# REDTAIL CAPITAL MARKETS, LLC X-17A-5 (2022-03-31) — Broker-dealer annual report

- Company: REDTAIL CAPITAL MARKETS, LLC
- Form: X-17A-5
- Filed: 2022-03-31
- Period: 2021-12-31
- Accession: 0001591941-22-000003
- CIK: 1591941
- File #: 8-69389
- Type: Broker-dealer
- Material weakness: No
- Auditor: Holland & Company CPAs
- Auditor location: Cedar Grove, NJ
- Contact: Anthony Caudle
- Phone: 212-859-5002
- Email: alcaudle@redtailcapmarkets.com
- Website: redtailcapmarkets.com
- Signed by: Anthony Caudle (Managing Member)

Original filing: https://www.sec.gov/Archives/edgar/data/1591941/000159194122000003/RedTailPublic21.pdf

---

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

# REDTAIL CAPITAL MARKETS, LLC

Financial Statement With

Report of Independent Registered Public Accounting Firm

For the Year Ended December 31, 2021

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

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

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

| 0 M B APPROVAL           |
|--------------------------|
| 0MB Number: 3235-0123    |
| Expires: Oct. 31, 2023   |
| Estimated average burden |
| hours per response: 12   |

| SEC FILE NUMBER |  |
|-----------------|--|
| 8-69389         |  |

**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 BEGI NING \_\_ 0\_11\_0\_1/\_2\_1 \_\_\_ AND ENDING \_ \_ l2\_/\_31\_/\_21 \_ \_\_ \_ MM/DD/VY MM/ DD/VY **A, J\C.UI~** I J\AI~ I **IUC.N** I **lt"I\..A** I **IUI~**  NAfVlE OF FIRM: RedTail Capital Markets, LLC -YPE OF REGISTRANT (check all applicable boxes): = Check here if respondent is also an OTC derivatives dealer D RESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 30 Wall St., 8th Floor New York NY (City) (State) PERSON TO CONTACT WITH REGARD TO THIS FILING 10005 (Zip Code) Anthony L. Caudle 212-859-5002 alcaudle@redtailcapmarkets.com (Name) (Area Code - Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION**  ···~--.-.J ........... ,~-··-· ·,..·,..,...,,,... .... . \_. .. , .... ' . . . •· ., . ,.., . • m1ucrc, .. ucr111 rUOLII... 1-\1...1...UUI,. 11-\1,. I w11u:,1:: I 1::J.JUI L:, di t: l,;Uf lldlllt:U 111 u11:, I 1111I~ . Holland & Company CPAs **(Name** - if individual, state last, first, and middle name) 411 Pompton Ave. Cedar Grove NJ 07009 (Ciiy1 (Sic:1i~1 03/01/2010 4117 **r•• of Reg;,t,afon w;th PCAOB)(;f applkable) FOR OFFICIAL USE ONLY (PCAO B Registcat;on Numbe,, ;f applkable)** I \* 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 £ FR 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

| Anthony Caudle<br>a free brook of the state of the state<br>swear (or affirm) that, to the best of my knowledge and belief, the                                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| financial report periaining to the firm of<br>RodTail Canital Marbota, LLC<br>Station of the same as ui                                                                 |
| December 31 2 021 , is true and correct. I further swear (or affirm) that neither the company por 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.                                                                                                                                                  |
|                                                                                                                                                                         |
| Signature:                                                                                                                                                              |
|                                                                                                                                                                         |
| Title:<br>Managing Member                                                                                                                                               |
|                                                                                                                                                                         |
|                                                                                                                                                                         |
| Notary Public                                                                                                                                                           |
|                                                                                                                                                                         |
| This filing** contains (check all applicable boxes):<br>Notary Public State of Fiver                                                                                    |
| & (a) Statement of financial condition.<br>Noah Grittenham                                                                                                              |
| My Commission HP 04184<br>18 (b) Notes to consolidated statement of financial condition.<br>4702181187 Saldx                                                            |
| [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.                                                                                                                                            |
| [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.                                                                                                           |
| } Computation for determination of customer requirements pursuant to Exhibit A to 17 CFR 200.15c3-3.                                                                    |
| [ (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.                                                                                                                           |
| [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<br>240.1503-3(p)(2) or 17 CFR 240.18a-4, as applicable. |
|                                                                                                                                                                         |
| 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) Gall or affinnation in accordance with 17 CFR 240.17a-5, 27 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.                                                                            |
| (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 statements under 17                                                               |
| CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.                                                                                                   |
| J (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 240.17a-12,                                                                      |
| as applicable.                                                                                                                                                          |
| (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:

