# KKR CAPITAL MARKETS LLC X-17A-5 (2024-02-29) — Broker-dealer annual report

- Company: KKR CAPITAL MARKETS LLC
- Form: X-17A-5
- Filed: 2024-02-29
- Period: 2023-12-31
- Accession: 0001393338-24-000001
- CIK: 1393338
- File #: 8-67578
- Type: Broker-dealer
- Material weakness: No
- Auditor: Deloitte & Touche LLP
- Auditor location: New York, NY
- Contact: John Knox
- Phone: 2126592022
- Email: john.knox@kkr.com
- Website: kkr.com
- Signed by: John Knox (FINOP)

Original filing: https://www.sec.gov/Archives/edgar/data/1393338/000139333824000001/Public_KCM_2023F.pdf

---

{0}------------------------------------------------

![](_page_0_Picture_0.jpeg)

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 

OMB APPROVAL OMB Number: ϯϮϯϱͲϬϭϮϯ Expires: EŽǀ͘ϯϬ͕ϮϬϮϲ Estimated average burden hours per response:

SEC FILE NUMBER

8-67578

## **ANNUAL REPORTS FORM X-17A-5 PART III**

**FACING PAGE** 

**Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** 

FILING FOR THE PERIOD BEGINNING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ AND ENDING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ 01/01/23 12/31/23

MM/DD/YY MM/DD/YY

**A. REGISTRANT IDENTIFICATION**

#### NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ KKR Capital Markets LLC

TYPE OF REGISTRANT (check all applicable boxes):

܆ Broker-dealer ܆ Security-based swap dealer ܆ Major security-based swap participant ܆ Check here if respondent is also an OTC derivatives dealer ■

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)

#### \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ 30 Hudson Yards

|                                                                                                                                                     | (No. and Street)                                                                                                                    |                   |            |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|-------------------|------------|--|--|--|
| New<br>York                                                                                                                                         | NY<br>_____________________________________________________________________________________                                         |                   | 10001      |  |  |  |
| (City)                                                                                                                                              | (State)                                                                                                                             |                   | (Zip Code) |  |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                        |                                                                                                                                     |                   |            |  |  |  |
| John<br>Knox                                                                                                                                        | 212-659-2022<br>_____________________________________________________________________________________                               | John.Knox@KKR.com |            |  |  |  |
| (Name)                                                                                                                                              | (Area Code – Telephone Number)                                                                                                      | (Email Address)   |            |  |  |  |
|                                                                                                                                                     | B. ACCOUNTANT IDENTIFICATION                                                                                                        |                   |            |  |  |  |
| Deloitte<br>&<br>Touche<br>LLP                                                                                                                      | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                                                           |                   |            |  |  |  |
| _____________________________________________________________________________________<br>(Name – if individual, state last, first, and middle name) |                                                                                                                                     |                   |            |  |  |  |
| 30<br>Rockefeller<br>Plaza                                                                                                                          | New<br>York<br>_____________________________________________________________________________________                                | NY                | 10112      |  |  |  |
| (Address)                                                                                                                                           | (City)                                                                                                                              | (State)           | (Zip Code) |  |  |  |
| 10/20/03                                                                                                                                            |                                                                                                                                     | 34                |            |  |  |  |
| (Date of Registration with PCAOB)(if applicable)                                                                                                    | _____________________________________________________________________________________<br>(PCAOB Registration Number, if applicable) |                   |            |  |  |  |
|                                                                                                                                                     | FOR OFFICIAL USE ONLY                                                                                                               |                   |            |  |  |  |
|                                                                                                                                                     |                                                                                                                                     |                   |            |  |  |  |

\* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

**Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.** 

{1}------------------------------------------------

#### **% %%\$**

|                | %01:.1315/+65;)15:+0-+2)33)7731+)*3-*6?-:                                                                                                                                                                                                           |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| <br>1          | +D1D5=5>D?669>1>391<3?>49D9?>                                                                                                                                                                                                                       |
| <br>2          | '?D5CD?CD1D5=5>D?669>1>391<3?>49D9?>                                                                                                                                                                                                                |
| <br>3          | +D1D5=5>D?69>3?=5                                                                                                                                                                                                                                   |
| <br>4          | +D1D5=5>D?631C86<?GC                                                                                                                                                                                                                                |
| <br>5          | +D1D5=5>D?6381>75C9>=5=25BLC5AE9DI                                                                                                                                                                                                                  |
| <br>6          | +D1D5=5>D?6381>75C9><9129<9D95CCE2?B49>1D54D?3<19=C?63B549D?BC                                                                                                                                                                                      |
| <br>7          | '?D5CD?69>1>391<CD1D5=5>DC                                                                                                                                                                                                                          |
| <br>8          | ?=@ED1D9?>?6>5D31@9D1<E>45B*3                                                                                                                                                                                                                      |
| <br>9          | ?=@ED1D9?>?6D1>792<5>5DG?BD8E>45B*1                                                                                                                                                                                                                |
| <br>:          | ?=@ED1D9?>6?B45D5B=9>1D9?>?63ECD?=5BB5C5BF5B5AE9B5=5>DC@EBCE1>DD?H8929DD?*3                                                                                                                                                                        |
| <br>;          | ?=@ED1D9?>6?B45D5B=9>1D9?>?6C53EB9DI21C54CG1@B5C5BF5B5AE9B5=5>DC@EBCE1>DD?H8929DD?*<br>3                                                                                                                                                            |
| <br><          | ?=@ED1D9?>6?B5D5B=9>1D9?>?6)*5AE9B5=5>DC@EBCE1>DD?H8929DD?K3                                                                                                                                                                                       |
|                | = ">6?B=1D9?>B5<1D9>7D?@?CC5CC9?>?B3?>DB?<B5AE9B5=5>DC6?B3ECD?=5BCE>45B*3                                                                                                                                                                          |
| <br>>          | ">6?B=1D9?>B5<1D9>7D?@?CC5CC9?>?B3?>DB?<B5AE9B5=5>DC6?BC53EB9DI21C54CG1@3ECD?=5BCE>45B*<br>3@                                                                                                                                                       |
| <br>?          | *53?>39<91D9?>C<br>9>3<E49>71@@B?@B91D55H@<1>1D9?>C<br>?6D85(-+*5@?BDG9D83?=@ED1D9?>?6>5D31@9D1<?B<br>D1>792<5>5DG?BD8E>45B*3<br>1>4D85B5C5BF5B5AE9B5=5>DCE>45B*3<br>96<br>=1D5B91<49665B5>35C5H9CD<br>?B1CD1D5=5>DD81D>?=1D5B91<49665B5>35C5H9CD |
| <br>@          | +E==1BI?669>1>391<41D16?BCE2C9491B95C>?D3?>C?<941D549>D85CD1D5=5>D?669>1>391<3?>49D9?>                                                                                                                                                              |
| <br>A          | (1D8?B1669B=1D9?>9>133?B41>35G9D8*1                                                                                                                                                                                                                |
| <br>B          | ?=@<91>35B5@?BD9>133?B41>35G9D8*1                                                                                                                                                                                                                  |
| <br>C          | H5=@D9?>B5@?BD9>133?B41>35G9D8*1                                                                                                                                                                                                                   |
| <br>D          | ">45@5>45>D@E2<93133?E>D1>DLCB5@?BD21C54?>1>5H1=9>1D9?>?6D85CD1D5=5>D?669>1>391<3?>49D9?>                                                                                                                                                           |
| <br>E          | ">45@5>45>D @E2<93 133?E>D1>DLC B5@?BD 21C54 ?> 1> 5H1=9>1D9?> ?6 D85 69>1>391< B5@?BD ?B 69>1>391<<br>CD1D5=5>DCE>45B*1                                                                                                                           |
| <br>F          | ">45@5>45>D@E2<93133?E>D1>DLCB5@?BD21C54?>1>5H1=9>1D9?>?635BD19>CD1D5=5>DC9>D853?=@<91>35<br>B5@?BDE>45B*1                                                                                                                                         |
| <br>G          | ">45@5>45>D@E2<93133?E>D1>DLCB5@?BD21C54?>1B5F95G?6D855H5=@D9?>B5@?BDE>45B*1                                                                                                                                                                       |
| <br>H          | 9>133?B41>35G9D8*35<br>+E@@<5=5>D1<B5@?BDC?>1@@<I9>717B554E@?>@B?354EB5C                                                                                                                                                                           |
| <br><br>I<br>J | *5@?BD45C3B929>71>I=1D5B91<9>145AE1395C6?E>4D?5H9CD?B6?E>4D?81F55H9CD54C9>35D8541D5?6D85<br>@B5F9?EC1E49D<br>?B1CD1D5=5>DD81D>?=1D5B91<9>145AE1395C5H9CD<br>E>45B*1;<br>(D85B                                                                      |

