# TRIDENT PARTNERS LTD. X-17A-5 (2019-03-01) — Broker-dealer annual report - Company: TRIDENT PARTNERS LTD. - Form: X-17A-5 - Filed: 2019-03-01 - Period: 2018-12-31 - Accession: 0001015706-19-000001 - CIK: 1015706 - File #: 8-49342 - Material weakness: No - Auditor: Rubio CPA, PC - Auditor location: Atlanta, 2Q - Contact: Michelle Cerini - Phone: 5166819100 - Signed by: Michelle Cerini (FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1015706/000101570619000001/AnnualAudit2018b.pdf --- {0}------------------------------------------------ UNITEDSTATES SECURITIES ANDEXCHANGE COMMISSION Washington, D.C. 20549 # ANNUAL AUDITED REPORT FORM X-17A-5 PART III | OMB APPROVAL | | | |---------------------------|-----------------|--| | OMB Number: | 3235-0125 | | | ENClines: | Aucust 31, 2020 | | | Estimated average burgen | | | | hours per response 12.00 | | | | SECFILE NUMBER | |----------------| | 1849342 | #### FACING PAGE Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 und Rule 178-5 Thereunder | | REPORT FOR THE PERIOD BEGINNING January 01, 2018
MMODYY | | AND ENDING December 31, 2018
MMDDIYY | |-------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------|-----------|-------------------------------------------------| | | A. RECISTRANT IDENTIFICATION | | | | NAME OF BROKER-DEALER: Trident Partners, Ltd | | | OFFICIAL USE ONLY | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.)
181 Crossways Park Drive | | | FIRM I.D. NO. | | | TNo. and Street) | | | | Woodbury | NY | 11797 | | | City | 1512121 | 1210 Laur | | | NAME. AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT
Michalle Cariti | | | 016-581-3100
(Ares Code - Te ophone brumber) | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | | 1 NASTIC - IF 1 MASTI (SANA) SHOW LASE, FRELT, michte Harres ) | | | | 2727 Paces Ferry Rd SE Bldg 2 Sults 1680 Atlanta | | GA. | 30839 | | (Adderse) | (City) | (State) | (Zip Code) | | Certified Public Accountant
Public Accountant
Accountant mot resident in United States or any of its possessions. | | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report+
Rubio CPA, PC
CHECK ONE: | PDR OFFICIAL USE OULY | | | must be supported by a stutent of focs and circumstances relied on as the basis for the exemption. See Section 240.17a-5(e)(2) Potential persons who are to respond to the collection of Information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1410 (11-05) {1}------------------------------------------------ ## DATE OR AFFIRMATION Develle H. | my knowledge and belief the accompanying financial statement and supporting schedules persability to the firm of
Trident Partners. Ltd | | | |-------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|--------------------------------------------------------------| | of Fearuary 28 | | 20 19 are true and correct. I further swear (or affirm) that | | neither the company our any partner, principal officer or director has any proprietary interest in any account | | | | classified solely as that of a pustomer, except as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Similare | | | | | | | | FINOP | | | | THE | | | | | | | | | | | | POHITH MENEAL
Mathry Rublic - Shave OF New York | | | Notary Public | ND. DIMEB310214 | | | | Ouralified in Nassali County | | | This report ** contains (check all applicable boxes): | My Commission Expires Aug 25, 3022 | | | 1 fa) Fucing Page: | | | | / (b) Statement of Financial Condition | | | | (c) Statement of locome (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) Statement of Changes in Financial Condition. | | | | (e) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital. | | | | | | | | (f) Statement of Changes in Liabilities Subordinated to Claims of Creditors. | | | | (g) Computation of Net Capital. | | | | (h) Cemputation for Decemination of Reserve Requirements Pursuant to Rule 15c3-3. | | | | (i) Information Relating to the Possession or Control Requirements Under Rule 15c3-3. | | | | () A Reconciliation, including appropriate explanation of the Computation of Net Capital Under Rule 1503-1 and the | | | | Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 15c3-3. | | | | | | | | [ (k] A Reconciliation between the audited and conacial Condition with respect to moth respect to mobiods of | | | | consolidation. | | | | (1) An Oath or Affirmation. | | | | (m) A copy of the SIPC Sopplemental Report. | | | | | | | {2}------------------------------------------------ 2727 Paces Ferry Road SE Building 2, Suite 15BB Aflanta, GA 30339 Office: 770 690-8995 Fox: 770 838-7123 ### REPORT OF INDEFENDENT REGISTERED PURLIC ACCOUNTING FIRM To the Stockholder of Trident Partners. Ltd. #### Omnion of the Financial Statemants We have andited the accompanying statement of financial condition of Trideat Parmers, Ltd. (the "Company"] as of December 31, 2018, the related statements of operations, chauges in stockbolder"s equity, and cash the year then ended and the refated notes (collectively referred to as the "Imancial statements") In our comion, the financial sistements present fairly, in all material respects, the financial posticin of the Company as of Desember 31, 2018, 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 company a management. Our responsibility is to express an opinion on the Company's