# SUMRIDGE PARTNERS, LLC X-17A-5 (2024-11-26) — Broker-dealer annual report

- Company: SUMRIDGE PARTNERS, LLC
- Form: X-17A-5
- Filed: 2024-11-26
- Period: 2024-09-30
- Accession: 0001477617-24-000003
- CIK: 1477617
- File #: 8-68454
- Type: Broker-dealer
- Material weakness: No
- Auditor: KPMG
- Auditor location: Tampa, FL
- Contact: Marshall Ollia
- Phone: 727-567-3601
- Email: marshall.ollia@sumridge.com
- Website: sumridge.com
- Signed by: Marshall Ollia (Chief Financial Officer & Treasurer)

Original filing: https://www.sec.gov/Archives/edgar/data/1477617/000147761724000003/SRPPublic.pdf

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SumRidge Partners, LLC

# **STATEMENT OF FINANCIAL CONDITION**

(Audited) September 30, 2024

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

|             | OMB APPROVAL               |           |
|-------------|----------------------------|-----------|
| OMB Number: |                            | 3235-0123 |
|             | Expires: November 30, 2026 |           |
|             | Estimated average burden   |           |
|             | hours per response  12.00  |           |

8-68454

SEC FILE NUMBER

# 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                                                                                                    |                        | 10/1/2023<br>MM/DD/YY                                  | AND ENDING                                                                  |                             | 9/30/2024<br>MM/DD/YY |  |
|------------------------------------------------------------------------------------------------------------------------------------|------------------------|--------------------------------------------------------|-----------------------------------------------------------------------------|-----------------------------|-----------------------|--|
|                                                                                                                                    |                        | A. REGISTRANT IDENTIFICATION                           |                                                                             |                             |                       |  |
| NAME OF FIRM:                                                                                                                      | SumRidge Partners, LLC |                                                        |                                                                             |                             |                       |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>Broker-dealer<br>[] Check here if respondent is also an OTC derivatives dealer |                        |                                                        | [ Security-based swap dealer __ _ _ _ Major security-based swap participant |                             |                       |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. box no.)                                                                  |                        |                                                        |                                                                             |                             |                       |  |
| 111 Town Square Place                                                                                                              |                        |                                                        |                                                                             |                             |                       |  |
|                                                                                                                                    |                        | (No. and Street)                                       |                                                                             |                             |                       |  |
| Jersey City                                                                                                                        |                        | New Jersey                                             |                                                                             | 07310                       |                       |  |
| (City)                                                                                                                             |                        | (State)                                                |                                                                             | (Zip Code)                  |                       |  |
| PERSON TO CONTACT IN REGARD TO THIS FILING                                                                                         |                        |                                                        |                                                                             |                             |                       |  |
| Marshall Ollia                                                                                                                     | 727-567-1000           |                                                        |                                                                             | marshall.ollia@sumridge.com |                       |  |
| (Name)                                                                                                                             |                        | (Area Code - Telephone Number)                         |                                                                             | (Email Address)             |                       |  |
|                                                                                                                                    |                        | B. ACCOUNTANT IDENTIFICATION                           |                                                                             |                             |                       |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>KPMG LLP                                              |                        |                                                        |                                                                             |                             |                       |  |
|                                                                                                                                    |                        | (Name - if individual, state last, first, middle name) |                                                                             |                             |                       |  |
| 100 North Tampa Street Suite 1700                                                                                                  |                        |                                                        | Tampa                                                                       | Florida                     | 33602                 |  |
|                                                                                                                                    | (Address)              |                                                        | (City)                                                                      | (State)                     | (Zip Code)            |  |
| 10/20/2003                                                                                                                         |                        |                                                        | 185                                                                         |                             |                       |  |
| (Date of Registration with PCAOB, if applicable)                                                                                   |                        |                                                        | (PCAOB Registration Number, if applicable)                                  |                             |                       |  |
|                                                                                                                                    |                        | FOR OFFICIAL USE ONLY                                  |                                                                             |                             |                       |  |
|                                                                                                                                    |                        |                                                        |                                                                             |                             |                       |  |
|                                                                                                                                    |                        |                                                        |                                                                             |                             |                       |  |
| If logins for evention from the requirement that the annual renorts of an independent numer and in any more of an many of may      |                        |                                                        |                                                                             |                             |                       |  |

exemption from the requirement that the annual reports of an independent public accountant m be supported by a statement of facts and circumstances relied on as the basis for 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.

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#### OATH OR AFFIRMATION

I, Marshall Ollia, officer of SumRidge Partners, LLC, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of SumRidge Partners, LLC, as of September 30, 2024, is true and correct. I further swear (or affirm) that neither the firm 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.

TIM FOOTLICK Notary Public - State of Florida Commission # HH 580421 My Comm. Expires Sep 29. 2028 Bonded through National Notary Assn.

