# TUOHY BROTHERS INVESTMENT RESEARCH, INC. X-17A-5 (2026-03-20) — Broker-dealer annual report

- Company: TUOHY BROTHERS INVESTMENT RESEARCH, INC.
- Form: X-17A-5
- Filed: 2026-03-20
- Period: 2025-12-31
- Accession: 0001310855-26-000001
- CIK: 1310855
- File #: 8-66756
- Type: Broker-dealer
- Material weakness: No
- Auditor: Nawrocki Smith LLP
- Auditor location: Hauppauge, NY
- Contact: Ilina Stamova
- Phone: 212-668-8700
- Email: istamova@acisecure.com
- Website: acisecure.com
- Signed by: Judson Tuohy (CEO)

Original filing: https://www.sec.gov/Archives/edgar/data/1310855/000131085526000001/tuohypublicaudit.pdf

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|                                                                                                                                                                                                                                                                   | UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION        |                          |                        |                 | OMB APPROVAL<br>OMB Number: 3235-0123<br>Expires: Nov. 30, 2026 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|--------------------------|------------------------|-----------------|-----------------------------------------------------------------|
|                                                                                                                                                                                                                                                                   | Washington, D.C. 205 9                                     |                          |                        |                 | Estimated average burden<br>hours per response: 12              |
|                                                                                                                                                                                                                                                                   | ANNUAL REPORTS                                             |                          |                        |                 | SEC FILE NUMBER                                                 |
|                                                                                                                                                                                                                                                                   | FORM X-17A-                                                |                          |                        |                 | 8-66756                                                         |
|                                                                                                                                                                                                                                                                   | PART III                                                   |                          |                        |                 |                                                                 |
|                                                                                                                                                                                                                                                                   | FACING PAGE                                                |                          |                        |                 |                                                                 |
| Information Required Pursuant to Rules 17a-5, 17a-12, and 18a- Junder the Securities Exchange Act of 1934                                                                                                                                                         |                                                            |                          |                        |                 |                                                                 |
| FILING FOR THE PERIOD BEGINNING 01/01/2025                                                                                                                                                                                                                        |                                                            | 12/31/2025<br>AND ENDING |                        |                 |                                                                 |
|                                                                                                                                                                                                                                                                   | MM/DD/YY                                                   |                          | MM/DD/YY               |                 |                                                                 |
|                                                                                                                                                                                                                                                                   | A. REGISTRANT IDENTIFICATION                               |                          |                        |                 |                                                                 |
| NAME OF FIRM: Tuohy Brothers Investment Flesearch, Inc                                                                                                                                                                                                            |                                                            |                          |                        |                 |                                                                 |
| TYPE OF REGISTRANT (check all applicable boxes):<br>□ Security-based swap dealer<br>· Broker-dealer<br>L Check here if respondent is also an OTC derivatives dealer                                                                                               |                                                            |                          |                        |                 |                                                                 |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                                                                                                                                               |                                                            |                          |                        |                 |                                                                 |
| 575 Madison Ave, 10th Floor                                                                                                                                                                                                                                       |                                                            |                          |                        |                 |                                                                 |
|                                                                                                                                                                                                                                                                   | (No. and Street)                                           |                          |                        |                 |                                                                 |
| New York                                                                                                                                                                                                                                                          |                                                            | NY                       |                        |                 | 10022                                                           |
| (City)                                                                                                                                                                                                                                                            |                                                            | (State)                  |                        |                 | (Zip Code)                                                      |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                                                                                                                      |                                                            |                          |                        |                 |                                                                 |
| llina Stamova                                                                                                                                                                                                                                                     | 212-668-8700                                               |                          | istamova@acisecure.com |                 |                                                                 |
| (Name)                                                                                                                                                                                                                                                            | (Area Code - Telephone Number)                             |                          |                        | (Email Address) |                                                                 |
|                                                                                                                                                                                                                                                                   | B. ACCOUNTANT IDENTIFICATION                               |                          |                        |                 |                                                                 |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contacted in this filing*                                                                                                                                                                                         |                                                            |                          |                        |                 |                                                                 |
| Nawrocki Smith LLP                                                                                                                                                                                                                                                |                                                            |                          |                        |                 |                                                                 |
|                                                                                                                                                                                                                                                                   | (Name - if individual, state last, first, and middle name) |                          |                        |                 |                                                                 |
| 100 Motor Parkway, Suite 580  Hauppaugh                                                                                                                                                                                                                           |                                                            |                          | NY                     |                 | 17788                                                           |
| (Address)                                                                                                                                                                                                                                                         | (City)                                                     |                          | (State)                |                 | (Zip Code)                                                      |
| 03/04/2009                                                                                                                                                                                                                                                        |                                                            |                          | 3370                   |                 |                                                                 |
| (Date of Registration with PCAOB)(if applicable)                                                                                                                                                                                                                  |                                                            |                          |                        |                 | (PCAOB Registration Number, if applicable)                      |
|                                                                                                                                                                                                                                                                   | FOR OFFICIAL USE OF LY                                     |                          |                        |                 |                                                                 |
| * Claims for exemption from the requirement that the annual reports of an independent public<br>accountant must be supported by a statement of facts and circumstances elied on as the basis of the exemption.  See 17<br>CFR 240.17a-5{e)(1)(ii), if applicable. |                                                            |                          |                        |                 |                                                                 |

