# EQUAPATH CAPITAL, LLC X-17A-5 (2026-03-26) — Broker-dealer annual report

- Company: EQUAPATH CAPITAL, LLC
- Form: X-17A-5
- Filed: 2026-03-26
- Period: 2025-12-31
- Accession: 0001854893-26-000002
- CIK: 1854893
- File #: 8-70693
- Type: Broker-dealer
- Material weakness: No
- Auditor: NTT & COMPANY PLLC
- Auditor location: BEAUMONT, TX
- Contact: ROBERT RUBIN
- Phone: 7863313391
- Email: rrubin@equapath.com
- Website: equapath.com
- Signed by: ROBERT RUBIN (CEO)

Original filing: https://www.sec.gov/Archives/edgar/data/1854893/000185489326000002/equapathaudit25.pdf

---

{0}------------------------------------------------

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

**0MB APPROVAL 0MB Number. 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response:** 12

## **ANNUAL REPORTS FORM X-17A-5 PART Ill**

| SEC FILE NUMBER |  |
|-----------------|--|
| 8-70693         |  |

**FACING PAGE** 

| Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934                              |                                                            |                                         |                 |                                            |  |
|----------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------------------------------|-----------------|--------------------------------------------|--|
| ar<br>s<br>ron<br>mu                                                                                                                   | snoo sows _01o1W5                                          | wo son                                  |                 | s 126818                                   |  |
|                                                                                                                                        | MM/DD/YY                                                   |                                         |                 | MM/DD/YY                                   |  |
|                                                                                                                                        | A. REGISTRANT IDENTIFICATION                               |                                         |                 |                                            |  |
| a<br>we or amw.                                                                                                                        | oaoialt4<br>_fquaPat                                       |                                         |                 |                                            |  |
| [<br>TYPE OF REGISTRANT {check all applicable boxes):<br>Broker-dealer<br>D Check here if respondent is also an OTC derivatives dealer | [] Security-based swap dealer                              | □ Major security-based swap participant |                 |                                            |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: {Do not use a P.O. box no.)                                                                    |                                                            |                                         |                 |                                            |  |
| 8899 NW 18th Terrace                                                                                                                   |                                                            |                                         |                 |                                            |  |
|                                                                                                                                        | (No. and Street)                                           |                                         |                 |                                            |  |
| Doral                                                                                                                                  |                                                            | FL                                      |                 | 33172                                      |  |
| (City)                                                                                                                                 | (State)                                                    |                                         |                 | (Zip Code)                                 |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                           |                                                            |                                         |                 |                                            |  |
| Robert Rubin                                                                                                                           | 786-331-339<br>1                                           |                                         |                 | rrubin@equapath.com                        |  |
| (Name)                                                                                                                                 | -<br>Telephone Number)<br>(Area Code                       |                                         | (Email Address) |                                            |  |
|                                                                                                                                        | B. ACCOUNTANT IDENTIFICATION                               |                                         |                 |                                            |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing<br>NTT & Company PLLC                                         |                                                            |                                         |                 |                                            |  |
|                                                                                                                                        | (Name --if individual, state last, first, and middle name] |                                         |                 |                                            |  |
| 5865 Mistletoe Ave                                                                                                                     | Beaumont                                                   |                                         | TX              | 77707                                      |  |
| (Address)                                                                                                                              | (City)                                                     |                                         | (State)         | (Zip Code)                                 |  |
| 03/19/<br>19                                                                                                                           |                                                            | 6543                                    |                 |                                            |  |
| ofRegistration wfth PCAOB)(if applicable)                                                                                              |                                                            |                                         |                 | (PCAOB Registration Number, if applicable) |  |
| r<br>t•<br>(<br>Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public   | FOR OFFICIAL USE ONLY                                      |                                         |                 |                                            |  |

**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)(i), 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,<br>Robert Rubin                                          | swear (or affirm) that, to the best of my knowledge and belief, the |       |
|-------------------------------------------------------------|---------------------------------------------------------------------|-------|
| financial report pertaining to the firm of Equapath Capital | LLC                                                                 | as of |

12/31 .26°,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 unt classified solely as that of a customer. [** 

| •<br>Signature: | I<br>I |
|-----------------|--------|
| Title:          |        |
| CEO             |        |

