# GROWTH PARTNERS, INC. X-17A-5 (2026-04-20) — Broker-dealer annual report - Company: GROWTH PARTNERS, INC. - Form: X-17A-5 - Filed: 2026-04-20 - Period: 2025-12-31 - Accession: 0001065260-26-000004 - CIK: 1065260 - File #: 8-51124 - Type: Broker-dealer - Material weakness: No - Auditor: NTT & Company - Auditor location: Beaumont, TX - Contact: Jeffrey Knakal - Phone: 8187138000 - Email: nathantuttle@nttcocpa.com - Website: nationalnotary.org - Signed by: Jeffrey Knakal (President) Original filing: https://www.sec.gov/Archives/edgar/data/1065260/000106526026000004/gpiauditfiling.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISS!ON Washington, D.C.20549 OMB Number: 3235-0123 Expires: Nov. 30,2026 Estimated average burden hours per response: 12 # ANNUAL REPORTS FORM X-t7A-5 PART III | SEC FILE NUMBER | | |-----------------|--| | 8-51124 | | FACING PAGE lnformation Required Pursuant to Rules L7a-5, L7a-L2, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING 01 IO1I25 AND ENDTNG 12131125 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTI FICATION # NAME oF F,RM: Growth Partners lnvestment Banking TYPE OF REGISTRANT (check all applicable boxes): E Broker-dealer E Security-based swap dealer ! Ma.lor security-based swap participant n Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # 31 Flintlock Lane | (No. and Street) | | | | |---------------------------------------------------------------------------|--------------------------------|-----------------|----------------------------| | Bell Canyon | CA | | 91 307 | | (City) | (state) | | (Zip Code) | | PERSON TO CONTACT WITH
REGARD TO THIS FILING | | | | | Jeffrey Knakal | (B 1 B) 71 3-8000 | | jeff@g rowthpa rtners. net | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | B. ACCOUNTANT !DENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | NTT & Company, PLLC | | | | | (Name - if individual, state last, first, and middle name) | | | | | 5865 Mistletoe Avenue | Beaumont | TX | 77707 | | (Address) | (city) | (state) | (Zip Code) | | 03t19t2019 | | 6543 | | | | | | ation Number, if | | | | | | FOR OFFICIAL USE ONLY \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountantmustbesupportedbyastatementoffactsandcircumstancesreliedonasthebasisoftheexemption. See17 CFR 240.17a-5(e)(1Xii), 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. {1}------------------------------------------------ #### OATH OR AFFIRMATION | l, Jeffrey Knakal | , swear (or affirm) that, to the best of my
knowledge and belief, the | | |-----------------------------|-----------------------------------------------------------------------------------------|-------| | financial report pertaining | tO the firm Of Grolvth Partners lnvestment Banking | as of | | 12t31 | 2025 , is true and correct. lfurther 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. \$EEAfiACII ?'\* 0r1,,^ rJ-J trnu-/ ---iefBctilEl{T Notary Public #### This filing\*\* contains (check all applicable boxes): - = (a) Statement of financial condition. - tr (b) Notes to consolidated statement of financial condition. - = (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 5 210.1-02 of Regulation S-X). - = (d) Statement of cash flows. - E (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - I (f) Statement of changes in liabilities subordinated to claims of creditors. - = (g) Notes to eense.lideted financial statements. - = (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.78a-1, as applicable. - tr (i) Computation of tangible net worth under 17 CFR 240.18a-2. - n fi) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - tr (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.t8a-4, as applicable. - ! (l) Computation for Determination of PAB Requirements under Exhibit A to 5 240.15c3-3. - = (m) lnformation relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - tr (n) lnformation relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or L7 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 '240.15c3-7,17 CFR 240.L8a-t, or 17 CFR 240.t8a-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. - I (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - = (q) Oath or affirmation in accordance with 17 CFR240.t7a-5, 17 CFR 240.!7a-12, or 17 CFR 240.78a-7, as applicable. - I (r) Compliance report in accordance with 17 CFR240.t7a-5 or t7 CFR 240.18a-7, as applicable. - = (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - tr (t) lndependent public accountant's report based on an examination of the statement of financial condition. - E (u) lndependent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.78a-7, or 17 CFR 240.t7a-12, as applicable. - I (v) lndependent public accou nta nt's report based on an examination of certain statements in the com pliance report u nder 17 CFR24O.t7a-5 or 17 CFR 24O.t8a-7, as applicable. - = (w) lndependent public accountant's repoit based on a review of the exemption report under 17 CFR24O.t7a-5 or t7 CFR 240.18a-7, as applicable. - [ (x) Su pp lemental reports on a pplying agreed-u pon proced u res, in accordance with 17 CFR 240.15c3 -7e or !7 CFR 240.17 a-!2, as applicable. - tr (y) Report describing any material inadequacies found a statement that no material inadequacies exist, under to exist or found to have existed since the date of the previous audit, or 17 CFR 240.17a-72(k\. - tr (z) Other: - \*\*To request confidentiol treatment of certoin portions of this filing, see 17 CFR240.17o-5(e)(j) or 17 opplicoble. a .,) l^r^i-CFR 240. 