ﺍﻟﻤﺴﺎﻋﺪﺓ

<sup>\*\*</sup> To request confidential 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.

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

### REDTAIL CAPITAL MARKETS, LLC

### TABLE OF CONTENTS

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

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

![](_page_4_Picture_0.jpeg)

### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Redtail Capital Markets, LLC.

### Opinion on the Financial Statements

We have audited the accompanying statement of financial condition of Redtail Capital Markets, LLC. (the "Company") as of December 31, 2021, and the related notes (collectively referred to as the "financial statements"). In our opinion. the financial statements present fairly, in all material respects, the financial position of the Redual Capital Markets LLC as of December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

### Basis for Opinion

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on 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 Redtail Capital Markets, LLC 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 requre 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.

Holland & Company, CPAs

We have served as Redtail Capital Markets, LLC.'s auditor since 2019.

Cedar Grove, New Jersey March 31, 2022

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

### REDTAIL CAPITAL MARKETS, LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2021

| ASSETS                                       |       |        |
|----------------------------------------------|-------|--------|
| Cash                                         | ਦਿੱਤਾ | 4,205  |
| Accounts receivable                          |       | 5,500  |
| Securities owned, at market                  |       | 22,902 |
| TOTAL ASSIBITS                               |       | 32.607 |
| LIABILITIES AND MEMBER'S EQUITY LIABILITIES: |       |        |
| Accounts payable and accrued expenses        | ਦਿੱਤੇ | 8,868  |
| TOTAL LIABILITIES                            |       | 8.868  |
| MEMBER'S EQUITY                              |       | 23,739 |
| TOTAL LIABILITIES AND MEMBER'S EQUITY        | (     | 32.607 |

The accompanying notes are an integral part of this financial statement.

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

### **#@!(#"!#\$"""**

&10(-58-<5@-8"->71@? !!@41-;9<-:E- C-?2;>910;:\$/@;.1> 
 A:01>@418-C?;2@41'@-@1;2#1C,;>7 -:0 /;991:/10 ;<1>-@5;:? ;: A3A?@ 
 
 (41;9<-:E5? - .>;71> 01-81> >135?@1>10 C5@4@41 )' '1/A>5@51? -:0 D/4-:31;995??5;:-'-(41;9<-:E5?-919.1>;2@415:-:/5-8:0A?@>E&13A8-@;>EA@4;>5@E#&-:0@41 '1/A>5@51?:B1?@;>%>;@1/@5;:;><;>-@5;:'%(41;9<-:E?#&919.1>?45<-3>1191:@C-?-91:010;:\$/@;.1> 
 -A@4;>5F5:3@4125>9@;/;9<81@1.1?@122;>@?A:01>C>5@5:3?1>B5/1? <>5B-@1<8-/191:@?-:091>31>?-:0-/=A5?5@5;:? -"->18-@10?1>B5/1?(41;9<-:E;<1>-@1?;A@;2;:1;225/15:#1C,;>75@E

### **#@"\$!'"#\$#"**

### **):1:6.9-:-5;);165**

(41-//;9<-:E5:325:-:/5-8?@-@191:@?4-B1.11:<>1<->10;:@41-//>A-8.-?5?;2-//;A:@5:35:-//;>0-:/1C5@4-//;A:@5:3 <>5:/5<81?31:1>-88E-//1<@105:@41):5@10'@-@1?;291>5/--%-