# **This filing contains (check all applicable boxes):**

- **iiiil** (a) Statement offinancial condition.
- **E] (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 **S-X).**
- **[ii** (d) Statement of cash flows.
- **iiiil** (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- □ (f) Statement of changes in liabilities subordinated to claims of creditors.
- Iii (g) Notes to consolidated financial statements.
- I!! (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.
- □ **G) 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.
- □ (I) Computation for Determination of PAB Requirements under Exhibit A to 5 240.15c3-3.
- Iii (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.
- Iii (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.1503-1, 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.**
- **a** (0) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, 0r 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.
- 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.**
- **liiiil** (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.
- El () 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). □ (z) Other: \_
- 
- *.. To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5e)(3) or 17 CFR 240.18a-7()(2), as applicable.*

{2}------------------------------------------------

## EQUAPATH CAPITAL, LLC

## FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES

With Report of Independent Registered Public Accounting Firm

For the Year Ended December 31, 2025

{3}------------------------------------------------

## 

;>@41,1->:0101/19.1>


## **\$"!\$&! " &\$%&\$"'!' & \$DDDDDDD**

#### **%&& &%**

| &@-@191:@;25:-:/5-8;:05@5;:DDDDDDDDDDDDDDDDDDDDDDDD  |  |
|------------------------------------------------------|--|
| &@-@191:@;2;??DDDDDDDDDDDDDDDDDDDDDDDDDDDDDD         |  |
| &@-@191:@;24-:31?5: 19.1>J?=A5@EDDDDDDDDDDDDDDDDDDDD |  |
| &@-@191:@;2-?4 8;C?DDDDDDDDDDDDDDDDDDDDDDDDDDD       |  |

## **!&% &! & %&& &% DDDDDDDDDDDDDDDDDDD**

#### **%'"" &%'%**

| &/410A81;9<A@-@5;:;2!1@-<5@-8A:01>%A81 /	 ;2@41&1/A>5@51?-:0D/4-:31     |
|-------------------------------------------------------------------------|
| ;995??5;:<br>DDDDDDDDDDDDDDDDDDDDDDDDDD<br>                             |
| &/410A81;9<A@-@5;:;21@1>95:-@5;:;2%1?1>B1%1=A5>191:@?2;>>;71>?-:01-81>? |
| #A>?A-:@ @;%A81 /	A:01> @41&1/A>5@51? -:0D/4-:31;995??5;:DD<br>         |
| &/410A81:2;>9-@5;:%18-@5:3@;@41#;??1??5;:;>;:@>;8%1=A5>191:@?A:01>@41   |
| &1/A>5@51? -:0D/4-:31;995??5;:%A81 /	DDDDDDDDDD<br>                     |
|                                                                         |

#### **\$"!\$& ! \$!\$\$\*"&! DDDDDDDDDDDDDDDDDDDD**

{4}------------------------------------------------

#### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Member of Equapath Capital LLC:

#### **Opinion on Financial Statements**

We have audited the accompanying statement of financial condition of Equapath Capital LLC (the "Company") as of December 31, 2025, and the related statements of income, member's equity and cash flows for the year then ended, including the related notes (collectively referred to as "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

#### **Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements 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 of these financial statements 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 from 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 the audit provides a reasonable basis for our opinion.

#### **Report on Supplementary Information**

The accompanying Net Capital Computations, Determination of Reserve Requirements and Possession & Control Requirements ("Supplementary Information") contained in the supplemental information section has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statement. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles with 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 information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Rule 17a-5 under the Securities Exchange Act of 1934 and, if applicable, under Regulation 1.10 under the Commodity Exchange Act. In our opinion, the information contained in the Supplementary Information section is fairly stated, in all material respects, in relation to the financial statements as a whole.

## *NTT* & *Company, PLLC*

Beaumont, Texas

0DUFK

We have served as the auditor for Equapath Capital LLC since 2025.