of in E 10.2 to (U){A), if appliedic.
Persons who are to respond to the collection of information contained in the form are not required to respond unless the form displays a currently valid OMB control number.

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# OATH OR AFFIRMATION

| Judson Tuohy                                                                                |                                                                                                                                                                                |       |
|---------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|
|                                                                                             | ______________________________________________________________________________________________________________________________________________________________________________ |       |
| financial report pertaining to the firm of Tuchy Brothers Investment Research, Inc<br>12/31 |                                                                                                                                                                                |       |
|                                                                                             | , 2 025     . is true and correct   I furfiler swear (or affirm) that neither the                                                                                              | as of |

partner, officer, director, or equivalent person, as the affirm) hat neither the conpany nor any
as that of a customer.

| Signature: |  |
|------------|--|
| itle:      |  |
|            |  |

Notary Public

# This filing\*\* contains (check all applicable boxes):

- (a) Statement of financial condition.
- = (b) Notes to consolidated statement of financial condition.
- C (c) Statement of income (loss) or, if there is other comprehensive in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X),
- □ (d) Statement of cash flows.
- □ (e) Statement of changes in stockholders' or partners' or sole proprietors equity.
- □ (f) Statement of changes in liabilities subordinated to claims of credit.com
- □ (g) Notes to consolidated financial statements.
- □ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240 18a-1, as applicable.
- □ (i) Computation of tangible net worth under 17 CFR 240.18a-2.
□ (i) C
- □ { j} Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- C (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or 
 Exhibit A to 17 CFR 240.18a-4, as applicable.
- □ (I) Computation for Determination of PAB Requirements under Exhibit Ato § 240.15c3-3.
- □ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
□ (n). Information relating to necession or control requirements for c
- □ (n) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
240.15c3-3(b)(2) or 17 CFR 20.18. A. ac annline lo 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- O (o) Reconciliations, including appropriate explansions, of the FOCUS Report with computation of net capital or tangible net
worth under 17 CFR 240.15c3-1, 17 CFR 240.1 worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences
- □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- 
- O (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.184-12, or 17 CFR 240.
[] [c] Exemption renort in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a
- □ 〈s) Exemption report in accordance with 17 CFR 240.17-5 or 17 CFR 240.17, as applicable.
 <tt Indonendont public assessment of the 240.17a-5 or 17 CFR 240.18a-7, as appli
- (t) Independent public accountant's report based on an examination of the statement of financial condition.
- O (u) Independent public accountant's report based on an examination of thancial condition.
 CFR 240.17a-5, 17 CFR 240.18a-7. or 17 CFR 240.17a-12, as aniliation of the finan CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable
- □ (v) Independent public accountant's report based on an examination of corrain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- □ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17
CFR 240.18a-7, as applicable CFR 240.18a-7, as applicable.
- C (x) Supplemental reports on applying agreed-upon procedures, in accordince with 17 CFR 240.17a-12, 1
as applicable.
- □ (y) Report describing any material inadequacies found to exist or found to existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-11.1.
(1) Other
- □ (z) Other:
- \*\* To request confidential treatment of certain portions of this filing, see 37 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as 11
applicable.

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# TUOHY BROTHERS INVESTMENT RESEARCH, INC. STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2025 AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

This report is pursuant to Rule 17a-5(e)(3) under the Securities Exchange Act of 1934 as a Public Document.

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# TABLE OF CONTENTS AS OF DECEMBER 31, 2025

| Report of Independent Registered Public Accounting Firm |     |
|---------------------------------------------------------|-----|
| Financial Statement:                                    |     |
| Statement of Financial Condition                        | 2   |
| Notes to Financial Statement                            | 3-6 |

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![](_page_4_Picture_0.jpeg)

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders of Tuohy Brothers Investment Research, Inc .:

# Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Tuohy Brothers Investment Research, Inc. (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of Tuohy Brothers Investment Research, Inc. 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 the U.S. federal securities laws and the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial 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 Tuohy Brothers Investment Research, Inc.'s auditor since 2019.

