# GALAXY DIGITAL PARTNERS LLC X-17A-5 (2025-03-05) — Broker-dealer annual report - Company: GALAXY DIGITAL PARTNERS LLC - Form: X-17A-5 - Filed: 2025-03-05 - Period: 2024-12-31 - Accession: 0001714418-25-000001 - CIK: 1714418 - File #: 8-70001 - Type: Broker-dealer - Material weakness: No - Auditor: WithumSmith Brown PC - Auditor location: Whippany, NJ - Contact: Robert Rico - Phone: 347-2553049 - Email: robert.rico@galaxy.com - Website: galaxy.com - Signed by: Robert Rico (FinOp and CFO) Original filing: https://www.sec.gov/Archives/edgar/data/1714418/000171441825000001/gadi24s2.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** OMB APPROVAL OMB Number: ϯϮϯϱͲϬϭϮϯ Expires: EŽǀ͘ϯϬ͕ϮϬϮϲ Estimated average burden hours per response: # **ANNUAL REPORTS FORM X-17A-5 PART III** SEC FILE NUMBER 8-70001 **FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ AND ENDING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ TYPE OF REGISTRANT (check all applicable boxes): ܆ Broker-dealer ܆ Security-based swap dealer ܆ Major security-based swap participant ܆ Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (No. and Street) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (Name) (Area Code – Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (Name – if individual, state last, first, and middle name) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (Address) (City) (State) (Zip Code) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (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 01/01/24 12/31/24 Galaxy Digital Partners LLC ■ 300 Vesey Street - 13th Floor New York NY 10282 Robert Rico (347) 255-3049 robert.rico@galaxy.com WithumSmith+Brown, PC 200 Jefferson Park Whippany NJ 07981 10/08/2003 100 accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. **Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.** {1}------------------------------------------------ # Galaxy Digital Partners LLC Statement of Financial Condition December 31, 2024 {2}------------------------------------------------ ### OATH OR AFFIRMATION l, Robert Rico, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Galaxy Digital Partners LLC, as of December 2024, is true and correct. I further swear (or affirm) that neither the company 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. Shanelle Tamar Hunte Notary Public, State of New York Reg. No. 01HU0028773 Qualified in Queens County Commission Expires 09/13/2028 Signature: Title: CFO, FINOP Notary Public ## 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 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 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. - [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. - [ ] 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 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. - [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. - □ (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. - O (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). - O (z) Other: - \*\* 