18q-7 (d ) (2 ), as \$EEATTAET: -IryLEO€iMTtllT {2}------------------------------------------------ #### CALIFORNIA JURAT WITH AFFIANT STATEMENT #### GOVERNMENT CODE § 8202 X See Attached Document (Notary to cross out lines 1-6 below) See Statement Below (Lines 1-6 to be completed only by document signer[s], not Notary) ![](_page_2_Figure_5.jpeg) Signature of Document Signer No. 1 Signature of Document Signer No. 2 (if any) A notary public or other officer completing this certificate verifies only the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. | State of California
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on this 2157 day of _
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Los Angeles County
Commission # 2523904
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A CALL CARRETT COLLECT COLLECT COLLECTION CAS CONSULTER CONSULTER CONSULTER CONSULTER CONSULTER CONSULTER CONSULTION CONSULTION CONSULTION CONSULTION CONSULTION CONSULTION CO | | | @2014 National Notary Association · www.NationalNotary.org · 1-800-US NOTARY (1-800-876-6827) Item #5910 | {3}------------------------------------------------ ## FISCAL YEAR 2025 AUDIT FILING (Prefaced by Form X-17A-5 Facing Page) ## GROWTH PARTNERS.INC. dba # Growth Partners Investment Banking Financial Statements and Supplemental Schedules ## Required by the ## U.S. Securities and Exchange Commission (Including Independent Auditor's Repo rt Therein) For the Fiscal Year-Ended: December 31, 2025 {4}------------------------------------------------ #### Growth Partners Investment Bankins # Table of Contents ' For the Year-Ended December 31,2025 | 1.) | lndependent Auditor's Opinion | | |-----|----------------------------------------------------|----| | | | | | 2.1 | Financial Statements | 4 | | | a. Statement of Financial Condition | 5 | | | b. Statement of Operations | 5 | | | c. Statement of Cash Flows | 7 | | | d. Statement of Changes in Ownership Equity | 8 | | | e. Footnotes to the Financial Statements | 9 | | | | | | | | | | 3.) | Supplementarv lnformation Computations | L2 | | | a. Computation of Net Capital | 13 | | | b. Computation of Net Capital Requirement | 13 | | | c. Computation of Aggregate lndebtedness | 13 | | | d. Computation of Reconciliation of Net Capital | 13 | | | | | | 4.) | Supplementarv I nformation Statements | t4 | | | a. Statement Related to Uniform Net Capital Rule | 15 | | | b. Statement Related to Exemptive Provision | L6 | | | c. Statement Related to SIPC Reconciliation | L7 | | | | | | | | | | 5.) | Supplementary Audito/s Report on Exemption Report | 18 | | | | | | 6.) | Supplementary Customer Protection Exemption Report | 19 | | | | | {5}------------------------------------------------ Growth Partners Investment Bankins For the Year-Ended December 31,2025 ![](_page_5_Picture_2.jpeg) {6}------------------------------------------------ #### REPORT OF INDEPENOENT REGISTERED PUBLIC ACCOUNTING FIRM To the Director and Shareholder of Growth Partners Investment Banking: #### Opinion on Financial Statements We have audited the accompanying statement of financial condition of Growth Partners Investment Banking (the "Company") as of December 31,2025, and the related statements of income, stockholder's equity, and cash flows forthe yearthen ended, including the related notes (collectively referred to as "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respeat to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit provides a reasonable basis for our opinion. #### Report on Supplementarv Information The accompanying Net Capital Computations, Determination of Reserve Requirements and Possession & Control Requirements ("Supplementary lnformation") contained in the supplemental information section has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statement. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles with the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy ofthe information presented in the supplemental information. ln forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Rule 17a-5 under the Securities Exchange Act of 1934 and, if applicable, under Regulation 1.10 under the Commodity Exchange Act. In our opinion, the information contained in the Supplementary Information section is fairly stated, in all material respects, in relation to the financial statements as awhole. # Nff & ConPa'vtlt' ?LLC Beaumont, Texas March 31,2026 We have served as the auditor for Growth Partners lnvestment Banking since 2023. NTT & Company, PLLC 5865 Mistletoe Avenue Beaumont, TX77707 512.766.8131 NathanTuttle@ NTTCoCPA.com {7}------------------------------------------------ Growth Partners Investment Bankine For the Year-Ended December 31,2025 ![](_page_7_Picture_2.jpeg) {8}------------------------------------------------ Growth Partners Investment Bankins For the Year-Ended December 31,2025 # Statement of Financial Condition At December 3L,2025 #### Current Assets | Cash
