# BALLAST ROCK CAPITAL LLC X-17A-5 (2026-04-21) — Broker-dealer annual report - Company: BALLAST ROCK CAPITAL LLC - Form: X-17A-5 - Filed: 2026-04-21 - Period: 2025-12-31 - Accession: 0001933764-26-000005 - CIK: 1933764 - File #: 8-70943 - Type: Broker-dealer - Material weakness: No - Auditor: Ohab and Company, PA - Auditor location: Maitland, FL - Contact: Dennis Azary - Phone: 4159487994 - Email: dennis@ballastrockcapital.com - Website: ballastrockcapital.com - Signed by: Thomas Carroll (Chief Executive Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1933764/000193376426000005/brc_2025public.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 8-70943 SEC FILE NUMBER ### **ANNUAL REPORTS FORM X-17A-5 PART Ill** **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-12, and lSa-7 under the Securities Exchange Act of 1934** 01/01/2025 12/31/2025 FILING FOR THE PERIOD BEGINNING AND ENDING ---------- ----------- MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** #### Ballast Rock Capital, LLC NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ TYPE OF REGISTRANT (check all applicable boxes): ■ □ Broker-dealer □ Security-based swap dealer □ Check here if respondent is also an OTC derivatives dealer □ Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # 460 King Street, Suite 200 | | (No. and Street) | | | |----------------------------------------------|---------------------------------------------------------------------------|-------------------------------|---------------------| | Charleston | SC | | 29403 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Dennis Azary | (415)948-7994 | dennis@ballastrockcapital.com | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | Ohab and Company, PA | (Name - if individual, state last, first, and middle name) | | | | 100 East Sybelia Ave, Suite 130
(Address) | Maitland
(City) | FL
(State) | 32751
(Zip Code) | | | | | | | 7/28/2004 | | 1839 | | \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-S(e)(l)(ii), if applicable. **Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid 0MB control number.** {1}------------------------------------------------ **OATH OR AFFIRMATION** | Thomas Carroll
I, ___________________ | | __, swear (or affirm) that, to the best of my knowledge and belief, the | |--------------------------------------------------|---------------------------|-------------------------------------------------------------------------| | financial
report pertaining
to the firm of | Ballast Rock Capital, LLC | as of | December 31, 2025 \_\_\_\_\_\_\_\_\_\_\_\_\_ \_, 2\_, is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. Signature: Chief Executive Officer Title: #### **This filing\*\* contains (check all applicable boxes):** - D (a) Statement of financial condition. - D (b) Notes to consolidated statement of financial condition. - D (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation S-X). - D (d) Statement of cash flows. - D (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (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. - D (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D **(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§ 240.15c3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - □ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible 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. - D (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. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (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 report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-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. - □ (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). - D (z) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e){3} or 17 CFR 240.1Ba-7{d){2}, as applicable. {2}------------------------------------------------ | CONTENTS | | |--------------------------------------------------------------------------------------|--| | Page(s)
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…1 | | | Financial Statements | | | Statement of
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3-6 | | {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) 100 E. Sybclia Ave. Suite 130 Maitland, Fl. 32751 *Certified Public Accounta/1/s* ! m.1il: pam,a ohcilK·o.~om Telephone 407. 740-7311 Fax 407-740-6441 #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Members of Ballast Rock Capital LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Ballast Rock Capital LLC as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, i11 all material respects, the financial position of Ballast Rock Capital LLC as of December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** This financial statement is the responsibility of Ballast Rock Capital LLC's management. Our responsibility is to express an opinion on Ballast Rock Capital LLC's financial statement based on our audit We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Ballast Rock Capital LLC 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 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 our audit provides a reasonable basis for our opinion. We have served as Ballast Rock Capital LLC's auditor since 2023. Maitland, Florida March 28, 2026 {4}------------------------------------------------ ## **STATEMENT OF FINANCIAL CONDITION** ### **December 31, 2025** ### **ASSETS** | Cash | \$
25,071 | |---------------------------------------|--------------| | Placement Fees Receivable | 45,900 | | Total assets | \$
70,971 | | | | | LIABILITIES AND MEMBERS' EQUITY | | | Liabilities | | | Accounts payable and accrued expenses | \$
- | | Total liabilities | 0 | | Members' equity | 70,971 | | | | | Total liabilities and members' equity | \$
70,971 | {5}------------------------------------------------ #### **NOTES TO FINANCIAL STATEMENTS** #### **1. Nature of business and summary of significant accounting policies** #### *Natureof Business* . Ballast Rock Capital, LLC (the "Company"), a Delaware Limited Liability Corporation, is a broker-dealer, registered with the Financial Industry Regulatory Authority ("FINRA"),and licensedby the Securities and Exchange Commission ("SEC"). The Company is wholly owned by Ballast Rock Holdings LLC("the Parent"). The Company is engaged in a single line of business as a securities broker-dealer The Company, as a broker-dealer, does not carry margin accounts, promptly transmits all customer funds and delivers all securities received in connection with the Company's activities as a broker-dealer, and does not otherwise hold fundsor securities for, or owe money or securities to, customers. The Company is a specialized private placement broker-dealer, that raises capital for real estate, venture capital, private equity and private credit funds. #### *Governmentand Other Regulation* The Company's business is subject to significant regulation by governmental agencies and self-regulatory organizations. Such regulation includes, among other things, periodic examinations by these regulatory bodies to determine whether the Company is conducting and reporting its operations in accordance with the applicable requirementsoftheseorganizations. #### *Basis of Presentation* The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") as detailed in the Financial Accounting Standards Board's Accounting Standards Codification("ASC"). #### *Revenue