# COLONNADE ISLAND LLC X-17A-5 (2026-05-20) — Broker-dealer annual report - Company: COLONNADE ISLAND LLC - Form: X-17A-5 - Filed: 2026-05-20 - Period: 2025-12-31 - Accession: 0001939100-26-000003 - CIK: 1939100 - File #: 8-70961 - Type: Broker-dealer - Material weakness: No - Auditor: Driven, PSC - Auditor location: Guaynabo, PR - Contact: Jeffrey Guylay - Phone: 8474528315 - Email: jguylay@coladv.com - Website: coladv.com - Signed by: Jeffrey Guylay (Managing Director) Original filing: https://www.sec.gov/Archives/edgar/data/1939100/000193910026000003/CI2025SECflat.pdf --- {0}------------------------------------------------ Rio Grande, PR FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION December 31, 2025 With Report of Independent Registered Public Accounting Firm **SEC ID 8-70961 This report is deemed CONFIDENTIAL in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934. A Statement of Financial Condition bound separately has been filed with the Securities and Exchange Commission simultaneously herewith as a PUBLIC DOCUMENT.** {1}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # **ANNUAL REPORTS FORM X-17A-5 PART III** SEC FILE NUMBER 8-70961 **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ AND ENDING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ 01/01/25 12/31/25 MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ COLONNADE ISLAND LLC TYPE OF REGISTRANT (check all applicable boxes): ☐ Broker-dealer ☐ Security-based swap dealer ☐ Major security-based swap participant ☐ Check here if respondent is also an OTC derivatives dealer ■ ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) #### \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ 7000 Bahia Beach Blvd, Ventanas II-314 | | (No. and Street) | | | | | |------------------------------|-------------------------------------------------------------------------------------------------------|--------------------|--|--|--| | Rio Grande | PR
_____________________________________________________________________________________ | 00745 | | | | | (City) | (State) | (Zip Code) | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Jeffrey Guylay | 847-452-8315
_____________________________________________________________________________________ | jguylay@coladv.com | | | | | (Name) | (Area Code – Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Driven, PSC | 00968
_____________________________________________________________________________________ | | | |-------------------------------------------------------------------------------------------------------------------------------------|--|--| | | | | | (Zip Code) | | | | | | | | _____________________________________________________________________________________
(PCAOB Registration Number, if applicable) | | | | | | | | | | | \* 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-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.** {2}------------------------------------------------ ![](_page_2_Picture_3.jpeg) | ignature: | V
) | | 0 | | |--------------|--------|--|---|--| | itle:
CEO | U | | | | - - - - - - - - - - - - - - - - - - - - - - - - - - - {3}------------------------------------------------ #### **TABLE OF CONTENTS** | Report of Independent Registered Public Accounting Firm | 1-2 | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------| | Financial Statements | | | Statement of Financial Condition | 3 | | Statement of Income | 4 | | Statement of Changes in Member's Equity | 5 | | Statement of Cash Flows | 6 | | Notes to Financial Statements | 7 - 11 | | Supplemental Information | | | Schedule I | | | Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange | 13 | | Commission Capital Rule | | | Schedule II | | | Computation for Determination of Reserve Requirements Under Rule 15c3-3 (Exemption)
and Information for Possession or Control Requirements Under Rule 15c3-3 (Exemption)
of the Securities and Exchange Commission Exemption Report and Opinion | 14 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Board of Directors and Member of Colonnade Island LLC: # **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Colonnade Island LLC (the "Company") as of December 31, 2025, the related statements of income, changes in member's equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "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 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 of 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 our audit provides a reasonable basis for our opinion. {5}------------------------------------------------ To the Board of Directors and Member of Colonnade Island LLC Page 2 # **Auditors' Report on Supplemental Information** The Schedule I - Computation of Net Capital under Rule 15c3-1 of the Securities and Exchange Commission, and