# CORPORATE PARTNERS & CO. LLC X-17A-5 (2026-03-16) — Broker-dealer annual report - Company: CORPORATE PARTNERS & CO. LLC - Form: X-17A-5 - Filed: 2026-03-16 - Period: 2025-12-31 - Accession: 0001580151-26-000001 - CIK: 1580151 - File #: 8-69303 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville & Company, LLC - Auditor location: Dallas, TX - Contact: Jonathan Kagan - Phone: 212-332-5820 - Signed by: Jonathan Kagan (Managing Member) Original filing: https://www.sec.gov/Archives/edgar/data/1580151/000158015126000001/CPPublic25.pdf --- {0}------------------------------------------------ # *Corporate Partners & Co. LLC* **Financial Statements and Report of Independent Registered Public Accounting Firm** Year Ended December 31, 2025 {1}------------------------------------------------ #### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 0MB Number: 3235--0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # **ANNUAL REPORTS FORM X-17A-5 PART** Ill SEC FILE NUMBER 8-69303 #### **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-12, and lBa-7 under the Securities Exchange Act of 1934** | FILING FOR THE PERIOD BEGINNING 01101125 | AND ENDING 12131125
--------- | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----|------------------------------------------|------------|--| | | MM/DD/ Y Y | | ---------- | MM/DD/VY | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME OF FIRM: Corporate Partners & Co. LLC | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
O Security-based swap dealer
■ Broker-dealer
□ Major security-based swap participant
0 Check here if respondent is also an OTC derivatives dealer | | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | | 1270 Avenue of the Americas, Ste 300 | | | | | | | | (No. and Street) | | | | | | New York | NY | | | 10020 | | | (City) | (State) | | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Jonathan Kagan | 212-332-5820 | | kaganj@corporatepartnC | | | | (Name) | (Area Code -Telephone Number) | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | Sanville & Company, LLC | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | 325 North Saint Paul St., Suite 1300 | Dallas | | TX | 75201 | | | (Address) | (City) | | (State) | (Zip Code) | | | 09/18/2003 | | 169 | | | | | (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 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-S(e)(l)(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 0MB control number.** {2}------------------------------------------------ #### OATH OR AFFIRMATION | I, Jonathan Kagan | . swear (or affirm) that, to the best of my knowledge and belief, the | | |-----------------------------|------------------------------------------------------------------------------------------|---------| | financial report pertaining | to the firm of Corporate Partners & Co. LLC | . as of | | December 31 | 2025 . is true and correct. I further swear (or affirm) that neither the company nor any | | partner, offifer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a;c11stoni~r. | i'
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1 c)-J;}-'1 | -- | | Signature: | | | |------------|-----------------|--| | Title: | | | | | Managing Member | | **This filing\*\* contains (check all applicable boxes):** - (a) Statement of financial condition. - (b) Notes to consolidated statement of financial condition. - □ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation 5-X). - □ (d) Statement of cash flows. - □ (e) Statement of changes in stockholders' or partners' or sole proprietoJ's equity, - □ (f) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to consolidated financial statements. - D (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. - □ (j) 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 A to 17 CFR 240.18a-4, as applicable. - □ {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. - □ (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, - D (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. - □ (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. - □ (r) 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. - Ii (t) Independent public accountant's report based on an examination of the statement of financial condition. - □ (u) Independent public accountant's report based on an examination of the financial report or 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. - □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - □ (y) Report describing any material inadequacies found to exist or 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 confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e}{3) or 17 CFR 240.1Ba-7{d}{2), as applicable. {3}------------------------------------------------ ### **TABLE OF CONTENTS** | | Page(s) | |---------------------------------------------------------|---------| | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 1 | | FINANCIAL STATEMENT | | | Statement of Financial Condition | 2 | | Notes to Financial Statement | 3-6 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg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µVPDQDJHPHQW2XUUHVSRQVLELOLW\ LVWRH[SUHVVDQRSLQLRQRQWKH&RPSDQ\µ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µ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µVDXGLWRUVLQFH 6DQYLOOH &RPSDQ\//& 'DOODV7H[DV 0DUFK 1RUWK6DLQW3DXO6WUHHW 6XLWH 'DOODV7H[DV {5}------------------------------------------------ ### **STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025** | ASSETS: | | |---------------------------------------|---------------| | Cash | \$