Hauppauge, New York March 19, 2026

Nawrocki Smith LLP

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# NOTES TO FINANCIAL STATEMENT

# AS OF DECEMBER 31, 2025

## Note 1 - Organization and Nature of Business

Tuohy Brothers Investment Research, Inc. (the "Company"), formerly Liriks Edge, Inc., was organized under the State of New York in October, 2004.

The Company is a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) and is a member of the Financial Industry Requlatory Authority (FINRA). The Company does not carn customers' accounts on a fully disclosed basis. Accordingly, the Company operates under the provisions of Paragraph (K)(2)(ii) of Rule 15c3-3 of the Securities and Exchange Act of 1934 which requires the Company clear all transactions on a fully disclosed basis with a clearing broker/dealer, and promptly transmit all customer funds and securities to the clearing broker/dealer. The Company is expensions of that rule.

The Company generates its revenue by providing the energy sector to institutional investors. In addition the Company participates in distribution of securities or selling groups member, and private placements of securities. The Company is approved to retail corporate equity securities over the counter.

### Note 2 - Summary of Significant Accounting Policies

## Basis of Presentation

The financial statement have been prepared on the accounting in accounting principles generally accepted in the United States of America (GAAP).

## Statement of Cash Flows

For purposes of reporting cash and cash equivalents include cash on hand and demand deposits with banks or financial institutions with original maturities of three months or less.

### Income Taxes

The Company has elected to report taxable income as an "S" Corporation per the Internal Revenue Code and New York State tax law. Therefore, no provisions for federal or New York State taxes are made by the Company is a taxable entity in the City of New York. Members of an "S" Corporation are individually taxed on their pro-rata share of the Company's earnings.

The Company's federal, state and local tax returns are subject to possible examination by the related statutes of limitations on those tax returns. In federal and state income tax returns have a three year statute of limitations. The Company would recognize accrued interest and penalies associated with uncertain tax positions, if any, as provision.

#### Lease Accounting

In February 2016, the FASB issued ASU No. 2016-02, (Topic 842). The guidance affects any entity that enters into a lease, with some specified soope exemptions. The ASU increases transparency and comparability among organizations by recognizing lease assets and lease liablities on the balance sheet and disclosing key information about leasing arrangement has evaluated the ASU and concluded that the adoption of this guidance had no impact on the financial statement.

## Use of Estimates

The preparation of financial statement in conerally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts and disclosures. Accordingly, actual results could differ from those estimates

# Note 3 - Concentrations of Credit Risk

## Uninsured Cash Balances

Cash balances maintained with a bank are insured by the Federal Deposit Insurance Corporation (FDIC). At December 31, 2025 the company's cash balance exceed FDIC insured limits by \$91,730.

### Commissions Receivable Credit Risk

Commissions receivable were substantially all collected subsequent to the Statement of Financial Condition.

## Note 4 - Net Capital Requirement

As a registered broker-dealer and member of FINRA, the SEC's Uniform Net Capital Rule 15c3-1 (the "Rule"), which requires that net capital, as defined, be at least the greater of \$100,000 or 6 2/3% of aggregate indebted. The Rule prohibits the Company from distributing equity cash dividends if its resulting net capital is less than one-tenth of aggregate indebtedness or 120% of the minimum dollar amount required. whichever is greater.

Net capital and aggregate indebtedness change from day but at December 31, 2025, the Company had net capital of \$746,714, which exceeded its requirement of \$100,000 by \$646,714. Aggregate indebtedness was \$249,506. The Company's net capital percentage was 33.41% of aggregate indebtedness to net capital.

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# NOTES TO FINANCIAL STATEMENT AS OF DECEMBER 31, 2025

# Note 5 – Revenue Recognition

Revenue from contracts with customers includes commission income and underwriting revenue. The recognition and measurement of revenue is based on the assessment of individual contract judgement is required to determine whether performance obligations are satisfied at a point in time or over time to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the contract; and whether constraints on variable consideration should be applied due to uncertain future events.

## Commission Income

The Company's customers buy and sell securities using the Company's platform. Each time a buy or sell transaction, the Company charges a commissions and related clearing expenses are recorded on the trade order is filed via the Company's platform by finding and confirms the trade with each customer). The Company believes that the performance obligation is satisfied on the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. No deferred revenue would be applicable as of the end of the fiscal year.