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), os applicable. {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Management and Member of Galaxy Digital Partners LLC: #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Galaxy Digital Partners LLC (the "Company"), as of December 31, 2024, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2024, 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 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 statements, 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. p We have served as the Company's auditor since 2019. We have served as the Company's audito Whippany, New Jersey February 28, 2025 {4}------------------------------------------------ # **\*4\*@A202<\*4 \*:<6.:;** #### **#<\*<.5.6<7/26\*6,2\*476-2<276 .,.5+.:** | ;;.<; | | |-------------------------------------|------| | 1C8 |
| | )5359F12<56B?=2B?;5B |
| | 33?E>DCB5359F12<5 |
| | 'B5@1945H@5>C5C1>4?D85B1CC5DC |
| | +?D1<1CC5DC |
| | | | | 2*+242<2.;*6-.5+.:;9=2DC@1I12<51>4133BE54<9129<9D95C |
| | ?>DB13D<9129<9D95C |
| | E5D?1669<91D53?=@1>95C |
| | +?D1<<9129<9D95C |
| | | | | .5+.:;9=2 | | +?D1<<9129<9D95C1>4=5=25BC5AE9DI |
| **CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC** {5}------------------------------------------------ # Galaxy Digital Partners LLC Notes to the Statement of Financial Condition December 31, 2024 #### 1. ORGANIZATION AND BUSINESS #### Nature of Operations Galaxy Digital Partners LLC (the "Company") is a limited liability company formed under the laws of New York and is a wholly owned subsidiary of Galaxy Digital LP, (the "Parent"). The Company is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"). The Parent and the Company's affiliates of Galaxy Digital Holdings LP, ("GDH LP"), an operating partnership. Galaxy Digital Holdings Ltd. The Company's principal business is selling private placements, underwritings and advisory services. ### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Basis of Presentation These financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statements and the amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. #### Going Concern In accordance with ASU 2014-15, Disclosures of Uncertainties About an Entity's Ability to Continue as a Going Concern, the Company believes that its business operations will continue for the foreseeable future, as it has the support of the Parent which will provide additional capital to the Company also has had substantial expenses covered by an affiliate through its expense sharing agreement. The affiliate has committed to covering the Company until the earlier of one year from the date of these financial statements. #### Cash The Company maintains its cash at one commercial bank. The Federal Deposit Insurance Corporation ("FDIC") covers \$250,000 for substantially all deposit accounts. At times the Company's balances may be greater than the federally insured limit. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results from operations, and cash flows. #### Income Taxes The Company is a wholly owned single member limited liability company and is treated as a disregarded entity for tax purposes. At December 31, 2024, management has determined that the Company had no uncertain tax positions that would require financial statement recognition will be subject to ongoing reevaluation as facts and circumstances may require. Interest and penalties assessed, if any, are recorded as income tax expense. #### Recently Adopted Accounting Pronouncements #### Segment Reporting In the year ended December 31, 2024, the Company adopted Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 200): Improvements to Reportable Segment Disclosures, issued by the Financial Accounting Standards Board (FASB). This update requires all public entities, including those with a single reportable segment, to disclose additional information about a reportable segment's expenses, among other requirements. The new guidance does not change how a public entity identifies its operating segments, aggregates those operating segments or applies the sholds to determine its reportable segments. The Company applied the new standard prospectively, and the adoption of ASU 2023-07 did not impact the Company's financial position, results of operations, or cash flows. #### Accounts Receivable and Contract Assets and Liabilities Balances Accounts receivable arise when the Company has an unconditional right to receive payment under a contract with a customer and are derecognized when the cash is received. As of January 1, 2024 there were accounts receivable of \$2,611,269, \$2,480,630 of which were collected in 2024, no contract assets, and contract habilities of \$115,000, of which \$40,000 have been fulfilled in 2024. As of December 31, 2024, there were accounts receivable of \$78,724, no contract liabilities of \$75,000. {6}------------------------------------------------ # **\*4\*@A202<\*4 \*:<6.:;** %?D5CD?D85\*D1D5=5>D?69>1>39149D9?> 535=25B #### **447?\*6,./7::.-2<7;;.;** +85?=@1>I6?<1>391CDBE=5>DCMB549D#?CC5CN\*O\*9=@13DCD859=@19B=5>D =?45<6?B35BD19>69>1>391<1CC5DC2IB5AE9B9>713EBB5>D5H@53D543B549DD9B5<965?6D8569>1>391<1CC5D 000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 +85?=@1>I945>D96954133?E>DCB5359F12<51>4B5359F12<56B?=2B?;5B1C9=@13D542ID857E941>35 >1<356?B3B549DD85?=@1>IC5H@53D1D9?>?6D853?<<53D129<9DI?69DCB5359F12<5CED9<9J9>7D85 #6B1=5G?B;+85?=@1>I3?>C945BC613D?BCCE381C89CD?B931<5H@5B95>35 3B549DAE1<9DI 175?621<1>35C1>43EBB5>D1>4 6EDEB553?>?=933?>49D9?>CD81D=1I16653DD85?=@1>IPC5H@53D1D9?> ?6D853?<<53D129<9DI9> 45D5B=9>9>7D851<35 6?B 3B549DIPC 5H@53D1D9?>9CD81DD85 3B549D B9C; 1CC?391D54G9D89DC B5359F12<5C9C >?D C97>96931>D !>D85 I51B 5>454535=25B D85?=@1>IB53?B4543B549D1<356?B3B549D4GB?D5?66D85 6E<<1<35C?6535=25B D85B59C>?1<356?B3B549DI9C5>717549>1C9>7<5<9>5?62EC9>5CC1C1>9>DB?4E39>72B?;5B 451<5B G89389C3?=@B9C54?6C5F5B1<3<1CC5C?6 C5BF935C 9>37 9>F5CD=5>D 21>;9>7 1>4 14F9C?BI +85 ?=@1>I 81C 945>D96954 9DC & 1C D85 38956 ?@5B1D9>7 4539C9?> =1;5B N&\$O G8? EC5C >5D9>3?=5D?5F15CC @B54?