Recognition* The Company recognizes revenue in accordance with ASC-606 Revenue from Contracts with Customers. Revenue recognition guidance requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance requires an entity to follow a five-step model to (a) identify the contracts with the customer, (b) identify the performance obligations in the contract, (c) determining the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. The Company receives fees by acting as a placement agent for private equity funds. The Company believes performance obligations are satisfied at the time investor's subscription and payment is approved and accepted. {6}------------------------------------------------ #### **NOTES TO FINANCIAL STATEMENTS** #### **1. Nature of business and summary of significant accounting policies (continued)** #### *Accounts Receivable* The Company recognizes revenue from servicesand other fees in the period they are earned and are reasonably assured as collectible. Accounts Receivable are reviewed periodically. The Company has not made provisions for bad debt expense or any amount of allowance for uncollectable accounts at year-end since it has determined that there is no need for any write-offs. #### *Receivables and Contract Balances* Receivables arise when the Company has an unconditional right to receive payment under a contract with a customer and are derecognized when the cash is received. At December 31, 2025, the Company reported receivables in the amount of \$45,900 in the statement of financial condition. Contract assets arise when the revenue associated with the contract is recognized prior to the Company's unconditional right to receive payment under a contract with a customer (i.e., unbilled receivable) and are derecognized when either it becomes a receivable, or the cash is received. Contract liabilities arise when customers remit contractual cash payments in advance of the Company satisfying its performance obligation under the contract and are derecognized when the revenue associated with the contract is recognized when the performance obligation is satisfied. The Company had no contract assets or liabilities on December 31, 2025. #### *Cash and Cash Equivalents* For the purpose of reporting the statement of cash flows, the Company considers all cash accounts, which are not subject to withdrawal restrictions or penalties, and highly liquid debt instruments purchased with maturity of three months or less to be cash equivalents. Cash balances in excess of FDIC and similar insurance coverage are subject to the usual banking risks associated with funds in excess of those limits. At December 31, 2025, the Company had no uninsured cash balances. #### *Income Taxes* The Company does not record a provision for income taxes because the members report their share of the Company's income or loss on their income tax returns. The financial statements reflect the Company's transactions without adjustment, if any, required for income tax purposes. The Company files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various. U.S. states and foreign jurisdictions. Generally, the Company is subject to income tax examinations by major taxing authorities for the last three years. #### *Use of Estimates* The preparation of financial statements in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from thoseestimates. {7}------------------------------------------------ #### **NOTES TO FINANCIAL STATEMENTS** #### **2. Net capital requirement** The Company is a member of FINRA and is subject to the SEC's Uniform Net Capital Rule 15c3-1. The Company has elected to compute its net capital requirement pursuant to SEC Rule 15c3-1, which requires minimum net capital of the greater of \$5,000 or 6.67% of aggregate indebtedness and a ratio of aggregate indebtedness to net capital not exceeding 15 to 1. At December 31, 2025, the Company'snet capital was \$25,071 which was \$20,071 in excess ofits minimum requirement of \$5,000. #### **3. Concentrations of creditrisk** In the normal course of business, the Company maintains its cash balances in a financial institution which is insured by the Federal Insurance Corporation ("FDIC"). The Company is subject to credit risk to the extent any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. The Company's account balances that are non-interest-bearing accounts are subject to the Dodd-Frank Walk Street Reform and Consumer Protection Act (the "Act"). The Company's interest-bearing cash balances may exceed the FDIC coverage of \$250,000. As of December 31, 2025, the Company did not have balances in excess of insured limits. The Company has not experienced any losses in such accounts and believes it is not subject to any significant credit risk on case. #### **4. Related Party Transactions** The Company is owned by a holding company, Ballast Rock Holdings, which paid compliance and professional fees for the Company in the amount of \$52,377 during the year ending December 31, 2025, which was forgiven by the holding company as a contribution of capital. #### **5. Commitments and contingencies** At December 31, 2025, the Company did not have any commitments or contingencies. #### **6. Subsequent events** The Company has evaluated subsequent events through the date of the Independent Registered Public Accounting Firm Report, whereuponthefinancial statements wereissuedanddeterminedtherearenoitems required tobe disclosed or adjusted. #### **7. Segment Reportin**g The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services**,** including principal transactions, **agency** transactions, investment banking, investment advisory, **and** venture capital businesses. **The** Company has identified its CEO as the chief operating decision maker **("**CODM"), who **uses** net income to evaluate the results **of the** business, predominantly in the forecasting process**, to** manage **the** Company. Additionally, the CODM uses **excess** net **capital** (**see** Note 2), which is not **a** measure of profit and loss**,** to make operational decisions **while** maintaining capital adequacy**,** such as whether to reinvest profits or pay dividends. The Company's **operations** constitute a single operating segment and therefore, a single reportable segment, because **the** CODM manages the business activities using information of **the** Company as **a** whole. The accounting policies used {8}------------------------------------------------ #### **NOTES TO FINANCIAL STATEMENTS** to measure the profit and loss of the segment **are the** same as those described in the summary of significant accounting policies. The company derived 86 percent of its total revenues from a single external customer in 2025 #### **8. Company Condition** . The Company has a loss of (\$39,454) for the year ended December 31, 2025, and has received capital contribution from its stockholder for working capital. The Company stockholder has agreed to provide capital contributions to the Company as necessary for it to continue operations and to maintain compliance with minimum net capital requirements. Management expects the Company to continue as a going concern and the accompanied financial statements have been prepared on a going-concern basis without adjustment for realization in the event the Company ceases to continue as a going concern. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.