NTT & Company, PLLC 5865 Mistletoe Avenue Beaumont, TX 77707 512.766.8131 NathanTuttle@NTTCoCPA.com

{5}------------------------------------------------

## Equapath Capital, LLC

## STATEMENT OF FINANCIAL CONDITION

As of December 31, 2025

| ASSETS           |   |        |
|------------------|---|--------|
| Cash             | S | 11,306 |
| Prepaid Expenses |   | 2.57   |
| TOTAL ASSETS     |   | 13,607 |
|                  |   |        |

#### LIABILITIES AND MEMBER'S EQUITY

| LIABILITIES                            |   |           |
|----------------------------------------|---|-----------|
| Accounts Payable & Accrued Liabilities | S | 771       |
| Due to Related Party                   |   | 2,256     |
| TOTAL LIABLITIES                       |   | 3,027     |
| MEMBER'S EQUITY                        |   | 10,580    |
| COMMITMENTS AND CONTINCENCIES          | S |           |
| TOTAL LIABILITIES AND MEMER'S EQUITY   |   | \$ 13,607 |

The accompanying notes are an integral part of these financial statements.

{6}------------------------------------------------

## Equapath Capital, LLC

## STATEMENT OF EARNINGS

For the Year Ended December 31, 2025

#### TOTAL REVENUES

#### EXPENSES

| NETLOSS                            | \$ (52,884) |
|------------------------------------|-------------|
| TOTAL EXPENSES                     | લ<br>52,884 |
| Other Expenses                     | 2,620       |
| Occupancy & Equipment              | 2.400       |
| Technology, Data, & Communications | 1,875       |
| Regulatory Fees                    | 2,648       |
| Professional Fees                  | S<br>43,341 |

-

The accompanying notes are an integral part of these financial statements.

{7}------------------------------------------------

## Equapath Capital, LLC

## STATEMENT OF CHANGES IN MEMBER'S EQUITY

For the Year Ended December 31, 2025

| BALANCE AT DECEMBER 31, 2024 | 25.414<br>S |
|------------------------------|-------------|
| Contributions                | 38,050      |
| Net Loss                     | (52,884)    |
| BALANCE AT DECEMBER 31, 2025 | \$ 10,580   |

The accompanying notes are an integral part of these financial statements.

{8}------------------------------------------------

## 

;>@41,1->:0101/19.1>


## **%!)%\$!!"\$& &(&%** !1@;?? 06A?@91:@?@;>1/;:/581:1@5:/;91@;:1@/-?4<>;B5010.E;<1>-@5:3-/@5B5@51? #>1<-50D<1:?1? //;A:@?#-E-.81//>A10D<1:?1? //;A:@?#-E-.81G %18-@10#->@E 

  **0>,=3'=0/48 !:0<,>482.>4@4>40= -
 %!)%\$! &(&%** ;:@>5.A@5;:?   **0>,=3"<9@4/0/-B48,8.482.>4@4>40= - &\$% % % & '\$+**

#### **% &\$ -**

-

{9}------------------------------------------------

;>@41,1->:0101/19.1>


#### **!<2,84C,>498,8/ ,>?<091?=480==**

=A-<-@4-<5@-8@41;9<-:E5?- 8;>50-595@105-.585@E;9<-:E -:0->135?@1>10 .>;71> 01-81>C5@4@41&1/A>5@51?-:0D/4-:31;995??5;:&-:0919.1>;2 @415:-:/5-8 :0A?@>E%13A8-@;>EA@4;>5@E!% '41;9<-:E5?A:01>05>1/@;C:1>?45<;2 > %;.1>@ %A.5: '41;9<-:EJ?.A?5:1??5?@41?@>A/@A>5:3-:0?-81?;2<>5B-@1<8-/191:@?1>B5/1? 

'41;9<-:E-/@?-?-:5:@>;0A/5:3.>;71> 01-81> '41;9<-:E5?1D19<@2>;9@41<>;B5?5;:? ;2%A81
/ -?@41;9<-:E0;1?:;@05>1/@8E;>5:05>1/@8E>1/15B14;80;>;@41>C5?1;C1 2A:0?;>?1/A>5@51?2;>;>@;/A?@;91>?-:0050:;@/->>E-//;A:@?;2;>2;>/A?@;91>? 