### Research Income

The Company earns research fees revenue for providing research to clients produced by the Company's performance obligation is satisfied when it delivers the research to the client.

Tuohy does not have contracts with customized research services. Research services can be terminated at will by either Tuohy or the customer at any time without a termination penalty. Pursuant to ASC 606-10-25-3, when a contract has no fixed duration and can be terminated or modified by either party an entity should apply the revenue quidance to the period in which the parties have enforceable rights and obligations, unless a customer has a material right that extend. For research revenue, the period in which the enforceable rights and obligations can only be determined when the customer informs Tuohy of the intention to make a payment for individualize and customized services.

## Underwriting Income

The Company engages in underwriting activities for various business entities. The Company earns a gross spread on the transactions and recognizes these fees upon the successful closing of an underwriting fees are recognized and payable on the closing date (the date on which the buyer purchases the securities from the Company is contracted to earn in accordance with its agreements. The Company believes that the apropriate point in time to recognize success fees for underwriting transactions, as there are no significant actions which the Company needs to take subsequent to this date.

#### Private Placement Income

The Company earns fees for services in private placements, which are earned only when capital is raised and closings are effected, in accordance with the terms of the contracts with clients.

### Advisory Fees

The Company provides investment advisory services on a daily basis. The performance obligation for providing advisory services is satisfied over time is receiving and consuming the benefits as they are provided by the Company. Fee arrangements are based on a percentage applied to the customer's assets under management. Fees are received quarterly and are recognized as revenue at the time as they relate specifically to the seriod, which are distinct from the services provided in other periods.

## Disaggregation of Revenue

All of the Company's 2025 revenues are disaggregated in the Statement of Income.

## Receivables and Contract Balances

Receivables arise when the Company has an unconditional right to receive payment with a customer and are dereognized when the cash is received. The receivable balances related to commission revenue and research fees were \$31,870, and \$26,321 respectively, as of December 31, 2025. Contract assets arise when the revenue associated with the contract is recognized prior to the Company's unconditional right to receive payment with a customer (i.e., unbilled receivable) and are derecognized when either it becomes a receivable or the cash is received. Contract assets are reported in the Statement of Financial Condition. As of December 31, 2025, contract asset balances for both commission revenue and underwriting fees were \$0. Contract remit contractual cash payments in advance of the Company satisfing its performance obligations under the contract when the revenue associated with the contract is recognized when the performance obligation is satisfied. As of December 31, 2025, there was \$100.000 in contract liabilities.

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# NOTES TO FINANCIAL STATEMENT

# AS OF DECEMBER 31, 2025

# Note 6 - Financial Instruments with Off-balance Sheet Credit Risk

As a securities broker, the Company is engaged in buying and selling securities for institutional and individual investors. The Company's transactions are collateralized and executed with, and on behalf of banks, broker financial institutions. The Company introduces these transactions for clearance to anyly disclosed basis. The Company's exposure to credit risk regarding non-performance of customers fulfiling contractual obligations may require the Company to liquidate collateral to satisfy the obligation.

The acreement between the Company and its clearing broker obligates the Company to assume nonperformance. The Company addresses these risks by requiring customers to maintain margin comply with regulatory requirements and clearing broker internal guidelines. The Company monitors customer activity from information its clearing broker daily, requiring customers to deposit additional collateral, or reduce positions accordingly.

## Note 7 - Employee Benefit Plan

The Company has established a Defined Contribution Plan for its employees under Section 401(k) of the Internal Revenue Code. The Plan allows an employee of the Company to defer a portion of his or her salary. The Company has accrued \$109.967 at the Benefit Plan.

# Note 8 - Fair Value

The Company complies with FASB ASC 820 "Fair Value Measurements and liabilities measured at fair value on a recurring basis. ASC 820 accomplishes the following key objectives:

Defines fair value as 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;

Establishes a three-level hierarchy (the "Valuation Hierarchy") for fair value measurements;

Requires consideration of the Company's creditworthiness when valuing liabilities; and

Expands disclosures about instruments measured at fair value

The Valuation Hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within Herarchy is based upon the lowest level of inout that is significant to the fair value measurement.

The three levels of the Valuation Hierarchy and the distribution of the Company's financial assets within it are as follows:

Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 - inputs to the valuation methodoov included prices for similar asses and liabilities in active markets, and inouts that are observable for the asset or liability, either directly, for substantially the full term of the financial instrument.

Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

A financial instrument's level within the fair value hierarchy is based upon the is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Company considers observable data to be market data which is readly available, regularly distributed or updated, not proprietary, and provided by independent sources that are actively involved in the following is a summary of the financial assess measured at fair value as of December 31, 2025:

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