financial statements based on our sudite. We are a public every time registered with the Public Company Accounting Oversight Board (United States) ("PC/AOB") end are required to be independent with respect to the Company in accordance with the U.S. facteral securities laws and the applicable whis and regulations of the Securities and Exchange Commission and the PCAOB, We condizeted our audit in accordance with the standards of the PCAOB. Those standerds require that we plan and perform the audit to obtain resonable assurance about whether the financial statements are free of material wisstatement, whether doe to error or frand. The Company is not required to have, nor were we engaged to perform, an andit of its internal control over financial reporting. As part of our audits we are required to obtain en understanding of internal control over financial reporting but not the purpose of expressing an opinion on the effectiveness of the Company's internal courol over financial reporting. Accordingly, we express no such opmon. Our audits included performing procedures to assess the risks of material misstatement o the figancial statesnents, whother due to error or thuid, and performing procedures that respond to those risks. Soch procedures included examining, on a rest basis, evidence regarding the amounts and disclosures in the financial statements. Our audits 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 audits provide a reasonable basis of our opinion. #### Suoplements Information The information contained in Schedules I, TF and III has been subjected to auds 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 information in Schedules I, II and III reconciles to the financial statuments or the underlying acoounting and other records, as applicable, and performing procedures to test the completeness and accuraty of the information presented in the accompanying schedules. In forming our opinion ou the assompanying {3}------------------------------------------------ schedules, we evalulllll47.112 | |--------------------------------------------------------------------------|---------------| | Deposit with clearing broker | 75,000 | | Due from clearing broker | 132,954 | | Accounts reoeivable | 10,506 | | Prepaid expenses and other assets | 38,391 | | | \$
303,963 | | | | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | Liabilities | | | Accounts payable and accrued expenses | \$
18,524 | | Commissions payable | 76,983 | | Due to related party | 2,731 | | Refundable deposit | 25,000 | | | 123,238 | | Stcx:kholder's equity | | | Capital stock, no par, assigned value of \$1,500; 200 shares authorized; | | | 1 O shares issued and outstanding | 15,000 | |-----------------------------------|---------------| | Paid-in capital | 1,388,148 | | Retained earnings (deficit) | {1,222,423) | | | 180,725 | | | \$
303,963 | See notes to financial statements {6}------------------------------------------------ ## STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2018 #### **REVENUES** | Commissions | \$
3,496,974 | |---------------------------------------|-----------------| | Investment banking | 814.101 | | Mutal fund fees | 204,945 | | Interest | 260,319 | | Other income | 95,245 | | | 4,871,584 | | EXPENSES | | | Commissions, compensation and benfits | 4,043,350 | | Clearing expense | 259,110 | | Communications | 182,997 | | Occupancy | 123,716 | | Professional fees | 38,340 | | Other operating expenses | 234,857 | | | 4,882,370 | | NET LOSS BEFORE INCOME TAXES | (10,786) | | INCOME TAXES EXPENSE | (1,000) | | NET LOSS | \$
(11,786) | | | | See notes to financial statements 3 {7}------------------------------------------------ ## STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER **31, 2018** #### **Cash flows from operating activltes** | Net loss | \$
(1 1,786) | |-----------------------------------------------|-----------------| | Adjustments to reconcile net loss to net cash | | | provided by operating activities: | | | Changes in assets and liabilities: | | | Due from clearing broker | 111,818 | | Accounts receivable | (10,506) | | Prepaid expenses and other assets | 33,620 | | Accounts payable and accrued expenses | (158.183) | | Commissions payable | 76.983 | | Due to related parties | 2,731 | | Total Adjustments | 56,463 | | Net cash provided by operating activities | 44,677 | | NET CHANGE IN CASH AND CASH EQUIVALENTS | 44,677 | | CASH AND CASH EQUIVALENTS· BEGINNING | 2,435 | | CASH AND CASH EQUIVALENTS
. END | \$
47,112 | | | | See notes to financial statements {8}------------------------------------------------ ## STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY YEAR ENDED DECEMBER 31, 2018 | | COMMON
STOCK | | PAID-
IN
CAPITAL | | RETAINED
EARNINGS
(DEFICIT) | | TOTAL | | |------------------------|-----------------|---------------------------|------------------------|------------|-----------------------------------|-------------|-------|---------------------------------| | Balance -
beginning | \$ | 15,000 | \$ | 1,388,148 | \$ | (1,210,637) | \$ | 192,511 | | Net Loss | | | | | | (11,786) | | (11,786} | | Balance -
