# CORSAIR ADVISORS LLC X-17A-5 (2021-02-25) — Broker-dealer annual report - Company: CORSAIR ADVISORS LLC - Form: X-17A-5 - Filed: 2021-02-25 - Period: 2020-12-31 - Accession: 0001550920-21-000001 - CIK: 1550920 - File #: 8-69103 - Material weakness: No - Auditor: WithumSmithBrown, PC - Auditor location: Whippany, NJ - Contact: Shari Rothenberg - Phone: 908-743-1307 - Signed by: paul cabral (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1550920/000155092021000001/corsair20s.pdf --- {0}------------------------------------------------ # **Corsair Advisors LLC** Statement of Financial Condition December 31 , 2020 {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 0MB APPROVAL 0MB Number: 3235-0123 Expires: October 31 , 2023 Estimated average burden hours per response ... 12.00 8-69103 SEC FILE NUMBER # **ANNUAL AUDITED REPORT** # **FORM X-17A-5** ## **PART III** ## **FACING PAGE** **Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder** | REPORT FOR THE PERIOD BEGINNING | __ | ___
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DEALER: | | | | | | CORSAIR ADVISORS LLC | | | | OFFICIAL USE ONLY | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | | | FIRM ID. NO. | | | 717 FIFTH AVENUE 24 FLOOR | | | | | | (No. and Street) | | | | | NEW YORK | NY | | | 10022 | | (City) | (State) | | | (Zip Code) | | NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT | | | | | | | | | | | | | | B. ACCOUNT ANT IDENTIFICATION | | (908~ 743-1307
(Area Coe - | | | | | | | | Shari Rothenberg
INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report*
WithumSmith+Brown P.C. | | | | | | | | (Name - if individual, state last, first, middle name) | | Telephone No.) | | 200 Jefferson Park, Suite 400
(Address) | Whippany
(City) | | NJ
(State) | 07981
(Zip Code) | | | | | | | | | | | | | | CHECK ONE:
[!] Certified Public Accountant
Public Accountant | | | | | | D
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Accountant not resident in United States or any of its possessions. | | | | | \* *Claims for exemption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supported by a statement of/acts and circumstances relied on as the basis/or the exemption. See section 240. l7a-5(e)(2).SEC* 1410 (3-91) > **Potential 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.** {2}------------------------------------------------ #### **AFFIRMATION** I, Paul Cabral. affirm that, to the best of my knowledge and belie( the accompanying statement of financial condition pertaining to Corsair Advisors LLC (the "Company") at December 31 , 2020, is true and correct. I further affirm that neither the Company nor any officer or director has any proprietary interest in any account classified solely as that of a customer. Signature Chief Financial Officer Title **AQUILINA M. MARTINEZ Notary Public** - **State of New** York **No. 01MA6270906 Quallled** In **Queens** county **My Commission Expires Oct. 22, 2024** **N~ry Public** {3}------------------------------------------------ # **CORSAIR ADVISORS LLC** # **TABLE OF CONTENTS** # **This report\*\* contains (check all applicable boxes):** - [x] Report of Independent Registered Public Accounting Firm. - [x] Facing Page. - [x] Statement of Financial Condition. - [ ] Statement of Operations. - [ ] Statement of Changes in Member's Equity. - [ ] Statement of Cash Flows. - [ ] Statement of Changes in Liabilities Subordinated to Claims of General Creditors (not applicable). - [ ] Computation of Net Capital for Brokers and Dealers Pursuant to Rule l 5c3-I under the Securities Exchange Act of 1934. - [ ] Computation for Determination of Reserve Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 under the Securities Exchange Act of 1934. - [ ] Information Relating to the Possession or Control Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 under the Securities Exchange Act of 1934. - [ ] A Reconciliation, including appropriate explanations, of the Computation of Net Capital Pursuant to Rule l 5c3-l and the Computation for Determination of Reserve Requirements Under Rule l5c3-3. - [ ] A Reconciliation Between the Audited and Unaudited Statements of Financial Condition With Respect to Methods of Consolidation (not applicable). - [x] An Affirmation. - [ ] A copy of the SIPC Supplemental Report. - [ ] A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit (Supplemental Report on Internal Control). - [ ] Independent Auditors' Report on Internal Control Required by SEC Rule l 7a-5(g)(l). - [ ] Independent Auditors' Report Regarding Exemption Report. - [ ] Exemption Report - \*\* *For conditions of confidential treatment of certain portions of this filing, see section 240. I* 7 *a-5 (e)(J).