Schedule II – Computation for Determination of the Reserve Requirements under Rule 15c3-3 and Information for Possession or Control Requirements under Rule 15c3-3 of the Securities and Exchange Commission (the "Schedules") have been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles to 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 17 C.F.R. §240.17a-5. In our opinion, the Schedules are fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2024. Driven, P.S.C. License No. 329 Expires December 1, 2027 Guaynabo, Puerto Rico March 20, 2026 ![](_page_5_Picture_6.jpeg) {6}------------------------------------------------ # STATEMENT OF FINANCIAL CONDITION As of December 31, 2025 | ASSETS | | |---------------------------------------|--------------| | Cash and Cash Equivalents | \$
39,835 | | Total Assets | \$
39,835 | | LIABILITIES AND MEMBER'S EQUITY | | | LIABILITIES | | | Accounts Payable | \$
485 | | Total Liabilities | 485 | | MEMBER'S EQUITY | 39,350 | | Total Liabilities and Member's Equity | \$
39,835 | *The accompanying notes are an integral part of these financial statements.* {7}------------------------------------------------ # STATEMENT OF INCOME For the Year Ended December 31, 2025 | REVENUES | | |--------------------------|----------------| | Consulting Revenue | \$
160,000 | | Total Revenues | 160,000 | | OPERATING EXPENSES | | | Payroll & Benefits | 113,239 | | Professional Fees | 40,315 | | Licenses | 13,356 | | Utilities | 6,601 | | Travel & Entertainment | 875 | | Bank Charges | 184 | | Total Operating Expenses | 174,570 | | OPERATING LOSS | (14,570) | | Income Tax Benefit | 758 | | NET LOSS | \$
(13,812) | *The accompanying notes are an integral part of these financial statements.* {8}------------------------------------------------ # STATEMENT OF CHANGES IN MEMBER'S EQUITY For the Year Ended December 31, 2025 | BALANCE, December 31, 2024 | \$
55,148 | |------------------------------------|---------------------| | Net Loss
Distribution to Member | (13,812)
(1,986) | | BALANCE, December 31, 2025 | \$
39,350 | *The accompanying notes are an integral part of these financial statements.* {9}------------------------------------------------ ### STATEMENT OF CASH FLOWS For the Year Ending December 31, 2025 | CASH FLOWS FROM OPERATING ACTIVITIES | | |------------------------------------------------------------------------------|----------------| | Net Loss | \$
(13,812) | | Adjustments to reconcile net income to net cash used in operating activities | | | Change in: | | | Prepaid Expenses | 600 | | Accounts Payable | (321) | | Accrued Corporate Taxes | (90,000) | | Net Cash Used in Operating Activities | (103,533) | | CASH FLOWS FROM FINANCING ACTIVITIES | | | Distribution to Member | (1,986) | | Cash Used in Financing Activities | (1,986) | | NET DECREASE IN CASH | (105,519) | | CASH, BEGINNING OF YEAR | 145,354 | | CASH, END OF YEAR | \$
39,835 | | SUPPLEMENTAL CASH FLOW INFORMATION | | | Income tax paid during the year | \$
88,642 | *. The accompanying notes are an integral part of these financial statements.* {10}------------------------------------------------ # NOTES TO FINANCIAL STATEMENTS # **NOTE 1** ‑ **Nature of Operations** Colonnade Island LLC (the "Company") was formed in April 2022 and is organized under the laws of the Commonwealth of Puerto Rico. The Company began operations on June 1, 2022. The Company is approved as a FINRA/SEC member firm. As a capital acquisitions broker, the Company provides investment banking and financial advisory services to institutional clients. The Company maintains a license to operate in Puerto Rico as granted by the Puerto Rico Office of the Commissioner of Financial Institutions. As a limited liability company, the Member's liability is limited to the capital invested. Under the operating agreement, the Company has one class of member interest, and the sole member interest is equal to the number of equity units issued. Allocation of profit, losses and distributions is in accordance with the terms as defined in the operating agreement. The Company shall continue in perpetuity unless sooner terminated as defined in the operating agreement. ### **NOTE 2** ‑ **Summary of Significant Accounting Policies** ### *Basis of Financial Statement Presentation* The accompanying financial statements have been prepared in conformity with the accounting principles generally accepted in the United States of America (GAAP). The following is a summary of the significant accounting policies followed by the Company. ### *Use of Estimates* The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent 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 those estimates. ### *Cash and Cash Equivalents* Cash and cash equivalents consist of cash and short‑term highly liquid investments with maturities of three months or less at the date of acquisition. The Company maintains its cash in a checking account at one bank, which at times may exceed federally insured limits. As of December 31, 2025, the cash balance held at this financial institution was 100% covered by FDIC insurance. The Company has not experienced any losses in such accounts. {11}------------------------------------------------ #### *Revenue Recognition* ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606") 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 contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine 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. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. ASC Topic 606 requires disclosure of significant practical expedients elected, if any. #### *Investment Banking Revenue* Investment banking revenue includes fees earned from providing merger and acquisition (M&A) and financial advisory services and private placement services. These fees are recognized as earned according to each contract with clients. A portion of this revenue relates to success-based fees, which are recognized at the point in time when it is probable that a significant reversal of those revenues would not occur in a future period, which is normally on the closing date of the transaction. In some circumstances, significant judgment is needed to determine the timing and measure of progress appropriate for revenue recognition under a specific contract. Retainers and other fees received from customers prior to recognizing revenue are reflected as contract liabilities. Contract liabilities are recognized into revenue as the services are provided to the customer. At December 31, 2025, there were no contract liabilities. #### *Consulting Revenue* Consulting revenue includes fees earned from providing consulting services. These fees are recognized as earned according to each contract with clients. Revenue is recognized over time for consulting arrangements in which the performance obligations are simultaneously provided by the Company and consumed by the customer. Pursuant to FASB ASC 606, service is accounted as a single performance obligation satisfied over time. Consulting revenue is payable on a monthly basis in arrears. #### *Accounts Receivable* The Company grants credit to its customers and generally requires no collateral. Accounts receivable are reported at their outstanding balances reduced by the allowance for credit losses, if any. The allowance for credit losses is increased by charges to income and decreased by charge offs (net of recoveries). Management's periodic evaluation of the adequacy of the allowance is based on the Company's past collection experience, known and inherent risks of the customer comprising the Company's accounts receivable balance, adverse situations that may affect the customer's ability to pay, and the current economic conditions. Accounts receivable are charged off when management deems the accounts receivable balance to be uncollectible. As of December 31, 2025 there were no accounts receivable. There was no provision for credit losses during the year ended December 31, 2025. {12}------------------------------------------------ #### *Income Tax* The Company has elected to be treated as a corporation. In January 2024, the Company was awarded a tax decree under the Puerto Rico incentives code of Act 60 of 2019 (the "Decree"), effective retroactively to the date of the initial application in 2022. Under the Decree, the Company is subject to a fixed income tax rate of 4.0% on net income derived from the exportation of eligible services, as defined in the Decree, which include the Company's investment banking and consulting services. In September 2025, the Company petitioned to amend the Decree to be treated as a Small or Medium Business (as defined under Act 60, "PYME"), which would reduce the fixed income tax rate of the Company to 2.0% from 4.0% for the first five years of the Decree. The petition is pending approval, and the Company has elected to retain its existing tax position until approval of the petition. The Company is subject to the accounting standard for uncertainty in income taxes. The tax effects from an uncertain tax position can be recognized in the financial statements, only if the position is more likely than not to be sustained on audit, based on the technical merits of the position. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized, upon ultimate settlement with the relevant tax authority. When applicable, the Company has elected to record any potential penalties and interest related to uncertain tax positions as income tax expense on the Company's statement of income. The Company did not have any uncertain tax positions as of 2025. Income tax returns have been filed for calendar years ending 2022, 2023 and 2024 and remain open and subject to review by applicable tax authorities. ### *Exemptive Provision* The Company does not claim an exemption from SEC Rule 15c3-3 in reliance to Footnote 74 to SEC Release 34-70073 for the period from January 1, 2025 through December 31, 2025 because the Company does not and will not (1) directly or indirectly receive, hold or otherwise owe funds or securities for or to customers, (2) carry accounts of or for customers, and (3) carry PAB accounts. The Company's business activities include private placement of securities and mergers and acquisitions advisory. ### **NOTE 3** ‑ **Lease and Related Party Transaction** The Company rents office space under a month-to-month arrangement from an entity under common ownership. Under the terms of the agreement, the Company is responsible only for the cost of internet services and electricity, which totaled \$3,760 in 2025. Under ASC 842 disclosures, the Company is not required to record future rent obligations under the agreement because the agreement can be canceled without penalty at any time. During the year ended December 31, 2025, no lease obligation or right of use asset was recorded since there are no lease payments tied with the lease. {13}------------------------------------------------ ### **NOTE 4** ‑ **Concentrations** During the year ended December 31, 2025, the Company had one client that accounted for 100% of revenues. ### **NOTE 5** ‑ **Contingencies** As a regulated securities broker dealer, from time to time the Company may be involved in legal proceedings and investigations. The Company is not currently involved in any legal proceedings or investigations as of December 31, 2025. # **NOTE 6** ‑ **Net Capital Requirements** The Company is subject to the Securities and Exchange Commission's Uniform Net Capital Rule (SEC Rule 15c3‑1), which requires the Company to maintain "minimum net capital" equivalent to \$5,000 or 6 2/3% of "aggregate indebtedness", whichever is greater, as these terms are defined. SEC Rule 15c3‑1 also provides that equity capital may not be withdrawn, or cash dividends paid if the resulting ratio of aggregate indebtedness to net capital exceeds 10 to 1. On December 31, 2025, the Company had net capital of \$39,350 which was \$34,350 in excess of its minimum required net capital of \$5,000. The Company's aggregate indebtedness for the year ended December 31, 2025 was 0.0123 to 1. ### **NOTE 7 – Revenue from Contracts with Customers** ### *Significant Judgments* Revenue from contracts with customers includes fees for advisory services on mergers and acquisitions (M&A) and capital raises. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. ### *Investment Banking* *M&A Advisory Fees*. The Company provides advisory services on M&A. Revenue is recognized over time for advisory arrangements in which the performance obligations are simultaneously provided by the Company and consumed by the customer. Success fees are recognized at the point in time when it is probable that a significant reversal of those revenues would not occur in a future period which is normally on the closing date of the transaction or when the contract is terminated or expires. When the Company provides advisory services to customers in collaboration with other broker dealers on certain transaction, the Company recognizes success fees when a transaction closes. Such success fees and are shared between the parties based on the relative contributions of the member firms, subject to mutual agreement at or near the transaction closing, and are typically payable within 30 days. Retainers and other fees received from customers prior to recognizing revenue are reflected as contract liabilities. Contract liabilities are recognized into revenue as the services are provided to the customer. Investment Banking Revenues for the year 2025 were \$0. {14}------------------------------------------------ # *Consulting* The Company provides consulting services to one client, as requested, under a long-term contract. Consulting revenue is recognized on a monthly basis in arrears. According to FASB ASC 606, the service was accounted as a single performance obligation satisfied over time. Management believes that consulting revenue should be recorded as time passes; accordingly the input method based on time-elapsed is the measure used. The contract became effective on June 1, 2022 and can be canceled by either party at any time. The contract was amended and extended in December 2024 and again in December 2025 and expires on December 31, 2027. Consulting Revenue for the year 2025 was \$160,000. # **NOTE 8 – Segment Reporting** The Company is engaged in a single line of business of investment banking and consulting. The Company has identified its Chief Executive Officer 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 6), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy. 