=9>1>DD85 6?B531CD9>7 @B?35CC D? =1>175D85?=@1>I449D9?>1<5D31@9D1?D1=51CEB5?6@B?69D1>41< 4539C9?>CG89<5=19>D19>9>731@9D1<145AE13I CE381CG85D85BD? B59>F5CD @B?69DC ?B @1I 49F945>4C+85 ?=@1>IPC ?@5B1D9?>C 3?>CD9DED5 1 C9>7<5 ?@5B1D9>7 C57=5>D 1>4D85B56?B5 1 C9>7<5 B5@?BD12<5 C57=5>D 2531EC5D85&\$ =1>175CD85 2EC9>5CC 13D9F9D95C EC9>79>6?B=1D9?> ?6D85?=@1>I 1C 1G8?<5+85 133?E>D9>7 @?<9395C EC54D?=51CEB5D85 @B?69D1>4D1B5D85C1=51CD8?C545C3B92549>D85CE==1BI?6C97>96931>D133?E>D9>7@?<9395C?BD85I51B 5>454535=25B D85C57=5>D814>5D9>3?=5?6 #### **"&%#%"\$#** ,\* ' 4569>5C 619B F17 619B F14 5CD12<9C85C 1 619B F1@EDCD?F1D538>9AE5C19BF11CC5D?B@194D?DB1>C65B1 <9129<9DI9>1>?B45BC13D9?>25DG55>=1B;5D@1BD939@1>DC1DD85=51CEB5=5>D41D5619BF1D1CCE=5CD81D D85DB1>C13D9?>D?C5<C65BD85<9129<9DI?33EBC9>D85@B9>39@1<=1B;5D6?BD851CC5D?B<9129<9DI?B 9>D8512C5>35 ?61@B9>39@1<=1B;5D D85=?CD14F1>D175?EC=1B;5D-1D538>9AE5CD81D1B53?>C9CD5>DG9D8D85=1B;5D 9>3?=5?B3?CD 1@@B?1381B5EC54D?=51CEB5619BF1@EDCD?F1D538>9AE5CEC54D?=51CEB5619BF1D?D8B552B?14<5F514:ECD549>13D9F5=1B;5DC6?B945>D931<1CC5DC?B<9129<9D95CD81DD85?=@1>I81C D85129<9DID?1335CC L #5F5< M\*97>96931>D ?D85B ?2C5BF12<59>@EDC G8938=1I9>3?D<9=9D54D? AE?D54 @B935C 6?B C9=9<1B 1CC5DC ?B <9129<9D95C 9> =1B;5DC D81D 1B5 13D9F5 AE?D54 @B935C 6?B 945>D931< ?B C9=9<1B 1CC5DC ?B <9129<9D95C 9> =1B;5DCD81D 1B5 >?D 13D9F5 9>@EDC ?D85BD81> AE?D54 @B935CD81D 1B5 ?2C5BF12<5 6?BD85 1CC5DC ?B<9129<9D95C CE38 1C 9>D5B5CD B1D5C I95<4 3EBF5C F?<1D9<9D95C @B5@1I=5>D C@554C 4 4561E@EDC L #5F5< ,>?2C5BF12<59>@EDC6?BD851CC5D?B<9129<9DID81DB5=1>175=5>DPC?G>1CCE=@D9?>C12?EDD85 1CCE=@D9?>CD81D=1B;5D@1BD939@1>DCG?E<4EC59>@B939>7D851CC5D?B<9129<9DI+85E>?2C5BF12<59>@EDC1B545F5D8525CD9>6?B=1D9?>1F19<12<59>D8539B3E=CD1>35C1>4=1I9>3IPC?G>41D1 +851F19<129<9DI?6?2C5BF12<59>@EDC31>F1BI6B?=C53EB9DID?C53EB9DI1>49C16653D542I1G945F1B95DI?6613D?BC 9>37 6?B5H1=@<5 D85DI@5?6C53EB9DI D85<9AE949DI?6=1B;5DC 1>4?D85B381B13D5B9CD93C@1BD93E<1BD?D85C53EB9DI+?D855HD5>DD81D F19C21C54?>=?45@EDCD81D1B5<5CC?2C5BF12<5?BE>?2C5BF12<59>D85=1B;5D D8545D5B=9>1D9?>?6619BF1D33?B49>7D5H5B39C549> 45D5B=9>9>7 619B F1CDBE=5>DC 31D57?B9J549>#5F5< +859>@EDC EC54D?=51CEB5 619B F1D? 49665B5>D<5F5 CE38 31C5C 6?B 49C3D85619BF1G8938D85619BF1D61<9DC5>D9B5DI9C45D5B=9>5421C54 ?>D85@EDD81D9CC97>96931>DD?D85619BF1D9>9DC5>D9B5DI C?6535=25B D85?=@1>I85<4>?9>F5CD=5>DC >?B85<41>I9>F5CD=5>DCD8B?E78?EDD85I51B5>454535=25B C1B5CE?E>?2C5BF12<59>@EDCD81D81F5255>9>D5B>1<ID?45D5B=9>5619B F1D?69>1>39149D9?> 535=25B #### **\$"#\$#'\$"\$ "\$#** D 535=25B D85 ?=@1>I 814 1 C5BF935 17B55=5>D G9D8 1<1HI 979D1< \*5BF935C ## N\*O 1> 1669<91D54 3?=@1>I +85 1669<91D5 @B?F945C ?66935 C@135 3?=@5>C1D9?> 5H@5>C5C @B?65CC9?>1< 1>4 3?>CE7 655C 1>4 ?D85B C5BF935C @EBCE1>DD?1C5BF93517B55=5>D+85?=@1>I9C>?DB5AE9B54D?=1;51>I@1I=5>DCD?\*E>45BD8517B55=5>DEB9>7D85 I51B5>454535=25B \*2?B55H@5>C5C?6 ?>2581<6?6D85?=@1>I 6?BG8938D85?=@1>I81C>? <9129<9DI G9D89>D85D5B=C?6D85C5BF93517B55=5>D 000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 \* @194 1449D9?>1< 5H@5>C5C ?EDC945 ?6D85 C5BF935 17B55=5>D ?6 ?