 *#"&\$% %%#%% #%! #% \$ %\$\$  
-- #  -- \$ !!*

{2}------------------------------------------------

KKR CAPITAL MARKETS LLC (A wholly owned subsidiary of KKR Capital Markets Holdings L.P.) (SEC I.D. No. 8-67578)

#### STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2023 AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

{3}------------------------------------------------

# Deloitie.

Deloitte & Touche LLP 30 Rockefeller Plaza New York, NY USA

Tel: 1 + 212 492 4000 Fax: 1 212 489 1687 www.deloitte.com

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Member of KKR Capital Markets LLC

#### Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of KKR Capital Markets LLC (the "Company") as of December 31, 2023, 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 the Company as of December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this 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 Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

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 of the financial statement provides a reasonable basis for our opinion.

February 28, 2024

We have served as the Company's auditor since 2007.

{4}------------------------------------------------

#### **\$%%% % \$ #**

#### **\$\$%\$**

| 1C81>431C85AE9F1<5>DC                                             | <br><br><br> |
|-------------------------------------------------------------------|--------------|
| +I>4931D9?>655CB5359F12<5                                         | <br><br><br> |
| E56B?=1669<91D5C                                                  | <br><br><br> |
| )B5@1945H@5>C5C1>4?D85B1CC5DC                                     | <br><br><br> |
| E56B?=3<51B9>72B?;5B                                              | <br><br>     |
| 9H541CC5DC?6DG1B5<br>1D3?CD>5D?6133E=E<1D541=?BD9J1D9?>?6<br><br> | <br><br>     |
| % %\$\$%\$                                                        | <br><br><br> |
|                                                                   |              |
| %\$#<br>\$"&%(                                                    |              |
|                                                                   |              |
| ">3?=5D1H5C@1I12<5                                                | <br><br>     |
| 33?E>DC@1I12<51>4133BE545H@5>C5C                                  | <br><br><br> |
| E5D?1669<91D5C                                                    | <br><br><br> |
| ,?D1<<9129<9D95C                                                  | <br><br><br> |
|                                                                   |              |
| ?==9D=5>DC1>43?>D9>75>395C+55'?D5                                 |              |
|                                                                   |              |
| &5=25BC5AE9DI                                                     | <br><br><br> |
|                                                                   |              |
| % %%\$#<br>\$"&%(                                                 | <br><br><br> |
|                                                                   |              |

,85133?=@1>I9>7>?D5C1B51>9>D57B1<@1BD?6D89C69>1>391<CD1D5=5>D

{5}------------------------------------------------

#### KKR CAPITAL MARKETS LLC

#### NOTES TO THE STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2023

#### 1. Organization and Business

KKR Capital Markets LLC (the "Company"), a wholly owned subsidiary of KKR Capital Markets Holdings L.P. (the "Parent" or "KCMH"), is a limited liability company that was formed under the laws of Delaware. The Company is an indirect subsidiary of Kohlberg Kravis Roberts & Co. L.P. and KKR & Co. Inc. ("KKR").

The Company is a registered broker with the Securities and Exchange Commission (the "SEC") and a member of the Financial Industry Regulatory Authority ("FINRA"). The Company's primary operations are to provide capital markets, advisory and underwriting services to companies in which KKR's affiliated private equity funds take a controlling or other equity interest, where they are seeking to raise capital through the public or private capital markets primarily in North America, Europe and Asia. The Company also provides similar services to third party entities.

#### 2. Summary of Significant Accounting Policies

#### Basis of presentation

The Statement of Financial Condition is prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Actual results could differ materially from these estimates.

#### Syndication fees receivable

Syndication fees receivable, presented in the accompanying Statement of Financial Condition, presents investment banking revenue net of related estimated syndicate deal expenses and net of an allowance for credit losses, if applicable. The allowance for credit losses is based on the Company's expectation of the collectability of fees receivable utilizing the current expected credit loss framework. The Company considers factors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company's expectation of the collectability in determining the allowance for credit losses. Management does not believe that an allowance is required as of December 31, 2023.

#### Due from affiliates

Due from affiliates, presented in the accompanying Statement of Financial Condition, represents intercompany expense reimbursements owed to the Company or syndication fee receivables earned by the Company from KKR affiliates. As of December 31, 2023, approximately 44% of receivables included within Due from affiliates are from two affiliates.