### **\$:-6.:;14);-:**

(41 <>1<->-@5;: ;2 25:-:/5-8 ?@-@191:@? -:0 >18-@10 05?/8;?A>1? 5: /;:2;>95@E C5@4 % >1=A5>1? 9-:-3191:@ @; 9-71 1?@59-@1?-:0-??A9<@5;:?@4-@-221/@@41>1<;>@10-9;A:@?;2-??1@?-:085-.585@51? -:0@4105?/8;?A>1;2/;:@5:31:@-??1@?-:0 85-.585@51?-@@410-@1;2@4125:-:/5-8?@-@191:@? -:0@41>1<;>@10-9;A:@?;25:/;91-:01D<1:?1?0A>5:3@41>1<;>@5:3<1>5;0 //;>05:38E -/@A-8>1?A8@?/;A8005221>2>;9@4;?11?@59-@1?-:0?A/405221>1:/1?/;A80.19-@1>5-8

### **):0)5,):08<1=)3-5;:**

(41;9<-:E/;:?501>?-8845348E85=A505:?@>A91:@?C5@49-@A>5@51?;2@4>119;:@4?;281??@;.1/-?41=A5B-81:@?

### **++6<5;:!-+-1=)\*3-**

(41;9<-:E/->>51?5@?-//;A:@?>1/15B-.81-@/;?@81??-:-88;C-:/12;>0;A.@2A8-//;A:@?\$:-<1>5;05/.-?5? @41;9<-:E 1B-8A-@1?5@?-//;A:@?>1/15B-.81-:01?@-.85?41?-:-88;C-:/12;>0;A.@2A8-//;A:@?.-?10;:45?@;>E;2<-?@C>5@1 ;22?-:0 /;881/@5;:?-:0/A>>1:@/>105@/;:05@5;:?(41;9<-:E4-0:;-88;C-:/12;>0;A.@2A8-//;A:@?-@1/19.1>
 

### **)92-;)\*3-"-+<91;1-:**

"->71@-.81?1/A>5@51?>1<>1?1:@@41;9<-:E?5:B1?@91:@5:1=A5@E?1/A>5@51?-:09A@A-82A:0<;?5@5;:?-:0->1>1/;>010;:- @>-010-@1.-?5?"->71@-.81?1/A>5@51?->1/->>510-@2-5>B-8A1-:0.-?10A<;:@415>8-?@?-81<>5/1-@@41/8;?1;2.A?5:1??;: 1/19.1>
 
):>1-85F10-:0>1-85F103-5:?-:08;??1?->1>1281/@105:;@41>5:/;915:@41?@-@191:@;25:/;91

### **!-=-5<-!-+6/51;165**

#### **,67;1656."\$ @!-=-5<-.96465;9)+;:>1;0<:;64-9:**

:"-E
 @41'5??A10')  &1B1:A1&1/;3:5@5;:2>;9;:@>-/@?C5@4A?@;91>?(;<5/(41') 9;05251?@413A50-:/1A?10@;>1/;3:5F1>1B1:A12>;9/;:@>-/@?C5@4/A?@;91>?-:0@>-:?21>?;2:;:25:-:/5-8-??1@? A:81?? @4;?1/;:@>-/@?->1C5@45:@41?/;<1;2;@41>3A50-:/1(41')18595:-@1?-88@>-:?-/@5;:-:05:0A?@>E?<1/525/-//;A:@5:3 <>5:/5<81?-:0>1<8-/1?@419C5@4-A:52510 25B1?@1<-<<>;-/4(41;9<-:E-0;<@10(;<5/-?;2 -:A->E
 
A:01> @412A88>1@>;?<1/@5B1@>-:?5@5;:91@4;0(41-0;<@5;:;2(;<5/050:;@4-B1-9-@1>5-859<-/@;:@41;9<-:EG?25:-:/5-8 ?@-@191:@?-:0@41>1C1>1:;-06A?@91:@?>1/;>010@;<>1B5;A?8E>1<;>@109;A:@?