Accounts Receivable | s18,157
524.49t | |-----------------------------|--------------------| | Total Current Assets | 542,648 | | Other Assets | | | TOTAL ASSETS | S4z,64g | #### Current Liabilities | Accrued Expenses | s5,925 | |---------------------------|--------| | Total Current Liabilities | Ss.gzs | | Total Liabilities | s5,925 | | Equitv | | | | | | Total Equity | Sts.tzs | |-------------------|--------------| | Dividends | (s6,280.641) | | Retained Earnings | 5s,880,442 | | Paid in Capital | s436,923 | #### TOTAL LIABILITIES & EQUITY Sqz.e+s The accompanying notes are an integral part of these financial statements. {9}------------------------------------------------ Growth Partners Investment Banking For the Year-Ended December 31, 2025 # Statement of Operations For the period ending December 31, 2025 | Revenue | | |-----------------------------------|-------------| | Total Revenue | \$338,259 | | Gross Profit | \$338,259 | | General & Administrative Expenses | | | (See Schedule A) | (\$150,001) | | Net Income | \$188,258 | | | | ## SCHEDULE A #### Operating Expenses | \$1,700 | |-----------| | \$2,952 | | \$3,415 | | \$4,600 | | \$354 | | \$31,260 | | \$8,100 | | \$11,385 | | \$14,981 | | \$757 | | 50 | | \$12,885 | | \$8,283 | | \$1,410 | | 50 | | \$7,285 | | \$9,284 | | \$17,183 | | \$6,873 | | \$7,294 | | \$150,001 | | | The accompanying notes are an integral part of these financial statements. {10}------------------------------------------------ Growth Partners Investment Banking For the Year-Ended December 31,2025 # Statement of Cash Flows For the period ending December 31,2025 #### OPERATING ACTIVITIES | Net lncome | 5787,206 | |----------------------------------------------------------------------------------|------------| | Adjustments to reconcile Net lncome to Net Cash provided by operations: | | | Accounts Receivable | (s9,205) | | Accrued Expenses | Stzt | | Total for Adjustments to reconcile Net lncome to Net Cash provided by operations | (S8.484) | | Net cash provided by operating activities | sL78,722 | | INVESTING ACTIVITIES | | | Net cash provided by investing activities | 5o | | FINANCING ACTIVITIES | | | Contributed Capital | s12,s00 | | Dividends | (s232,3s0) | | Net cash provided by used financing activities | (s219,8s0) | | | | | NET CASH DECREASE FOR PERIOD | (s41,128) | | Cash at beginning of period | s59,286 | | CASH AT END OF PERIOD | \$18,158 | The accompanying notes are an integral part of these financial statements. {11}------------------------------------------------ Growth Partners Investment Banking For the Year-Ended December 31, 2025 # Statement of Changes in Ownership Equity At December 31, 2025 | | Paid-in-Capital | Unrealized
Gain/Loss | Retained
Earnings | Dividends | Total Equity | |-------------------|-----------------|-------------------------|----------------------|---------------|--------------| | January 1, 2025 | \$424,423 | \$0 | \$5,692,183 | (\$6,048,291) | \$68,316 | | Net Income | | ar -- | \$188,258 | -- | \$188,258 | | Unrealized G/L | | \$0 | | -- | \$0 | | Paid-in-Capital | \$12,500 | - | | | \$12,500 | | Dividends | - | - | | \$232,350 | (\$232,350) | | December 31, 2025 | \$436,923 | \$0 | \$5,880,441 | \$6,280,641 | \$36,723 | (\*) The original number of shares issued and outstanding totaled 100 at a nominal value of embedded within Paid in Capital. The accompanying notes are an integral part of these financial statements. {12}------------------------------------------------ Growth Partners Investment Bankins For the Year-Ended December 31,2025 # Financial Statement Notes THE COMPANY: Growth Partners, lnc., dba Growth Partners lnvestment Banking was incorporated in December of 1994 in the State of New Jersey, and became registered as a Foreign Corporation in the State of California in April of 1998 (the "Firm" or "Company"). The previous DBA of Growth Partners, The Growth Group, became a fully registered Broker-Dealer with the NASD in 1998, which is now called FINRA. The Firm is engaged in providing consultative merger & acquisition advisement to middle market companies. Specifically, Growth Partners provides advisory