end | | =\$===~=1,;;:;5,;,;,0=00= | \$ | 1,388, 148 | \$ | (1,222,423) | | =\$===~,;,;18:;;:;0,;;.7,;:;25= | See notes to financial statements {9}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENTS DECEMBER **31, 2018** ### 1. ORGANIZATION AND NATURE OF BUSINESS Trident Partners, Ltd. (the "Company'') is a securities broker-dealer registered with the Securities and Exchange Commission ("SEC") and a member of the Financial Industry Regulatory Authority ("FINRA"). The Company clears its securities transactions on a fully disclosed basis with another broker-dealer. The Company's main office is located in Woodbury, New York and its customers are located throughout the United States. ### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared on lhe accrual basis of accounting in accordance with accounting principles generally accepled in the United States of America. #### Revenue Recognilion The Financial Accounting Standards Board (FASB), has issued a comprehensive new revenue recognition standard that supercedes most existing revenue recognition guidance under GAAP (FASB Accounting Standards Codification 606). The Company adopted this standard effective January 1, 2018. The standard's core principle is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount thal reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 prescribes a five-step process to accomplish this core principle, including: - ldenlification of the contract with the customer, - Identification of the performance obligation(s) under the contract; - Determination of the transaction price; - Allocation of the transaction price to the identified performance obligation(s); and - Recognition of revenue as (or when) an entity satisfies the identified perfonnance obligation( s ). · {10}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2018 The Company recognizes commission revenue upon the execution of the underlying trade as this satisfies the only performance obligation identified in accordance with this standard. Investment banking revenue primarily consists of selling commissions from underwrHings and success fee based capital raising services. Selling commissions from underwritings are recognized upon the sale of the related securities. Revenue from capital raising services is recognized upon completion of a success fee based transaction. Mutual funds or pooled investment vehicles (collectively, "funds"} have entered into agreements with the Company to distribute/sell its shares to investors. Marketing or distribution fees are paid over time (12B-1 fees} on the basis of a contractual rate applied to the monthly or quarterly market value of the fund. Fee based revenue is recognized in accordance with these agreements. Application of the standard in 2018 using the modified retrospective approach had no effect on reported financial position, results of operations or related disclosures. ### Cash and Cash Equivalents The Company considers all cash and money market instruments with a maturity of ninety days or less to be cash and cash equivalents. The Company maintains its demand deposits in high credit quality financial institutions. Balance at times may exceed federally insured limits. #### Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management of the Company to use estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. #### Income Taxes Deferred income tax assets and liabilities arise from operating loss carry forwards, other carry forwards and temporary differences between the tax basis of an asset or liability and its reported amount in the financial statements. In addition to future tax benefits from carry forwards, deferred tax balances are determined by applying the enacted tax rate to future periods for differences between the financial statement amounts and the tax basis of assets and liabilities. {11}------------------------------------------------ ## NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2018 In accordance with ASC 740, Income Taxes, the Company is required lo disclose unrecognized lax benefits or liabilities resulting from uncertain lax positions. At December 31, 2108, the Company did not have any unrecognized tax benefits or liabilities. The Company operates in the United States and in state and local jurisdictions, and the previous three years remain subject to examination by tax authorities. There are presently no ongoing income tax examinations. #### Recent Aocounting Pronouncements In February 2016, the **FASB** issued ASU 2016-02, Leases, which replaces the existing guidance in ASC 840, Leases. The new standard establishes a righl-ofuse model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. The guidance will be effective for annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The Company is currently evaluating the impact ASU 2016-02 will have on its statement of financial condition and related disclosures. #### 3. Off Balance Sheet Risk In the normal course of business, the Company's customers execute securities transactions through the Company. These activities may expose the Company to off balance sheet risk in the event the customer or the other broker is unable to fulfill its contracted obligations and the Company has lo purchase or sell the financial instrument underlying the contract at a loss. ### 4. Clearing Agreement The Company has an agreement with a clearing broker to execute and clear, on a fully disclosed basis, customer accounts of the Company. In accordance with this agreement, the Company is required to maintain a deposit in cash or securities. The deposit is refundable if, and when, the Company ceases doing business with the clearing broker. The receivable from the clearing broker arises from the clearing agreement {12}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2018 #### 5. INCOME TAXES The provision for income taxes is summarized as follows: | Current income lax expense