112,199 | | Accounts receivable | 32,500 | | Other assets | 33,002 | | Total assets | \$
177,701 | | LIABILITIES AND MEMBERS' EQUITY | | | LIABILITIES: | | | Accounts payable and accrued expenses | \$
12,000 | | Due to affiliate | 53,249 | | | | | Total liabilities | 65,249 | | MEMBERS' EQUITY: | 112,451 | | Total liabilities and members' equity | \$
177,701 | See accompanying notes to financial statements. {6}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS** #### **1. ORGANIZATION AND NATURE OF BUSINESS** Corporate Partners & Co. LLC, formerly Corporate Partners Advisors LLC (the "Company") is organized as a limited liability company under the laws of the State of Delaware. The Managing Member and majority owner of the Company is CPXR, LLC (the "Managing Member"). The principal business activity of the Company is to provide a range of corporate advisory services to companies, including advice with respect to corporate strategy, mergers, acquisitions, divestitures, restructurings and other investment banking matters. The Company does not have any trading accounts, nor does it hold cash or securities for or on behalf of any customers or clients. Effective July 15, 2014, the Company became a member of the Financial Industry Regulatory Authority ("FINRA"). #### **2. SIGNIFICANT ACCOUNTING POLICIES** *Basis of Presentation* – The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). *Liquidity* – The Company does not have sufficient liquidity to meet its anticipated obligations over the next year from the date of the issuance of these financial statements. In connection with the Company's assessment of going concern considerations in accordance with FASB's Accounting Standards Update ("ASU") 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," management has determined that the Company has access to funds from the Managing Member that are sufficient to fund the working capital needs of the Company through one year from the date of the issuance of these financial statements. *Uses of Estimates* – Management uses estimates and assumptions in preparing financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. *Concentrations of Credit Risk* – The Company maintains its cash balances at one financial institution, Citibank N.A. These balances are insured by the Federal Deposit Insurance Corporation up to \$250,000 per institution. *Allowance for Credit Losses* – In June 2016, the FASB issued guidance (FASB ASC 326) which significantly changed how entities will measure credit losses for most financial assets and certain other instruments that aren't measured at fair value through net income. The most significant change in this standard is a shift from the incurred loss model to the expected loss model. Under the standard, disclosures are required to provide users of the financial statements with useful information in analyzing an entity's exposure to credit risk and the measurement of credit losses. Financial assets held by the company that are subject to the guidance in FASB ASC 326 were trade accounts receivable. We adopted the standard effective January 1, 2023. The impact of the adoption was not considered material to the financial statement and primarily resulted in new/enhanced disclosures only. {7}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS** *Cash and Cash Equivalents* **-** The Company considers short-term investments with original maturities of less than three months to be cash equivalents. The Company places its cash and cash equivalents with major money management institutions. *Income Taxes* – As a multi-member LLC, the Company's taxable income or loss is reported on the tax returns of its ultimate owners. The Managing Member files a New York City unincorporated business tax ("UBT") return and a portion of this tax is allocated to the Company based on its pro-rata earnings. On December 31, 2025, the Managing Member determined that any deferred tax asset created by a net operating loss has been evaluated and at this time has been fully reserved for. The deferred tax asset is a result of the Company's net operating loss which can be carried forward indefinitely. A valuation allowance has been applied to the accumulated net operating loss in determining the realizable deferred tax asset. On December 31, 2025, the Managing Member determined that the Company had no uncertain tax positions that would require financial statement recognition. This determination will always be subject to ongoing reevaluation as facts and circumstances may require. Generally, the Managing Member is subject to income tax examinations by major tax authorities during the three-year period prior to the period covered by these financial statements. *Revenue Recognition* – The Company recognizes revenue from contracts with customers in accordance with ASC 606, *Revenue from Contracts with Customers*. Revenue is recognized when control of the promised services is transferred to the client in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company's financial advisory engagement agreements typically include two performance obligations: - 1. Ongoing financial advisory and consulting services provided throughout the contract term (typically