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

#### **!-=-5<-!-+6/51;165-+65;15<-,**

):01>C>5@5:3:/;91(41;9<-:E<->@5/5<-@1?5:A:01>C>5@5:3?;:-.1?@122;>@?.-?5?&1B1:A15?>1/;3:5F10;:@41@>-01 0-@1@410-@1@41?1/A>5@51?->15??A10.E@415??A1>2;>@41<;>@5;:@41;9<-:E5?-88;/-@10@;?188;:-.1?@122;>@?.-?5?(41 ;9<-:E.1851B1?@41@>-010-@15?@41-<<>;<>5-@1<;5:@5:@591@;>1/;3:5F1>1B1:A12;>?1/A>5@51?A:01>C>5@5:3-/@5B5@51?-? @41>1->1:;?53:525/-:@-/@5;:?C45/4@41;9<-:E:110?@;@-71?A.?1=A1:@@;@45?0-@1-:0@415??A1>;.@-5:?/;:@>;8-:0 .1:125@;2@41/-<5@-89->71@?;221>5:3-@@4-@<;5:@

'1>B5/1:/;91(41;9<-:E<>;B501?-0B5?;>E?1>B5/1?;:91>31>?-:0-/=A5?5@5;:?&1B1:A12;>-0B5?;>E->>-:3191:@?5? 31:1>-88E >1/;3:5F10 -@ @41 <;5:@ 5: @591 @4-@ <1>2;>9-:/1 A:01> @41 ->>-:3191:@ 5? /;9<81@10 @41 /8;?5:3 0-@1 ;2 @41 @>-:?-/@5;: ;> @41 /;:@>-/@ 5? /-:/18810 ;C1B1> 2;> /1>@-5: /;:@>-/@? >1B1:A1 5? >1/;3:5F10 ;B1> @591 2;> -0B5?;>E ->>-:3191:@? 5: C45/4 @41 <1>2;>9-:/1 ;.853-@5;:? ->1 ?59A8@-:1;A?8E <>;B5010 .E @41 ;9<-:E -:0 /;:?A910 .E @41 /A?@;91>:?;91/5>/A9?@-:/1??53:525/-:@6A03191:@5?:11010@;01@1>95:1@41@595:3-:091-?A>1;2<>;3>1??-<<>;<>5-@1 2;>>1B1:A1>1/;3:5@5;:A:01>-?<1/525//;:@>-/@&1@-5:1>?-:0;@41>211?>1/15B102>;9/A?@;91>?<>5;>@;>1B1:A1>1/;3:5@5;: ->1>1281/@10-?0121>>10>1B1:A1?;21/19.1>
 
@41;9<-:E4-0:;0121>>10>1B1:A1

//;A:@?>1/15B-.812>;9/A?@;91>?C1>1 -:0 -@1/19.1>
 
-:0 >1?<1/@5B18E

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

(41;9<-:E5?-8595@1085-.585@E/;9<-:E-:05?@>1-@10-?-?;81<>;<>51@;>?45<2;>5:/;91@-D<A><;?1??->1?A8@ :; 101>-8 #1C,;>7'@-@1 ;>#1C,;>75@E5:/;91@-D1?52-<<85/-.81->1<>;B5010 -?@41E->1@41>1?<;:?5.585@E;2@41 "-:-35:3"19.1>

(41;<1:@-DE1->?A:01><;@1:@5-81D-95:-@5;:B->E.E6A>5?05/@5;: .A@->19-5:8E
 
-:0@1/19.1>
 
 @41;9<-:E4-?>1B51C105@?<;?5@5;:?@-71:;:5@?@-D>1@A>:?-:0.1851B1?@4-@@41>1->1:;A:/1>@-5:@-D<;?5@5;:? @-71:@4-@C;A80>1=A5>1>1/;3:5@5;:5:@4125:-:/5-8?@-@191:@?

### **# !%\$"\$!#**

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

!1B18 \*-8A-@5;:?.-?10;:=A;@10<>5/1?5:-/@5B19->71@?2;>501:@5/-85:B1?@91:@?