services to companies seeking to, purchase another company, or sell in whole or part. All of the transaction activity pertains to the institutional marketplace. At times and based on M&A activities, the firm may provide advisement to companies seeking to raise debt capital or equity capital from the institutional marketplace. Growth Partners does not, and is not: 1) engaging in the underwriting of securities transactions including private placements, 2) conducting any activity with high net-worth individuals, 3) having or maintaining customer accounts or funds of any type, and 4) anything but an advisory firm. The Firm has only one principal, its President, Jeffrey R. Knakal. CASH & CASH EQUIVALENTS: This account has been maintained by the Firm with Wells Fargo Bank since 1997, and is in good standing with the Bank. LIABILITIES: The Firm has recorded accrued expenses based on amounts that were due but not paid in 2025. Most of the expenses are paid in cash as incurred, and no revolving debt or line of credit is maintained or is outstanding. SHAREHOLDERS EQUITY: This account fully reconciles to the past and present capital investment and operating activities of the Firm, and is an accurate expression of an accrual-based Shareholders Equity. #### Note: A: - ACCOUNTING INFORMATION SUMMARY Orsanization: As noted above, Growth Partners, (the Company) was incorporated in the State of New Jersey effective December, 1994, and became registered as a Foreign Corporation in the State of California on April 1, 1998. The Company has adopted a calendar year-end (December 31't), and is constituted as a Sub-Chapter S Corporation. ln addition, the firm became a fully registered Broker-Dealer with the NASD in 1998, which is now called FINRA, engaged in only merger and acquisition advisory services. Description of Business:The Company is a broker and dealer registered with the Securities and Exchange Commission ("SEC") and is a member of FINRA, q9 longer operating under SEC Rule 15c3-3(k)(2)(i), which provides an exemption because of "special Account for the Exclusive Benefit of Customers" based on FINRA's request on November 10, 2020, resulting in a change to the firm's Membership Agreement. The Firm provides merger and acquisition advisement to middle market, and lower middle market companies (typicelly companies with revenues exceeding S10m and Adjusted EBITDA exceeding \$2m) seeking to purchase another company, or sell its ownership in whole or part. All of the transaction activity pertalns to the institutional marketplace. Attimes, the firm will provide advisory services to companies seeking to raise capital for M&A purposes from only the institutional marketplace. Basis ofAccounting: The financial statements ofthe company have been prepared on an accrual basis ofaccounting, and accordingly reflect all significant reeeivables, payables, and other liabilities, Cash and Cash Equivalents: The Company considers as cash all short-term investments with an original maturity of three months or less to be cash equivalents. Accounts Receivable - Recosnition of Bad Debt: The company considers the receipt of client payments to be fundamentally highly uncertain. This is based on clients typically seeking material modifications to contracts related to the deferral, sequencing and the non-payment of monies due. {13}------------------------------------------------ #### Growth Partners Investment Bankins For the Year-Ended December 31,2025 # Financial Statement Notes tconunueat Revenue Recosnition: The Company adopted ASU 2014-09, Revenue from Contracts with Customers, (codified in ASC 606). The Company recognizes revenue when services are transferred to clients. Revenue is recognized based on the amount of consideration that management expects to receive in exchange for these services in accordance with the terms of the contract with the client. To determine the amount and timing of revenue recognition, the Company must (1) identify the contract with the client, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when the Companysatisfies a performance obligation. The Company enters into an agreement with clients defining the scope of the Company's performance obligations and the amount of compensation to be paid to the Company. The Company's compensatlon may be based on the amount of time and out-of-pocket costs associated with meeting its performance obligations. The Company recognizes revenue when an invoice is provided to the customer. The Company may also receive a success fee related to its performance obligations, the terms of which are indicated in the agreement. The success fee is earned and recognized when capital is irrevocably committed by investors and any funding or other contingencies have been removed, at which time the Company has satisfied all performance obligations and revenue is recognized. lf