#### Cash and cash equivalents

Generally, the Company considers liquid short-term investments, including money market funds and time deposits with original maturities of three months or less when purchased, to be cash equivalents. Cash and cash equivalents are held by three financial institutions and are subject to the credit risk of each respective financial institution. The financial institutions have investment grade credit ratings. The Company has not experienced any losses and does not believe there to be any significant credit risk with respect to these balances.

The Company's cash equivalents are measured at fair value on a recurring basis based on the quoted Net Asset Value ("NAV") of the respective open-end registered money market funds. Such cash equivalents, totaling \$296,046,943, are classified as Level 1 in the fair value hierarchy because they trade in an active market at reported NAV.

{6}------------------------------------------------

# **%\$% %\$%%% %**

#### **\$ #**

.1<E1D9?>14:ECD=5>DC1>42<?3;49C3?E>DC1B5>?D1@@<954D?%5F5<9>CDBE=5>DC+9>35F1<E1D9?>C1B521C54?> AE?D54@B935C D81D1B5B5149<I1>4B57E<1B<I1F19<12<59>1>13D9F5=1B;5D F1<E1D9?>?6 D85C59>CDBE=5>DC4?5C >?D5>D19<1C97>96931>D457B55?6:E47=5>D

#### **15)5+1)315:;9<4-5;:56;4-):<9-,);.)19=)3<-**

5BD19>?6D85?=@1>ILC69>1>391<1CC5DC1>4<9129<9D95C1B5>?D=51CEB541D619BF1<E5?>1B53EBB9>721C9C2ED >5F5BD85<5CC1B5B53?B4541D1=?E>DCD81D1@@B?H9=1D5619BF1<E54E5D?D859B<9AE94?BC8?BDD5B=>1DEB5+E38 69>1>391<1CC5DC1>469>1>391<<9129<9D95C9>3<E45+I>4931D9?>655CB5359F12<5 E56B?=1669<91D5C )B5@1945H@5>C5C 1>4?D85B1CC5DC E56B?=3<51B9>72B?;5B ">3?=5D1H5C@1I12<5 33?E>DC@1I12<51>4133BE545H@5>C5C 1>4 E5D?1669<91D5C

#### **<-.964+3-)915/\*962-9**

E56B?=3<51B9>72B?;5B3?>C9CDC?6131C845@?C9D85<4G9D81C9>7<53<51B9>72B?;5B 1>4D85B56?B59CCE2:53DD? D853B549D B9C;?6 D81D 69>1>391<9>CD9DED9?>,85?=@1>I81C>?D5H@5B95>3541>I<?CC5C1>44?5C>?D25<95F5 D85B5D?251>IC97>96931>D3B549DB9C;G9D8B5C@53DD?D85C521<1>35C

#### **1?-,)::-;:6.;>)9-**

1@9D1<9J54C?6DG1B59CB53?B4541D3?CD<5CC133E=E<1D541=?BD9J1D9?> ,85?=@1>I@5B9?4931<<I5F1<E1D5CD85 31BBI9>7F1<E5?669H541CC5DCG85>5F5>DC1>439B3E=CD1>35CCE775CDD81DCE381CC5DC=1I259=@19B54

#### **5+64-;)?**

,85 ?=@1>I 9C 1 <9=9D54 <9129<9DI 3?=@1>I ?B71>9J54 E>45B D85 <1GC ?65<1G1B5 531EC5 D85 )1B5>D 9C D85 ?=@1>ILCC?<5=5=25B D85?=@1>I9CDB51D541C149CB571B4545>D9DI 6?B 6545B1< '5G0?B;CD1D51>4<?31< 9>3?=5D1H@EB@?C5C ,85)1B5>D 9CDB51D541C1@1BD>5BC89@6?B6545B1< CD1D51>4<?31<9>3?=5D1H@EB@?C5C1>4 9CD85B56?B5CE2:53DD?'5G0?B;9DIM'0NE>9>3?B@?B1D542EC9>5CCD1HM-,N1D1CD1DED?BIB1D5?6C D85 C?<5 =5=25B ?6 D85 ?=@1>I D85 )1B5>D 9C 5>D9D<54 D? B59=2EBC5=5>D 6B?= D85 ?=@1>I 6?B 1>I -, <9129<9DI1B9C9>76B?=D85?=@1>ILC1<<?312<5C81B5?6'0C?EB359>3?=5 +E381=?E>D9C9>3<E454G9D89>E5 D?1669<91D5C9>D85133?=@1>I9>7+D1D5=5>D?69>1>391<?>49D9?>