Signature:

Title:

Chief Financial Officer & Treasurer

Notary Public

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

- [x] (a) Statement of financial condition.
- [ (b) Notes to consolidated statement of financial condition.
- (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 proprietor's equity.
- [ (f) Statement of changes in liabilities subordinated to claims of creditors.
- [ (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) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit O A to 17 CFR 240.18a-4, as applicable.
- [ (1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- [ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR
- [ 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences
- O exist
- [ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition
- [q] Oath or affirmation in accordance with 17 CFR 240.17a-12, or 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- [t) Compliance report in accordance with 17 CFR 240.17a-5 or 17 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.
- [ (t) Independent public accountant's report based on an examination of financial condition.
- O (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- O (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-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.
- [ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17-12, as applicable.
- O (y) Report describing any material inadequacies found to have existed since the date of the previous audi, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- O (z) Other:

\*\* To request confidential treatment of certain portions of this fling, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as apticable.

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KPMG LLP Suite 1700 100 North Tampa Street Tampa, FL 33602-5145

## Report of Independent Registered Public Accounting Firm

To the Member and the Board of Directors of Everest Acquisition Co. SumRidge Partners, LLC:

#### *Opinion on the Financial Statement*

We have audited the accompanying statement of financial condition of SumRidge Partners, LLC (the Company) as of September 30, 2024, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of September 30, 2024, in conformity with U.S. generally accepted accounting principles.

#### *Basis for Opinion*

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 provides a reasonable basis for our opinion.

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Tampa, Florida November 26, 2024

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#### SUMRIDGE PARTNERS. LLC (a wholly owned subsidiary of Everest Acquisition Co.)

#### NOTES TO STATEMENT OF FINANCIAL CONDITION September 30, 2024

#### NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION

#### Organization

SumRidge Partners, LLC ("SumRidge," "we," "our," "us," or the "firm") is a wholly owned subsidiary of Everest Acquisition Co. ("Everest"), which is a wholly owned subsidiary of Raymond James Financial, Inc. ("RJF"). SumRidge is primarily engaged in trading fixed income securities on a principal basis, including United States ("U.S.") Treasury securities ("U.S. Treasuries"), corporate bonds, and municipal bonds. Transactions are executed and cleared through a third-party clearing broker-dealer (the "Clearing Broker") on a fully disclosed basis, and as such, we do not carry security accounts for customers, nor do we perform custodial functions relating to customer securities. The Clearing Broker carries all of the accounts of the customers and maintains and preserves all related books and records as are customarily kept by a clearing broker-dealer. SumRidge is a registered broker-dealer with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA").

#### Basis of presentation

#### Accounting estimates and assumptions

The preparation of the Statement of Financial Condition in conformity with U.S. generally accepted accounting principles ("GAAP") requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and habilities at the Statement of Financial Condition. Actual results could differ from those estimates and could have a material impact on the Statement of Financial Condition.

#### NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

#### Cash

Cash consists of cash held on deposit with a third-party bank.

#### Trading assets and trading liabilities, at fair value

Fair value is defined by GAAP as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the principal or most advantageous market for the asset or liability.

In determining the fair value of our trading instruments in accordance with GAAP, we use various valuation approaches, including market and/or income approaches. Fair value is a market-based measurement considered from the perspective of a market participant. As such, our fair value measurements reflect assumptions that we believe market participants would use in pricing the asset or liability at the measurement date. GAAP provides for the following three levels to classify our fair value measurements.

Level 1 - Trading instruments included in Level 1 are highly liquid instruments valued using unadjusted prices in active markets for identical assets or liabilities.

Level 2 - Trading instruments reported in Level 2 include those that have pricing inputs that are other than unadjusted quoted prices in active markets, but which are either directly observable as of the reporting date (i.e., prices for similar instruments).

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| )@038<60AA4BA0B508@D0:C4=<0@42C@@8<610A8A                                         |      |       |      |       |      |                                 |  |  |
| #E>939@1<?2<971D9?>C                                                              | <br> | L     | <br> |       | <br> |                                 |  |  |
| ?B@?B1D5?2<971D9?>C                                                               |      | L     |      |       |      |                                 |  |  |
| ?F5B>=5>D1>4175>3I?2<971D9?>C                                                     |      |       |      |       |      |                                 |  |  |
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| )?D1<452DC53EB9D95C                                                               |      |       |      |       |      |                                 |  |  |
| AE9DIC53EB9D95C                                                                   |      |       |      |       |      |                                 |  |  |
| )=B0:B@038<60AA4BA0B508@D0:C4=<0@42C@@8<610A8A                                    | <br> |       | <br> |       | <br> | <br>                            |  |  |
| )@038<6:8018:8B84A0B508@D0:C4=<0@42C@@8<610A8A                                    |      |       |      |       |      |                                 |  |  |
| ?B@?B1D5?2<971D9?>C                                                               | <br> | L     | <br> |       | <br> |                                 |  |  |
| ?F5B>=5>D1>4175>3I?2<971D9?>C                                                     |      |       |      |       |      |                                 |  |  |
| \$?>	175>3I#%C1>4(                                                                |      | L     |      |       |      |                                 |  |  |
| )?D1<452DC53EB9D95C                                                               |      |       |      |       |      |                                 |  |  |
| AE9DIC53EB9D95C                                                                   |      |       |      |       |      |                                 |  |  |
| )=B0:B@038<6:8018:8B84A0B508@D0:C4=<0@42C@@8<610A8A                               | <br> |       | <br> | <br>  | <br> | <br>                            |  |  |

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#### **C0@0<B44A**

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{13}------------------------------------------------

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#### **#\$)(\*(&\*#)+#)(**

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{14}------------------------------------------------

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