the Company were to be paid fees that are subject to reclamation, such revenue is recorded as deferred until such time as all reclamation provisions have been fully satisfied. Typically, the company is entitled to receive hourly fees, project-based fixed fees andlor contingent or success related transaction fees associated with both consultative work and/or transactional related work. For each client engagement or contract, the company will specify the scope of work and the related fees, all of which are nonrefundable. As confirmed, the fees are recognized and recorded when the company has already rendered the services as specified in the contract with the client. Concentration of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. All of the Company's cash and cash equivalents are held at high credit-quality financial institutions. Estimates: The preparation of financial statements based on accountlng principles generally accepted in the United States requires management to make assumptions that affect the reported amounts of assets, liabilities and contingencies 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. Concentrations: Revenue concentrations exist as a function of the company's limited business of consultative advisement and advisory services to companies seeking merger & acquisition advisement. lncome Taxes: The Company is a limited liability company that has "t".t"d, with the consent of its shareholder, to be taxed under the lnternal Code as an "S" corporation. ln lieu of corporation income taxes, the shareholder of an "S" corporation includes in his individual income tax return his proportionate share of the Company's taxable income or loss. Therefore, no provision, liability or benefit for federal or state income taxes has been included in the accompanying financial statements. #### NOIE B: - NET CAPITAL REQUIREMENTS Pursuant to the net capital provisions of Rule 15c3-3 of the Securities and Exchange Act of 1934, the Company is required to malntain a minimum net capital, as defined under such provisions. Net capital and the related net capital ratio may fluctuate on a daily basis. {14}------------------------------------------------ Growth Partners Investment Bankins For the Year-Ended December 31,2025 # Financial Statement Notes (continueo) ### NOIE C - RELATED PARTY ITEMS Rent: The Company has a month-to-month lease arrangement with its sole-owner and sole-officer. The agreement is immediately terminable without penalty, and the payment of rent is flexible and related to the performance of the firm and the discretion of the payee. For the year ended December 3!,2025, the rent expense totaled S0. Expense Sharing: The company has an expense sharing agreement with its sole-owner and sole-officer. The agreement specifies the applicable share of certain operating expenses paid by the firm. Payment is made for each month of the year. Total expense sharing related expenses for the year-ended December 3L,2025, totaled S11,515. Separate monthly invoices are issued to Growth Partners. There are no other related party monies owed or due. ## NOIE D: - POSSESSION OR CONTROL REQUIREMENTS The Company does not have any possession or control of customers' funds or securities. There are no material inadequacies in the procedures followed in adhering to the exceptive provisions of SEC Rule 15c-3-3(k)(2)(i) even though the company is no longer claiming the exemption as required by FINRA. #### NOtE E: . SIPC RECONCILIATION SEA Rule 17a-5(e)(a) requires a registered broker-dealer to file a supplemental report which includes procedures related to the broker-dealers SIPC annual general assessment reconciliation or exclusion-from-membership forms. ln circumstances where the broker-dealer reports 5500,000 or less in gross revenues, they are not required to file the supplemental SIPC report. For fiscal 2025, the Company is not filing the supplemental report under SEA Rule 17a-5(eXa) because it reported less than SSOO,OOO in gross revenue in fiscal 2025. #### NOIE F: - SUBSEQUENT EVENTS The Company has evaluated events subsequent to the balance sheet date for items requiring recording or disclosure in the financial statements. The evaluation was performed through March 31st, 2026, which is the date the financial statements were available to be issued. Based upon this review, the Company has determined that there were no events that would have a material impact on its financial statements. #### Note G: Segment Reporting The Company manages its business within a single operating segment in accordance with ASC Topic 280 Segment Reporting ("ASC 280"). Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker (CODM), which is our Chief Executive Officer in deciding how to allocate resources and in assessing performance. Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance. The CODM uses this information, which may be adjusted for items that are nonrecurring, as well as regularly provided budgeted or forecasted expense information for the single operating segment, in managing the business. LL {15}------------------------------------------------ Growth Partners Investment Banking For the Year-Ended December 31, 2025 # 3.) Supplementary Information # Computations Pursuant to SEC Rule 17a-5 of the Securities and Exchange Act of 1934 As of and for the Year-Ended December 31, 2025 {16}------------------------------------------------ Growth Partners Investment Banking For the Year-Ended December 31,2025 # Computation of Net Capital #### A. Computation of Net Capital | NET CAPITAL | | 5L2,232 | |--------------------------------------------------|---------|-----------| | ADJUSTED NET CAPITAL | | 5L2,232 | | Less: Charges on SDN Collateral | So | | | Net Capital | | s12,232 | | Total Charges | SO | | | tg!!: Undue Concentration Charges | ss | | | Less: Haircut Charges | 5o | | | | | | | Tentative New Capital | | (s24,491) | | Less: SDN Deficiency: | SS | | | Less: Non-Allowable Assets: | 524,497 | | | | | | | Equity Allowable for Net Capital | | s36.723 | | Allowable Additions lncluding Subordinated Loans | SS | | | Shareholder's Equity | 536,723 | | | | | | 57.232 #### B. Computation of Net Capital Requirement | Min;mum Net Capital Required as a Percentage of Aggregate lndebtedness | s395 | |------------------------------------------------------------------------|--------| | Minimum Dollar Net Capital Requirement of Reporting Broker-Dealer | ss,000 | | Net Capital Requirement | ss.000 | | Excess Net Capital | | #### Computation of Aggregate lndebtedness c. | Aqqresate lMebtedness/Liabilities | | | |------------------------------------------|--------|--| | Liabilities | Ss,gzs | | | Debt | ss | | | Total Aggregate lndebtedness/Liabilities | ss.92s | | | | | | | Ratio of Al/NC (cannot exceed 1500%) | 48.0% | | #### Computation of Reconciliation of Net Capital D. | Net Capital Computed and Reported on FOCUS llA as of [December 31,2025] | 535,721 | |-------------------------------------------------------------------------|-----------| | Adi ustments | | | Equity lncrease (Decrease) | So | | Subordinated Loans lncrease (DecreaseJ | so | | Non-Allowable Assets (lncrease) Decrease | 1524,4971 | | Securities Haircuts (lncrease) Decrease | so | | Under Concentration Charges (lncrease) Decrease | SS | | Net Capital Per Audit | 5L2,ztz | | | | | Reconciled Difference | So | {17}------------------------------------------------ Growth Partners Investment Bankine For the Year-Ended December 31,2025 # 4.1 Supplementarv Information # Statements Pursuant to SEA Rule 17a-5 of the Securities and Exchange Act of 1934 As of and for the Year-Ended December 3L,2025 {18}------------------------------------------------ Growth Partners Investment Banking For the Year-Ended December 31,2025 # Statement Related to Uniform Net Capital Rule Pursuant to SEA Rule 17a-5 of the Securities and Exchange Act of 1934 As of and for the Year-Ended December 3t,2025 The Company is a member of the FINRA and is subject to the SEA Uniform Net Capital Rule 15c3-L. This rule requires the maintenance of minimurn net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed L5O0% (15 to L), or, during its first year of operations, 800% (8:1). Net capital and the related net capital ratio may fluctuate on a daily basis. At December 3L,2025, the Company had net capital of 512,232 which is 57,232 in excess of its required net capital of 55,000. The Company's ratio of Aggregate lndebtedness to net capital is 82%. The Company has elected to use the basic computation method, as is permitted by the rule, which requires that the Company maintain minimum Net Capital pursuant to a fixed dollar amount or 6-2/30/o (six and two thirds) percent of total aggregate indebtedness, as defined, whichever is greater, and does not, calculate its net capital requirement under the alternative reserve requirement method. {19}------------------------------------------------ Growth Partners Investment Bankine For the Year-Ended December 31,2025 # Statement Related to Exemptive Provision # (Possession and Control) The Company does not have possession or control of a customer's funds or securities. There were no material inadequacies in the procedures followed in adhering to the Company's operating exemption and/or no exemption, as applicable, pursuant to footnote 74 of SEC Release No. 34-70073. {20}------------------------------------------------ Growth Partners Investment Bankins For the Year-Ended December 31,2025 # Statement Related to the Agreed Upon Procedures Report ## (SIPC Reconciliation) Pursuant to SEA Rule 17a-5 of the Securities and Exchange Act of 1934 As of and for the Year-Ended December 37,2025 SEA Rule 17a-5(e)(a) requires registered