair Advisors LLC ("Advisors") is a Delaware limited liability company. Advisors provides advisory services and arranges private placement offerings. Advisors is a brokerdealer registered under the provisions of the Securities Exchange Act of 1934 and a member of the Financial Industry Regulatory Authority ("FIN RA .. ). Corsair Capital, L.P. ("Corsair Capital''), a Cayman Islands limited partnership. is the sole member of Advisors. The liability of the member is limited to the capital held by Advisors. ## **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### **Basis of Accounting** The Statement of Financial Condition is presented in accordance with accounting principles generally accepted in the United States of America (''U.S. GAAP"). #### **Use of Estimates** The preparation of the Statement of Financial Condition in conformity with U.S. GAAP requires Advisors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabi lities at the date of the Statement of Financial Condition and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. ### **Income Taxes** Advisors is a single member limited liability company and is therefore treated as a disregarded entity for income tax reporting purposes. The Internal Revenue Code ("TRC'') provides that any income or loss is passed through to the ultimate beneficial individual member for federal, state and local income laxes. Accordingly. Advisors has not provided for federal, state and local income taxes. At December 31, 2023, management has determined that Advisors had no uncertain tax positions that would require financial statement recognition. This determination will be subject to ongoing evaluation as facts and circumstances may require. {7}------------------------------------------------ ## **CORSAIR ADVISORS LLC** # **NOTES TO STATEMENT OF FINANCIAL CONDITION December 31, 2023** #### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)** #### **Allowance for Credit Losses** ASC Topic 326, Financial Instruments- Credil Losses ("ASC 326") impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. Under ASC 326. Advisors cou ld determine there are no expecled credit losses in certain circumstances (e.g., based on lhe credit quality of the client). The allowance for credit losses is based on Advisors· expectation of the collectability of financial instruments, including fees and other receivables utilizing the CECL framework. Advisors considers factors such as hislorical experience, credit quality, age of balances and current and future economic conditions that may affect Advisors· expectation of the col lectability in determining the allowance for credit losses. Under the standard, the allowance for credit losses musl be deducted from the amo1tized cost of the financial asset to present the net amount expected to be collected. Advisors has not provided an allowance for credit losses at December 31, 2023. ### **3. RELATED PARTY TRANSACTIONS** Advisors has entered into a services, space sharing and expense agreement with Corsair Investments LLC. a limited liability company organized under the laws of Delaware and its affiliates (collectively, "Corsair"), under which Corsair acts as a paying agent. The scope of the support services may be amended at any time by agreement of the parties. The services provided under this agreement include personnel, support services, office space, technology and communications ("Covered Expenses .. ). The Covered Expenses are allocated based on estimates of time and/or usage. If Advisors is not engaged in any substantive deal activity, the Covered Expenses will be allocated based on the historical average of Covered Expenses for similar periods of inactivity. At December 3 1, 2023, due to Corsair Investments LLC of \$38,580 is included in due to relaled patties on the statement of financial condition. It represents the Covered Expenses that have not yet been reimbursed by Advisors. In the normal course of business, Corsair Capital pays Advisors' third party expenses on behalf of Advisors and is reimbursed by Advisors for such expenses. At December 31, 2023, due to Corsair Capital of \$235,381 is included in due to related parties on the statement of financial condition. It represents Advisors' expenses paid by Corsair Capital that have not yet been reimbursed by Advisors. All transactions with related parties are settled in the normal course of business. The terms of any of these arrangements may not be the same as those that would otherwise exist or result from agreements and transactions among unrelated parties. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.