Deferred income tax benefits | \$
4,000
(3,000) | | |------------------------------------------------------------|------------------------|--| | Income tax expense | \$
1.000 | | Income tax expense differs from the statutory rate applied to the pre-tax loss due to nondeductible expenses. Deferred income taxes are recognized for temporary differences between the basis of assets and liabilities for financial and income tax purposes. The difference at December 31, 2018 is primarily related 10 a net operating loss carryforward. Significant components of deferred tax assets are as follows: | Deferred tax assets arising from
net operating loss carryforward
Deferred tax valuation allowance | \$
170,000
(170,000) | | |---------------------------------------------------------------------------------------------------------|----------------------------|--| | | | | | Net deferred tax asset | \$ | | The Company utilized approximately \$13,000 of net operating loss carryforwards from prior years. As of December 31, 2018, the Company has a net operating loss carryforward for income lax purposes that may be used to reduce taxable income of future years of approximately \$680,000 that begins to expire in 2028. The deferred tax asset arising from the net operating loss carryforward of approximately \$170,000 at December 31, 2018 has been fully reserved as there is not a more than 50% chance that it will be realized. ### 6. 401(k} RETIREMENT PLAN The Company sponsors a 401 (k) retirement plan covering substantially all employees. Eligible participants may make contributions to the plan up to amounts specified in the plan. The Company does not make contributions to the plan. {13}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2018 #### 7. COMMITMENTS AND CONTINGENCIES Lease The Company entered into a lease for office premises effective August 27, 2014 that expires July 31, 2021 . Rent expense for the year ended December 31, 2018 was approximately \$124,000. Minimum future rent payments are as follows: | 2019 | \$
100,576 | | |------|---------------|--| | 2020 | 103,593 | | | 2021 | 61 474 | | | | \$
265.643 | | #### Litigation In the ordinary course of business, the Company is subject to litigation relating to its activities as a broker-dealer including civil actions and arbitration. From lime to time, the Company is also involved in proceedings and investigations by regulatory organizations. The Company has two arbitrations with customers in progress at December 31 , 2018. The Company expects to settle these matters at no cost and accordingly, no accrual is recorded in the financial statements. ### 8. NET CAPITAL REQUIREMENTS The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (Rule 150-3-1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1 (and that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1 ). At December 31, 2018. the Company had net capital of \$132,319, which was \$32,319 in excess of its required net capital of \$100,000. The Company had a percentage of aggregate indebtedness to net capital of 93% as of December 31, 2018. {14}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENTS DECEMBER 31, **2018** ### 9. SUBSEQUENT EVENTS The Company has performed an evaluation of events that have occurred subsequent to December 31, 2018, and through the date of the independent registered account firm report. There have been no material subsequent events that occurred during such period that would require disclosure in this report or would be required to be recognized in the financial statements as of December 31, 2018. {15}------------------------------------------------ ## COMPUTATION OF NET CAPITAL UNDER RULE 15C-3-1 OF THE SECURITIES AND EXCHANGE COMMISSION DECEMBER 31, 2018 #### NET **CAPITAL** | Stockholders' equity | \$
180,725 | |-----------------------------------------------------------------------------|---------------| | Deductions and/or charges
Account receivable | 9,812 | | Prepaid expenses and other assets | 38,391 | | Net capital before undue concentration and haircuts on securities positions | 132,522 | | Haircuts and undue concentrations | 203 | | NET CAPITAL | \$
132,319 | | AGGREGATE INDEBTEDNESS | \$
123.238 | | MINIMUM NET CAPITAL REQUIRED {6 2.3% Of
AGGREGATE INDEBTEDNESS) | \$
8,216 | | MINIMUM DOLLAR NET CAPITAL REQUIREMENT | \$
100,000 | | EXCESS OF NET CAPITAL OVER MINIMUM REQUIREMENTS | \$
32,319 | | PERCENTAGE OF AGGREGATE INDEBTEDNESS