brok€r-dealers not exempt from SIPC membership with gross revenues that exceed S5OO,OOO to file an Agreed Upon Procedures Report. This Supplemental Section does not include an Agreed Upon Procedures Report relevant to SIPC membership because the firm's gross revenue was less than 5500,000 for fiscal 2025. t7 {21}------------------------------------------------ G rowth Partners Investment Bankin g For the Year-Ended December 31,2025 # 5.1 Supplementarv Auditor's Customer Protection Exemption Report Pursuant to SEA Rule 17a-5(dX1)(i)(B)(2) of the Securities and Exchange Act of 1934 As of and for the Year-Ended December 3L,2025 {22}------------------------------------------------ ![](_page_22_Picture_0.jpeg) #### Supplementary Schedules Pursuant to SEA Rule 17a-5 Ofthe Securities and Exchange Act of 1934 For the Year-End December3t,2025 #### Report of lndependent Registered Public Accounting Firm - Exemption Report Review No Exemption: Pursuant to footnote 74 of SEC Release No. 34-70073 Jeffrey Knakal Growth Partners Investment Banking 31 Flintlock Lane Bell Canyon, CA 91307 Dear Jelfrey Knakal: We have reviewed management's statements, included in the accompanying Rule 15c3-3 Exemption Report provided to us pursuant to SEC Rule 17a-5, in which (1) Growth Partners Investment Banking (the Company) did not claim an exemption under paragraph (k) of 17. C.F.R. \$240.15c3-3, and (2) the Company is filing this Exemption Report relying on footnote 74 of SEC ReleaseNo.34-70073 adoptingto 17 C.F.R. \$240.17a-5 becausethe Company limits its business activities exclusively to: Receiving transaction based compensation for advising, identifying and possibly executing a potential merger & acquisition transaction for a client company. In addition, the Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers other than money or other consideration received and promptly transmitted in compliance with paragraphs (a) or (b)(2) of Rule l5c2-4, and and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where to funds are payable to the issuer or its agent and not to the Company; did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year, January 01 ,2025, through December 31,2025, without exception. GroMh Partners Investment Banking's management is responsible for compliance with the exemption provisions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about Growth Partners Investment Banking's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based upon the Company's business activities contemplated by footnoteT4 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. \$240.17a-5, and related SEC Staff Frequently Asked Questions. Nff & ComPo'vtY' ?LLC Beaumont, Texas March 3 1.2026 > NTT & Company, PLLC 5865 Mistletoe Avenue Beaumont, TX 77707 512.766.8131 NathanTuttle@NTTCoCPA.com {23}------------------------------------------------ Growth Partners Investment Banking For the Year-Ended December 31,2025 # 6.1 Supplementarv Customer Protection # Exemption Report Pursuant to SEA Rule 17a-5(dXlXiXB)(2) ofthe Securities and Exchange Act of 1934 As of and for the Year-Ended December 31,2025 {24}------------------------------------------------ ![](_page_24_Picture_0.jpeg) [-os ,\ngclcs :,t) j.i \or'th l)irrku ;rt C'aitrhusas ( ':r hh:rsus. {'alilirrn ir t) I 10? ![](_page_24_Picture_2.jpeg) r 8ls.-71^l-8{)ll{} .lc lllrrrC rot'tlr l'irrt ndlt. \.'1 \\'\\' w.(iro\.r tir Plr ll]ari. \ai ## Exemption Letter December 3!,2025 Growth Partners, lnc. (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R, 5240.L7a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. \$ 240.17a-5(dX1) and (4). To the best of its knowledge and belief, the firm states the following: - (1) The firm does not claim an exemption under paragraph (k) of 17 C.F.R. 240 15c3- 3, and - (2)The firm is filing this Exemption Report relying on Footnote 74 of the SEC Release #34-70073 adopting amendments to 17 C.F.R. S240.17a-5 because the firm limits it business activities exclusively to receiving transaction based compensation for advising, identifying and possibly executing a potential merger & acquisition transaction for a client company. The firm: (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers (other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (bX2) of Rule t5c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription-way basis where the funds are payable to the issuer or its agent, and not to the Firm), 2) did not carry accounts of or for customers, and 3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year, January t,2025 through December 3L,2025, without exception and through the Audit Report Date, without exception. l, Jeffrey R. Knakal, swear to the best of my knowledge and belief, this Exemption Report is true and correct. Sincerely, \*?mkk,[.r \* President Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.