,85?=@1>I?B9DC)1B5>D9C1<C?CE2:53DD?9>3?=5D1H5C9>35BD19>?D85BCD1D5CD?D855HD5>DD85?=@1>I81C 1<<?312<5 9>3?=5 9> 35BD19> :EB9C493D9?>C ,? D85 5HD5>D D85 ?=@1>I @1IC CD1D5 D1H5C 49B53D<I CE38 E>@194 1=?E>D9C9>3<E454G9D89>">3?=5D1H5C@1I12<59>D85133?=@1>I9>7+D1D5=5>D?69>1>391<?>49D9?>,?D85 5HD5>DD85)1B5>D@1IC1<<?312<5CD1D5D1H5C?>2581<6?6D85?=@1>I CE38E>@1941=?E>DC1B59>3<E454G9D89> E5D?1669<91D5C9>D85133?=@1>I9>7+D1D5=5>D?69>1>391<?>49D9?>

,85?=@1>IB53?B4C4565BB54D1H1CC5DC?B<9129<9D95C21C54?>D85D5=@?B1BI49665B5>35C25DG55>D8531BBI9>7 1=?E>DC?61CC5DC1>4<9129<9D95C6?B69>1>391<B5@?BD9>7@EB@?C5C1>4D859B21C5C6?B9>3?=5D1H@EB@?C5CC?6 535=25B D85C549665B5>35CG5B59>C97>96931>D

D 535=25B =1>175=5>D 81C 45D5B=9>54 D81D D85 ?=@1>I 814 >? E>35BD19> D1H @?C9D9?>C D81D G?E<4B5AE9B569>1>391<CD1D5=5>DB53?7>9D9?>,89C45D5B=9>1D9?>G9<<1<G1IC25CE2:53DD??>7?9>7B55F1<E1D9?> 1C613DC1>439B3E=CD1>35C=1IB5AE9B5

+55'?D5 M">3?=5,1H5CN6?B6EBD85B49C3ECC9?>?>9>3?=5D1H5C

{7}------------------------------------------------

#### **%\$% %\$%%% % \$ #**

#### **#-3);-,7)9;@**

1C54 ?> 9DC <9AE949DI 1D 1>I 79F5> D9=5 D85 ?=@1>ILC 129<9DI D? =55D B57E<1D?BI 31@9D1< B5AE9B5=5>DC 6?B @?D5>D91<E>45BGB9D9>7C=1I2545@5>45>D?>9DC1335CCD?6E>49>76B?=D85)1B5>D

)EBCE1>DD?1C5BF935C17B55=5>DD85M+5BF935C7B55=5>DN D85)1B5>D1>4?D85B\$\$\*1669<91D5CG9<<@B?F945D? D85?=@1>I9DC5=@<?I55C ?669356139<9D95C1>4?669355AE9@=5>D1CB51C?>12<I>535CC1BI6?BD85?=@1>ID? ?@5B1D59DC2EC9>5CC">5H381>756?BD85C5C5BF935C D85?=@1>IG9<<B59=2EBC5D85)1B5>D \$\$\*?B1669<91D5C6?B 35BD19> >5D 1<<?312<5 3?CDC +55 '?D5 M\*5<1D54 @1BDI 1>4 1669<91D5 DB1>C13D9?>CN 6?B 6EBD85B 49C3ECC9?> ?> B5<1D54@1BDIDB1>C13D9?>C

#### **#-+-5;3@::<-,++6<5;15/!9656<5+-4-5;:**

">'?F5=25B D85+9CCE54+--+57=5>D\*5@?BD9>7,?@93"=@B?F5=5>DCD?\*5@?BD12<5 +57=5>D 9C3<?CEB5C- -+- - +- 9>D5>4C D? 9=@B?F5 B5@?BD12<5 C57=5>D 49C3<?CEB5 B5AE9B5=5>DC @B9=1B9<ID8B?E785>81>35449C3<?CEB5C12?EDC97>96931>DC57=5>D5H@5>C5C,89C9C56653D9F5 6?B 69C31<I51BC2579>>9>716D5B535=25B ,85?=@1>I9C3EBB5>D<I5F1<E1D9>7D859=@13D?6D8514?@D9?> ?6D89C7E941>35?>9DC69>1>391<CD1D5=5>DC1>449C3<?CEB5C

