# SUMRIDGE PARTNERS, LLC X-17A-5 (2025-11-25) — Broker-dealer annual report - Company: SUMRIDGE PARTNERS, LLC - Form: X-17A-5 - Filed: 2025-11-25 - Period: 2025-09-30 - Accession: 0001477617-25-000004 - CIK: 1477617 - File #: 8-68454 - Type: Broker-dealer - Material weakness: No - Auditor: KPMG - Auditor location: Tampa, FL - Contact: Allyssa DeLeon - Phone: 727-567-4394 - Email: allyssa.deleon@raymondjames.com - Website: raymondjames.com - Signed by: Allyssa DeLeon (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1477617/000147761725000004/SRPSOFC.pdf --- {0}------------------------------------------------ SumRidge Partners, LLC # **STATEMENT OF FINANCIAL CONDITION** (Audited) September 30, 2025 ![](_page_0_Picture_3.jpeg) {1}------------------------------------------------ # UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 # ANNUAL REPORTS FORM X-17A-5 PART III | OMB APPROVAL | | | | | | | |-----------------------------|--|--|-----------|--|--|--| | OMB Number: | | | 3235-0123 | | | | | Expires: November 30, 2026 | | | | | | | | Estimated average burden | | | | | | | | hours per response 12.00 | | | | | | | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FACING PAGE | FILING FOR THE PERIOD BEGINNING | 10/1/2024 | AND ENDING | | 9/30/2025 | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|-----------------------------------------|--------------------------------------------|---------------------| | | MM/DD/YY | | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: | SumRidge Partners, LLC | | | | | TYPE OF REGISTRANT (check all applicable boxes):
□ Security-based swap dealer
& Broker-dealer
□ Check here if respondent is also an OTC derivatives 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
Allyssa DeLeon | 727-567-1000 | | allyssa.deleon@raymondjames.com | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
KPMG LLP | | | | | | | (Name - if individual, state last, first, middle name) | | | | | 100 North Tampa Street Suite 1700
(Address) | | Tampa
(City) | R orida
(State) | 33602
(Zip Code) | | 10/20/2003 | | 185 | | | | (Date of Registration with PCAOB, if applicable) | | | (PCAOB Registration Number, if applicable) | | | | FOR OFFICIAL USE ONLY | | | | \* Claims for exemption from the requirement that the annual reports of an independent public accountant must 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. {2}------------------------------------------------ ### OATH OR AFFIRMATION I, Allyssa DeLeon, 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, 2025, 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: Notary Public This filing \*\* contains (check all applicable boxes) - [x] (a) Statement of financial condition. - [ (b) Notes to consolidated statement of financial condition. - O (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - □ (d) Statement of cash flows. - O (e) Statement of changes in stockholders' or partners" or sole proprietor's equity. - [ (f) Statement of changes in liabilities subordinated to claims of creditors. - O (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. - D (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. - O (I) 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. - O (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. - 口 (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 exist - O (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-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - D (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 tinancial condition. - [] (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. - [ {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. - O (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - O (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - □ (z) Other: \*\* To request corfidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. Signature: Title: Chief Financial Officer {3}------------------------------------------------ # **(\*"'%')#'(!! 0F7>;;H>F=43BD1B8380AH>5E4A4BC2@D8B8C8>=>** #### **())"#)\$##!\$#)\$# (4?C4<14A** #### **(\*""'.\$\$#)#)(** - %66935B5BD96931D9?>1>4%1D8?B669B=1D9?> - '5@?BD?6 >45@5>45>D'579CD5B54&E2<9333?E>D9>79B= - (D1D5=5>D?69>1>39149D9?>1C?6(5@D5=25B - \$?D5CD?(D1D5=5>D?69>1>39149D9?> {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) KPMG LLP Suite 1700 100 North Tampa Street Tampa, FL 33602-5145 # **Report of Independent Registered Public Accounting Firm** To the Member and 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, 2025, 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, 2025, in conformity with U.S. generally accepted accounting principles. # *Basis for Opinion* This 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 provides a reasonable basis for our opinion. ![](_page_4_Picture_9.jpeg) We have served as the Company's auditor since 2022. Tampa, Florida November 25, 2025 {5}------------------------------------------------ # SUMRIDGE PARTNERS, LLC (a wholly owned subsidiary of Everest Acquisition Co.) # STATEMENT OF FINANCIAL CONDITION | \$ in