* {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Managing Member 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 , 2020, 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 , 2020, 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. We have served as the Company's auditor since 2018. February 24, 2021 New York, New York {5}------------------------------------------------ # **CORSAIR ADVISORS LLC** # **Statement of Financial Condition** *December 31, 2020* #### **ASSETS** | Cash | \$ 1,012,275 | |----------------------------------------|---------------| | Accollllts receivable | 1,078,455 | | Prepaid expenses | 9,385 | | TOTAL ASSETS | \$ 2,100,115 | | LIABILITIES AND MEMBER'S EQUITY | | | Accrued expernes and other liabilities | \$
124,175 | | Due to related parties | 213,046 | | TOTAL LIABILITIES | 337,221 | | COMMITMENTS AND CONTINGENCIES (NOTE 4) | | | MEMBER'S EQUITY | 1,762,894 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$ 2,100,115 | The accompanying notes are an integral part of this Statement of Financial Condition. {6}------------------------------------------------ # **CORSAIR ADVISORS LLC** # **NOTES TO STATEMENT OF FINANCIAL CONDITION December 31, 2020** # **1. ORGANIZATION** Corsair Advisors LLC ("Advisors") is a Delaware limited liability company. Advisors provides investment banking services and arranges private placement offerings. Advisors is a broker-dealer registered under the provisions of the Securities Exchange Act of 1934 and a member of the Financial Industry Regulatory Authority ("FINRA"). 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 liabilities 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 ("IRC") provides that any income or loss is passed through to the ultimate beneficial individual member for federal, state and local income taxes. Accordingly, Advisors has not provided for federal, state and local income taxes. At December 31, 2020, management has determined that Advisors had no uncertain tax positions that would require financial statement recognition. This determination will be subject to ongoing reevaluation as facts and circumstances may require. # COVID-19 During the 2020 calendar year, the World Health Organization has declared COVID-19 to constitute a "Public Health Emergency of International Concern" . This pandemic has {7}------------------------------------------------ # **CORSAIR ADVISORS LLC NOTES TO STATEMENT OF FINANCIAL CONDITION December 31, 2020** ## **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)** disrupted economic markets and the economic impact, duration and spread of the COVID-19 virus is uncertain at this time. The financial performance of Advisors is subject to future developments related to the COVID-19 outbreak and possible government advisories and restrictions placed on the financial markets and business activities. The impact on financial markets and the overall economy, all of which are highly uncertain, cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period Advisors' results may be materially affected. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. ## **New Accounting Pronouncement** In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326). Accounts receivable on the Statement of Financial Condition may be impacted and there was no allowance for credit losses at December 31 , 2020. ASU 2016-13 requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Previously, GAAP required an "incurred loss" methodology that delays recognition until it is probable a loss has been incurred. Under the new standard, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The statement of operations reflects the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. This provision of the guidance required a modified retrospective transition method with a cumulative-effect adjustment in member's equity upon adoption. This guidance became effective for Advisors on January 1, 2020, and Advisors adopted this guidance on that date. The impact of this guidance was not material to Advisors. # **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 and from time to 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 31 , 2020, due to Corsair Investments LLC of \$6,520 is included in due to related parties on the Statement of Financial Condition. It represents the Covered Expenses that have not yet been reimbursed by Advisors. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.