# THIRD LAKE ASSOCIATES, LLC X-17A-5 (2026-03-31) — Broker-dealer annual report - Company: THIRD LAKE ASSOCIATES, LLC - Form: X-17A-5 - Filed: 2026-03-31 - Period: 2025-12-31 - Accession: 0001975812-26-000002 - CIK: 1975812 - File #: 8-71097 - Type: Broker-dealer - Material weakness: No - Auditor: RSM US LLP - Auditor location: Chicago, IL - Contact: Dennis Azary - Phone: 4159487994 - Email: dennis.azary@iqeq.com - Website: iqeq.com - Signed by: Stewart Oldfield (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1975812/000197581226000002/thirdlake_bs.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** | ANNUAL REPORTS | |----------------| | FORM X-17A-S | | PART Ill | DMB APPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 | SEC FILE NUMBER | |-----------------| | 8-71097 | **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 **01/01/2025** AND ENDING **12/31/2025** MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME oF FIRM: Third Lake Associates, LLC TYPE OF REGISTRANT (check all applicable boxes): [!] Broker-dealer D Security-based swap dealer D Major security-based swap participant D Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # 1600 East 8th Avenue Suite A-208 | | ( No. and Street) | | | | |----------------------------------------------|---------------------------------------------------------------------------|-----------------|-----------------------|--| | Tampa | Florida | | 33605 | | | (City} | (State) | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Dennis Azary | 415-948-7994 | | Dennis.Azary@iqeq.com | | | {Name) | (Area Code -Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | RSM US LLP | | | | | | | (N;ime - if individual, state last, first, and middle n;ime) | | | | | | 30 South Wacker Dr., Ste 3300 Chicago | IL | 60606 | | | (Address) | (City) | (State) | (Zip Code) | | 09/24/2003 49 (Date of Registration with PCAOB}(if applicable) (PCAOB Registration Number, if applicable) FOR **OFFICIAL USE ONLY** \* 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)(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** I, StewartOldfield , swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Third Lake Associates, LLC , as of 12/31 , 2 ~' is true and correct. I further swear ( or affirm) th at 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: | ! | | |-------------------------|--| | Title: | | | Chief Executive Officer | | #### **This filing""" contains (check all applicable boxes):** - **ii!i!I** (a) Statement of financial can dition. - **ii!i!I** (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 **5-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. - D (g) Notes to consolidated financial statements. - D (h) Computiltion 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 (kl Computation far determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.1Sc3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.1Sc3-3. - 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. - D (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 240.1Sc3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - D (p) Summary of financial data for subsidiilries not consolidated ln the statement of financial condition. - **ii!.i** (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-S or 17 CFR 240.lSa-7, as applicable. - 0 (s) Exemption report in accordance **with** 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, as applicable. - **ii!.i** (t) Independent public accountant's report based on an examination of the statement of financial condition. - D (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-S, 17 CFR 240.lBa-7, or 17 CFR 240.17a-12, as applicable. - D (v) tndependent 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. lBa-7, as applicable. - D **{w)** Independent public accountant's report based on a review of the exemption report under 17 CFR 240.l?a-5 or 17 CFR 240.18a-7, as applicable. - LJ **(x)** Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-le 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). - D (z) Other; \_\_\_\_\_\_\_\_ \_ - ""'To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e}(3) or 17 CFR 240.18a-7(d)(2), as applicoble. {2}------------------------------------------------ (A Limited Liability Company) Statement of Financial Condition and Report of Independent Registered Public Accounting Firm December 31, 2025 Filed as PUBLIC information pursuant to Rule 17a-5(d) under the Securities Exchange Act of 1934 and deemed PUBLIC in accordance with Regulation 1.l0(g) under the Commodity Exchange Act. {3}------------------------------------------------ (A Limited Liability Company) TABLE OF CONTENTS December 31, 2025 | Facing Page | Page | |---------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm | 1 | | Statement of Financial Condition | 3 | | Notes to Statement of Financial Condition | 4 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) I **RSMUSLLP** #### **Report of Independent Registered Public Accounting Firm** To the Member and Board of Managers of Third Lake Associates, LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Third Lake Associates, LLC (the Company) as of December 31, 2025, and the related notes. In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company 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 the Company's management. Our responsibility is to express an opinion on the Company'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 the Company in accordance with 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. 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 2025. Chicago, Illinois March 25, 2026 **THE POWER OF BEING UNDERSTOOD** ASSURANCE I TAX I CONSULTING RSM US LLP is the U.S. rnernber firm of RSM International. a global network of independent assurance, tax. and consulting finns. Visit rs111us.con1/aboutus for rnore inforn1ation regarding RSM US LLP and RSM International. {5}------------------------------------------------ (A Limited Liability Company) Statement of Financial Condition December 31, 2025 #### **ASSETS** | Cash and cash equivalents | \$
258,466 | |---------------------------------------|---------------| | Prepaid expenses | 27,435 | | | | | Fixed assets, net | 3,387 | | TOTAL ASSETS | \$