## **%428414.,8>..9?8>482,8/\$0:9<>482"964.40=**

## **,=4=91"<0=08>,>498**

'41-//;9<-:E5:325:-:/5-8?@-@191:@?4-B1.11:<>1<->10;:@41-//>A-8.-?5?;2-//;A:@5:35: -//;>0-:/1C5@4-//;A:@5:3<>5:/5<81?31:1>-88E-//1<@105:@41(:5@10&@-@1?# -? 01@1>95:10.E@415:-:/5-8//;A:@?&@-:0->0?;->0&//;A:@5:3&@-:0->0? ;0525/-@5;:& '41;9<-:E.1851B1?@4-@@4105?/8;?A>1?5:@41?125:-:/5-8?@-@191:@?->1 -01=A-@1-:0:;@95?81-05:3 :@41;<5:5;:;29-:-3191:@@4125:-:/5-8?@-@191:@?/;:@-5:-88 -06A?@91:@?:1/1??->E2;>-2-5><>1?1:@-@5;:;2@41;9<-:EJ?25:-:/5-8<;?5@5;:-?;21/19.1> -:05?:;@:1/1??->58E5:05/-@5B1;2@41>1?A8@?2;>-:E2A@A>1<1>5;0 

## **'=091=>47,>0=**

'41<>1<->-@5;:;225:-:/5-8?@-@191:@?5:/;:2;>95@EC5@4-//;A:@5:3<>5:/5<81?31:1>-88E -//1<@105:@41(:5@10&@-@1?;291>5/->1=A5>1?9-:-3191:@@;9-711?@59-@1?-:0 -??A9<@5;:? @4-@-221/@@41>1<;>@10-9;A:@?;2-??1@?-:085-.585@51?-:005?/8;?A>1;2/;:@5:31:@ -??1@?-:085-.585@51?-@@410-@1;2@4125:-:/5-8?@-@191:@?-:0@41>1<;>@10-9;A:@?;2>1B1:A1 -:01D<1:?1?0A>5:3@41>1<;>@5:3<1>5;0 /@A-8>1?A8@?/;A8005221>2>;9@4;?11?@59-@1? 

## **,=3,8/,=3;?4@,608>=**

'41;9<-:E9-5:@-5:?5@?/-?45:-.-:701<;?5@-//;A:@?C45/4-@@591?9-E1D/110@41 2101>-88E5:?A>108595@? '41;9<-:E9;:5@;>?@41.-:7-//;A:@?-:00;1?:;@1D<1/@@;5:/A> -:E8;??1?2>;9?A/4-//;A:@? '41;9<-:E4-?0125:10/-?4-:0/-?41=A5B-81:@?-?45348E 85=A505:B1?@91:@?C5@4;>535:-89-@A>5@51?;281??@4-::5:1@E0-E?@4-@->1:;@4180 2;> ?-815:@41 ;>05:->E/;A>?1;2.A?5:1?? '41>1/;>010B-8A1;2?A/45:?@>A91:@?-<<>;D59-@1?@415>2-5> B-8A1 @1/19.1>
@41;9<-:E4-0:;/-?41=A5B-81:@? 

{10}------------------------------------------------

;>@41,1->:0101/19.1>


## **%428414.,8>..9?8>482,8/\$0:9<>482"964.40=E 98>48?0/**

## **\$0@08?0**

'41;9<-:E>1/;3:5F1? *-
 -*  5:-//;>0-:/1C5@4H& ';<5/I '45?>1B1:A1>1/;3:5@5;:3A50-:/1>1=A5>1?@4-@-:1:@5@E>1/;3:5F1>1B1:A1@; 01<5/@@41@>-:?21>;2<>;95?103;;0?;>?1>B5/1?@;/A?@;91>?5:-:-9;A:@@4-@>1281/@?@41 /;:?501>-@5;:@;C45/4@411:@5@E1D<1/@?@;.11:@5@8105:1D/4-:312;>@4;?13;;0?;>?1>B5/1? 

005@5;:-88E@413A50-:/1>1=A5>1?@41;9<-:E@;2;88;C-25B1 ?@1< 9;018 @;-501:@52E@41 /;:@>-/@C5@4@41/A?@;91>.501:@52E@41<1>2;>9-:/1;.853-@5;:?5:@41/;:@>-/@/01@1>95:1 @41@>-:?-/@5;:<>5/10-88;/-@1@41@>-:?-/@5;:<>5/1@;@41<1>2;>9-:/1;.853-@5;:?5:@41 /;:@>-/@-:01>1/;3:5F1>1B1:A1C41:;>-?@41;9<-:E?-@5?251?-<1>2;>9-:/1;.853-@5;: 