">535=25B D85+9CCE54+--"=@B?F5=5>DCD?">3?=5,1H9C3<?CEB5C- -+-- +-9>D5>4CD?5>81>35D85DB1>C@1B5>3I1>44539C9?>EC56E<>5CC?69>3?=5D1H49C3<?CEB5C B5AE9B9>7 49C177B571D549>6?B=1D9?>12?ED1>5>D9DILC56653D9F5D1HB1D5B53?>39<91D9?>1CG5<<1C9>3?=5D1H5C@194,89C9C 56653D9F56?B69C31<I51BC2579>>9>716D5B535=25B ,85?=@1>I9C3EBB5>D<I5F1<E1D9>7D859=@13D?6 D8514?@D9?>?6D89C7E941>35?>9DC69>1>391<CD1D5=5>DC1>449C3<?CEB5C

#### **6441;4-5;:)5,65;15/-5+1-:**

#### **5,-451.1+);165:**

,85?=@1>ILC17B55=5>DG9D89DC3<51B9>72B?;5B451<5BB5AE9B5CD85?=@1>ID?9>45=>96ID853<51B9>72B?;5B 1719>CD C@5396954 @?D5>D91< <?CC5C 9> 3?>>53D9?> G9D8 D859B 13D9>7 1C 1> 175>D ?6 ?B @B?F949>7 C5BF935C D? D85 ?=@1>IC?6 535=25B D85?=@1>I81C>?DB53?B4541>I3?>D9>75>D<9129<9D95C9>D85+D1D5=5>D?6 9>1>391<?>49D9?>6?BD89C9>45=>96931D9?>

#### **1;1/);165**

B?=D9=5D?D9=5 D85?=@1>I9C9>F?<F549><571<@B?35549>7C <1GCE9DC1>43<19=C9>3945>D1<D?D853?>4E3D ?6D85?=@1>IC2EC9>5CC,85?=@1>IC2EC9>5CC9C1<C?CE2:53DD?5HD5>C9F5B57E<1D9?> G8938=1IB5CE<D9> B57E<1D?BI@B?35549>7C1719>CD9DC?6 535=25B D85?=@1>I25<95F5C D81D D85C5=1DD5BCG9<<>?D 81F51=1D5B91<9=@13D?>D85+D1D5=5>D?69>1>391<?>49D9?>

#### **#-3);-,!)9;@)5,..131);-%9)5:)+;165:**

#### **4736@--\*-5-.1;:**

,85)1B5>D9C1@1BD939@1>D9>\$\$\*LCC5<69>CEB54=54931<9>CEB1>35@<1>133?B49>7<I 1<<5<9792<55=@<?I55C?6D85 )1B5>D G8?@B?F945C5BF935CD?D85?=@1>I 1B53?F5B54E>45BD85@<1>

#### **65):0+647-5:);165**

\$\$\* 1>4 9DC 1669<91D5C 1<<?31D5 35BD19> >?>31C8 3?=@5>C1D9?> D? D85 ?=@1>I G8938 D85 ?=@1>I 4?5C >?D B59=2EBC5\$\$\*6?B 1>4G89389CB53?B4542ID85?=@1>I1C>?>31C831@9D1<3?>DB92ED9?>C+55'?D5 M)B?69D +81B9>7)<1>CN1>4'?D5 MAE9DI1C54?=@5>C1D9?>N

{8}------------------------------------------------

#### **%\$% %\$%%% % \$ #**

#### **!96.1;\$0)915/!3)5:**

,85)1B5>D9C1@1BD939@1>D9>\$\$\*LC4569>543?>DB92ED9?>@<1>133?B49>7<I 1<<5<9792<55=@<?I55C?6D85)1B5>D G8?@B?F945C5BF935CD?D85?=@1>I 1B53?F5B54E>45BD85@<1>,85?=@1>I3?>DB92ED5CE@D?1=1H9=E= ?6?651385=@<?I55LC5<9792<53?=@5>C1D9?>E@D?1=1H9=E=?6 @5B5=@<?I55@5B1>>E=

/9D8B5C@53DD?1>1669<91D5LC9>D5B5CD9>\$\$\*LC6E>4C1>43?9>F5CD=5>DF5893<5CD81D@B?F9456?B31BB9549>D5B5CD CE381669<91D5=1I1<<?31D5 D? 35BD19>5<9792<55=@<?I55C ?6 D85 )1B5>D G8? @B?F945 C5BF935C D? D85 ?=@1>I ?B ?B ?6 D85 31BB954 9>D5B5CD 51B>54 9> B5<1D9?> D? D85C5 6E>4C 1C @1BD ?6 9DC 31BBI @??< ,85 ?=@1>I4?5C>?DB59=2EBC5\$\$\*6?BCE3831BBI@??<1<<?31D9?>C133?B49>7<I1<<CE381=?E>DC1B5455=54D? 25>?>31C831@9D1<3?>DB92ED9?>C?B>?>31C849CDB92ED9?>C96>571D9F5