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 to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. # **NOTE 9 – Subsequent Events** Management of the Company has evaluated events and transactions that have occurred since December 31, 2025, through March 20, 2026, the date the financial statements were available to be issued and determined that there are no material events that would require adjustment to or disclosures in the Company's financial statements. {15}------------------------------------------------ #### **SUPPLEMENTAL INFORMATION** {16}------------------------------------------------ ### SCHEDULE I - COMPUTATION OF NET CAPITAL UNDER RULE 15c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION As of and for the Year Ended December 31, 2025 **ALLOWABLE ASSETS** Cash \$ 39,835 **Total Allowable Assets 39,835 AGGREGATE INDEBTEDNESS** Accounts Payable 485 **Total Aggregate Indebtedness 485** Minimum required net capital (higher of \$5,000 or 6 2/3% of aggregate indebtedness) 5,000 **NET CAPITAL** Member's Equity 39,350 **Net Capital \$ 39,350** Net Capital Requirement (Minimum) \$ 5,000 Capital in Excess of Minimum Requirement 34,350 **RATIO OF AGGREGATE INDEBTEDNESS TO NET CAPITAL 0.0123 : 1** There were no material differences between the above calculation and the Company's calculation of net capital as reflected on Form 17a‑5, Part IIA. See independent registered public accounting firm's report. {17}------------------------------------------------ # SCHEDULE II - COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS UNDER RULE 15c3-3 (EXEMPTION) AND INFORMATION FOR POSSESSION OR CONTROL REQUIRMENTS UNDER RULE 15c3-3 (EXEMPTION) OF THE SECURITIES AND EXCHANGE COMMISSION As of December 31, 2025 # COMPUTATION FOR DETERMINATION OF THE RESERVE REQUIREMENTS UNDER RULE 15c3-3 Colonnade Island LLC is exempt from Rule 15c3-3 under the provision of FN 74. # INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15c3-3 Colonnade Island LLC is exempt from Rule 15c3-3 under the provision of FN 74. {18}------------------------------------------------ ![](_page_18_Picture_0.jpeg) ### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Board of Directors and Member of Colonnade Island LLC: We have reviewed management's statements, included in the accompanying Rule 15c3-3 Exemption Report pursuant to SEC Rule 17a-5, in which the Colonnade Island LLC (the "Company") stated that: - 1) 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 the SEC Release No. 34- 70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to: (1) Private placement of securities; and (2) Mergers and acquisition advisory. In addition, the Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; 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 without exception. The Company's management is responsible for compliance with the provisions contemplated by Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 and related SEC Staff Frequently Asked Questions 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 the Company'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 not 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. Driven, P.S.C. License No. 329 Expires December 1, 2027 Guaynabo, Puerto Rico March 20, 2026 ![](_page_18_Picture_11.jpeg) {19}------------------------------------------------ 7000 Bahia Beach Blvd Ventanas II-314 Rio Grande, PR 00745 #### **Exemption Report** March 20, 2026 Securities and Exchange Commission 100 F Street, NE Washington, D.C. 20549 To Whom It May Concern: Colonnade Island LLC does not claim an exemption from SEC Rule 15c3-3 in reliance to Footnote 74 to SEC Release 34-70073 for the period from January 1, 2025 through December 31, 2025 because the Company does not and will not (1) directly or indirectly receive, hold or otherwise owe funds or securities for or to customers, (2) carry accounts of or for customers, and (3) carry PAB accounts. The Company's business activities include private placement of securities and mergers and acquisitions advisory. Footnote 74 states: "There may be circumstances in which a broker-dealer has not held customer securities or funds during the fiscal year, but does not fit into one of the exemptive provisions listed under Item 24 of Part IIa. Even though there is not a box to check on the FOCUS Report, these broker-dealers should file an exemption report and related accountant's report.". Colonnade Island LLC met the exemption provisions under Footnote 74 to SEC Release 34-70073 for the abovementioned period, without exception. Kindest regards, Jeffrey R Guylay CEO Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.