#>5B-@1?1/A>5@51?<8-/191:@5:/8A01??A//1??211?@4-@->1;C10@;@41;9<-:E;:<>5B-@1 <8-/191:@@>-:?-/@5;:? '41-9;A:@;2@412115??@5<A8-@105:@41;9<-:EJ?1:3-3191:@ /;:@>-/@C5@4@41/851:@-:05?31:1>-88E/-8/A8-@10-?-<1>/1:@-31;2@41>181B-:@@>-:?-/@5;:;>-? -25D10211 &A//1??211?->1>1/;3:5F10C41:@41>181B-:@<>5B-@1<8-/191:@@>-:?-/@5;:5?/8;?10 -:0C41:-88<1>2;>9-:/1;.853-@5;:?@;@41/851:@4-B1.11:/;9<81@10 

## **8.970&,A0=**

'41;9<-:E5?-?5:381 919.1> 8595@1085-.585@E/;9<-:E@4-@5?@>1-@10-?-05?>13->0101:@5@E 2;>5:/;91@-D<A><;?1?-?-885:/;91;>8;??28;C?@4>;A34@;@41919.1> '41>12;>1:;5:/;91 @-D1D<1:?1;>85-.585@E5?>1/;>0105:@41-//;9<-:E5:325:-:/5-8?@-@191:@? 

## **,4<(,6?09148,8.4,68=><?708>=**

&&0125:1?2-5>B-8A11?@-.85?41?-2>-91C;>72;>91-?A>5:32-5>B-8A1-:0 1?@-.85?41?-2-5>B-8A1451>->/4EC45/4<>5;>5@5F1?@415:<A@?@;B-8A-@5;:@1/4:5=A1? -5>B-8A15? @41<>5/1@4-@C;A80.1>1/15B10@;?11-:-??1@;><-50@;@>-:?21>-85-.585@E5:-:;>01>8E @>-:?-/@5;:.1@C11:9->71@<->@5/5<-:@?-@-91-?A>191:@0-@1 2-5>B-8A191-?A>191:@ -??A91? @4-@@41@>-:?-/@5;:?@;?188@41-??1@;>@>-:?21>@4185-.585@E;//A>?5:@41<>5:/5<-8 9->71@2;>@41-??1@;>85-.585@E;>5:@41-.?1:/1;2-<>5:/5<-89->71@@419;?@-0B-:@-31;A? 9->71@ )-8A-@5;:@1/4:5=A1?@4-@->1/;:?5?@1:@C5@4@419->71@5:/;91;>/;?@-<<>;-/4-? ?<1/52510.E&&->1A?10@;91-?A>12-5>B-8A1 

{11}------------------------------------------------

;>@41,1->:0101/19.1>


## **%428414.,8>..9?8>482,8/\$0:9<>482"964.40=E 98>48?0/**

## **,4<(,6?09148,8.4,68=><?708>=E 98>48?0/**

'412-5>B-8A1451>->/4E<>5;>5@5F1?@415:<A@?@;B-8A-@5;:@1/4:5=A1?A?10@;91-?A>12-5>B-8A1 5:@;@4>11.>;-081B18?

1B18 
 G 5:<A@?@;@41 B-8A-@5;:91@4;0;8;3E->1 =A;@10 <>5/1?A:-06A?@10 2;>501:@5/-8 -??1@?;>85-.585@51?5:-/@5B19->71@? 

1B18G 5:<A@?5:@41B-8A-@5;:91@4;0;8;3E5:/8A010=A;@10<>5/1?2;>?5958->-??1@?-:0 85-.585@51?5:-/@5B19->71@?-:05:<A@?->1;.?1>B-.812;>@41-??1@;>85-.585@E15@41>05>1/@8E ;>5:05>1/@8E2;>?A.?@-:@5-88E@412A88@1>9;2@4125:-:/5-85:?@>A91:@ 

1B18 G 5:<A@?@;@41 B-8A-@5;:91@4;0;8;3E->1 A:;.?1>B-.81-:0 ?53:525/-:@@;@41 2-5> B-8A191-?A>191:@ 

1>@-5:25:-:/5-85:?@>A91:@?->1/->>510-@/;?@;:@41.-8-:/1?411@C45/4-<<>;D59-@1?2-5>B-8A1 0A1@;@415>?4;>@@1>945348E85=A50:-@A>1 '41?15:?@>A91:@?5:/8A01/-?4-//;A:@?>1/15B-.81 -//;A:@?<-E-.81-:0-//;A:@?<-E-.81 >18-@10<->@E 