#### **8<1;@):-,647-5:);165**

5BD19>5=@<?I55C?6 D85)1B5>D G8?1B5@B?F949>7C5BF935C D?D85?=@1>I 1B5@1BD939@1>DC9>5AE9DI21C54 3?=@5>C1D9?> @<1>C C@?>C?B54 2I \$\$\* 1669<91D5C ?B 5138 @<1> 45C3B9254 25<?G D85 1<<?31D54 F1<E5 ?6 D85 5AE9DI21C54 3?=@5>C1D9?> 6B?= \$\$\* ?B 1669<91D5C D? D85 ?=@1>I 9C >?D B59=2EBC12<5 133?B49>7<I 1<< CE38 1=?E>DC1B5455=54D?25>?>31C831@9D1<3?>DB92ED9?>C,856?<<?G9>79C145C3B9@D9?>?6D85@<1>C9>G8938D85 )1B5>DLC5=@<?I55C@B?F949>7C5BF935CD?D85?=@1>I@1BD939@1D5

#### **\$-9=1+-'-:;15/>)9,:**

(>&1B38 D85AE9DI">35>D9F5)<1>2531=556653D9F51>49C\$\$\*C@<1>6?B@B?F949>75AE9DI21C54 1G1B4C

->45B D85 AE9DI ">35>D9F5 )<1> \$\$\* 7B1>DC 5AE9DI 1G1B4C D81D 1B5 CE2:53D D? C5BF93521C54 F5CD9>7 D? 5=@<?I55C?6D85)1B5>D G8?@B?F945C5BF935CD?D85?=@1>I D81DB5<1D5D?3?==?>CD?3; G893875>5B1<<I F5CD?F5B1D8B55D?69F5I51B@5B9?46B?=D8541D5?67B1>DB565BB54D?85B516D5B1C-+5BF935.5CD9>7G1B4C- "> 35BD19> 31C5C D85C5 +5BF935.5CD9>7 G1B4C 1B5 CE2:53D D? DB1>C65B B5CDB93D9?>C 1>4
?B =9>9=E= B5D19>54 ?G>5BC89@ B5AE9B5=5>DC!?<45BC ?6 D85+5BF935.5CD9>7G1B4CG9<< >?D @1BD939@1D59> 49CDB92ED9?>C E>D9< CE38 1G1B4C81F5=5DD859BF5CD9>7B5AE9B5=5>DC

#### **)92-;65,1;165>)9,:**

->45BD85AE9DI">35>D9F5)<1>C \$\$\*1<C?7B1>DC5AE9DI1G1B4CD81D1B5CE2:53DD?1=1B;5D@B93521C54F5CD9>7 3?>49D9?>B565BB54D?85B516D5B1C-&1B;5D?>49D9?>G1B4C- 

\$\$\* 7B1>D54 5AE9DI 1G1B4C CE2:53D D? 2?D8 CD?3; @B935 D1B75D B5AE9B5=5>DC 1>4 C5BF935 B5AE9B5=5>DC ,85 >E=25B ?6 &1B;5D ?>49D9?> 1G1B4C D81D G9<< F5CD 45@5>4 E@?> 9 D85 =1B;5D @B935 ?6 \$\$\* 3?==?> CD?3; B51389>735BD19>@B935D1B75DCD81DB1>756B?=D?1>499D855=@<?I55259>75=@<?I542I\$\$\* ?>135BD19>41D5 G8938DI@931<<I9C69F51>481<6I51BC6B?=D8541D5?67B1>D,85=1B;5D@B935F5CD9>73?>49D9?> 9C =5D G85> D85 1F5B175 3<?C9>7 @B935 ?6 \$\$\* 3?==?> CD?3; 4EB9>7 3?>C53ED9F5 DB149>7 41IC =55DC ?B 5H3554CD85CD?3;@B935D1B75DC?B1>I@B935D1B75DC>?D13895F54 D81D@?BD9?>?6D85E>F5CD541G1B4CG9<<25 1ED?=1D931<<I31>35<541>46?B659D54,85C51G1B4C1B5CE2:53DD?1449D9?>1<DB1>C65BB5CDB93D9?>C1>4=9>9=E= B5D19>54?G>5BC89@B5AE9B5=5>DC16D5BF5CD9>7