> 2581<6 ?6D85?=@1>ID81D 1B5 B56<53D54 1C 5H@5>C5C ?> D85 CD1D5=5>D ?6 ?@5B1D9?>C +85 ?=@1>I @194 \* 4E5 D? 21<1>35C ?G54 D? D85= 1DDB92ED12<5 D? 5H@5>C5C @194 2I D85= 4EB9>7 D85 @B9?B I51B 1>4 3EBB5>D I51B ?> 2581<6 ?6 D85 ?=@1>I C ?6 535=25B D85 ?=@1>I?G5C\* D81D9CB56<53D54?>D85CD1D5=5>D?669>1>391<3?>49D9?> !>B5<1D9?>D?1<571<49C@ED51719>CDD85?=@1>I D85?=@1>IG1C9>45=>969542I1<1HI979D1<1@9D1<\$1>175=5>D#' -\$- 1> 1669<91D54 3?=@1>I &> 52BE1BI D85?=@1>I 49C2EBC54 D? C5DD<5D85<571< 49C@ED5 1>4 B5359F54B59=2EBC5=5>D?6 6B?=\$?>52BE1BI +85 D5B=C ?6 D85C5 1BB1>75=5>DC =1I >?D 25 D85 C1=5 1C D8?C5 D81D G?E<4 ?D85BG9C5 5H9CD ?B B5CEDC 1>4 DB1>C13D9?>C1=?>7E>B5<1D54@1BD95C #### **"%\$"("!%"\$#** +85?=@1>I9CCE2:53DD?\*,>96?B=%5D1@9D1<)E<53 E>45BD85\*53EB9D95CH381>753D?6 G8938B5AE9B5C D85=19>D5>1>35?6=9>9=E=>5D31@9D1<1>4 B5AE9B5CD81DD85 B1D9??6177B571D59>452D54>5CCD?>5D31@9D1< 2?D81C4569>54 C81<<>?D5H3554D?D535=25B D85?=@1>I814>5D31@9D15D31@9D1I4?5C>?D8?<43ECD?=5BCP31C8?BC53EB9D95CD85B56?B5 9D81C>??2<971D9?>CE>45B\*)E<53 E>45BD85 \*53EB9D95CH381>753D?6+85?=@1>I<9=9DC9DC2EC9>5CC13D9F9D95C@EBCE1>DD?6??D>?D5D?\*)5<51C5 1>4 1C 49C3ECC54 9> ( ?6 D85 B5<1D54 ( 9CCE54 2I \* CD166 33?B49>7? 9D5=C D? B5@?BD E>45B D85 B5AE9B5=5>DC?6\*)E<53 E>45BD85\*53EB9D95CH381>753D?6 #### **\$"\$"\$"#** +85?=@1>IB?ED9>51>3917D8?69DC3ECD?=5BC1>43?>C945BC1>1<356?B1>D939@1D54454535=25B D853?=@1>I@B?F94541>1<356?B3B549D?66 C ?6 535=25B D85B5 G5B5 >? B5359F12<5C 6B?= 3ECD?=5BC EB9>7 D85 I51B 5>454 535=25B DG? 3?E>D5B@1BD95C133?E>D546?B?6D?D1<451E5C #### **\$\$#\$#** !>D85?B49>1BI3?EBC5?62EC9>5CC D85?=@1>I=1I25D8B51D5>54G9D8 >1=541C4565>41>DC9> ?B=145@1BD95CD?@5>49>7 1>4@?D5>D91<<571<13D9?>C+85?=@1>I4?5C>?D25<95F5D81DD85E41>I?EDCD1>49>7=1DD5BCG9<< 81F51=1D5B91<56653DE@?>9DC2EC9>5CC B5CEC?B69>1>391<3?>49D9?> +85 ?=@1>I 81C @B?F9454 CD1>41B4 B5@B5C5>D1D9?>C 6?B 17B55=5>DC 1>4 3ECD?=1BI 9>45=>96931D9?> 6?B 3<19=C 1>4 <571< @B?35549>7C!>CEB1>3581C255>@EB381C54D?=9D971D535BD19>?6D85C5B9C;C5>5B1<?CD1D54?B>?D9?>1<1=?E>DC 9>3D85C59>45=>96931D9?>C1>4D853?>D9>75>395CDB9775B9>7D85?2<971D9?>6?B9>45=>96931D9?>1B5>?D5H@53D54D??33EB EBD85B=?B5 3?E>D5B@1BD95C D? D85C5 DB1>C13D9?>C ?6D5> @B?F945 3?=@1B12<5 9>45=>96931D9?>C +85 ?=@1>I 9C E>12<5 D? 45F55CD9=1D5?6D85=1H9=E=@1I?EDE>45BD85C59>45=>96931D9?>C6?BC5F5B1C!>1449D9?>D?D85<13;?61CD1D54 >?D9?>1< 1=?E>D9> 1 =1:?B9DI ?6 CE389>45=>96931D9?>C 9D9C >?D @?CC92<5D? @B5493DD85 >1DEB5 ?6 5F5>DCD81D G?E<4DB9775B 9>45=>96931D9?> ?B D85 <5F5< ?6 9>45=>96931D9?> 6?B 1 35BD19> 5F5>D +85 ?=@1>I 25<95F5C 8?G5F5B D81D D85 @?CC929<9DI ?6 =1;9>71>I=1D5B91<@1I=5>DC6?BD85C59>45=>96931D9?>C9CB5=?D5C?6535=25B D85B5G1C>?<9129<9DI133BE54 E>45BD85C51BB1>75=5>DC #### **#%#!%\$&\$#** +85?=@1>I81C5F1D5F5>DCD8B?E7852BE1BI 1>445D5B=9>54D81DD85B581F5255>>?5F5>DCD81D 81F5?33EBB54D81DG?E<4B5AE9B514:ECD=5>DCD??B49C3D8569>1>391DC5H35@D6?BD856?<7 &>"1>E1BI D85?=@1>I=145149CDB92ED9?>?65H35CC>5D31@9D1D 1<1HI979D1<#' &>52BE1BI D85?=@1>I=145149CDB92ED9?>?65H35CC>5D31@9D1D 1<1HI979D1<#' Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.