one year), satisfied over time as the client simultaneously receives and consumes the benefits. Fixed consulting/retainer fees allocated to this obligation are recognized ratably (straight-line) over the contract term. - 2. Success-based advisory services related to specific capital transactions, satisfied at a point in time upon consummation of a qualifying transaction. Success fees (variable consideration) are recognized when the transaction closes, as this is when it becomes highly probable that a significant reversal of cumulative revenue will not occur. The transaction price includes fixed consideration (retainer fees) and variable consideration (success fees), with variable amounts estimated using the most likely amount method and constrained until the uncertainty is resolved. Fixed retainer fees are allocated entirely to the ongoing advisory performance obligation per the contract terms. Significant judgments include determining that ongoing advisory services represent a single performance obligation satisfied over time (due to continuous support such as strategic advice and investor outreach) and assessing the constraint on variable consideration for success fees. The Company provides corporate advisory services. Revenue for advisory arrangements is generally recognized at the point in time that performance under the arrangement is completed (the closing date of the transaction) or the contract is canceled. However, for certain contracts, revenue is recognized over time for advisory arrangements in which the performance obligations are simultaneously provided by the Company and consumed by the customer. In some circumstances, significant judgment is needed to {8}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS** determine the timing and measure of progress appropriate for revenue recognition under a specific contract. Retainers and other fees received from customers prior to recognizing revenue are reflected as contract liabilities on the statement of financial condition. There are contract liabilities of \$205,000 and \$0 as of January 1, 2025 and December 31, 2025, respectively. There are accounts receivable of \$20,000 and \$32,500 as of January 1, 2025 and December 31, 2025, respectively. Accounts receivables are carried at cost. *Deferred Revenue -* Deferred revenue for customer contracts represents amounts collected from, or invoiced to, customers in advance of revenue recognition. The balance of deferred revenue will increase or decrease based on the timing of invoices and recognition of revenue. Significant changes in our deferred revenue liability balances during the year ending December 31, 2025 were as follows: | | Deferred
Revenue | | |-----------------------------------------------------------------------|---------------------|-----------| | | | | | Balance at beginning of year | \$ | 205,000 | | Revenue recognized included in deferred revenues at beginning of year | | (205,000) | | Increase in deferred revenue due to cash received in advance | | - | | Balance at end of year | \$ | - | #### **3. RELATED PARTY TRANSACTIONS** In accordance with the Expense Sharing Agreement dated November 5, 2013, as most recently amended on October 1, 2023, Corporate Partners II Management LLC (the "Affiliate") charged the Company for its allocated share of certain overhead expenses, totaling \$747,396 for the year ended December 31, 2025. ### **4. REGULATORY REQUIREMENTS** As a registered broker-dealer, the Company is subject to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. On December 31, 2025, the Company had net capital of \$46,950, which was \$41,950 in excess of its required net capital of \$5,000. The Company's ratio of aggregate indebtedness to net capital was 1.39 to 1 on December 31, 2025. #### **5. COMPLIANCE WITH RULE 15C3-3** The Company does not hold customers' cash or securities. Accordingly, it had no obligations under SEC Rule 15c3-3. #### **6. COMMITMENTS AND CONTINGENCIES** The Company does not have any commitments, guarantees or contingencies including arbitration or other litigation claim that may result in a loss of future obligations. The Company is not aware of any threats or other circumstances that may lead to the assertion of a claim at a future date. {9}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS** #### **7. SEGMENT REPORTING** The Accounting Standards Update (ASU) 2023-07 issued by the Financial Accounting Standards Board (FASB) introduced enhancements to segment reporting requirements for public entities, including brokerdealers. The update aimed to improve the transparency and usefulness of financial disclosures for investors and other stakeholders. ASU 2023-07 disclosure requirements are effective for fiscal years starting after December 15, 2024. The chief operating decision maker is the Managing Member of the Company and it is determined that no additional disclosures are required as the Company has only one reportable segment. #### **8. SUBSEQUENT EVENTS** The Company evaluated events and transactions occurring after December 31, 2025 through March 6, 2026, which is the date that these financial statements were available to be issued, for potential recognition or disclosure in the financial statements. Based on the Company's evaluation, there are no subsequent events that require disclosure. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.