5<?G 9C 1 CE==1BI ?6 D85 C97>96931>D 1CCE=@D9?>C EC54 D? 5CD9=1D5 D85 7B1>D 41D5 619B F1<E5 ?6 D85&1B;5D ?>49D9?>G1B4C

{9}------------------------------------------------

#### **%\$% %\$%%% % \$ #**

|                       | /5978D54F5B175 | *1>75 |
|-----------------------|----------------|-------|
| <?C9>7\$\$*C81B5@B935 |                |       |
| *9C;B55*1D5           |                |       |
| .?<1D9<9DI            |                |       |
| 9F945>4095<4          |                |       |
| H@53D54?CD?6AE9DI     |                |       |

#### **5+64-%)?-:**

,85 ?=@1>I 81C B53?B454 <9129<9DI D? D85 @1B5>D ?6 6?B '5G 0?B; 9DI -, 1>4 6?B ?>>53D93ED CD1D5 D1H << -, 1>4 ?>>53D93ED D1H <9129<9DI 9C 9>3<E454 G9D89> E5 D? 1669<91D5C 9> D85 133?=@1>I9>7 +D1D5=5>D ?6 9>1>391< ?>49D9?> "> 1449D9?> D85 ?=@1>I B53?B454 6?B ?D85B CD1D5 9>3?=5D1HG89389C9>3<E4549>">3?=5D1H@1I12<59>D85133?=@1>I9>7+D1D5=5>D?69>1>391<?>49D9?>1C?6 535=25B 

"> D85 >?B=1< 3?EBC5 ?6 2EC9>5CC D85 )1B5>D 9C CE2:53D D?5H1=9>1D9?> 2I 6545B1< CD1D51>4 <?31< 9>3?=5 D1H B57E<1D?BC C?6 535=25B D85)1B5>DLC6545B1<9>3?=5D1HB5DEB>C1>4CD1D51>4<?31<D1HB5DEB>C1B5 ?@5> E>45B D85 B5<5F1>D CD1DED5 ?6 <9=9D1D9?>C 1>4 D85B56?B5 CE2:53D D? 5H1=9>1D9?> 6?B D85 D1H I51BC D8B?E78 

#### **#-/<3);69@#-8<19-4-5;:**

,85?=@1>I9CCE2:53DD?D85<D5B>1D9F5&5D8?4G8938B5AE9B5CD85=19>D5>1>35?6=9>9=E=>5D31@9D1<?6 D857B51D5B?6 ?B?6177B571D54529D9D5=C1C4569>54D535=25B D85?=@1>I814>5D 31@9D1<?6 G89385H355454D85B5AE9B54>5D31@9D1<?6 2I 

#### **#1:2:)5,&5+-9;)15;1-:**

5BD19>5F5>DC@1BD93E<1BD?D85?=@1>ILC9>4ECDBI1CG5<<1C75>5B1<53?>?=93 @?<9D931< B57E<1D?BI1>4@E2<93 851<D8 3?>49D9?>C =1I 81F5 1=1D5B91< 14F5BC5 9=@13D ?> D85 ?=@1>ILC 9>F5CD=5>DC 1>4 @B?69D129<9DI +E38 5F5>DC 1B5 25I?>4 D85 ?=@1>ILC 3?>DB?< 1>4 D85 <9;5<98??4 D81D D85I =1I ?33EB 1>4 D85 56653D ?> D85 ?=@1>ILC EC5 ?6 5CD9=1D5C 31>>?D 25 @B5493D54 3DE1< B5CE<DC 3?E<4 49665B 6B?= D8?C5 5CD9=1D5C 1>4 CE38 49665B5>35C3?E<425=1D5B91<D?D85+D1D5=5>D?69>1>391<?>49D9?>

#### **\$<\*:-8<-5;=-5;:**

,85?=@1>I5F1<E1D54CE2C5AE5>D5F5>DCD8B?E78D8541D5 D85 +D1D5=5>D?69>1>391<?>49D9?> G1C9CCE54 ,85?=@1>I49CDB92ED54=9<<9?>D?D85)1B5>D4EB9>7#1>E1BI ,85B5G5B5>??D85BCE2C5AE5>D5F5>DC 945>D969542ID85?=@1>ID81DC8?E<42549C3<?C549>D85>?D5CD?D85+D1D5=5>D?69>1>391<?>49D9?>


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.