thousands | September 30, 2025 | | |-----------------------------------------------|--------------------|---------| | Assets: | | | | Cash | S | 12,253 | | Trading assets, at fair value | | 805,424 | | Receivables from clearing broker-dealers, net | | 72,843 | | Interest receivable | | 8,784 | | Property and equipment, net | | 1,743 | | Right-of-use lease assets | | 2,021 | | Other assets | | 612 | | Total assets | | 903,680 | | | | | | Liabilities and member's equity: | | | | Trading liabilities, at fair value | S | 676,065 | | Accrued compensation and benefits | | 8,362 | | Lease liabilities | | 2,001 | | Interest payable | | 7,955 | | Payables to affiliates | | રેતે | | Other payables | | 2,467 | | Total liabilities | | 696,909 | | | | | | Member's equity: | S | 206,771 | | Total liabilities and member's equity | S | 903,680 | {6}------------------------------------------------ # SUMRIDGE PARTNERS, LLC (a wholly owned subsidiary of Everest Acquisition Co.) # NOTES TO STATEMENT OF FINANCIAL CONDITION September 30, 2025 ### NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION #### Organization SumRidge Partners, LLC ("SumRidge," "we," "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 customarly 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 liabilities 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 #### Accounting guidance recently adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued amended guidance related to disclosures for segment reporting (ASU 2023-07). The amendment requires a public entity to disclose on an annual basis, for each reportable segment, the significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss. The guidance also requires a public entity to disclose, for each reportable segment, an amount for other segment items (those not captured as a significant expense) and the reported measure of a segment's profit or loss. We adopted this guidance on a retrospective basis as of October 1, 2024. Since this amendment only requires additional disclosures, adoption did not have an impact on our financial position, results of cash flows. Refer to the Segment Information section of this footnote for additional disclosures required by this guidance. #### 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 measurement date in 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. Our fair value measurements reflect assumptions that we believe market participants would use in pricing the asset or liability at the measurement date. 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| D@7)6AE6>36C @7@FC2DD6ED2?5@7@FC=:23:=:E:6DH6C6>62DFC652E72:CG2=F6@?2C64FCC:?832D:D 2?5H6 925?@#6G6=7:?2?4:2=:?DECF>6?ED # **8=0=280;8=BCAD<4=CB=>CA42>A3430C508AE0;D4** \$2?J3FE?@E2==@7E967:?2?4:2=:?DECF>6?EDH69@=5H6C6C64@C5652E72:CG2=F6@?E96)E2E6>6?E@7:?2?4:2=@?5:E:@?\*96 7@==@H:?87:?2?4:2=:?DECF>6?EDH6C6?@E42CC:652E72:CG2=F6@?@FC)E2E6>6?E@7:?2?4:2=@?5:E:@?2E)6AE6>36C *!'\*,,\*% "&&"\$ "&+,\*-%&,+* \*96 42CCJ:?8 G2=F6 @7 D9@CE E6C> 7:?2?4:2= :?DECF>6?ED DF49 2D 42D9 C646:G23=6D 7C@> 4=62C:?83C@<6C 562=6CD ?6E2?5:?E6C6DEC646:G23=62?5A2J23=62C6C64@C5652E2>@F?EDE92E2AAC@I:>2E6E9672:CG2=F6@7E96D6 :?DECF>6?ED\*96D67:?2?4:2=:?DECF>6?ED86?6C2==J6IA@D6FDE@=:>:E654C65:EC:D<2?592G6?@DE2E65>2EFC:E:6D@C92G6D9@CE E6C>>2EFC:E:6D2?5 H96C62AA=:423=6 42CCJ:?E6C6DEC2E6DE92E2AAC@I:>2E6>2C<6EC2E6D+?56CE9672:CG2=F69:6C2C49J 42D9:D 4=2DD:7:65 2D #6G6= 2?5 C646:G23=6D 7C@> 4=62C:?8 3C@<6C 562=6CD ?6E 2?5 :?E6C6DE A2J23=6 2?5 C646:G23=6 2C6 4=2DD:7:65 2D #6G6= *,!\** &E96C 2DD6ED @E96C A2J23=6D 2?5 A2J23=6D E@ 277:=:2E6D 2C6 C64@C565 2E 2>@F?ED E92E 2AAC@I:>2E6 72:C G2=F6 2?5 2C6 4=2DD:7:652D#6G6=F?56CE9672:CG2=F69:6C2C49J {10}------------------------------------------------ Notes to Statement of Financial Condition # NOTE 4 - PROPERTY AND EQUIPMENT, NET The following table presents the components of our property and equipment, net. | | September 30, 2025 | | | | | | | | |---------------------------------------------|-------------------------|-------|----------------------------------------------------------|-------|--------------------------------|-------|--|--| | \$ in thousands | Gross carrying
value | | Accumulated
depreciation/
software
amortization | | Property and
equipment, net | | | | | Software, including development in progress | S | 1,059 | S | (92) | S | 967 | | | | Leasehold improvements | | 331 | | (284) | | 47 | | | | Furniture, fixtures and equipment | | 1,167 | | (438) | | 729 | | | | Total | | 2,557 | | (814) | | 1,743 | | | #### NOTE 5 - LEASES The following table presents the balances related to our leases on our Statement of Financial Condition. See Note 2 for additional information related to our leases, including a discussion of our accounting policies. | \$ in thousands | | September 30, 2025 | | |-------------------|--|--------------------|--| | ROU lease assets | | 2,021 | | | Lease liabilities | | 2,001 | | The weighted-average remaining lease term and discount rate for our leases is presented in the following table. | | September 30, 