## **\$06,>0/",<>40=**

'41;9<-:E5?-:-22585-@1C5@4!"A@0;;> 105-22585-@1 :/;::1/@5;:@;@45?>18-@5;:?45< @41;9<-:E-:0@4122585-@14-B11D1/A@10-:1D<1:?1?4->5:3-3>1191:@C41>1.E@41 ;9<-:E>1/15B1?-9;:@48E-88;/-@5;:;21D<1:?1?5:/A>>10.E@4122585-@1;:5@?.14-82 A>5:3 @41;9<-:E>1/;>0101D<1:?1?A:01>@45?-3>1191:@@;@-85:3 :/8A0105:@41@;@-8 5?-<>;B5?5;:2;>>1:@ '41;9<-:E>1/;>010>1:@@;@-85:3 >18-@10@;@41?4->101D<1:?1 C5@4@4122585-@1 %18-@10<->@E<-E-.81?-@1/19.1>
@;@-810
 

## **0>,:4>,6\$0;?4<0708>=**

'41;9<-:E5??A.61/@@;@41&J?(:52;>9!1@-<5@-8%A81&%A81
/ 
;2@41 &1/A>5@51?D/4-:31 /@;2
C45/4>1=A5>1?9-5:@1:-:/1;295:59A9:1@/-<5@-8 (:01>@41 %A81@41;9<-:E5?>1=A5>10@;9-5:@-5:95:59A9:1@/-<5@-8-?0125:101=A-8@;@413>1-@1> ;2;>;2-33>13-@15:01.@10:1?? '41>-@5;;2-33>13-@105:01.@10:1??@;:1@ /-<5@-8/-::;@1D/110
;> 

@1/19.1>
@41;9<-:E4-0:1@/-<5@-8;2 C45/45? 5:1D/1??;25@? >1=A5>10:1@/-<5@-8;2 '41>-@5;;2-33>13-@15:01.@10:1??@;:1@/-<5@-8C-? 

{12}------------------------------------------------

;>@41,1->:0101/19.1>


#### **0>,:4>,6\$0;?4<0708>=E 98>48?0/**

#### **\$0=0<@0\$0;?4<0708>=**

'41;9<-:E0;1?:;@/8-59-:1D19<@5;:2>;9&%A81
/ 5:>185-:/1;:2;;@:;@1@; &%181-?1 -?05?/A??105:\$;2@41>18-@10\$5??A10.E&?@-22 '41 ;9<-:E
050:;@05>1/@8E;>5:05>1/@8E>1/15B14;80;>;@41>C5?1;C12A:0?;>?1/A>5@51?2;> ;>@;/A?@;91>?050:;@/->>E-//;A:@?;2;>2;>/A?@;91>?-:0050:;@/->>E<>;<>51@->E .>;71>-//;A:@?#-//;A:@?-?0125:105:%A81
/ @4>;A34;A@@41E1->1:010 1/19.1>
C5@4;A@1D/1<@5;: 

#### **"9==0==498,8/98><96\$0;?4<0708>=**

'41;9<-:E0;1?:;@/8-59-:1D19<@5;:2>;9&%A81
/ 5:>185-:/1;:2;;@:;@1@; &%181-?1 -?05?/A??105:\$;2@41>18-@10\$5??A10.E&?@-22 '41 ;9<-:E
050:;@05>1/@8E;>5:05>1/@8E>1/15B14;80;>;@41>C5?1;C12A:0?;>?1/A>5@51?2;> ;>@;/A?@;91>?050:;@/->>E-//;A:@?;2;>2;>/A?@;91>?-:0050:;@/->>E<>;<>51@->E .>;71>-//;A:@?#-//;A:@?-?0125:105:%A81
/ @4>;A34;A@@41E1->1:010 1/19.1>
C5@4;A@1D/1<@5;: 

#### **!:0<,>4820,=0!-642,>498=**

'41;9<-:E5?>1=A5>10@;>1/;>0->534@ ;2 A?1-??1@-:0-/;>>1?<;:05:381-?185-.585@E;:@41 .-8-:/1?411@2;>-8881-?1?C5@4@1>9?3>1-@1>@4-:@C18B1
9;:@4? 88?A/481-?1?->1@;.1 /8-??52510-?15@41>25:-:/1;>;<1>-@5:3 '41;9<-:E 4-?:;81-?1;.853-@5;:?@4-@>1=A5>10 >1/;>05:3;>05?/8;?A>1?5:@411/19.1>
25:-:/5-8?@-@191:@? 