!1B18 \*-8A-@5;:?.-?10;:=A;@10<>5/1?5:9->71@?@4-@->1:;@-/@5B1;>2;>C45/4-88?53:525/-:@5:<A@?->1;.?1>B-.81 15@41>05>1/@8E;>5:05>1/@8E

!1B18 \*-8A-@5;:.-?10;:5:<A@?@4-@->1A:;.?1>B-.81 ?A<<;>@10.E85@@81;>:;9->71@-/@5B5@E -:0?53:525/-:@@;;B1>-88 2-5>B-8A191-?A>191:@

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

#### **# !%\$"\$!#-65;15<-,**

(41 -B-58-.585@E ;2 ;.?1>B-.81 5:<A@? /-: B->E 2>;9 5:B1?@91:@ @; 5:B1?@91:@ -:0 5? -221/@10 .E C501 B->51@E ;2 2-/@;>? 5:/8A05:3 2;>1D-9<81 @41@E<1;2<>;0A/@ C41@41>@41<>;0A/@5?:1C-:0:;@E1@1?@-.85?4105:@419->71@<8-/1 @4185=A505@E ;2@419->71@? -:0;@41>/4->-/@1>5?@5/?<->@5/A8->@;@41@>-:?-/@5;:(;@411D@1:@@41B-8A-@5;:?->1.-?10;:9;018?;>5:<A@? @4-@ ->1 81?? ;.?1>B-.81 ;> A:;.?1>B-.81 5: @41 9->71@ @41 01@1>95:-@5;: ;2 2-5> 9->71@ B-8A1 >1=A5>1? 9;>1 6A0391:@ //;>05:38E @41013>11;26A0391:@1D1>/5?10.E@41;9<-:E5:01@1>95:5:32-5>B-8A15?3>1-@1?@2;>5:?@>A91:@?/-@13;>5F10 5:!1B18

88;2@41;9<-:E?5:B1?@91:@?->1/-@13;>5F105:!1B18
;2@412-5>B-8A1451>->/4E-@1/19.1>
 

| <br>         | -=-3-=-3-=-3 | #6;)3 |
|--------------|--------------|-------|
| <br><br><br> |              | <br>  |
|              |              | <br>  |

#### **# @#!#"!#!"**

### **):0**

(41;9<-:E9-5:@-5:?<>5:/5<-88E-88/-?4.-8-:/1?5:;:125:-:/5-85:?@5@A@5;:C45/4 -@@591?9-E1D/110@41-9;A:@5:?A>10 .E@41101>-81<;?5@5:?A>-:/1;><;>-@5;:(411D<;?A>1@;@41;9<-:E5??;818E01<1:01:@A<;:0-58E.-:7.-8-:/1?-:0 @41>1?<1/@5B1?@>1:3@4;2@4125:-:/5-85:?@5@A@5;:(41;9<-:E4-?:;@5:/A>>10-:E8;??1?;:@45?-//;A:@@1/19.1>
 
 @41-9;A:@5:1D/1??;25:?A>108595@?;2 C-?

### **!-=-5<-**

\$:1/A?@;91>-//;A:@102;>-<<>;D59-@18E;2@;@-8>1B1:A12;>@41E1->1:0101/19.1>
 

### **#"#!\$#"&#"#!"**

(41 ;9<-:E? ?1/A>5@51? <;?5@5;:? C1>1 4180 -@ ( &;C1 %>5/1 -@ 1/19.1> 
 
 : -:A->E 
 @41 ;9<-:E @>-:?21>>105@?.>;71>-31-//;A:@@;(&;C1%>5/1@41-.>;71>-(41;9<-:E5??A.61/@@;/>105@>5?7?4;A80@41.>;71>.1 A:-.81@;911@5@?;.853-@5;:?15@41>@;>1<-E-9;A:@?;C10;>@;>1@A>:@41;9<-:E?1/A>5@51?(45?>5?75?95@53-@10.E@41 2-/@@4-@@41;9<-:E?-//;A:@5?/->>510.E(&;C1%>5/1-?-<>;<>51@->E-//;A:@;2-.>;71>01-81> -?0125:10 -:05? @41>12;>1-22;>010/1>@-5:<>;@1/@5;:?A:01>'1/A>5@51?-:0D/4-:31;995??5;:&A81?C5@4>13->0@41>1@;

(41;9<-:E?25:-:/5-85:?@>A91:@?->1?A.61/@@;@412;88;C5:3>5?7?