289,288 | | LIABILITIES AND MEMBER'S EQUITY | | | Liabilities | | | Accounts payable | \$
22,034 | | Payroll liabilities | 2,785 | | Accrued expenses | 33,075 | | Due to affiliates, net | 72,145 | | Total liabilities | 130,039 | | Member's equity | | | Member's equity | 159,249 | | Total Member's equity | 159,249 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$
289,288 | See notes to statement of financial condition {6}------------------------------------------------ (A Limited Liability Company) Notes to Statement of Financial Condition December 31, 2025 ## **Note 1 - Organization** Third Lake Associates, LLC ("TLA" or the "Company"), a Delaware limited liability company, was formed on August 14, 2020, for the purpose of sourcing debt, private placement or financing transactions. TLA executed its Limited Liability Company Agreement on August 14, 2020 ("Company Agreement"). Pursuant to the Company Agreement, TLA is wholly-owned by Third Lake Holdings, LLC ("Parent"), its sole member ("Member"). TLA commenced operations on February 19, 2021 ("Commencement of Operations"). There was no significant activity prior to Commencement of Operations. The Company is a registered broker-dealer under the Securities Exchange Act of 1934 and is a member of both the Financial Industry Regulatory Authority, Inc. ("FINRA") and the Securities Investors Protection Corporation ("SIPC"). TLA received FINRA approval for operations on January 30, 2024. The Company does not claim an exemption from the Securities and Exchange Commission ("SEC") Rule 15c3-3 of the Securities Exchange Act of 1934, in reliance on Footnote 74 to the SEC Release 34-70073 which provides that the Company carries no margin accounts, promptly transmits all customers' funds and delivers all securities received in connection with the Company's activities as a broker or dealer, and does not otherwise hold funds or securities for, or owe money or securities to customers. TLA amended and restated the Company Agreement on January 1, 2022 ("A&R Agreement"). TLA amended and restated the A&R Agreement on October 31, 2022 ("Second A&R Agreement"). The Second A&R Agreement governs the operations ofTLA. TLA shall continue in perpetuity until liquidation and dissolution pursuant to the Second A&R Agreement. ## **Note 2 - Significant Accounting Policies** ## **Basis of Presentation** The statement of financial condition is prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). ## **Use of Estimates** The preparation of the statement of financial condition in conformity with GAAP requires management 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. ## **Cash and Cash Equivalents** The Company defines cash equivalents as short-term highly liquid investments with original maturities of three months or less at date of acquisition that are not held for sale in the ordinary course of business. Cash equivalents include a short-term money market fund as of December 31, 2025. {7}------------------------------------------------ (A Limited Liability Company) Notes to Statement of Financial Condition December 31, 2025 #### **Income Taxes** A limited liability company is not subject to the payment of federal or state income taxes as the components of its income and expenses flow directly to the Member. TLA is a disregarded entity for income tax purposes. Accordingly, no provision for income taxes has been reflected in the statement of financial condition and TLA has no other tax positions which much be considered for disclosure. The Company and Member are subject to income tax examinations by major taxing authorities for the current and prior three tax years. ## **Revenue Recognition** #### Debt Placement Fees TLA adopted Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, and all subsequent amendments to the ASU (collective, "ASC 606"), which (i) creates a single framework for recognizing revenue from contracts with customers that fall within its scope and (ii) revises when it is appropriate to recognize a gain (loss) from the transfer of nonfinancial assets. From time to time, TLA may provide sources for mortgage financing or other debt placement and will be entitled to charge an agreed-upon fee. Debt placement fees are recognized upon the closing of financing. #### Interest Income Interest income represents amounts earned on cash balances held at banks. #### **Fixed Assets, Net** Fixed assets are stated at cost less accumulated depreciation. Depreciation expense is calculated using the straight-line method over the estimated useful lives of the assets, which is five years for computers and equipment. Expenditures for repairs and maintenance are charged to expense when incurred. As of December 31, 2025, fixed assets consisted of \$8,608 of computers and equipment and \$5,221 of accumulated depreciation. ## **Note 3 - Member's Equity** TLA's cash contributions and distributions as well as profits and losses will be 100% allocated to the Member. #### **Note 4 - Fair Value** Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value are categorized based upon the level of judgement associated with the inputs used to measure their value. Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: {8}------------------------------------------------ (A Limited Liability Company) Notes to Statement of Financial Condition December 31, 2025 Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Quoted prices for similar assets and liabilities in an active market, quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgement or estimation. The faire value of the Company's investment in the money market fund is based on quoted prices in active markets and is therefore classified within Level 1 of the fair value hierarchy. The Company did not have any assets or liabilities measured at fair value using Level 2 or Level 3 inputs as of or during the year ended December 31, 2025. As of December 31, 2025, the money market fund had a fair value of \$245,064 and is included in cash and cash equivalents in the accompanying statement of financial condition. ## **Note 5 - Related Party Transactions and Fees** At times, TLA's affiliates pay reimbursable expenses on behalf ofTLA and at times, TLA pays reimbursable expenses on behalf of various affiliates. Pursuant to an expense sharing agreement, TLA reimburses the Parent for allocated salaries, rent and other operating office costs. As of December 31, 2025, \$72,918 remained payable to affiliates and \$773 remained receivable from affiliates; accordingly, the net payable balance of \$72,145 is included in due to affiliates, net on the statement of financial condition. TLA provides services to connect prospective lender or debt providers to related parties and is entitled to charge an agreed-upon fee. ## **Note 6 - Net Capital Requirements** The Company is subject to the uniform net capital requirements of Rule 15c3-1 of the Securities and Exchange Act, as amended, which requires to Company to maintain, at all times, sufficient liquid assets to cover indebtedness. In accordance with the Rule, the Company is required to maintain defined minimum net capital of the greater of \$5,000 or 6 2/3% of aggregated indebtedness. At December 31, 2025, the Company had net capital, as defined, of \$123,526, which exceeded the minimum net capital of \$8,674 by \$114,852. Aggregate indebtedness at December 31, 2025 totaled \$130,039. The Company's percentage of aggregate indebtedness to net capital was 105.27%. {9}------------------------------------------------ (A Limited Liability Company) Notes to Statement of Financial Condition December 31, 2025 ## **Note 7 - Commitments and Contingencies** TLA may, from time to time, become a defendant in litigation arising in the normal course of business. Management does not expect the outcome of such litigation, if any, to have a material adverse effect on TLA's financial position. In the normal course of business, TLA has entered into contracts and agreements. These contracts and agreements commit TLA to various specific and contingent obligations. As of December 31, 2025, there were no contracts or agreements with vendors or others that management considers significant (either individually or in the aggregate) to the financial position or results of operations for TLA. ## **Note 8** - **Concentrations** TLA maintains its cash with financial institutions. At times, these balances may exceed the federal insurance limits; however, TLA has not experienced any losses with respect to its bank balances in excess of government-provided insurance. Management believes that no significant concentration of credit risk exists with respect to these cash balances at December 31, 2025. ## **Note 9 - Segment Reporting** The Company has engaged in a single line of business as a securities broker-dealer, which is comprised of debt placement services, but it is approved by FINRA to conduct business in mergers and acquisitions, private placements, and referrals to other broker-dealers and registered investment advisers. 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. The CODM uses net income to assess overall performance and to make decisions on budgeting, investment priorities, and spending levels. These measures inform decisions regarding personnel, cost management, and allocation of capital to support growth initiatives or pay dividends to the Parent. 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, such as whether to reinvest profits or pay dividends to the Parent. 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 revenues and expenses of the segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the statement of financial condition as total assets. {10}------------------------------------------------ (A Limited Liability Company) Notes to Statement of Financial Condition December 31, 2025 ## **Note 10 - Subsequent Events** Events that occur after the statement of financial condition date but before the statement of financial condition was available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the statement of financial condition date are recognized in the accompanying statement of financial condition. Subsequent events which provide evidence about conditions that existed after the statement of financial condition date require disclosure in the accompanying notes. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the statement of financial condition was issued and concluded that no events have occurred that would require recognition or disclosure in the statement of financial condition. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.