#### **%?-9</48,>0/4,-464>40=**

'41;9<-:E4-0:;85-.585@51??A.;>05:-@10@;@41/8-59?;231:1>-8/>105@;>?-?;2@41 .135::5:3;21:0;2-:00A>5:3 

## **9774>708>=,8/98>48208.40=**

'41;9<-:E0;1?:;@4-B1-:E/;995@91:@?;>/;:@5:31:/51?5:/8A05:3->.5@>-@5;:;>;@41> 85@53-@5;:/8-59?@4-@9-E>1?A8@5:-8;??;>-2A@A>1;.853-@5;: 

#### **-**

'41;9<-:E9-:-31?5@?.A?5:1??C5@45:-?5:381;<1>-@5:3?1391:@5:-//;>0-:/1C5@4& ';<5/&1391:@%1<;>@5:3-&- "<1>-@5:3?1391:@?->10125:10-?/;9<;:1:@?;2-: 1:@1><>5?12;>C45/4?1<->-@125:-:/5-85:2;>9-@5;:5?-B-58-.81-:01B-8A-@10>13A8->8E.E@41 /4512;<1>-@5:301/5?5;:9-71>" C45/45?;A>4512D1/A@5B1"225/1>5:01/505:34;C @;-88;/-@1>1?;A>/1?-:05:-??1??5:3<1>2;>9-:/1 &1391:@5:2;>9-@5;:5?/;:?5?@1:@C5@44;C 9-:-3191:@>1B51C?@41.A?5:1??9-71?5:B1?@5:3-:0>1?;A>/1-88;/-@5;:01/5?5;:?-:0-??1??1? 

{13}------------------------------------------------

;<1>-@5:3<1>2;>9-:/1 '41" A?1?@45?5:2;>9-@5;:C45/49-E.1-06A?@102;>5@19?@4-@ ->1:;: >1/A>>5:3-?C188-?>13A8->8E<>;B5010.A031@10;>2;>1/-?@101D<1:?15:2;>9-@5;:2;> @41?5:381;<1>-@5:3?1391:@5:9-:-35:3@41.A?5:1?? 

#### **%?-=0;?08>@08>=**

 -:-3191:@4-?1B-8A-@10-881B1:@?;>@>-:?-/@5;:?@4-@;//A>>10-2@1>1/19.1>
 @4>;A34@410-@1;2@415??A1025:-:/5-8?@-@191:@? A>5:3@45?<1>5;0@41>1C1>1:;9-@1>5-8 >1/;3:5F-.81?A.?1=A1:@1B1:@?@4-@>1=A5>10>1/;>05:3;>05?/8;?A>15:@411/19.1>
 25:-:/5-8?@-@191:@? 

{14}------------------------------------------------

#### **- -**

## **!**

## 

#### **97:?>,>498 91 0>,:4>,6?8/0<\$?60 . 91>30%0.?<4>40=,8/A.3,8209774==498**

?;21/19.1>


#### **!"'&&! ! &"&**

| '"'  %J&\$(',                                                                 | <br>     |
|-------------------------------------------------------------------------------|----------|
| '%& &)!\$&                                                                    |          |
| &&                                                                            |          |
| !;:	88;C-.81??1@?                                                             |          |
| #>1<-50D<1:?1?                                                                |          |
| ';@-8!;:	88;C-.81??1@?                                                        |          |
| & &&( &"&                                                                     | <br><br> |
| \$'&%! %'\$&%                                                                 |          |
| &"&                                                                           | <br><br> |
| 5:59A90;88->:1@/-<5@-8>1=A5>191:@;2>1<;>@5:3.>;71>01-81><br>3>1-@1>;2;>	;2 |          |
| *%% &"&                                                                       | <br><br> |
| &!&\$& & %%                                                                   |          |
| ' &"&%!                                                                       | <br>     |
| "\$ &! &"&&!                                                                  |          |