### 

"->71@>5?7>1<>1?1:@?@41<;@1:@5-88;??@4-@/-:.1/-A?10.E-/4-:315:@412-5>B-8A1;2@4125:-:/5-85:?@>A91:@

#### *-*

!5=A505@E>5?7>1<>1?1:@?@41<;??5.585@E@4-@@41;9<-:E9-E:;@.1-.81@;>-<508E-06A?@@41?5F1;25@?<;?5@5;:?5:@591?;2 4534B;8-@585@E-:025:-:/5-8?@>1??-@->1-?;:-.81<>5/1

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

### **#!#!#'#!"#"**

(41;9<-:E4-?-:1D<1:?1?4->5:3-3>1191:@C5@4->18-@101:@5@EA:01>/;99;:/;:@>;8):01>@45?-3>1191:@ @41>18-@10 <->@E<>;B501?>1:@ A@585@51?-:0-095:5?@>-@5B1?1>B5/1?;:.14-82;2@41;9<-:E-:0@41?11D<1:?1?->1:;@>1=A5>10@;.1 <-50.-/7@;@41-22585-@1

### **#
@##! \$!#"**

(41;9<-:E5??A.61/@@;@41'1/A>5@51?-:0D/4-:31;995??5;:):52;>9#1@-<5@-8&A81
/ C45/4>1=A5>1?@41 9-5:@1:-:/1;295:59A9:1@/-<5@-8-:0>1=A5>1?@4-@@41>-@5;;2-33>13-@15:01.@10:1??@;:1@/-<5@-8 .;@4-?0125:10 ?4-88 :;@1D/110
@;
&A81
/ -8?;<>;B501?@4-@1=A5@E/-<5@-89-E:;@.1C5@40>-C:;>/-?405?@>5.A@5;:?<-5052@41>1?A8@5:3 :1@/-<5@-8>-@5;C;A801D/110
@;
@1/19.1>
 
 @41;9<-:E4-0:1@/-<5@-8;2
 C45/4C-? 9;>1@4-:5@?>1=A5>1095:59A9:1@/-<5@-8;2 (41;9<-:E?>-@5;;2-33>13-@15:01.@10:1??@;:1@/-<5@-8C-? @;
-?;21/19.1>
 

### **#@'!##!!**

(41;9<-:E>1/15B10-?1/;:08;-:A:01>@41'9-88A?5:1??095:5?@>-@5;:G?'%-E/41/7%>;@1/@5;:%>;3>-9%%% 2;> ;: -:A->E 
\$:\$/@;.1>
 
 @41;9<-:E>1/15B10:;@525/-@5;:2>;9@41'@4-@@418;-:C-? 2;>35B1:5:2A88

### **#@!""\$!##"**

:"->/4 @41+;>801-8@4\$>3-:5F-@5;: +\$01/8->10\$\* -38;.-8<-:0195/(45?<-:0195/1B1:@4-? >1?A8@105:?53:525/-:@.A?5:1??05?>A<@5;:-:0A:/1>@-5:@E5:.;@438;.-8-:0)'9->71@?+45819-:-3191:@.1851B1?@41 ;9<-:E5?5:-:-<<>;<>5-@1<;?5@5;:@;C1-@41>@41<;@1:@5-8?4;>@ @1>91221/@?;2@41?1C;>80 C5011B1:@? @4105>1/@-:0 8;:3 @1>959<-/@@;@41;9<-:E-:05@?25:-:/5-8?@-@191:@?5?A:01@1>95:10-@@45?@591#;-06A?@91:@?4-B1.11:9-01@; @41?125:-:/5-8?@-@191:@?-?->1?A8@;2@45?A:/1>@-5:@E

### **#@"\$" \$#%#"**

"-:-3191:@4-?1B-8A-@10?A.?1=A1:@1B1:@?@4-@4-B1;//A>>10-?;2"->/4
  @410-@1@4125:-:/5-8?@-@191:@?C1>1 -B-58-.81@;.15??A10


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