TO NET CAPITAL | 93% | Statement Pursuant to Paragraph **(d)(4)** of Rule 17a-5 There were no material differences with respect to the computation of net capital calculated above and the Company's computation included in Part IIA of Form X-17a-5 as of December 31, 2018. See independent auditors' report {16}------------------------------------------------ ## NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2018 ## SCHEDULE II ## COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS UNDER RULE 15C3-3 OF THE SECURITIES AND EXCHANGE COMMISSION AS OF DECEMBER 31, 2018 The Company is exempt from the provisions of Rule 15c3-3 under the Securities Exchange Act of 1934, pursuant to paragraph (k)(2)(ii) of the rule. #### SCHEDULE Ill ## INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15C3-3 OF THE SECURITIES AND EXCHANGE COMMISSION AS OF DECEMBER 31, 2018 The Company is exempt from the provisions of Rule 15c3-3 under the Securities Exchange Act of 1934, pursuant lo paragraph (k)(2)(ii) of the rule. {17}------------------------------------------------ 2727 Paces Ferry Road SE Building 2, Sulte 1680 Allanta, GA 30339 Offica: 770 690-8995 Fox: 770 838-7123 #### BEPORT OF INDEFENDENT FEGISTERED FUBLIC ACCOUNTING URN To the Stockholder of Trident Partners, Ltd. We have reviewed management's sistements, moiuded in the accompanying Broker Annual Exemption Report in which (1) Trident Partners, Ltd. identified the following provisions of 17 C.F.R. § 1503-3(k) under which Trident Partners, Ltd. claimed an exemption from 17 C.E.R. § 240.15c3-3; (k)(2)(i) (the "exemption provisions"); and, (2) Tradent Partners, Ltd. stated that Trident Partners, I.d. met the identified exemption provisions throughout the most revent fiscal year without exception. Theest Partners, Ltd 's management is responsible for compliance with the examption provisions and its statements. Our review was conducted in accordance with the standards of the Public Company Accoming Oversight Board (United States) and, accordingly, instuded inquiries and other required procedures to chrain evidence about Trident Partners, Ltd. 's compliance with the exemption provisions. A review is substantially leas in soppe than an examination, the objective of which is the expression of an opinion on menagement'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, bassad on the provisions set forth in paragraph (k)(2)(ii), of Rule 15c3-3 under the Securities Exchange Act of 1934. February 28, 2019 Atlanta, GA Rubio CPA, PC {18}------------------------------------------------ ![](_page_18_Picture_0.jpeg) 181 Crossways Pal1< Drtve • Woodbury, New Yolk 11797 516.681.9100 • 800.341.1990 • Fax 516.681.9691 Exemption Report To the best of our knowledge and belief, (1} Trident Partners, ltd is exempt under the provisions of paragraph {kl (2) (ii) of Rule 15c3-3; (2} Trident Partners, Ltd met the identified exemption provisions in paragraph (k) (2) (ii) of Rule 1Sc3-3 throughout the most recent fiscal year without exception. l' Michelle Cerini. FINOP Date ![](_page_18_Picture_10.jpeg) {19}------------------------------------------------ # RUBIO CPA. PC CERTIFIED PUBLIC ACCOUNTANTS 2727 Paces Ferry Road SE Building 2, Suite 1680 Atlanta, GA 30339 Office: 770 698-8995 Fax: 770 838-7123 #### THE BENDENT ACCOUNT ANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES RELATED TO AN ENTITUES SIP C. ASSESSMENT POONCH CATION #### To the Stockholder of Trident Partners, Ltd. In accordance with Rule 17a-5(e)(4) under the Securities Exchange Act of 1934, we bave performed the procedures animerated below with respect to the accompanying General Assessment Recomentlight (Form SIPC-7) to the Securities Investor Protection (SIPC) for the year ended December 31, 2018, which were agreed to by Trident Partners, Ltd. and the Securities and Exchange Commission, Financial Industry Regulatory Assthority, Inc. and SIPC, solely to assist you and the other specified. parties in evaluating Trident Partners, Ltd.'s complisable instructions of the General Assessment Recosscillation (Form SIPC-7). Trident Partners, Ltd. 6 thanagement is responsible for Trident Partners, Ltd.'s compliance with those requirements. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the Public Company Accounting Oversight Board. The sufficiency of these procedures is solely the responsibility of those parties spocifical in this report. Consequently, we make no representation the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. The procedures we performed and our findings are as follows: - 1. Compared the listed assossment payments in Form SIPC-7 with respective cash disbursement records entries, noting no differences; - 2. Comparad the Total Revesue amounts of the audited Form X-17A-5 for the year ended December 31, 2018, with the amounts reported in Form SIPC-7 for the year enced December 31, 2018, noting no differences; - 3. Compared adjustments reported in Form SIPC-7 with supporting schedules and working papers, noting no differences; and, - 4. Proved the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related schedules and working papers supporting the adjustments, noting no differences. We were not engaged to, and did not conduct an exemination, the objective of which would be the expression of an opinion on compliance. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. This report is intended solety for the information and use of the specified parties listed shove and is not intended to be and should not be used by anyone other than these specified parties. February 28, 2019 Atlanta, GA Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.