'41>1->1:;9-@1>5-805221>1:/1?.1@C11::1@/-<5@-85:#->@;2;>9+ 
 -:0:1@/-<5@-8-.;B1 

{15}------------------------------------------------

#### **- -**

# **!**

## 

## 

#### **97:?>,>49819<0>0<748,>49891\$0=0<@0\$0;?4<0708>=19<<950<=,8/0,60<="?<=?,8>>9 \$?60 . ?8/0<>30%0.?<4>40=,8/A.3,820.>91**

#### ;>@41,1->:0101/19.1>

'41;9<-:E0;1?:;@/8-59-:1D19<@5;:2>;9&%A81
/ 5:>185-:/1;:2;;@:;@1@; &%181-?1 -?05?/A??105:\$;2@41>18-@10\$5??A10.E&?@-22 '41 ;9<-:E
050:;@05>1/@8E;>5:05>1/@8E>1/15B14;80;>;@41>C5?1;C12A:0?;>?1/A>5@51?2;> ;>@;/A?@;91>?050:;@/->>E-//;A:@?;2;>2;>/A?@;91>?-:0050:;@/->>E<>;<>51@->E .>;71>-//;A:@?#-//;A:@?-?0125:105:%A81
/ @4>;A34;A@@41E1->1:010 1/19.1>
C5@4;A@1D/1<@5;: 

## 

#### **-**

#### **819<7,>498\$06,>482>9>30"9==0==4989<98><96\$0;?4<0708>=?8/0<>30%0.?<4>40=,8/A.3,820 9774==498\$?60 .**

;>@41,1->:0101/19.1>


'41;9<-:E0;1?:;@/8-59-:1D19<@5;:2>;9&%A81
/ 5:>185-:/1;:2;;@:;@1@; &%181-?1 -?05?/A??105:\$;2@41>18-@10\$5??A10.E&?@-22 '41 ;9<-:E
050:;@05>1/@8E;>5:05>1/@8E>1/15B14;80;>;@41>C5?1;C12A:0?;>?1/A>5@51?2;> ;>@;/A?@;91>?050:;@/->>E-//;A:@?;2;>2;>/A?@;91>?-:0050:;@/->>E<>;<>51@->E .>;71>-//;A:@?#-//;A:@?-?0125:105:%A81
/ @4>;A34;A@@41E1->1:010 1/19.1>
C5@4;A@1D/1<@5;: 

{16}------------------------------------------------

![](_page_16_Picture_0.jpeg)

#### Supplementary Schedules Pursuant to SEA Rule 17a-5 Of the Securities and Exchange Act of 1934 For the Year-End December 31, 2025

#### Report of Independent Registered Public Accounting Firm - Exemption Report Review

No Exemption: Pursuant to footnote 74 of SEC Release No. 34-70073

Robert Rubin Equapath Capital LLC 8899 NW 18th Terrace Doral, FL 33172

Dear Robert Rubin:

We have reviewed management's statements, included in the accompanying Rule 15c3-3 Exemption Report provided to us pursuant to SEC Rule 17a-5, in which (1) Equapath Capital LLC (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 SEC Release No. 34-70073 adopting to 17 C.F.R. §240.17a-5 because the Company limits its business activities exclusively to: (1) Receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients; and, (2) 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.

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 paragraphs (a) or (b)(2) of Rule 15c2-4, and and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where to 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, January 01, 2025, through December 31, 2025, without exception.

Equapath Capital LLC's management is responsible for compliance with the exemption provisions 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 Equapath Capital LLC'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 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. §240.17a-5, and related SEC Staff Frequently Asked Questions.

*<sup>N</sup>*TT & C*ompany, PLLC* 

Beaumont, Texas 0DUFK

{17}------------------------------------------------

![](_page_17_Picture_0.jpeg)

Exemption Report Equapath Capital, LLC

Equapath Capital, LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. ))Section 240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. Section 240.17a-5(d)(1) 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 17C.FR. Section 240.15c3-3, and
- (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting requirements to 17 C.F.R. Section 240.17a-5 because the Company limits its business activities exclusively to private placements of securities (excluding EB-S and Regulation A+) 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.

I, Robert D. Rubin, hereb a y ffirm that, to the best of my knowledge and belief, this Exe1 ion Re rt is true and correct.

Robert D. Rubin CEO


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.