2025 | |---------------------------------------|--------------------| | Weighted-average remaining lease term | 3.73 years | | Weighted-average discount rate | 4.28 % | #### Lease liabilities The maturities by year of our lease liabilities as of September 30, 2025 are presented in the following table. | \$ in thousands | | | |------------------------------------|----|--------| | 2026 | ಕಿ | ನ್ನಾಗಿ | | 2027 | | 630 | | 2028 | | 643 | | 2029 | | 329 | | 2030 | | 34 | | Thereafter | | 0 | | Gross lease payments | | 2,161 | | Less: interest | | (160) | | Present value of lease liabilities | ਉ | 2,001 | | | | | {11}------------------------------------------------ Notes to Statement of Financial Condition # NOTE 6 - RELATED PARTY TRANSACTIONS We participate in related party transactions with affiliate, Raymond James & Associates ("RJ&A"), a fullservice broker-dealer registered with the SEC and a wholly owned subsidiary of RJF, provides certain administrative services to us to facilitate certain aspects of our business. Additionally, we have a paymaster agreement with RJ&A. RJF offers and maintains various employee benefit programs in which our employees may participate. See Note 7 for more information on certain of these benefit programs. Unsettled receivables and payables arising from the aforementioned services provided by RJF and RJ&A are reflected in "Other assets" and "Payables to affiliates" on our Statement of Financial Condition. Our receivables/(payables) from/(to) affiliates as of September 30, 2025 were as follows: | \$ in thousands | | September 30, 2025 | | |---------------------------------------|---|--------------------|--| | RJ&A | S | 270 | | | RJF | | (રત) | | | Everest | | 46 | | | Total net receivables from affiliates | ક | 257 | | Receivables due from and payables due to affiliates arise from the aforementioned services provided by RJF and RJ&A, as well as direct expenses incurred by such affiliates on our behalf, for which we reimburse the respective affiliate. The related party transactions that give rise to these receivables are settled monthly with cash transfers. Receivables due from affiliates are included in "Other assets" and payables due to affiliates are included in "Other payables" on our Statement of Financial Condition. # NOTE 7 - SHARE-BASED AND OTHER COMPENSATION PLANS We participate, along with other affiliated companies, in various qualified savings and stock incentive plans of RJF. RJF allocates the cost of providing these plans to us based on actual cost per employee participant. The profit sharing plan and employee stock ownership plan are qualified plans that provide certain death, disability or retrement benefits for all employees who meet certain service requirements. The plans are noncontributions by RJF, if any, are determined annually by RJF's Board of Directors, or a committee thereof, on a discretionary basis. Benefits become fully vested after five years of qualified service, age 65, or if a participant separates from service due to death or disability. We participate in RJF's 401(k) plan, which is a qualified plan that provides for a matching contribution by RJF each year. Matching contributions are 75% of the first \$1,000 and 25% of the next \$1,000 of eligible compensation deferred by each participant annually. RJF's VDCP is a non-qualified deferred compensation plan for certain employees, in which eligible participants may elect to defer a percentage or specific dollar amount of their compensation. # Share-based compensation plans Under RJF's stock incentive plan, certain employees may be granted RSUs. # Employee stock purchase plan The employee stock purchase plan allows employees to periodically purchase RJF's common stock at a 15% discount. Share purchases in any calendar year are limited to the lesser of 1,000 shares or shares with a fair market value of \$25,000. The purchase price of the stock is 85% of the average high and low market share price on the purchase date. {12}------------------------------------------------ Notes to Statement of Financial Condition # NOTE 8 - NET CAPITAL REQUIREMENTS As a registered broker-dealer, we are subject to the requirements of the Uniform Net Capital Rule ("Rule 15c3-1") under the Securities Exchange Act of 1934. As a member firm of FINRA, we are subject to FINRA's capital requirements, which are substantially the same as Rule 15c3-1 provides for an "alternative net capital requirement," which we have elected. Regulations require that minimum net capital, as defined, be equal to the greater of \$2.50,000 or 2% of aggregate debit items arising from client balances. FINRA may impose certain restricting withdrawals of equity captal, if a member firm were to fall below a certain threshold or fail to meet minimum net capital requirements. As of September 30, 2025, we had no aggregate debit items and, therefore, the minimum net capital of \$250,000 is applicable. The following table presents our net capital position. | \$ in thousands | September 30, 2025 | | |------------------------------|--------------------|--------| | (Alternative Method elected) | | | | Net capital | A | 44.968 | | Less: required net capital | | (250) | | Excess net capital | | 44,718 | ### NOTE 9 - COMMITMENTS, CONTINGENCIES, AND GUARANTEES In the normal course of business, we enter into commitments for debt underwritings. As of September 30, 2025, we had no open underwriting commitments. We recognize liabilities for contingencies when there is an exposure that indicates it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. Whether a loss is probable, and if so, the estimated range of possible loss, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and uncertainties. When a loss is probable and a range of possible loss can be estimated, we accrue the most likely amount within that range; if the most likely amount of possible loss within that range is not determinable, the minimum amount in the range of loss is accrued. No liability is recognized for those matters which, in management's judgment, the determination of a reasonable estimate of loss is not possible, or for which a loss is not determined to be probable. As of September 30, 2025, there is no upper end of the range of reasonably possible aggregate loss in excess of the aggregate accruals related to any such matters. #### Guarantees In the normal course of business, we indemnify and provide guarantees to the Clearing Broker against specified losses in connection with their acting as our agent. The maximum potential amount of future payments that we could be liable for cannot be reasonably estimated. We believe that it is unlikely we will have to make any significant payments under these arrangements and accordingly we have not recorded any contingent liability in the financials for these indemnification obligations. Additionally, we enter into contracts that provide certain indemnifications. Our maximum exposure to loss under these arrangements is not reasonably estimable as this would involve future claims that may be made against us for conditions that have not yet occurred. {13}------------------------------------------------ Notes to Statement of Financial Condition # NOTE 10 - OFF-BALANCE SHEET RISKS Through indemnifications within clearing agreements, customer activities may expose us to off-balance sheet credit frisk. Securities transactions are cleared through the Clearing Broker and under provisions of the clearing agreement, we are required to ensure the proper settlement of counterparty transactions as contractually obligated with the Clearing Broker Dealer. In conjunction with the Clearing Broker Dealer, we seek to mitigate the risk and are required to maintain collateral in compliance with various regulatory and internal guidelines. Compliance with the various guidelines is monitored daily and, pursuant to such guidelines, we may be required by the Clearing Broker to deposit additional collateral or reduce inventories. We are engaged in various trading and brokerage activities with various financial counterparties. In the event counterparties do not fulfill their obligations, we may be exposed to risk. The settlement risk depends on the creditworthiness of the counterparty. The level of risk is limited to the fluctuation in market price of the failed security. It is our policy to review. when determined to be necessary, the creditworthiness of our counterparties. Market risk arises due to fluctuations in interest rates and market prices that may result in changes of trading instruments. We manage our exposure to market risk resulting from trading activites through our risk management function. Risk reports based on internally developed risk metrics are periodically produced and reviewed by management to mitigate market risk. In addition, we have sold securities that we do not currently own and will therefore be obligated to purchase at a future date. We have recorded these obligations within Trading liabilities, at fair value on the Statement of Financial Condition. Balances due to the Clearing Broker Dealer, if any, and securities sold that have not yet been purchased are collateralized by securities owned and cash balances held with the Clearing Broker Dealer. In the event that such parties do not fulfill their obligations, we may be exposed to risk. The risk of default depends on the Clearing Broker Dealer. It is our policy to periodically review, as necessary, the credit standing of the Clearing Broker Dealer. # NOTE 11 - SUBSEQUENT EVENTS We considered subsequent events through November 25, 2025, the date at which the financial statements were available to be issued. {14}------------------------------------------------ ![](_page_14_Picture_0.jpeg) 111 TOWN SQUARE PLACE // JERSEY CITY, NEW JERSEY 07310 // 201.898.2525 SUMRIDGE.COM © SumRidge Partners, LLC, member FINRA/SIPC/ICMA, is a subsidiary of Raymond James Financial, Inc. All products and services are provided through SumRidge Partners, LLC. 25-RPClient-0186 JR 11/25 2025 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.